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

Many people do not understand the differences between foreclosure and a short sale.  Are you a homeowner that has found it difficult to meet your monthly mortgage obligation? If so, you need to understand these two concepts prior to taking action. Some important actions that should be taken prior to making a decision are:

• Contact your mortgage company and discuss your options
• Meet with your local real estate consultant (preferably one who specializes in this area)
• Educate yourself on the potential credit and tax consequences of releasing your home.

As a first step, let’s take a look at what these terms mean:

A Short Sale is when you come to an agreement with your mortgage company to accept less than what you own on your home.  In most instances, you the owner need to be proactive in listing your home and selling for at or above what the bank agrees to accept.

A Foreclosure is when the bank takes the proactive legal action against the homeowner when they stop making their payments.  In this instance, the deed to the house returns to the lender and allows them to sell the house for any price they can obtain.

What are the specifics of Short Sale vs Foreclosure?

In the case of a short sale, the home owner is given the opportunity to list the home on the market at the CURRENT market value, even if that value is less than what is owned by the mortgagee.  At the time the home is listed, all marketing must clearly state that this is a short sale and the bank reserves the right to approve all contracts.  A potential buyer is notified that the seller is not in a position to accept any offer without the consent of the mortgage holder.  As a seller, you need to be aware that the bank has the option of waiting until several offers have been submitted prior to making any final decision to accept any proposal.  Obviously, the bank would like to receive the bulk of the money they have invested in the property.

Why would a bank even consider a short sale?  Foreclosures are expensive and if the bank can regain enough of the balance owed to eliminate the foreclosure process, they often come out ahead.  Some of the fees incurred with a foreclosure are court fees, realtor fees, attorney fees and tax expenses.  This makes a short sale more attractive in some instances.

Before you make any decisions on which choice is best in your specific situation, you will want to consult a real estate professional, your accountant and possibly a tax attorney.  Myrtle Beach Short Sale Team specializes in short sales and can give you a good idea of what to expect.  Some of the items we can provide for you are:

• Current Market Value Of Your Home (this is not an appraisal but is based on what is happening in your neighborhood)
• An estimate of the potential for your home to sell at a specified price
• Manage the short sale transaction for you
• Assist you with communicating with the bank
• Assist with completion of all necessary forms and paperwork necessary for short sale

Your accountant and/or a tax attorney can provide you with advice on any tax consequences from the short sale of your home.

Always consult a professional prior to making any decision on your home.  You invested your hard earned money into this home and you deserve to know your options.

Don’t wait until the foreclosure papers are served – it may be too late.  Be proactive and give the specialists at Myrtle Beach Short Sales Team a call today.

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

Your Myrtle Beach Short Sale Team

BUYERS -

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

* When selling a short sale succesfully, there will not be a foreclosure. A Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

* Protect your credit. Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

* Our Short Sale Service is FREE to you; the lender covers all the costs involved.

Controlling future costs. If your property is sold at an auction, you may owe deficiencies and other expenses to the lender. Under most short sales we negotiate, the homeowner will be relieved of this possible future headache.

Can investment properties be short sale?

Most definitely. Any type of property can be sold through a short sale.

Can you do short sale anywhere in the county?

We Specialize in Short Sales in Myrtle Beach, North Myrtle Beach, Surfside Beach, Garden City, Conway, Loris, Carolina Forest, areas. To be good at what you do, we focus only on the Grand Strand Area of South Carolina.

* Value of the property in the market is lower than loan amount.
* Reduced Income or Unemployment.
* Inability to work due to health reasons.
* Separation or Divorce.
* Medical Bills.
* Business Failure.
* Death of a Spouse.
* Adjustment in mortgage payment or unforeseen increase in your monthly expenses.
OR Any other circumstance that cripples your ability to repay your mortgage.

* Does It Matter Who Does your Short Sale?
Absolutely! This year Less than 23% of the listed properties Sold

* In today’s changing Real Estate Market, you need every advantage to selling your home.
That means your Realtor, their track record and experience is more important than ever. We are one of the most successful sale teams on the entire Grand Strand! The percentage of listings we sell is over 78.93%.

* What Happens If I Don’t Do a Short Sale or my Short Sale is Unsuccessful?
The result is the same: A Foreclosure. Our goal is for you to avoid foreclosure, which will affect your credit more than a short sale. Generally a foreclosure is one of the most damaging occurrences in a credit history. Most likely you will miss mortgage payments through the course of a short sale and this will show on your credit history. But at the end of the day, when your short sale is completed, your credit report will show that your mortgage has been “satisfied”.

Myrtle Beach Short Sale

The Jerry Pinkas Short Sale Team
Exit Realty Elite
Myrtle Beach, SC 29577
843-222-1926

The Intelligent Choice!
* Join the Thousands of homeowners that have successfully avoided Forclosure.
* We can Help You Now!
* No Obligation – Free Consultation
* 843-222-1926