What To Avoid When Buying Myrtle Beach Short Sales

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.

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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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