The Only Tips You Need When Buying Myrtle Beach Short Sales

The Only Tips You Need When Buying Myrtle Beach Short Sales

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.
604 N. 27th Ave
Myrtle Beach, SC

Your Myrtle Beach short sales experts!

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