Choosing The Right Real Estate Agent When A Short Sale Is Needed

Choosing The Right Real Estate Agent When A Short Sale Is Needed

Myrtle Beach Short SalesWe have often been asked “Do I really need a real estate agent when I could short sale my home myself and save much needed money? “  A short sale is a critical decision and possibly one of the most important decisions you will make in a lifetime, a good agent can guide you every step of the way.

Will the Real Estate Agent Do What Is Best For Me?

If the economy has put you in a position where you need to sell your home for less than your mortgage it is a very depressing and stressful time in your life.  Some questions you may be asking are:

  • What assurance do I have that an agent will really work for me?
  • Will the agent be too tied up with other clients to work with me?
  • How can I judge the integrity of the real estate agent?
  • Will the efforts of the agent be as much or more than I would do for myself?

During this stressful time in your life you want to be comfortable with the real estate agent you select to work with you on the sale of your home.  You want someone you can be honest with and feel comfortable saying “no” to an offer that doesn’t feel right.

Look for a real estate agent that is a business person with a good attitude but one that isn’t intimidating.  In other words, you want an agent that is professional and assertive when they are dealing both with you and with other agents.

Look at the selection of an agent the same way you would choose a doctor for a second opinion in a medical crisis situation.  You always want to work with an agent that has your best interest in mind.

The Interview Process For A Real Estate Agent in  Short Sales

You will definitely want to interview for the perfect agent, one that is not only familiar with your area, but also has a good understanding of short sales and you feel comfortable with the person you select.  When you ask an agent for an interview they will most likely do a presentation.  This is a standard practice but you want to be suspicious of an agent that clicks into the presentation process right away in the interview process.

You goal is to get past a canned presentation and really get to know the real estate agent.  Does the agent really understand what your need?  In most cases agents have integrity because their reputations depend on it.  Their only objective should not be the sale of your home as quickly as possible.

What is the sales record of the real estate agent?

Many agents have a great sales record even in a down economy.  Don’t be afraid to ask about their history of sales. A real estate agent shouldn’t hesitate to give you their most recent sales along with references.  You will want to call some of the sellers and ask how the agent was to work with and were they comfortable with the process.

Don’t be afraid to ask the seller a few questions. 

  • Was their home on the market very long?
  • Did the agent reduce the price of the home on a frequent basis?
  • Were they also in a short sale position?
  • If yes, did the agent know what they were doing?

Just a few other questions you may want to ask the reference would be:

  • Was it evident the real estate agent had a plan?
  • If yes, was that plan followed?
  • Was it evident the agent had the education to handle a home that was on short sale?
  • During the interview you want to take note of the tone of voice the agent uses.
  • Do they appear by be disinterested and talking in a monotone?
  • Do you find their voice to be irritating or relaxing?
  • Does their tone of voice reflect they are excited about your listing?
  • We all are comfortable with different tones of voice.
  • How you are treated during the interview lays the ground work for how you will be treated during the entire sales process.

Be sure and ask questions that will give you an indication of the negotiating skills of the agent.  As about the sales commission and what they feel should be the lowest selling price for your home.  Get comfortable discussing money with real estate agents.  A good indication of the agent’s skills in this area is to try and get a lower sales commission.  Can they convince you that the rate is not only fair but they will work hard to earn that commission?  If yes, they will be in a position to negotiate a good sale for your home.

By asking the right questions you will be in a better position to judge whether the agent is the right one for you.  In a stressful short sale position, you need to have someone that is on your side and working for you.

The Jerry Pinkas Short Sales Team
Myrtle Beach, SC 29577
843-222-1926
http://myrtlebeachshortsaleteam.com/

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Myrtle Beach Short Sale Experts – For Sellers

Myrtle Beach Short Sale Experts – For Sellers

WE ARE THE SHORT SALE EXPERTS!

* When selling a short sale succesfully, there will not be a foreclosure. A Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

* Protect your credit. Foreclosure damages credit up to 7 years and bankruptcy up to 10 years. Many experts believe that a foreclosure is much worse than a bankruptcy.

* Our Short Sale Service is FREE to you; the lender covers all the costs involved.

Controlling future costs. If your property is sold at an auction, you may owe deficiencies and other expenses to the lender. Under most short sales we negotiate, the homeowner will be relieved of this possible future headache.

Can investment properties be short sale?

Most definitely. Any type of property can be sold through a short sale.

Can you do short sale anywhere in the county?

We Specialize in Short Sales in Myrtle Beach, North Myrtle Beach, Surfside Beach, Garden City, Conway, Loris, Carolina Forest, areas. To be good at what you do, we focus only on the Grand Strand Area of South Carolina.

* Value of the property in the market is lower than loan amount.
* Reduced Income or Unemployment.
* Inability to work due to health reasons.
* Separation or Divorce.
* Medical Bills.
* Business Failure.
* Death of a Spouse.
* Adjustment in mortgage payment or unforeseen increase in your monthly expenses.
OR Any other circumstance that cripples your ability to repay your mortgage.

* Does It Matter Who Does your Short Sale?
Absolutely! This year Less than 23% of the listed properties Sold

* In today’s changing Real Estate Market, you need every advantage to selling your home.
That means your Realtor, their track record and experience is more important than ever. We are one of the most successful sale teams on the entire Grand Strand! The percentage of listings we sell is over 78.93%.

* What Happens If I Don’t Do a Short Sale or my Short Sale is Unsuccessful?
The result is the same: A Foreclosure. Our goal is for you to avoid foreclosure, which will affect your credit more than a short sale. Generally a foreclosure is one of the most damaging occurrences in a credit history. Most likely you will miss mortgage payments through the course of a short sale and this will show on your credit history. But at the end of the day, when your short sale is completed, your credit report will show that your mortgage has been “satisfied”.

Myrtle Beach Short Sale

The Jerry Pinkas Short Sale Team
Myrtle Beach, SC 29577
843-222-1926

The Intelligent Choice!
* Join the Thousands of homeowners that have successfully avoided Forclosure.
* We can Help You Now!
* No Obligation – Free Consultation
* 843-222-1926

Understand Your Options Before Taking Short Sale Action

Understand Your Options Before Taking Short Sale Action

Many people do not understand the differences between foreclosure and a short sale. Are you a homeowner that has found it difficult to meet your monthly mortgage obligation? If so, you need to understand these two concepts prior to taking action. Some important actions that should be taken prior to making a decision are:

  • Contact your mortgage company and discuss your options
  • Meet with your local real estate consultant (preferably one who specializes in this area)
  • Educate yourself on the potential credit and tax consequences of releasing your home.

As a first step, let’s take a look at what these terms mean:

A Short Sale is when you come to an agreement with your mortgage company to accept less than what you own on your home. In most instances, you the owner need to be proactive in listing your home and selling for at or above what the bank agrees to accept.

A Foreclosure is when the bank takes the proactive legal action against the homeowner when they stop making their payments. In this instance, the deed to the house returns to the lender and allows them to sell the house for any price they can obtain.

What are the specifics of Short Sale vs Foreclosure?

In the case of a short sale, the home owner is given the opportunity to list the home on the market at the CURRENT market value, even if that value is less than what is owned by the mortgagee. At the time the home is listed, all marketing must clearly state that this is a short sale and the bank reserves the right to approve all contracts. A potential buyer is notified that the seller is not in a position to accept any offer without the consent of the mortgage holder. As a seller, you need to be aware that the bank has the option of waiting until several offers have been submitted prior to making any final decision to accept any proposal. Obviously, the bank would like to receive the bulk of the money they have invested in the property.

Why would a bank even consider a short sale? Foreclosures are expensive and if the bank can regain enough of the balance owed to eliminate the foreclosure process, they often come out ahead. Some of the fees incurred with a foreclosure are court fees, realtor fees, attorney fees and tax expenses. This makes a short sale more attractive in some instances.

Before you make any decisions on which choice is best in your specific situation, you will want to consult a real estate professional, your accountant and possibly a tax attorney. Myrtle Beach Short Sale Team specializes in short sales and can give you a good idea of what to expect. Some of the items we can provide for you are:

  • Current Market Value Of Your Home (this is not an appraisal but is based on what is happening in your neighborhood)
  • An estimate of the potential for your home to sell at a specified price
  • Manage the short sale transaction for you
  • Assist you with communicating with the bank
  • Assist with completion of all necessary forms and paperwork necessary for short sale

Your accountant and/or a tax attorney can provide you with advice on any tax consequences from the short sale of your home.

Always consult a professional prior to making any decision on your home. You invested your hard earned money into this home and you deserve to know your options.

Don’t wait until the foreclosure papers are served – it may be too late. Be proactive and give the specialists at Myrtle Beach Short Sales Team a call today.

JP Short Sale Team
854 Jason Blvd Unit G
Myrtle Beach, SC 25577
843-222-1926

Your Myrtle Beach Short Sale Team

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

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

Forced to Move?

Myrtle Beach Short Sale MovingMyrtle Beach Short Sale Options When You Are Forced To Move

Many people in the Myrtle Beach area have found themselves in a position where they have been forced to relocate. This could be due to the loss of a job or a job transfer, health reasons or you simply cannot sell your home. What are your options?

As a start, let’s clarify the real issue – you can sell your home, however, you probably don’t want to sell it at a loss. You definitely don’t want to sell if for less than you owe your mortgage company (referred to as a Myrtle Beach short sale.)

In many instances people will simply walk away from their home and attempt to start over. This is NOT advisable. This is the worst possible impact on your credit score.

What Are Your Options?

First and foremost you want to tell your mortgage holder the truth. We have addressed this topic in previous posts because we cannot stress this too strongly. The lender does not want another foreclosure anymore than you do – it will cost them money. If you are upfront with your lender, in most cases they will work with you on a Myrtle Beach short sale.

What you will need to discuss a Myrtle Beach short sale with your lender

Financial statements. You will need a copy of all of your assets and liabilities. You will need to show your wages and prove that you cannot meet your current obligation on the mortgage. This will usually include copies of the current year’s tax return. Before the bank will consider a Myrtle Beach short sale they need to know that you truly cannot repay the balance on your Myrtle Beach home.

A current market evaluation. This can be obtained from your Myrtle Beach Real Estate Agent. The mortgage lender will also expect to see an offer on the property. By working with a Myrtle Beach Real Estate Agent, you can find buyers that are willing to purchase your home at a price that the lender will be likely to accept. You will want to make sure that you work with an agent that is knowledgeable in Myrtle Beach short sale and has experience in working with local lending institutions.

In order for the bank to accept less than what is owned on the house, you will need to demonstrate that you are without cash, savings, investments or other assets that you could liquidate and pay the balance on the loan. Your mortgage holder is taking a loss for you. They want to make sure that you are not pulling a fast one and trying to get out from underneath the debt and leaving them with an unpaid balance. They want to know that a Myrtle Beach short sale is the only option.

Let’s take a look at a Myrtle Beach short sale example:

You currently have a mortgage in the amount of $400,000. The Myrtle Beach Real Estate Agent access that the current market value of the home is $370,000 – you have a $30,000 loss which is why it is referred to as a Myrtle Beach short sale.

If the Myrtle Beach Real Estate Agent is able to find a buyer for $370,000, the mortgage company will then “write off” the loss and you will walk away from the house. This is provided that you have proven you cannot make up the difference.

After you have negotiated with the loan department, your agent can then prepare the paperwork for the Myrtle Beach short sale.

The Myrtle Beach Short Sale Waiting Game

Now is the time for both the buyer and the seller to call on their patience. There is a lot of red tape involved and several people must review the buyer’s offer to determine if the mortgage holder will accept the offer. In many instances there is an “investor” involved which is the middle man between the lender and the property owner. Their agreement must also be obtained for a sale to go through.

Do you have mortgage insurance (often referred to as PMI insurance)? If yes, then the insurance company will be called in on the Myrtle Beach short sale. They must also agree to the offer.

Do you have a second mortgage? This will also cause your Myrtle Beach short sale to take longer since they also want their share of the funds when possible. There have been instances when a second mortgage on a Myrtle Beach short sale property made it impossible to negotiate a deal. You must be up front with your Myrtle Beach real estate agent so they are not wasting their time trying to find a buyer only to find out there is more than one lean holder on the property.

If you are able to negotiate a Myrtle Beach short sale, you will have the least amount of impact on your credit score which will help you move forward with your life with confidence. You are not alone in the Myrtle Beach area where hundreds of home owners are facing the same circumstances.

It is possible that you will have a tax consequence from selling your home in a Myrtle Beach short sale because the IRS deems this as forgiveness of debt and it may count as income. You will want to work with your accountant on all the ramifications of a Myrtle Beach short sale.

Your very best option if you are falling behind in your mortgage is to contact an experienced agent who can help you with the ins and outs of a Myrtle Beach short sale.

Jerry Pinkas Real Estate Experts

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