Choosing the Right Real Estate Agent

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

604 N. 27th Ave Myrtle Beach, SC 29577‎

843-839-9870

 

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

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

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

Understand The Foreclosure Process

Myrtle Beach Foreclosure EvictionsMyrtle Beach Foreclosure – Understand the Process

You have heard a lot about foreclosures in the news media lately. The government has tried to step in and avoid foreclosures for some home owners. Exactly what is the Myrtle Beach foreclosure process? It is the actions your bank or mortgage holder takes when you default on your payment. The goal of the bank is to regain as much money as possible from the sale of your home to cover the original lien against the property. There is a misconception that this process can take years and the home owner is protected from eviction during that time. You will need to read your mortgage contract, but in many instances a bank can start the Myrtle Beach foreclosure process in as little as 15 days after you default on a payment.

The mortgage holder is not concerned with the reasons behind the default. It may be due to illness, loss of employment or even death of one of the principles on the loan. Once a payment has been missed, your property is at risk of Myrtle Beach foreclosure.

Steps in Myrtle Beach Foreclosure Process

For most home owners that are in default this can be a very distressing time. Some of the anxiety can be eliminated by taking the time to understand the Myrtle Beach foreclosure process and what it entails.

Communication is critical. The very first thing you should do if you think you are going to be late with your house payment is to contact the bank and ask them about their Myrtle Beach foreclosure process. Here are the three common processes:

Power of Sale. In most states this requires that a “Power of Sale” clause be included as part of your mortgage agreement. As soon as you default on your payments, the mortgage company will send you a notice demanding payments. These notices will continue until the waiting period has been met which is typically 90 days. If an agreement is not reached by the end of the waiting period, the mortgage company has the right to carry out a public auction to satisfy the Myrtle Beach foreclosure process. This is also referred to as a “Statutory Foreclosure.” You will be required to evacuate the property immediately after the waiting period is completed.

Strict Foreclosure. There are only a very few states that allow this type of foreclosure. In this case, the lender will file a lawsuit against you, the homeowner, due to default of payments. Usually the court will allow the home owner to bring the debt current. If you are unable to perform on the loan, the title to the property then goes directly to the bank or mortgage holder. Once the court has ruled, you will be expected to evacuate the property.

Judicial Myrtle Beach Foreclosure. South Carolina allows this type of Myrtle Beach foreclosure and in some states it is required. Once you have defaulted on your loan (and this can be as little as 15 days), the mortgage holder can file a suit with the judicial system. You will be notified by mail requesting that payment be made. You have 30 days to respond with a payment in order to stop the Myrtle Beach foreclosure process. If you do not make the required payment, the bank can then foreclose on the property and has the option of holding a public auction.

Laws will vary from state to state which is why you want to contact your mortgage holder before any Myrtle Beach foreclosure process starts. Don’t be afraid to ask what the banks specific foreclosure process is. You should also be able to find information on your state website.

The next step after you have contacted the bank and are familiar with their specific Myrtle Beach foreclosure process, you need to continue the discussion with the bank to determine what options you have available to avoid Myrtle Beach foreclosure. The bank may look at re-structuring the loan, allowing a short sale to take place, refinance the loan depending on your current income or they may accept a deed in lieu of the Myrtle Beach foreclosure. Keep in mind that a foreclosure is an expensive alternative for the bank so they will be open to a reasonable alternative than a Myrtle Beach foreclosure.

To recap, before you are surprised with a knock on the door and an eviction notice, you need to understand the Myrtle Beach foreclosure process. Keep open communication with the mortgage holder and be open as the homeowner to other options to solve your current problem.

Contacting a Myrtle Beach Real Estate agent can also be helpful. We can help you determine what you can expect in the case of a short sale. We will access the current value of your home and work with the mortgage holder to sell your home in a reasonable time frame and price.

Call us today – We are here to help you avoid Myrtle Beach foreclosure.

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

Bank vs Homeowner – When Does A Short Sale Benefit Both

Myrtle Beach Short Sale DecisionIn our current economy a question that is being asked frequently is the housing market is, “What is a short sale?” More and more Myrtle Beach homeowners are opting to use this type of home sale. Simply put, a short sale is when a Myrtle Beach homeowner elects to sell their home for less than what is owed to their lending institution. There are advantages and disadvantages for both the bank and the Myrtle Beach homeowner.

Banks and Short Sale

There are multiple reasons why a bank or mortgage lender would agree to selling a Myrtle Beach home for less than what the homeowner owes. The benefits to the bank from a short sale are:

  • In most instances a short sale will cost the bank less than the foreclosure process
  • Owning property is not in the banks best interest
  • Lenders are in the business of making money

With a short sale, the bank has the option of approving any offer received by the Myrtle Beach homeowner. In some instances there will be more than one lending institution involved and the bank with the first mortgage will make the determination on whether there is enough money in the offer to make it worth proceeding with the short sale or moving forward with a Myrtle Beach foreclosure. This process will take time since most mortgage holders need to go through a lot of “red tape” before a final decision is made.

Myrtle Beach Homeowner and Short Sale

Why would a homeowner elect to list their home in a short sale? Here are some benefits to the Myrtle Beach homeowner:

  • Your credit score will take less of a hit with a short sale vs a foreclosure
  • You can remain in your Myrtle Beach home until you have an offer that the bank will accept
  • Your payments will be suspended (this is dependent on bank policy)

Prior to starting the short sale process, the Myrtle Beach homeowner will first need to contact the bank and discuss all of your options. You will want to fully understand the bank processes for short sales. You will want to provide a hardship letter which outlines why you cannot make your monthly mortgage payments. You will also want to provide documentation on your current earnings status. This must be done prior to the bank starting the foreclosure process. You will want to read our article on communicating with the bank and the late payment process. The bank will then inform you as to whether they “accept” your offer of a short sale.

Downside of a Short Sale

For the lending institution, the downside to a short sale is they will need to forgive a portion of the amount owned on the Myrtle Beach property. For the Myrtle Beach homeowner, you will take a hit on your credit score and this can be a very long and stressful process.

In many instances, a short sale can benefit both the distressed Myrtle Beach homeowner and the lender. A short sale provides the homeowner with a way out of an unexpected change in their financial status and get out from under a mortgage they can no longer afford and the bank wins by receiving the majority of what is owed on the Myrtle Beach property and they avoid foreclosure.

Before making any decisions, a Myrtle Beach homeowner should consult with a real estate professional who is well versed in both short sales and foreclosures. You will also want to check with your accountant or tax specialists to determine the tax consequences from a short sale.

Call us today to run a market analysis on your home and help you determine if a short sale is your best solution.

JP Short Sales Team
854 Jason Blvd, Myrtle Beach, SC 29577
(843) 222-1926
‎myrtlebeachshortsaleteam.com

Is Cancellation of Mortgage Debt A Good Thing?

Myrtle Beach HomeMyrtle Beach Home – What Happens After Debt Is Settled?

There is an assumption in today’s market that once a Myrtle Beach home is foreclosed on, the homeowner simply walks away and the remaining balance is forgiven. In some instances this is true; however, what a Myrtle Beach home owner doesn’t realize is that the amount of debt that is forgiven can be seen as taxable income by the IRS. There are exceptions to this rule, however, until a few years ago the mortgage holder was required to pay taxes on the amount forgiven by the bank. In December of 2007, a law was passed that gave some relief to troubled home owners. What you need to know is that this relief will expire on December 31, 2012 – this year.

General Guidelines for Cancellation of Dept On A Myrtle Beach Home

As a general rule, if a lender takes the action to forgive all or a portion of an individual’s financial obligation, the amount that is waived is considered taxable ordinary income. Some of the exceptions are insolvency, bankruptcy and certain other situations. You need to consult with your accountant or tax lawyer to determine if this applies to your specific situation before you consider selling your Myrtle Beach home.

Mortgage Debt – until December 31, 2012, a Myrtle Beach home owner that is forgiven on the balance of a mortgage after the home is sold will not be liable for taxes on the balance. The mortgage cannot be on a secondary residence, it must be on the primary Myrtle Beach home. The amount that is excluded from taxation must be less than the original mortgage amount plus any renovations or improvements.

Does This Law Apply Only to The Sale Of A Myrtle Beach Home?

No. In the instance of a short sale (the amount the Myrtle Beach home sells for is less than what is owed) a mortgage lender may forgive the remaining unpaid balance on the Myrtle Beach home. With a Myrtle Beach foreclosure is involved and the entire debt is forgiven. Also, in some the instance where a home owner continues to live in the home and the mortgage holder reduces the amount owed, the amount of the reduction may be considered taxable after the end of the current law.

There is a misconception that if a home owner enters into a short sale or foreclosure they have incurred a loss that can be claimed on their tax return. This simply is not true. The IRS looks upon this as a personal loss and cannot be used as a capital gains loss or a loss against ordinary income.

What About Refinanced Myrtle Beach Home Mortgages?

This law only applies in a limited set of circumstances. The relief provision only applies to refinanced mortgages that are below the original mortgage amounts plus any improvements made to the home. As a general rule, tax relief does not apply to a home equity loan or a second mortgage in instances where the funds were not used for home improvements. In these instances, the amount of the loan that is written-off or forgiven is deemed to be taxable income to the home owner.

If you are in a situation where you plan to stay in your home but the value of your Myrtle Beach home has decreased below what you owe on your home, this IRS ruling would not apply. The ruling only applies at the time of sale or foreclosure on the Myrtle Beach home or when there is a reduction in the amount owed (i.e. reducing the amount of the mortgage) with the lending institution.

Keep in mind that not all mortgage holders will forgive the debt when the value of the property declines or the Myrtle Beach home goes into foreclosure. In some instances they will institute a repayment plan especially if the Myrtle Beach home owner has other assets from which they can draw. It is totally up to the mortgage holder whether they will forgive any unpaid balance after sale.

How does the IRS know you have forgiven debt? The lending institution is required to provide the government with a 1099 showing the amount of the written-off debt. The Myrtle Beach homeowner then must file a form 982 with their next year’s tax return. The amount will then be carried over to your 1040 return as taxable income.

There are many things you need to consider before you put your home up for short sale. You will want to check with a Myrtle Beach short sale expert and with your accountant before making any final decisions.

Call us today for a consultation on how to handle the sale of your Myrtle Beach home.

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