Many investors would say that buying Myrtle Beach short sales is an excellent and cost-effective form of investment. However, even with enough proof, there are still a huge number of home buyers who are not sure about making the purchase. This is probably due to the many risks involved in buying a short sale home.

What are the common risks involved in buying Myrtle Beach short sales?

There are several risks involved with the purchase of a short sale home; but none that couldn’t be overcome with proper planning, the right contacts and connections, and an additional dose of perseverance. There are two common risks that you can expect in this specific type of real estate transaction:

• Buying a property that need lots of repair and renovations – Basically, the main idea in buying a short sale is to purchase a property for less than the amount that a similar property is sold for in the current market. One of the primary risks involved here are the necessary repairs that come with the property. Short sale homes are sold in an “as-is” basis. So, since it’s a pre-owned home, expect to pay for some repairs and renovations before you can live in your newly bought home.

• Lots of persons involved and approvals to acquire – Another risk that most homebuyers are worried about in a short sale transaction are the number of persons involved in the transaction. A short sale property is usually owned by the mortgage lender or lenders – depending on how many loans were put on the house. As the buyer, you will need to conduct transactions with all the mortgage lenders. You will need to present your proposal to them and get their approval, which isn’t always obtained easily because most lenders will want to consider other options to make money on the property aside from a short sale where they receive practically zero profit.

Minimizing the risks involved in buying Myrtle Beach short sales

If you really want to proceed with purchasing a short sale property but are worried about the risks involved, here are some tips to help you minimize the risk and ensure a successful short sale transaction.

• Do your research. Obtain every bit of information about the short sale property that you can get your hands on. This will help you get a deeper understanding of the property that you are trying to purchase. You’ll know of all renovations and improvements it has undergone, any pending payments to insurance companies and mortgage lenders, and others.

• Conduct a complete and overall home inspection. Hire a professional to conduct overall inspection on the property before deciding to purchase it. This will provide you with a detailed description of the property including every area that needs repair and every aspect that you would need to pay for on top of the properties price. You can then use these pieces of information to negotiate the purchase price and persuade the mortgage lenders to approve of your proposal.

• Hire a real estate agent to help you conduct research and create your short sales proposal. Probably the best advice you can get is to hire a licensed real estate agent with experience in short sale to work with you in this transaction. Not only will the real estate professional guide you in every step of the transaction, but he or she will also make some of these steps easier for you. He or she has the right contacts to provide you with all the information you need about the property that you are purchasing. Also, most agents know of the best home inspection professional and other contractors you might need throughout the purchase process.

Jerry Pinkas Real Estate Experts has an extensive record in successfully completing several Myrtle Beach short sales transactions. Call them now to inquire about their services.

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.

There are several parties involved in a short sales process: the seller, buyer, broker, and lender. For the transaction to be successful all have to play critical roles and all will have to coordinate with each other. You as the buyer will have to be very patient in working with the rest of the gang and coaxing them to do their part so all of you will benefit from the short sale transaction. Although, lenders will probably require more coaxing than others as they basically don’t turn to short sale transactions until the last minute.

Learning more about short sales

A short sale transaction is an alternative – the best alternative for home owners and sellers – to foreclosure. Proceeds from the sale are most likely not enough to pay off the mortgage debt on the property. This is why the lenders are not always eager for these types of real estate transactions. They will want to check out other options available for them prior to looking at the short sale proposal submitted to them. Their approval is key in a successful transaction.

Once they are approved, the process will run smoother and faster, allowing all parties involved to benefit: buyers purchase a home at a fraction of a cost, sellers get rid of their debt without having to go into foreclosure, brokers increase their reputation, and lenders relieve their books of a delinquent and unpaid loan.

Short sales tips for everyone

• Make sure the mortgage company is familiar and well informed with the local market so they can look at your proposal with a better eye and allow them to make a better decision.

• Buyers will have to be patient in waiting for the lender’s response as the lender will most likely consider and look at other things before giving their approval. For example, most lenders will check all assets of the homeowner and compare this with the selling price. Some may also try to negotiate with the brokers to have their commissions reduced. Keep in mind that the primary goal of the mortgage lenders is get some money from the transaction and not to get rid of the delinquent property.

• Have the sellers consult with their real estate lawyer for the legalities of the transaction. The seller’s goal is focused on relieving the mortgage debt and not about profiting from the property.

• Make note of how much time and effort your broker is putting into the transaction and remember to fairly compensate him or her depending on the work he or she did.

• Work with the lender and help them realize that they will save more money from the property if they approve of the short sale. Although, they will receive the money from foreclosure a lot faster than in a short sale transaction, they will have fewer expenses to pay for in a short sale transaction; hence, they save more money in the process.

Call Jerry Pinkas Real Estate Experts now to learn more about 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 short sales transaction.

Myrtle Beach short sales is indeed a beneficial alternative for homeowners to resolve their delinquent loans without damaging their credit score and without getting into foreclosure. Although more information about short sales are made available through different media channels – such as the internet, flyers, real estate professionals, etc. – there are still homeowners who list their homes as a short sale without fully understanding what this process means. Some even have the wrong beliefs on short sales.

In this article, you’ll learn which of the different beliefs that most homeowners have with regards to Myrtle Beach short sales are actually myths. The truths behind these myths will also be detailed.

• Short sales are only for homeowners who have mortgage debt

Contrary to what most homeowners believe, short sales can also be an option for those who are not in mortgage debt. Having delayed mortgage payments for more than 3 months is not the primary and only requirement to be eligible for a short sale. According to Freddie Mac, there are general eligibility requirements that a homeowner should fulfill. These include the property being the primary residence of the homeowner and that the homeowner’s debt to income ratio should exceed 55 percent.

• Myrtle Beach short sales make you ineligible for a new mortgage

Typically, a homeowner who has pursued a short sale due to the inability to effectively manage his or her finances can apply for a new mortgage after four years of closing the short sale. You must be able to prove and establish that you have acceptable credit for at least 48 months to be approved for a new mortgage. On the other hand, those homeowners who have undergone a short sale due to income loss or medical emergencies must be able to prove their acceptable credit for only 24 months to get approved. Consult with a professional Myrtle Beach real estate agent for assistance on how best to apply for a new mortgage.

• A short sale can negatively affect your credit score

While some may see a short sale as a negative mark on your credit score, it actually rates better than foreclosure according to most real estate professionals. Yes, people who calculate your credit score will know that you went through a short sale but upon analyzing your financial records, it will show that the short sale is a better option than going into foreclosure.

It’s important for homeowners to expand their knowledge on short sales before jumping straight into the wagon. Learn more about Myrtle Beach short sales by calling Jerry Pinkas Real Estate Experts.

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

Ensuring you are equipped to go through a smooth and successful Myrtle Beach short sales process.

A lot of real estate investors and home buyers today are opting for Myrtle Beach short sales instead of the traditional home purchase. There are lots of reasons for this, which most definitely include the much lower purchase price of short sale properties as well as the abundance of them. And if you work with a highly experienced real estate agent, the entire process will not take as long as it normally would.

On the other hand, if you’re still not sure about buying short sales, it is wise to look at its pros and cons first before making any purchases.

What are the pros of a Myrtle Beach short sales?

Obviously, the savings you’ll get from investing on a short sale is probably its most popular advantage. Because short sale properties are listed for a lower amount than what is necessary to cover mortgage debts, you as the buyer will be able to obtain a substantial amount of savings that you can use in some other ways.

Another big advantage is the number of competition in the market. Industry experts agree that there is less competition in the short sales market than other specific types of real estate market. With little competition, you’ll surely be able to find your dream home and purchase it at a good deal.

What are the cons of Myrtle Beach short sales?

The most common disadvantage of a short sale is the length of the entire process. Because there are lots of individuals and professionals involved in the process, people you need to get the approval of, the entire process takes longer than necessary. Aside from this, buyers should also be prepared for and well equipped to meet various deadlines and requirements.

Another common disadvantage are the additional repair costs and expenses that you will surely have to pay for after purchasing the property. Expect that there will be repairs and fixes needed on the house. These are common in every short sale. On the other hand if you were able to get a really good deal on the property, you’ll end up getting more money left for the repairs. Work with a professional real estate agent to ensure you find the best short sale deals.

The key to successful Myrtle Beach short sales is working with a professional and experienced real estate agent. Contact Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870

http://beachrealestateagents.com/

Helping you find the best Myrtle Beach short sales.

A lot of real estate investors and home buyers today are opting for Myrtle Beach short sales instead of the traditional home purchase. There are lots of reasons for this, which most definitely include the much lower purchase price of short sale properties as well as the abundance of them. And if you work with a highly experienced real estate agent, the entire process will not take as long as it normally would.

On the other hand, if you’re still not sure about buying short sales, it is wise to look at its pros and cons first before making any purchases.

What are the pros of a Myrtle Beach short sales?

Obviously, the savings you’ll get from investing on a short sale is probably its most popular advantage. Because short sale properties are listed for a lower amount than what is necessary to cover mortgage debts, you as the buyer will be able to obtain a substantial amount of savings that you can use in some other ways.

Another big advantage is the number of competition in the market. Industry experts agree that there is less competition in the short sales market than other specific types of real estate market. With little competition, you’ll surely be able to find your dream home and purchase it at a good deal.

What are the cons of Myrtle Beach short sales?

The most common disadvantage of a short sale is the length of the entire process. Because there are lots of individuals and professionals involved in the process, people you need to get the approval of, the entire process takes longer than necessary. Aside from this, buyers should also be prepared for and well equipped to meet various deadlines and requirements.

Another common disadvantage are the additional repair costs and expenses that you will surely have to pay for after purchasing the property. Expect that there will be repairs and fixes needed on the house. These are common in every short sale. On the other hand if you were able to get a really good deal on the property, you’ll end up getting more money left for the repairs. Work with a professional real estate agent to ensure you find the best short sale deals.

The key to successful Myrtle Beach short sales is working with a professional and experienced real estate agent. Contact Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts

604 N. 27th Ave

Myrtle Beach, SC 29577

843-839-9870

http://beachrealestateagents.com/

Helping you find the best Myrtle Beach short sales.

BUYERS - 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

We are the Short Sale experts.

Call the Pros
843-222-1926

We have often been asked “Do I really need a real estate agent when I could short sale my home myself and save much needed money? “  A short sale is a critical decision and possibly one of the most important decisions you will make in a lifetime, a good agent can guide you every step of the way.

Will the Real Estate Agent Do What Is Best For Me?

If the economy has put you in a position where you need to sell your home for less than your mortgage it is a very depressing and stressful time in your life.  Some questions you may be asking are:

• What assurance do I have that an agent will really work for me?
• Will the agent be too tied up with other clients to work with me?
• How can I judge the integrity of the real estate agent?
• Will the efforts of the agent be as much or more than I would do for myself?

During this stressful time in your life you want to be comfortable with the real estate agent you select to work with you on the sale of your home.  You want someone you can be honest with and feel comfortable saying “no” to an offer that doesn’t feel right.

Look for a real estate agent that is a business person with a good attitude but one that isn’t intimidating.  In other words, you want an agent that is professional and assertive when they are dealing both with you and with other agents.

Look at the selection of an agent the same way you would choose a doctor for a second opinion in a medical crisis situation.  You always want to work with an agent that has your best interest in mind.

The Interview Process For A Real Estate Agent in  Short Sales

You will definitely want to interview for the perfect agent, one that is not only familiar with your area, but also has a good understanding of short sales and you feel comfortable with the person you select.  When you ask an agent for an interview they will most likely do a presentation.  This is a standard practice but you want to be suspicious of an agent that clicks into the presentation process right away in the interview process.

You goal is to get past a canned presentation and really get to know the real estate agent.  Does the agent really understand what your need?  In most cases agents have integrity because their reputations depend on it.  Their only objective should not be the sale of your home as quickly as possible.

What is the sales record of the real estate agent?

Many agents have a great sales record even in a down economy.  Don’t be afraid to ask about their history of sales. A real estate agent shouldn’t hesitate to give you their most recent sales along with references.  You will want to call some of the sellers and ask how the agent was to work with and were they comfortable with the process.

Don’t be afraid to ask the seller a few questions. 

• Was their home on the market very long?
• Did the agent reduce the price of the home on a frequent basis?
• Were they also in a short sale position?
• If yes, did the agent know what they were doing?

Just a few other questions you may want to ask the reference would be:

• Was it evident the real estate agent had a plan?
• If yes, was that plan followed?
• Was it evident the agent had the education to handle a home that was on short sale?
• During the interview you want to take note of the tone of voice the agent uses.
• Do they appear by be disinterested and talking in a monotone?
• Do you find their voice to be irritating or relaxing?
• Does their tone of voice reflect they are excited about your listing?
• We all are comfortable with different tones of voice.
• How you are treated during the interview lays the ground work for how you will be treated during the entire sales process.

Be sure and ask questions that will give you an indication of the negotiating skills of the agent.  As about the sales commission and what they feel should be the lowest selling price for your home.  Get comfortable discussing money with real estate agents.  A good indication of the agent’s skills in this area is to try and get a lower sales commission.  Can they convince you that the rate is not only fair but they will work hard to earn that commission?  If yes, they will be in a position to negotiate a good sale for your home.

By asking the right questions you will be in a better position to judge whether the agent is the right one for you.  In a stressful short sale position, you need to have someone that is on your side and working for you.

The Jerry Pinkas Short Sales Team
Myrtle Beach, SC 29577
843-222-1926
http://myrtlebeachshortsaleteam.com/

Find more great tips on Facebook