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Myrtle Beach Short Sale Specialists – for Buyers

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Short Sale BuyersBUYERS - WE ARE SHORT SALE SPECIALISTS!

Hire an Agent with Short Sale Experience

Buyers pursue short sales to get a good deal. It’s one strike against you if the listing agent has never handled a short sale, but it’s even worse if your own agent has no experience in that arena. You need an experienced short sale agent.

An agent with experience in short sales will help to expedite your transaction and protect your interests. You don’t want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. You have to be patient as the short sale is worked out with the lender. Some short sales may take up to 90 days or more.

Submit Documentation & Purchase Offer to Lender

Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. In addition, the lender will want to see how you will be purchasing the property, and that you have your own loan available and you are pre approved. Our team of experts assist our clients in every step of the transaction.

We are the Short Sale experts.

Call the Pros
843-222-1926


3 Steps To Find Out If Now Is The Best Time To Buy

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Short Sale Buyers

Short Sale For Buyers

You have heard it said that today it is a buyer’s market.  Because of our current economy, there is an overflow of inventory from which to choose.  This combined with low interest rates makes it an ideal market for a buyer to purchase now.

Before we answer the question “Is now the right time to buy?” you need to do your homework. Yes, there is a surplus of home in the Myrtle Beach market and many of them are on short sale, but buying a home very much depends on the financial situation of you the individual buyer.  The Myrtle Beach Short Sale Team suggests that you develop a plan of action to make buying a home either now or in the future, a lucrative and positive experience.

First Step – Contact a Trusted Loan Officer

A loan or mortgage person will help you review your financial history, your income, credit reports and other documentation and will advise you on what you will qualify for.  There are a multitude of options available and a good loan officer can steer you in the right direction. Often a solution can be crafted that best suits your situation and a smart loan professional can present more than one option.  If you do not qualify for a loan at this time, you will have a good idea of what you need to plan for in order to qualify in the future. Knowing what you can afford will help you determine if buying a home on short sale is right for you.

Second Step – Hire a Buyer’s Agent For Short Sale Purchase

A realtor that works on the side of the buyer is referred to as a buyer’s agent.  Their services include:

  • Negotiating for the buyer
  • Consulting with and working for the buyer
  • Listening to the buyers wants, needs and dreams
  • Assist with finding a potential property
  • Showing the house to the buyer
  • Proving market analysis on homes you are interested in
  • Help with determining the fair market value of the property
  • Completion of all necessary documents for the buyer

By meeting with a buyer’s agent, you can determine if this is the person with whom you can work. You may want to interview two or more agents before selecting the one that is right for you.

Third Step – Consult Other Recent Buyers

You will want to talk to friends, family members, co-workers or other contacts that have recently purchased a home.  They will all have different experiences depending on their situation but it is good to become familiar with what to expect when purchasing real estate.  People love to express their opinions about their experiences with purchasing a house and it is your task to listen very closely.

Use social media and ask questions. Ask people on Facebook if they have recently purchased a home and what was their experience.  Ask for tips on what they suggest you look for when buying a home.

Are you still asking “Is now the right time to buy?” The answer is a resounding “Yes!” But first take the time to understand how much if a home you can afford and take the time to understand some of the real estate process.  Consult with the Beach Real Estate Agents who understand what you – the buyer – wants.  Since it is a buyer’s market, there are literally hundreds of options available to you if you have a good plan of action.

JP Short Sale Team
854 Jason Blvd Unit G
Myrtle Beach, SC  25577
843-222-1926

Your Myrtle Beach Short Sale Team

Buying Pre Foreclosures

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If you are in the market for a new home, you have probably heard the term pre-foreclosure and wondered what is the difference between a pre-foreclosure and a short sale?   A pre-foreclosure is a Myrtle Beach property that has reached the final stage of foreclosure, that time period just before the Myrtle Beach property is taken back by the mortgage holder.  The Myrtle Beach home owner is still in possession of the property, however, the bank is close to making the decision to repossess the Myrtle Beach home if there is no attempt to come to a satisfactory resolution.  In most cases, the only way the way to stop the repossession of the Myrtle Beach property is to pay the arrears or come to a settlement on how much of the arrears need to be paid.  With a short sale, the Myrtle Beach property owner has elected to be proactive and put their home on the market prior to the bank foreclosing on the property.  The Myrtle Beach property owner needs to contact the mortgage holder and come to an agreement on how much below the amount owned the bank will accept.  All offers on the Myrtle Beach property must be cleared through the mortgage holder before they are accepted.  Benefits of Pre-foreclosures  on Myrtle Beach Property  Checking out pre-foreclosures is a great way to purchase Myrtle Beach property. In many instances, a potential home buyer is unfamiliar with pre-foreclosed property and as a consequence, they miss out on a great opportunity to own the home of their dreams at a reduced price.  The best benefit of a pre-foreclosure is the purchase price for the Myrtle Beach property.  The Myrtle Beach property owner is in a situation where they must sell the home/condo or face the foreclosure process.  The mortgage holder doesn’t want to own the property and be forced to pay any back taxes, insurance and other fees such as home owner association dues.  This makes an ideal situation where both the Myrtle Beach property owner and the lending institution are willing to listen to any reasonable offer.  Often this can be as much as 50% off the market value of the Myrtle Beach property.  If you are good at home improvements, this is a great time to purchase a Myrtle Beach property that may need some renovations.  Looking for a place to come and have fun at the beach? There are literally hundreds of Myrtle Beach condos in pre-foreclosure status and the deals are tremendous.  In both a pre-foreclosure and a short sale, you are dealing directly with the Myrtle Beach property owner and not the mortgage holder which is to your advantage.  If the property owner elects to reject your offer, they have to wait for another potential buyer to come along and this could take longer than they can wait or they risk losing everything.   How To Find Pre-Foreclosures on Myrtle Beach Property You can find pre-foreclosures much the same way you would find bank owned properties.  You can look on the internet, in the local newspaper or you can call the mortgage holder directly.  The quickest and best way to get a listing of pre-foreclosure homes or condos is to contact your local Myrtle Beach Real Estate agent.  This is a great resource and you are not obligated to follow through on any listing your are presented.   Once you have found the home of your dreams, you can work through a Myrtle Beach Real Estate Agent to get the very best price for the Myrtle Beach property.  It is up to you to follow through and get a great deal on your dream home.  The last benefit is that when you compare pre-foreclosure Myrtle Beach property to foreclosed properties, you will find there is usually less competition with pre-foreclosures.  Real estate investors are more interested in a foreclosed property which they can purchase for a quick turnaround.  They are very experienced in what to look for in a foreclosure and know how to pick up the great deals.  Pre-foreclosed Myrtle Beach properties are a great purchase at a reasonable price.  If you are in the market for new home or condo, you really need to investigate pre-foreclosures.  You will want to have the home inspected before going to closing and have the Myrtle Beach property owner address any issues.  JP Short Sales Team is very familiar with both short sales and pre-foreclosure Myrtle Beach property.  Call to schedule a time at your convenience to see what is on the market.   Jerry Pinkas Real Estate Experts 854 Jason Blvd #G, Myrtle Beach, South Carolina 29577 (843) 839-9870 ‎homeguidemyrtlebeach.com Myrtle Beach Property – Benefits of Pre-Foreclosures

If you are in the market for a new home, you have probably heard the term pre-foreclosure and wondered what is the difference between a pre-foreclosure and a short sale?

A pre-foreclosure is a Myrtle Beach property that has reached the final stage of foreclosure, that time period just before the Myrtle Beach property is taken back by the mortgage holder.  The Myrtle Beach home owner is still in possession of the property, however, the bank is close to making the decision to repossess the Myrtle Beach home if there is no attempt to come to a satisfactory resolution.  In most cases, the only way the way to stop the repossession of the Myrtle Beach property is to pay the arrears or come to a settlement on how much of the arrears need to be paid.

With a short sale, the Myrtle Beach property owner has elected to be proactive and put their home on the market prior to the bank foreclosing on the property.  The Myrtle Beach property owner needs to contact the mortgage holder and come to an agreement on how much below the amount owned the bank will accept.  All offers on the Myrtle Beach property must be cleared through the mortgage holder before they are accepted.

Benefits of Pre-foreclosures  on Myrtle Beach Property

Checking out pre-foreclosures is a great way to purchase Myrtle Beach property. In many instances, a potential home buyer is unfamiliar with pre-foreclosed property and as a consequence, they miss out on a great opportunity to own the home of their dreams at a reduced price.

The best benefit of a pre-foreclosure is the purchase price for the Myrtle Beach property.  The Myrtle Beach property owner is in a situation where they must sell the home/condo or face the foreclosure process.  The mortgage holder doesn’t want to own the property and be forced to pay any back taxes, insurance and other fees such as home owner association dues.  This makes an ideal situation where both the Myrtle Beach property owner and the lending institution are willing to listen to any reasonable offer.  Often this can be as much as 50% off the market value of the Myrtle Beach property.  If you are good at home improvements, this is a great time to purchase a Myrtle Beach property that may need some renovations.  Looking for a place to come and have fun at the beach? There are literally hundreds of Myrtle Beach condos in pre-foreclosure status and the deals are tremendous.

In both a pre-foreclosure and a short sale, you are dealing directly with the Myrtle Beach property owner and not the mortgage holder which is to your advantage.  If the property owner elects to reject your offer, they have to wait for another potential buyer to come along and this could take longer than they can wait or they risk losing everything.

How To Find Pre-Foreclosures on Myrtle Beach Property

You can find pre-foreclosures much the same way you would find bank owned properties.  You can look on the internet, in the local newspaper or you can call the mortgage holder directly.  The quickest and best way to get a listing of pre-foreclosure homes or condos is to contact your local Myrtle Beach Real Estate agent.  This is a great resource and you are not obligated to follow through on any Myrtle Beach property your are presented.

Once you have found the home of your dreams, you can work through a Myrtle Beach Real Estate Agent to get the very best price for the Myrtle Beach property.  It is up to you to follow through and get a great deal on your dream home.

The last benefit is that when you compare pre-foreclosure Myrtle Beach property to foreclosed properties, you will find there is usually less competition with pre-foreclosures.  Real estate investors are more interested in a foreclosed property which they can purchase for a quick turnaround.  They are very experienced in what to look for in a foreclosure and know how to pick up the great deals.

Pre-foreclosed Myrtle Beach properties are a great purchase at a reasonable price.  If you are in the market for new home or condo, you really need to investigate pre-foreclosures.  You will want to have the home inspected before going to closing and have the Myrtle Beach property owner address any issues.

JP Short Sales Team is very familiar with both short sales and pre-foreclosure Myrtle Beach property.  Call to schedule a time at your convenience to see what is on the market.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
homeguidemyrtlebeach.com

Choosing the Right Real Estate Agent

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Myrtle Beach Real Estate Agents Internet In most instances a new residence buyer will start their search by utilizing the internet. Many house consumers in Myrtle Beach are from outside of the area and utilizing the internet makes looking for a home easier. You can use the internet to browse for brand spanking new properties and get a basic feel for an neighborhood.

Even though you can get a general feeling for pricing and the general area, at some point you will need to contact a Myrtle Beach real estate agent. By working with a neighborhood agent that is aware of the locale you will be kept up to date of any new home sales, potential construction plans for the immediate area and other data that might be difficult to trace from a distance. A respectable agent may show you where to discover a virtual tour of a possible new house before you consume precious fuel searching for your dream home.

Is Your Real Estate Agent Internet Knowledable?

When you might be looking for a Myrtle Beach real estate agent you’ll want to be certain they know how you can make the most of the online world. If they know the right way to totally make the most of the internet, they can help you with narrowing down the precise residential home right from the comfort of your recliner.

With this in mind it would be best to make sure and question them if they are accustomed to the online world. Ask them what methodology of communication they prefer. If they don’t have e-mail as part of their reply, you may need to think twice prior to making a contract with them. Another good approach to choose their web savvy is to have them show you a digital tour of a few homes. Be very specific in stating what you’re looking for and look to see in the event that they find a house or two that embody your desires.

Check the profiles online of Real Estate Agent. Does their profile state the particulars of how they utilize the internet to assist their buyers to search out the house they are seeking? If so, then this is most likely an buyer’s agent that keeps up with the market traits and could have loads of details right at their fingertips.

A good Myrtle Beach real estate agent will make the time to repeatedly hone their expertise with courses, on-line lessons and webinars. These courses usually entail on-line advertising, working with specific age demographics similar to retirees or first time home buyers. Always ask the agent during the interview what courses they have participated in lately.

You will need to inquire as to the variety of sales that a real estate organization has had within the last few months and the way they completed this. Ask about references on these house gross sales and then you should definitely contact the home homeowners and ask them about their home buying process with the agent.

To verify that your agent has good negotiating and communication skills you will want to see if they’re actually listening to your desires. Recently a married couple came to our agency who have been fed-up with the buyer’s agent they had been working with because that real estate agent solely listened to their pricing requirements and paid no consideration to their different desires. This couple did not stay in this area and had little or no time to make a choice. The real estate agent may have saved plenty of time by asking the pair to evaluation listings on-line after which thinning down the actual houses they would tour prior to their arrival in Myrtle Beach.
If saving time, frustration and money sounds good to you, then you wish to find a Myrtle Beach real estate agent that can listen to what you need and use the techniocal tools we have now available to seek out for you the perfect home.

At JP Real Estate Team we take satisfaction in being web knowledable. You can trust us to use probably the most fashionable means to find your dream residential home. Click right here Myrtle Beach Real Estate Agents to be put on our watch listing for homes that match your particular wants.

JP Short Sales Team
854 Frontage Road WestMyrtle Beach, SC 29577‎
(843) 222-1926

 

Things To Know Before Buying Myrtle Beach Short Sale

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Myrtle Beach short saleMany people today are using the internet to find “hot” deals in the Myrtle Beach short sale market.  When you think you have spotted that perfect Myrtle Beach short sale that really interests you, take a minute to step away from the computer and call a Myrtle Beach real estate agent.  They can research the sale and make sure it is truly a good buy.

In many instances a short sale will not close and in some markets it is as few as 1 in 10.  There are several factors that much take place, including the approval of the lender, before the sale can actually go through.

How is a Myrtle Beach short sale compared?

Most real estate agents will price a short sale below the comparable sales, however, they are in line with pending sales.  What is the reason?  Short sales will usually take from 3 to 4 months to close.  At the time of closing the pending sale will be compared to the comparable sales on the market.

Many Myrtle Beach short sales are priced so ridiculously low that the bank would never accept the sales price.  What the seller is looking for is multiple offers.  To expect your offer to be accepted by the bank, the offer needs to be close to market value.  If you are not in a position to pay more than the lowball listing price, you really should pass.

Research mortgage amounts and number of loans

Ask your Myrtle Beach real estate agent to find out how much is owed and the total number of loans that are on record for the short sale.  In these situations a second or third mortgage holder will receive pennies on the dollar compared to the primary mortgage holder.

There are some lending institutions that have a reputation for being difficult to work with. Your agent is aware of these lenders and can give you good advice on how to handle certain mortgage holders.

A good rule of thumb is if your offer is 20 to 30 percent of the amount owed, it is unlikely the mortgage holders will negotiate.

The Myrtle Beach short sale agent’s track record

 

Be leery of an agent who is hired to market a short sale and has never closed a short sale.  Why?  It is the responsibility of the listing agent to submit the bid to the mortgage holder and then work to negotiate a price.  Your agent cannot talk directly to the bank.

You need to ask yourself if you want to risk losing the purchase of your short sale because the listing agent lacked experience in the short sale arena.

Seller qualifications in a short sale

Request that your agent check with the listing agent for a complete short sale package.  A Myrtle Beach short sale package should include:

  • Tax returns
  • Income verification such as W-2
  • Check stubs
  • A complete financial statement
  • Statements from the bank
  • Hardship letter as to why a short sale is needed

You don’t want your short sale delayed because the seller is refusing to cooperate with the bank.  You will not be in a position to see these papers but you need to know they have been submitted to the bank.

Offers received

Myrtle Beach homes that are listed under market value will usually receive many offers.  The listing agent is not expected to disclose the exact terms of the offers but you can know who many offers have been received.  In many instances the following scenario will take place:

  1. The Myrtle Beach short sale is listed and the first offer is slightly below the list price.
  2. The second offer will come in at the actual list price.
  3. The third offer will be above the list price by a small margin.
  4. Then the fourth and subsequent offers will be higher.

Your goal should be to be in a position to make an offer that is better than the competition but still below market value or you are wasting your time.

 Short sale procedures

Realtors are held to a code of ethics which requires them to treat everyone fairly, however, not every agent is a Realtor.  In some instances a short sale agent may make the decision to only submit the first offer to the lending institution.

Withholding these offers is a violation of the relationship between the seller and the listing agent but it does happen.  The seller should receive the highest price for their home.  Keep in mind that even if your offer is submitted to the lender, you can still lose the sale if another buyer outbids you.

Contact JP Real Estate Agents when you are looking for a good buy on a short sale.  They can help you avoid costly mistakes.

JP Short Sales Team
854 Jason BlvdMyrtle Beach, SC 29577‎
(843) 222-1926

What First Time Buyers Need To Know About Short Sales

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Short SalesIf you are looking to make money on real estate, now is the time to consider short sales. It’s a buyers’ market so even if you don’t have experience in buying or investing in real estate, you can profit from the market by renting houses, real estate flipping, or by buying short sales.

 

The best route to take if you are a first time home buyer is through short sales. Properties offered at short sales are usually those properties that are at risk of being foreclosed. Instead of letting the house enter into foreclosure the mortgage lender will open it for short sale offers.

 

Here are some important points you need to learn about short sales to help you better understand this route.

  1. Buying short sales will give you a good value for your money

Short sale properties are usually sold at less than the outstanding value of their mortgage. Mortgage lenders will opt to sell the properties at a value lower than the debt owed rather than let them get into foreclosure, loosing even more money.

 

  1. Short sale properties may involve running around mortgage lenders

Unfortunately, mortgage lenders avoid short sales as much as they avoid foreclosures since these would cause them to lose money. This is why they would delay short sales as long as they could. If possible, they will go into an agreement with the borrower to allow him to pay for the difference through a standalone unsecured loan.

Short sale basically means losing money for mortgage lenders so they will try to exhaust all possible options before considering a short sale. They would even accept other short sale offers to see where they would benefit the most.

 

  1. When pursuing a short sale, you’ll have to be stern with mortgage lenders

Because some mortgage lenders will be delaying a short sale as long as they could until they’ve exhausted all other possible options, you’ll need to be in constant communication with them so you’ll know what to expect. If it takes them more than two months to make a decision, call them and tell them you can’t wait any longer and that you’ll be expecting an answer in two or three weeks. If not, then you’ll take your offer somewhere else.

 

  1. Short sale properties usually experience difficulties in getting proper inspection

Inspections are necessary and highly important in every home purchase. Usually, mortgage lenders allow for the inspection to happen before the final signing. This may work well if there are still occupants at the house. Most often, however, there are no longer occupants in the property at this point. This would mean inability to test electricity and other utilities. To prevent this from happening, schedule an inspection ahead of time. Arrange the schedule with the mortgage lender, your real estate agent, and the current occupants in the property.

 

  1. Shore sale properties usually require repairs

Since the previous homeowners could no longer continue paying for their mortgage, they would most likely have little money left to fix some parts of the house. This is why you’ll need to be prepared for potential repairs and maintenance including changing leaking faucet and replacing tiled bathroom floors.

 

Learn more about short sales by contacting Jerry Pinkas Real Estate Experts!

 

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

Your short sales professionals!

Top Three Characteristics Of Myrtle Beach Short Sales For Profit

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Myrtle Beach Short SalesMost professionals say the easiest way to make money on real estate is to invest on Myrtle Beach short sales. On the other hand, dealing with short sales does not always involve a simple and challenge-free road. These challenges often include long waiting periods, persuading lenders, and going back and forth to both seller and lender.

Despite all this, you can still ensure a smooth short sale transaction simply by preparing  ahead of time and by knowing which short sale properties to invest on.

Here are the top three characteristics of a Myrtle Beach short sales property you can easily profit on.

  1. Has only one mortgage – Homes are often the first to be used as collaterals by many homeowners should they face financial distress. This is why there are homeowners with more than one mortgage debt and when they decide to put their house up for a short sale, it will not be easy for them and the buyer. Persuading more than lender to approve a short sale transaction would not be easy because all lenders would first consider the option where they will receive the most money; and sadly, that’s not always a short sale transaction.
  1. Has local lenders – Dealing with local lenders will give you the advantage of time since you are speaking directly to the loan supervisor who will be able to give you an answer right away. This is not the case with large lending companies as you are less likely to meet the individual who makes the decision. When dealing with large lending companies, you will have to start negotiating early to allot sufficient time for the local representative to bring your proposal to the deciding head. Just keep in mind that the faster you persuade the lender to approve of the Myrtle Beach short sales transaction, the faster you’ll be able to purchase the property and the faster you’ll receive your profit.
  1. Has homeowners who prefer short sale – When homeowners realize their homes are at risk of being foreclosed, it is more likely that they will choose putting their property up for a short sale rather than wait for it to be foreclosed. The primary reason for this is that short sales have less damage to their credit records than a foreclosure. And since the owner already agrees with a short sale, that’s one person less for you to persuade and an unlikely partner to help you persuade the lender.

Making real estate money is truly a lot easier with short sales. You just need to carefully choose which property to invest on.

Contact Jerry Pinkas Experts now to learn more information about Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts.
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

Your Myrtle Beach short sales professionals!

Start Real Estate Investing With Myrtle Beach Short Sales

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Myrtle Beach Short SalesLots of information about Myrtle Beach short sales can be found online. While most real estate professionals will point you toward targeting foreclosures, you can also consider short sales for your property investing ventures. Similarly to foreclosures, short sales have great potential for significant profits.

Getting to know a Myrtle Beach short sale

Basically, a short sale happens when a property is at risk of foreclosure. It is generally an attempt to avoid that option – which is a lengthy and tedious process requiring time and participation from the homeowner and the mortgage lender. With a short sale, the property will get sold, the mortgage lender will be paid, and the homeowner can walk away without damaging his credit record.

Short sales are often preferred by homeowners and mortgage lenders rather than foreclosures because it removes the hassle, cost, and stress of a lengthy foreclosure procedure. While the homeowner and bank will both lose money on a short sale transaction, they still preferred it to the homeowners having damaged credit and the mortgage lender having lost more money and time than necessary.

Getting started with Myrtle Beach short sales

A short sale begins when a property owner fails to continue paying for his mortgage due to some unexpected financial complication. After some time of being unable to catch up with his mortgage payments, the owner would then seek assistance or negotiate with the mortgage lender on how best to resolve the situation. Usually, the owner will request refinancing or reconditioning of the loan. A mortgage lender has the right to deny this request as he deems necessary. This leaves the owner to face foreclosure or consider a short sale.

After the owner has decided on a short sale, he will ask for the mortgage lender’s approval. The mortgage lender’s approval is strictly required before a short sale could commence. The mortgage lender also has a say in determining the price of the Myrtle Beach short sales property. Usually, this amount is determined by the outstanding mortgage debt.

When everything is settled with the mortgage lender and the owner has proven – through valid and legal documentations – that he is unable to continue paying for the property, the said property could then be listed for short sale. These properties could be listed via in-house selling or with the assistance of  a Myrtle Beach real estate agents.

Short sales are, indeed, as good a forms of investment as other types of real estate properties. If you know how to work a short sale, you are on your way toward a successful real estate investing career!

Contact Jerry Pinkas Real Estate Experts to learn more about Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts.
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

Myrtle Beach short sales are our specialty!


Good Alternatives To Myrtle Beach Foreclosures

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Myrtle Beach ForeclosuresWaiting for Myrtle Beach foreclosures to become available isn’t the only way you can make money in real estate. There are better and more profitable alternatives  – including foreclosure short sales and ‘discounted for sale’ by owner properties.

What are Myrtle Beach Foreclosures Short Sales and For-Sale-By-Owner Sales?

A foreclosure short sale is basically a sale made when the owner of the Myrtle Beach property could no longer continue paying for the mortgage. Aside from foreclosure – which would most likely occur, another potential option is a foreclosure short sale. Because a short sale definitely has a shorter process than a foreclosure, plus the homeowner could move on without scathing his credit records, it is often more favored by the individuals involved.

When the mortgage lender refuses  a Myrtle Beach foreclosures short sale, the last resort of the homeowner to avoid a foreclosure proceeding is to put the property in a for-sale-by-owner offer. Unlike foreclosure short sales, this other option doesn’t need approval from a mortgage lender. The homeowner can decided whether or not to proceed with this method of sale on his own without being required to seek approval from the other parties involved.

While foreclosed properties could easily be spotted, it is not the same with properties at risk of foreclosure. Plus, perfect timing is critical in the success of a foreclosure short sale or for-sale-by-owner transaction. The homeowner should be approached appropriately to achieve your highest potential for success.

Below are several strategies a homeowner may exercise before his property is included in the list of Myrtle Beach foreclosures and how you should approach each homeowner.

1. Reinstate the home mortgage loan – Homeowners who often opt to reinstate their mortgage loans are those who have become unemployed but are continuously looking for a job. These individuals expect to have a more stable income, in the future, to pay off their new mortgage. Handle these homeowners with maximum caution as they are likely to change course when their lender agrees to a renegotiated mortgage.

2. Modify the current mortgage – Those homeowners who have become delinquent in paying for their home loans due to an unexpected temporary financial conflict could renegotiate with their mortgage lender and request a loan modification. This will greatly help the homeowner get back on track and continue paying for his mortgage. Unfortunately, this option may not be  known by most homeowners, so you can mention this to the homeowner and help them avoid foreclosure. Otherwise, they would be left with a foreclosure short sale or ‘for sale by owner’ as a last resort.

There are many ways to avoid foreclosures. Some may favor your goals, giving you a good real estate investment deal, while others favor the homeowner as they’re given a chance to walk away with their credit record intact and without any major problems.

Call Jerry Pinkas Real Estate Experts to learn more about Myrtle Beach foreclosures.

Jerry Pinkas Real Estate Experts.
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

The only experts in Myrtle Beach foreclosures!

Top 3 Tips From Myrtle Beach Short Sale Professionals

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Myrtle Beach Short SaleMost professionals will agree that a Myrtle Beach short sale is a great way for buyers to save money on a home purchase. The best thing about a short sale is it benefits homeowners in that they are able to get away from their mortgage debt without tarnishing their credit record and without having their home foreclosed. Despite these however, short sale transactions could take several months to be finalized and closed, requiring lots of negotiating and approval requests.

If you really want to land a successful sale, here are three tips from Myrtle Beach short sale professionals.

1. Ensure a legal back up by hiring a property lawyer – Short sale transactions can get complicated and is quite tricky. This is why you will need to hire a property lawyer to ensure you are making the right legal decisions. Most importantly, a real estate lawyer will help ensure that you are unknowingly taking on debt from the purchase by collaborating with title companies and doing some research to ensure the title is clean.

2. Work hard to look good not only to the seller but also to the seller’s lending institution – This can be easily achieved by showing and proving that you are in a stable and impressive financial standing. Prepare sufficient money for the down payment as you possibly can. Ensure you are preapproved by your own lender prior to making an offer. Plus, the seller’s lending institution would most likely instantly approve your request for a short sale if you have no contingencies and remain clear on your goal of purchasing the house. Keep in mind that most lenders will approve a short sale, if the buyer proves he is in a stable financial condition to buy the house.

3. Never give up! – Probably the best advice Myrtle Beach short sale professionals can give you is to never give up. Accept the fact that short sale transactions are difficult to get approved and pull through. But if you are really intent in making money from this venture, don’t get defeated at your first failure or rejection.

There are various reasons why a short sale transaction might fail. This may be due to a disagreement on the terms of the sale between the seller’s lender and the seller or unacceptable terms of the seller’s lender. Keep in mind that you can always try again. And the more short sale transactions you go through – whether a success or a failure – will surely expand your knowledge and expertise.

For more information on Myrtle Beach short sales, call Jerry Pinkas now.

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

The only experts you need when it comes to Myrtle Beach short sale!

Preparations To Make When Buying Myrtle Beach Short Sales

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Myrtle Beach Short SalesMyrtle Beach short sales is considered by many real estate professionals to be one of the most profitable and rewarding investments. This is primarily because they present a number of moneysaving and money making opportunities. Despite this, however, you as an investor would still have to learn everything you can about short sales – including all the necessary preparations – before you jump into your first short sales investment. This is to ensure you will not waste money and that you will surely make profit.

What is a shorts sale property?

A short sale property is one that is nearing foreclosure. Because of a serious financial crisis, the property owner is no longer able to continue making payments on his or her mortgage. Hence, the property is elected for foreclosure.

The property is sold before foreclosure at a price less than the outstanding mortgage due. This is a good deal for the buyer as he or she would be able to purchase a house less than the current market price. This is also beneficial to both the property owner, who will be able to walk away from the house without any outstanding debts, and the lender, who would still be able to make profit on the property though not as big as he or she would have received if the owner was able to complete the mortgage payments.

Why should you prepare before buying Myrtle Beach short sales properties?

Investing on Myrtle Beach short sales properties is not an easy and simple task. There are lots of considerations and preparations to make. Here are some of the few things you have to be prepared for.

  • Long wait – You will have to wait for the lender to put a short sale offer on the property. Short sales are usually the last attempt of lenders to avoid foreclosures. Hence, they would try to consider other options first before resorting to short sales. Otherwise, they would wait for more short sale purchase offers prior to making their decision.
  • Constant communication – If the lender is still waiting to receive more short sale purchase offers on the property, chances are you will have to constantly check in with the lender and the lender will probably give you a run around. You will have to be patient on this if you really want to buy the property.
  • Several mortgages on the property – Some property owners use their houses to get mortgage loans from various lenders. If this is the case on the property you are planning to buy through short sale, you will have to hire a property professional to inspect and properly appraise the property. You will be dealing with more than one lender, so you will have to double or triple your patience.

Contact Jerry Pinkas Real Estate Experts now to learn more about Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

Your partners in Myrtle Beach short sales investing!

What You Need To Know About Buying Myrtle Beach Short Sales

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Myrtle Beach Short SalesAmong the many types of real estate investment that you should consider is Myrtle Beach short sales. Many people are considering short sales as a viable investment because it is financially rewarding and highly profitable.

If you are considering buying Myrtle Beach short sales, here are some things you need to consider and think about.

  • Buying short sales does not involve a fast process. It is not as quick as buying traditional real estate. Some short sales transactions take one month. Others take up to four months depending on various factors such as the state law, the amount of debt, the decision of the mortgage lender, and others. If you’re looking to purchase Myrtle Beach short sales, be prepared to wait.
  • Short sales can come in cheaper and more attractive offers than other forms of real estate investment. So you might get tempted to close the deal as soon as you learn about the purchase price. However cheap and affordable a short sale might be, check and analyze every part of the purchase prior to paying any amount. Inspect every corner of the property and take note of everything that needs fixing or replacing. Use this to negotiate the price because even if you buy a property cheaply, you’ll be spending a ton of money on the necessary repairs and renovations if you fail to do a full inspection of the property.
  • If you are a first time short sales buyer, it is highly advised that you work with a real estate professional. Short sales transactions are not as easy and quick as traditional real estate sales. Short sales transactions are more prone to scams and frauds such as having more than one mortgage. And you as a first time short sales buyer have no experience and sufficient knowledge to handle this part of the transaction. Hence, you will need the professional assistance of a real estate agent to help you go through with your first short sales purchase.

Contact Jerry Pinkas Real Estate Experts to learn more tips on purchasing Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts.
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

Your Myrtle Beach short sales experts.

Key Aspects To Remember When Buying Myrtle Beach Short Sales

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Myrtle Beach Short SalesThere are evidently a growing number of Myrtle Beach short sales available in the market today. More individuals are looking to buy these types of property investments as they are priced much lower than other real estate properties. The only drawback to this investment is that it is very confusing and can take several months before going through. Hence, if you are a first time short sale investor, you definitely need all the help you can get.

With that said, below are some of the most important aspects that you need to consider when purchasing Myrtle Beach short sales.

Number of loans and mortgages the seller has on the house

When the real estate market is booming and home values are on the rise, it became easy for homeowners to secure second mortgages or home equity loans.

Finding out the number of mortgages on the short sale property you are looking to buy as well as the amount of mortgage that is due will help you plan the most appropriate and reasonable offer to all mortgage lenders and the seller. Make sure that your proposition will make it difficult for the mortgage lenders and the seller not to say no.

Additionally, this will also help you plan for future costs and expenses. It will give you a clearer picture on the property’s mortgage situation, thereby, allowing you to effectively plan and ensure you will land a good short sales deal.

Negotiation with the seller’s or the homeowner’s mortgage lender and bank

The bank and mortgage lenders are key players in a Myrtle Beach short sales transaction. They are the ones who will provide the final decision, which may be difficult for them to make as they would have to accept a loss in their profits.

Most often, sellers hire short sales attorney to negotiate with the bank or mortgage lender. This is time consuming and requires frequent legal and financial communication with the bank. Hence, a professional short sales lawyer is the best candidate for this task. Others, however, leave this task to the listing agent. Whoever is negotiating with the bank, it is important that you keep yourself updated of their progress and success rate.

Buying short sales is indeed an ultimately financially rewarding investment. On the other hand, you need to be very careful to ensure you will not waste your time, money, and effort.

Contact Jerry Pinkas Real Estate Experts for more information on Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926

The only Myrtle Beach short sales professionals you need.

Buying Myrtle Beach Foreclosures And Bank Owned Properties

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Myrtle Beach ForeclosuresAmong the hottest type of real estate property that more and more investors prefer are Myrtle Beach foreclosures and bank owned properties. Although these properties usually require substantial repair, they are sold below market value.

How could you buy foreclosed or repossessed homes?

Foreclosed homes can be bought through a public bidding. Once the properties have been repossessed by the bank, the financial institution will schedule a public bidding where investors and buyers submit their bids on the properties.

Although the process is much faster and it is quite easy to find great deals on Myrtle Beach foreclosures in a public bidding, you as a buyer should be prepared to provide the complete amount of your bid to the auction house within 24 hours of accepting your bid.

Properties that were not sold on the public bidding will remain in the possession of the bank and will now be referred to as real estate owned or REO homes. You can find a list of these properties from the bank’s loss mitigation department or via your local realtors. If an REO home has caught your eye, you will need to submit your purchase offer or bid directly to the bank. Otherwise, you can choose to negotiate with the bank’s representing agent.

Here are some important things that you have to keep in mind when buying Myrtle Beach foreclosures:

  • You must have a preapproved financing before submitting a purchase offer. This is among the first things that banks look at to determine whether or not you have the financial capability to pay for the property.
  • If this is your first time to purchase a foreclosed property, it is highly suggested that you hire a realtor or real estate investor to work with. These professionals will make it easier for you to find affordable foreclosed properties that are still in good condition. They can also assist you in making negotiations and landing a great deal on the foreclosed home that you want to buy.
  • Keep in mind that foreclosure experts and REO specialists have easy access to many multiple listing service databases. Through their assistance, you can gain access to information on the price, total area, number and types of rooms, and the size and location of the lot that you are looking to purchase without having to visit the property in person.
  • If you don’t want to hire the services of foreclosure professionals, you need to allot sufficient time in researching about the properties that you are looking to purchase. To help you make an admirable purchase offer, you will need to increase your knowledge on the past and present property values and their growth through the years.

Buying foreclosed homes should not be a burden. If you have found that house that you want to purchase, focus all your energy and efforts into landing on a great deal for the property.

For more information on Myrtle Beach foreclosures and bank owned properties, call The Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926
http://myrtlebeachshortsaleteam.com

Your Myrtle Beach foreclosures experts.

The Only Tips You Need When Buying Myrtle Beach Short Sales

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Myrtle Beach Short SalesBuying Myrtle Beach short sales is not like your average property resale. Although it has its own benefits and advantages – specifically to an end buyer, first time home buyer, property investor, it can also be challenging at times. So, you will need all the help that you can get.

If you are looking to buy a home for a great price, there’s no other best option for you than to buy short sales properties. With the current economic conditions, a constant number of homes are going under foreclosure. Hence, you have lots of great houses to choose from.

Here are some useful tips to help you in purchasing your first Myrtle Beach short sales property.

  • Secure a pre-approved mortgage
    Once you have decided that you want to invest on short sales properties, the first thing you need to do is to seek a highly experienced real estate agent and mortgage broker that you can work with in securing a pre-approved mortgage. Having a pre-approved mortgage to support your short sales purchase will make you look more credible to purchase and maintain the property. Plus, this will give you an edge over those other potential buyers.
  • Study the prices of comparable homes in the same area
    Together with your real estate agent, make a comparative market analysis on the selling prices of houses that is similar to the short sales property you are considering buying. This will help you determine whether or not you are making a reasonable offer on the property. Moreover, this will become an important tool that you can use when negotiating the property.
  • Inspect all areas of the short sales property and take note of all the necessary repairs
    Repairs and renovations are inevitable in a Myrtle Beach short sales property. Although you have to be financially prepared for these repairs, you can actually use these to your advantage, particularly when negotiating for the price. Take note of all the necessary repairs and have a professional constructor estimate a quote on how much all the repairs will cost. You can either use this to get a discount on the total purchase price or you can split the estimated costs with the seller. Your real estate agent will help you plan how to use these repairs to your advantage.
  • Spend time in making a title search
    To protect your rights as a buyer as well as your hard-earned money, do a title search and find out whether or not there is no other mortgage or unpaid debts on the property. You also have to check for tax liens and mechanic liens just to ensure that there will be no hidden or unresolved problems when the title is transferred to you.

Buying a short sales property can be tricky so you have to equip yourself with sufficient knowledge and professional support from real estate experts.

Call Jerry Pinkas Real Estate Experts to learn more tips in buying Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts.
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926
myrtlebeachshortsaleteam.com

Your Myrtle Beach short sales experts!


Myrtle Beach Foreclosures To Consider For Your Home Purchase

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Myrtle Beach ForeclosuresBecause of the current state of the economy, there is a continuously increasing number of Myrtle Beach foreclosures that you can consider for your home purchase. This trend in real estate investing has been continuously going on as the economy continues to recover. In fact, many property investors have been featured in many television shows for their ability to flip foreclosures and make lots of money.

Would you continue to be left behind in this financially beneficial venture? It’s never too late to join with the trend and start making money simply by buying and selling foreclosures.

If you have decided to pursue with this venture, you need to acquaint yourself with the different Myrtle Beach foreclosures that you can consider for investing.

  • Homes in pre-foreclosures

Some homes that are about to be foreclosed can be considered for purchase. Their owners, after having received a foreclosure letter, will put the houses for sale. The reasons why these homes are about to be foreclosed range from divorce or death of the owners. You will need to inquire about the particular reason so you know how to negotiate the property and come up with an offer that will be beneficial to the owners and to you as well.

Often times, owners of these Myrtle Beach foreclosures opt to sell their homes at lower prices to avoid foreclosure and save their credit ratings. You can buy directly from the sellers or you can buy from courthouse auctions where you can choose from a wide range of foreclosed homes. The downside to this, however, is you will have to compete with professional real estate investors.

  • Foreclosed homes that need repair

While there are foreclosed homes that are as good as new and don’t need repairs or renovations, there are homes that need a fair amount of remodeling. Sometimes these homes are offered at very low prices leaving you with enough money to renovate and fix the house. Consider where you will be spending more money on: buying a low-priced foreclosed home but requires renovation or buying a good as new foreclosed homes at a much higher price. Keep in mind that the house you will be investing on should look good appealing to your buyers so you can flip them easily and quickly; thereby, giving you smooth and easy profit.

  • Real estate owned homes or those that have already been foreclosed

These types of foreclosed homes are those that have not been sold at the auctions. They become listed with realtors; hence, are called real estate owned homes. They are often offered at 5%-10% below the retail rates and are already fixed and repaired. So you will still make money from them should you sell them at the current market price. This is why most first time homebuyers and real estate investors opt to buy these type of foreclosures because they can be bought at a low price and they don’t need to spend time and money in repair and renovations.

For more information on Myrtle Beach foreclosures call Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
853 Jason Blvd. Unit G.
Myrtle Beach, SC
843-222-1926
myrtlebeachshortsaleteam.com

Your Myrtle Beach foreclosures experts!

The Benefits Of A Shorter Short Sale

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Short SaleA short sale often consists of complex and lengthy processes that require months to complete. Despite this, many homebuyers still choose this type of real estate transaction because of the immense savings that they will get. Because lots of individuals are considering buying houses through this process, Freddie Mac has developed a program that makes short sales transactions faster and easier.

This new program aims to provide better benefits to borrowers and increase profits for the property owner and seller. The new process is more streamlined without the traditional obstacles that a homebuyer and home seller go through.

Here are the benefits of Freddie Mac’s shorter short sale process.

  • Servicers are allowed to approve applications from financially challenged homeowners including those who are past due and are current on their mortgage payments. This eliminates the need for the mortgage insurance companies’ review of the applications and applicants. Reviews often take weeks to be completed as mortgage companies have other responsibilities that they are primarily committed to.
  • In this new process, servicers are required to make decisions 30 days after they receive a completed application. They are allowed another 30 days should they need more time in case there are third parties involved. No more extensions, however, will be offered. Hence, they are expected to give their final decision at the 60th day.
  • Communication is an important part of every type of transaction. This is why Freddie Mac has greatly improved communication in the process. Weekly updates are submitted by servicers to keep borrowers and realtors informed throughout every step of the process. Acknowledgment must also be submitted after every application and form has been received.
  • The new process is more streamlined because of the improved communication and specific time frames. Borrowers are given updates regarding the status of their application and where in the process it is currently at. They are also provided a number to call to inquire about their application.

Before deciding to go through a short sale, find out if this real estate transaction is really for you. Consider the following points to help you determine whether this process suits your needs:

  • Have you exhausted all retention options to resolve your upcoming foreclosure?
  • Are you looking to leave your home and unpaid mortgage loan balance without damaging your credit history and report?
  • Do you want to move on to a more affordable housing without worrying about your previous loan balance and debts?
  • Do you need to leave your current home and relocate as soon as possible due to your employment?
  • Are other options such as loan modification, forbearance, or reinstatement not suitable to your needs and situation?
  • Do you want to sell your home so as to cover your unpaid mortgage debts and outstanding balance?

Should you decide to proceed with a short sale transaction, contact Jerry Pinkas Real Estate Experts now to assist you.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-222-1926
www.myrtlebeachshortsaleteam.com

Your short sale experts.

The Best Guide In Completing Myrtle Beach Short Sales

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Myrtle Beach Short SalesBuying homes under an unpaid mortgage is a good investment and it helps to know a little more about Myrtle Beach short sales before going through the process. You will need to learn everything that you can about this form of real estate investment especially since there are currently a lot of homes listed as a short sale.

A short sale happens when the homeowner is no longer able to continue paying for the property’s mortgage and the lender agrees to sell the property at mortgage payoff amount. To be able to remove the delinquent debt on their books, the lender will accept a lower amount than what the homeowner actually owed. The remaining balance will be forgiven as long as the mortgage amount has been paid.

Myrtle Beach short sales can be a hit or a miss

There are three key players in a short sale transaction: the buyer, the seller, and the lender. They can be affected by the process in varying ways:

A short sale transaction can be a hit or a miss for a seller, depending on how one looks at the situation. By choosing to sell his or her property as a short sale, the seller or the homeowner loses his chances of making some money out of the sale. On the other hand, when the property is purchased, the seller can walk away from the house without any remaining unpaid debts, although without money to help in moving to another house as well. Even though it will not badly damage the seller’s credit, a short sale transaction will still be recorded on his or her credit report.

Buyers benefit from short sale transactions considering the amount of money they saved from the purchase. On the other hand, the amount that they saved will most likely be spent on repairs and renovations. For some, this can be depressing since the reason they went after short sales is to save money. But for others, they look at it as an opportunity to personalize the house and make it their own. This is especially true for those individuals who like to purchase pre-owned houses and make some renovations to add their personal touch.

For lenders, they will lose some of their profits and this is probably the reason why they don’t instantly turn to short sales when one of the homeowners becomes delinquent in paying their mortgage. On the other hand, when compared with the financial loss that they will surely receive when the property forecloses, most lenders would gladly choose to approve a short sale.

When do Myrtle Beach short sales become a miss?

According to real estate experts, there are two situations when a short sale is certain to fail.

  • If there has not been any notice of default yet. If the homeowner has not received a notice of default, it means he or she is not that far behind the payments and would still be able to catch up. Should this be the situation, a short sale is not recommended as it will take a longer time to get the approval of the lender.
  • If the seller has already filed for bankruptcy, there is not a chance a short sale will ever happen. Short sales are, in some ways, not allowed in bankruptcies as they are considered a collection activity. As a result, lenders will not approve a short sale for a seller who has filed for bankruptcy.

Should you consider buying short sales?

The discounted purchase might be enough to convince you to pursue a short sale transaction. However, there are other benefits that you could gain as a buyer of short sale properties:

  • The lender may offer financing terms since they will be more than happy that the mortgage will continue, even though they will most likely not earn as much profit.
  • The seller will be willing to work with you to push the transaction through because he or she is eager to get away from the debt.

If you decide to proceed with a short sale transaction, hiring a real estate agent is highly recommended. Short sales are complicated and time consuming real estate transactions and you would definitely need all the help that you can get.

Aside from hiring a real estate agent to help you go through a short sale transaction, it also helps to know the primary reason why lenders will agree to a short sale. Since they are bound to lose money in a short sale, most lenders do not immediately agree to such a transaction until they are sure that they have exhausted all other possible solutions that wouldn’t cost them as much money.

But if you know what will make a lender agree, it will make the entire process less difficult and move in a faster pace. You will have to understand that the primary goals of lenders in every real estate transaction is to earn money or not lose too much of their profit. Hence, you might need to point out that by allowing the property to get foreclosed, lenders will have to go through a costly and equally lengthy foreclosure process. As a result, they lose their profits as well as a whole bunch of their money.

Even if they managed to maintain ownership of the property and not lose their profits, they are still bound to lose money in maintaining the house and paying for its taxes.

Basically, lenders look at short sales as the lesser of two evils and they will grab the opportunity to go through it rather than lose both their profit and money.

Give Jerry Pinkas Real Estate Experts a call now to learn more about Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-222-1926
www.myrtlebeachshortsaleteam.com

Your Myrtle Beach short sales expert.

How To Ensure Success In Your Myrtle Beach Short Sales

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Myrtle Beach Short SalesMany homeowners who have more mortgage debt than what their home is actually worth are now considering the possibility of Myrtle Beach short sales. It doesn’t only help them avoid foreclosure; it also helps them walk away from their mortgage debt without much damage to their credit rating.

Despite this, however, pursuing short sales can be difficult and stressful. The process involves lots of obstacles and hurdles that a homeowner will have to overcome. One of these is getting the lender’s approval. For most lenders, short sale is not the immediate answer to delinquent mortgages. Most will even consider and exhaust all other possible solutions to resolve the situations before thinking about the possibility of a short sale.

And this is only the first step. There are lots more hurdles that you as a homeowner would have to go through in order to short sell your home.

If you want to ensure successful Myrtle Beach short sales, follow these tips:

Real estate agents help you ensure a smooth buying or selling process. If you are considering pursuing a short sale, make sure that the real estate agent you are working with is experienced in short sales. You can do so by asking the agent if he or she has experience in short sales. If so, ask him or her how many short sale transactions he or she has closed, how many failed. Also ask for work references that you can contact to inquire about the agent’s services.

Do not immediately believe an agent when he or she says that they have certification in short sales real estate and that they have gone through a lot of short sale transactions. Remember that it’s easy to say these things. You need them to prove their statements through client references and actual certifications. Note, though, that a certified real estate agent doesn’t mean he or she can actually help you succeed in short selling your home. Keep in mind that the more experienced the agent is, the more suitable he or she is in helping you.

  • Have a clear and agreed understanding of the Myrtle Beach short sales terms with the lender.

When you have obtained the approval of the lender, you need to ensure that you both understand the terms and consequences of the short sale process. Put this in a written document that you will both sign. Include in this written document the terms that you and the lender both agreed on with regard to paying the difference left from what the house was sold for and what you owe to the lender.

Often in a short sale process, the amount the house was sold for does not cover the amount that the homeowner or home seller owes to the lender. It depends on the lender whether or not he or she wants that difference to be paid. If so, the payment terms, which both lender and seller agreed upon, should be written down and signed by both parties.

  • Seek a real estate lawyer

The short sales transaction involves lots of delicate financial issues including tax and personal finances. Although you are already working with a real estate agent, you still need to consult and confirm with a real estate lawyer everything that is put into a written document before you sign it. You need to ensure that you are not signing something you don’t agree to. Have a real estate lawyer go through each document and seek his or her feedback on the matter – whether or not there are some clauses that need to be edited, removed, or added.

A short sale transaction is truly helpful for homeowners who have failed to keep up with their mortgage payments due to unforeseen financial problems. On the other hand, it is really tricky to work through, so the seller needs to have patience and know some tips and tricks in order to ensure success.

Contact Jerry Pinkas Real Estate Experts now for more tips on Myrtle Beach short sales.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-222-1926
www.myrtlebeachshortsaleteam.com

Your partners in successful Myrtle Beach short sales.

What To Avoid When Buying Myrtle Beach Short Sales

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Myrtle Beach Short SalesBuying Myrtle Beach short sales involves a tricky and extremely complicated process. There are lots of risks that can lead to severe and costly problems. If you are not very careful, you might end up losing a lot of money in the process. You as a short sales buyer must spend a lot of time reviewing all necessary documents, looking through every area that might cause a problem down the road, and closely inspecting all corners of the house.

But what if you don’t have the time for all these? What can you do to ensure your short sales purchase is successful?

Here are some of the top things to avoid when buying Myrtle Beach short sales.

  • Overlooking areas of the house that need repair, replacement or renovation.

There are some owners who, when faced with foreclosure, will sometimes damage the property before leaving just to get back to their mortgage lender or to vent out their frustration over their situation. On the other hand, do not be so sure of a house that has not been occupied for a number of years as this may also have some areas that need repair. What you will need to watch out for are signs of molds, leaks, and termites.

It is not wise to rely solely on the disclosure statement from the bank or the short seller. The disclosure statement may not likely include some issues on the property including whether or not defective materials are used in the construction, if the court-ordered remediation is up to date, etc.

  • Not bothering to conduct your own home inspection.

The first thing you need to remember when buying Myrtle Beach short sales is to conduct your own home inspection. You have to personally oversee this specific step of the purchase process so you need to really make time for this. This is the only way you will be able to see every area that can cause future problems as well as the areas that you should be concerned about and discuss with the seller.

  • Forgetting about the property’s insurance information.

If you forget to examine the insurance information, you may have to pay thousands of dollars in the future for additional insurance costs. Before purchasing the property, do a little extra research and find out about the current status of the property’s insurance. You will also need to check previous renovation records and confirm whether or not they were legally permitted and approved. Failure to do so, may cause you liable to these problems as you are now the owner of the property.

  • Expecting the sale to close quickly.

You must keep in mind that a short sale process is not the same as traditional real estate purchase processes. Buying a short sale takes a lot of time because there are lots of real estate and financial professionals involved. You and the property’s owner will have to spend time to persuade every mortgage lender and banking institution that stakes a claim on the property to pursue with the short sale. And most of the time, these professionals do not instantly jump on the short sale opportunity. They will exhaust all available solutions to resolve the current problem before even considering a short sale.

For assistance in ensuring successful Myrtle Beach short sales transactions, contact Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-222-1926
www.myrtlebeachshortsaleteam.com

Your partners in success Myrtle Beach short sales.

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