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

Good Alternatives To Myrtle Beach Foreclosures

Myrtle Beach ForeclosuresWaiting for Myrtle Beach foreclosures to become available isn’t the only way you can make money in real estate. There are better and more profitable alternatives – including foreclosure short sales and ‘discounted for sale’ by owner properties.

What are Myrtle Beach Foreclosures Short Sales and For-Sale-By-Owner Sales?

A foreclosure short sale is basically a sale made when the owner of the Myrtle Beach property could no longer continue paying for the mortgage. Aside from foreclosure – which would most likely occur, another potential option is a foreclosure short sale. Because a short sale definitely has a shorter process than a foreclosure, plus the homeowner could move on without scathing his credit records, it is often more favored by the individuals involved.

When the mortgage lender refuses a Myrtle Beach foreclosures short sale, the last resort of the homeowner to avoid a foreclosure proceeding is to put the property in a for-sale-by-owner offer. Unlike foreclosure short sales, this other option doesn’t need approval from a mortgage lender. The homeowner can decided whether or not to proceed with this method of sale on his own without being required to seek approval from the other parties involved.

While foreclosed properties could easily be spotted, it is not the same with properties at risk of foreclosure. Plus, perfect timing is critical in the success of a foreclosure short sale or for-sale-by-owner transaction. The homeowner should be approached appropriately to achieve your highest potential for success.

Below are several strategies a homeowner may exercise before his property is included in the list of Myrtle Beach foreclosures and how you should approach each homeowner.

1. Reinstate the home mortgage loan – Homeowners who often opt to reinstate their mortgage loans are those who have become unemployed but are continuously looking for a job. These individuals expect to have a more stable income, in the future, to pay off their new mortgage. Handle these homeowners with maximum caution as they are likely to change course when their lender agrees to a renegotiated mortgage.

2. Modify the current mortgage – Those homeowners who have become delinquent in paying for their home loans due to an unexpected temporary financial conflict could renegotiate with their mortgage lender and request a loan modification. This will greatly help the homeowner get back on track and continue paying for his mortgage. Unfortunately, this option may not be known by most homeowners, so you can mention this to the homeowner and help them avoid foreclosure. Otherwise, they would be left with a foreclosure short sale or ‘for sale by owner’ as a last resort.

There are many ways to avoid foreclosures. Some may favor your goals, giving you a good real estate investment deal, while others favor the homeowner as they’re given a chance to walk away with their credit record intact and without any major problems.

Call Jerry Pinkas Real Estate Experts to learn more about Myrtle Beach foreclosures.

Jerry Pinkas Real Estate Experts.
604 N. 27th Ave
Myrtle Beach, SC

The only experts in Myrtle Beach foreclosures!

Buying Myrtle Beach Foreclosures And Bank Owned Properties

Buying Myrtle Beach Foreclosures And Bank Owned Properties

Myrtle Beach ForeclosuresAmong the hottest type of real estate property that more and more investors prefer are Myrtle Beach foreclosures and bank owned properties. Although these properties usually require substantial repair, they are sold below market value.

How could you buy foreclosed or repossessed homes?

Foreclosed homes can be bought through a public bidding. Once the properties have been repossessed by the bank, the financial institution will schedule a public bidding where investors and buyers submit their bids on the properties.

Although the process is much faster and it is quite easy to find great deals on Myrtle Beach foreclosures in a public bidding, you as a buyer should be prepared to provide the complete amount of your bid to the auction house within 24 hours of accepting your bid.

Properties that were not sold on the public bidding will remain in the possession of the bank and will now be referred to as real estate owned or REO homes. You can find a list of these properties from the bank’s loss mitigation department or via your local realtors. If an REO home has caught your eye, you will need to submit your purchase offer or bid directly to the bank. Otherwise, you can choose to negotiate with the bank’s representing agent.

Here are some important things that you have to keep in mind when buying Myrtle Beach foreclosures:

  • You must have a preapproved financing before submitting a purchase offer. This is among the first things that banks look at to determine whether or not you have the financial capability to pay for the property.
  • If this is your first time to purchase a foreclosed property, it is highly suggested that you hire a realtor or real estate investor to work with. These professionals will make it easier for you to find affordable foreclosed properties that are still in good condition. They can also assist you in making negotiations and landing a great deal on the foreclosed home that you want to buy.
  • Keep in mind that foreclosure experts and REO specialists have easy access to many multiple listing service databases. Through their assistance, you can gain access to information on the price, total area, number and types of rooms, and the size and location of the lot that you are looking to purchase without having to visit the property in person.
  • If you don’t want to hire the services of foreclosure professionals, you need to allot sufficient time in researching about the properties that you are looking to purchase. To help you make an admirable purchase offer, you will need to increase your knowledge on the past and present property values and their growth through the years.

Buying foreclosed homes should not be a burden. If you have found that house that you want to purchase, focus all your energy and efforts into landing on a great deal for the property.

For more information on Myrtle Beach foreclosures and bank owned properties, call The Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC


Your Myrtle Beach foreclosures experts.

Myrtle Beach Foreclosures To Consider For Your Home Purchase

Myrtle Beach ForeclosuresBecause of the current state of the economy, there is a continuously increasing number of Myrtle Beach foreclosures that you can consider for your home purchase. This trend in real estate investing has been continuously going on as the economy continues to recover. In fact, many property investors have been featured in many television shows for their ability to flip foreclosures and make lots of money.

Would you continue to be left behind in this financially beneficial venture? It’s never too late to join with the trend and start making money simply by buying and selling foreclosures.

If you have decided to pursue with this venture, you need to acquaint yourself with the different Myrtle Beach foreclosures that you can consider for investing.

  • Homes in pre-foreclosures

Some homes that are about to be foreclosed can be considered for purchase. Their owners, after having received a foreclosure letter, will put the houses for sale. The reasons why these homes are about to be foreclosed range from divorce or death of the owners. You will need to inquire about the particular reason so you know how to negotiate the property and come up with an offer that will be beneficial to the owners and to you as well.

Often times, owners of these Myrtle Beach foreclosures opt to sell their homes at lower prices to avoid foreclosure and save their credit ratings. You can buy directly from the sellers or you can buy from courthouse auctions where you can choose from a wide range of foreclosed homes. The downside to this, however, is you will have to compete with professional real estate investors.

  • Foreclosed homes that need repair

While there are foreclosed homes that are as good as new and don’t need repairs or renovations, there are homes that need a fair amount of remodeling. Sometimes these homes are offered at very low prices leaving you with enough money to renovate and fix the house. Consider where you will be spending more money on: buying a low-priced foreclosed home but requires renovation or buying a good as new foreclosed homes at a much higher price. Keep in mind that the house you will be investing on should look good appealing to your buyers so you can flip them easily and quickly; thereby, giving you smooth and easy profit.

  • Real estate owned homes or those that have already been foreclosed

These types of foreclosed homes are those that have not been sold at the auctions. They become listed with realtors; hence, are called real estate owned homes. They are often offered at 5%-10% below the retail rates and are already fixed and repaired. So you will still make money from them should you sell them at the current market price. This is why most first time homebuyers and real estate investors opt to buy these type of foreclosures because they can be bought at a low price and they don’t need to spend time and money in repair and renovations.

For more information on Myrtle Beach foreclosures call Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC

Your Myrtle Beach foreclosures experts!

How Fast Can The New Short Sales Process Be Closed?

Short SalesClosing a short sales process has never been quick and stress-free. Despite this, however, many homebuyers and real estate investors continue to chase after homes under foreclosure and are being listed as a short sale. Because, really, homes offered through a short sale have value that can sometimes be higher than brand new homes. Because short sale transactions continue to increase, changes have been made on lender policies to make the process quicker and more efficient.

What makes a short sales transaction take lots of time?

A short sale is the process by which a house is hold for less than the mortgage owed to the entire property. The key persons involved in this type of real estate transaction are the buyer, the seller, the banker or lender, and the listing agent.

The first step after the seller has decided to put the property up for a short sale is to contact the banker or the lender and seek approval to sell the house for less. Now, it’s a known fact that mortgage lenders and bankers will lose money by in a short sale. They are less likely to get even the money they have invested and loaned to you. If you are the seller, you will need to spend time to coax them and let them see that they will gain more benefits in a short sale than foreclosure. When they agree to a short sale, however, their main goal is to lose as little money as possible.

What is the new short sales process?

Basically, the first step when you decide to buy a home through a short sale is signing the purchase agreement. After this, you need to have the bank confirm, verify, and sign the purchase agreement. Then, ask your lender for your modified mortgage process.

Because of the number of approvals you have to get, completing the entire real estate transaction will take weeks. And it takes longer if you have more than one mortgage on the property. By the time you complete all the required approvals and verifications, you only have a couple of weeks left to close the transaction.

The new process involves a new and relatively faster approach to short sale transactions. In this new process, the lender is allowed to underwrite the loan as soon as both buyer and seller have signed the purchase agreement. This can now happen even before the bank holding the mortgage on the property give its approval.

The bank’s approval of the short sale is still required for the entire transaction to proceed. The only difference is that the lender has a head start. So while waiting for the bank’s approval other aspects of the short sale process is already underway. When you receive the bank’s approval, you’ll have more than enough time to close the transaction and meet the bank’s deadline.

Get more short sales information by visiting Jerry Pinkas Real Estate Experts.

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

Your partners in Myrtle Beach short sales investments.