Buying Pre Foreclosures

Myrtle beach propertyMyrtle Beach Property – Benefits of Pre-Foreclosures

If you are in the market for a new home, you have probably heard the term pre-foreclosure and wondered what is the difference between a pre-foreclosure and a short sale?

A pre-foreclosure is a Myrtle Beach property that has reached the final stage of foreclosure, that time period just before the Myrtle Beach property is taken back by the mortgage holder. The Myrtle Beach home owner is still in possession of the property, however, the bank is close to making the decision to repossess the Myrtle Beach home if there is no attempt to come to a satisfactory resolution. In most cases, the only way the way to stop the repossession of the Myrtle Beach property is to pay the arrears or come to a settlement on how much of the arrears need to be paid.

With a short sale, the Myrtle Beach property owner has elected to be proactive and put their home on the market prior to the bank foreclosing on the property. The Myrtle Beach property owner needs to contact the mortgage holder and come to an agreement on how much below the amount owned the bank will accept. All offers on the Myrtle Beach property must be cleared through the mortgage holder before they are accepted.

Benefits of Pre-foreclosures on Myrtle Beach Property

Checking out pre-foreclosures is a great way to purchase Myrtle Beach property. In many instances, a potential home buyer is unfamiliar with pre-foreclosed property and as a consequence, they miss out on a great opportunity to own the home of their dreams at a reduced price.

The best benefit of a pre-foreclosure is the purchase price for the Myrtle Beach property. The Myrtle Beach property owner is in a situation where they must sell the home/condo or face the foreclosure process. The mortgage holder doesn’t want to own the property and be forced to pay any back taxes, insurance and other fees such as home owner association dues. This makes an ideal situation where both the Myrtle Beach property owner and the lending institution are willing to listen to any reasonable offer. Often this can be as much as 50% off the market value of the Myrtle Beach property. If you are good at home improvements, this is a great time to purchase a Myrtle Beach property that may need some renovations. Looking for a place to come and have fun at the beach? There are literally hundreds of Myrtle Beach condos in pre-foreclosure status and the deals are tremendous.

In both a pre-foreclosure and a short sale, you are dealing directly with the Myrtle Beach property owner and not the mortgage holder which is to your advantage. If the property owner elects to reject your offer, they have to wait for another potential buyer to come along and this could take longer than they can wait or they risk losing everything.

How To Find Pre-Foreclosures on Myrtle Beach Property

You can find pre-foreclosures much the same way you would find bank owned properties. You can look on the internet, in the local newspaper or you can call the mortgage holder directly. The quickest and best way to get a listing of pre-foreclosure homes or condos is to contact your local Myrtle Beach Real Estate agent. This is a great resource and you are not obligated to follow through on any Myrtle Beach property your are presented.

Once you have found the home of your dreams, you can work through a Myrtle Beach Real Estate Agent to get the very best price for the Myrtle Beach property. It is up to you to follow through and get a great deal on your dream home.

The last benefit is that when you compare pre-foreclosure Myrtle Beach property to foreclosed properties, you will find there is usually less competition with pre-foreclosures. Real estate investors are more interested in a foreclosed property which they can purchase for a quick turnaround. They are very experienced in what to look for in a foreclosure and know how to pick up the great deals.

Pre-foreclosed Myrtle Beach properties are a great purchase at a reasonable price. If you are in the market for new home or condo, you really need to investigate pre-foreclosures. You will want to have the home inspected before going to closing and have the Myrtle Beach property owner address any issues.

JP Short Sales Team is very familiar with both short sales and pre-foreclosure Myrtle Beach property. Call to schedule a time at your convenience to see what is on the market.

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