10 Steps To Closing That Myrtle Beach Short Sale

Myrtle Beach Short SaleToday’s housing market is brimming with possibilities for a Myrtle Beach short sale. Despite these possibilities, a short sale transaction is bound to be long and tiring. Although the process has been improved over the years, it can still be exhausting and frustrating especially if you don’t know the ins and outs of the transaction.

Here are 10 easy steps that will help you close the Myrtle Beach short sale in no time:

  • Look for potential short sales.

Instead of honing on the properties listed as a short sale, look for those that are at risk of being foreclosed. To do this, you can search online courthouse listings and look through legal ads. Alternatively, you can also seek a real estate agent who can serve as your buyer’s agent to help you look for potential short sales in the area where you want to buy.

After identifying potential short sales, find out how much debt the homeowner has on the mortgage and compare this with the home’s approximate value. Keep in mind that you are looking for a home that is high mortgage debt and a homeowner who most likely will not be able to pay off the debt and will have difficulty selling the house to repay the mortgage loan.

Also, include in your assessment whether or not the homeowner has equity that can be used to pay the loan. This information is not readily available so you or your real estate agent may have to do some digging to be able to obtain these details.

  • Visit and take a tour of the property.

Once you have shortened your list of potential short sales based on its costs and mortgage, take time to visit each property that was left on your list. While touring the property, take note of its physical state and find out whether or not it needed a lot of repair.

You need a home that needs a lot of repairs to decrease your competition in buying the property. Most average buyers will think it is too expensive to pay for a cheap pre-used home only to find out that they will have to spend money on the necessary repairs.

  • Conduct some research on the property.

Find more about the property including how much it was bought for the first time and the changes in its value. Also, if you can, verify the total amount owed on the property and confirm whether or not there are additional mortgages on the property. This is especially important if you know you’re not going to hold onto the house for longer and plan on selling it in the future.

  • Obtain information on the liens and mortgages.

Aside from the basic details and financial background of the property, you also need to know more about its liens, mortgages, and lenders. You can ask the seller or the seller’s agent to get these details.

  • Plan how you will be able to pay for the property.

Once you have all the information that you need, work with your real estate agent on how you’re going to be able to propose an irresistible financing payment scheme to the primary lien holder. Keep in mind that in a Myrtle Beach short sale, you need to move quickly to be able to gain approval from the lenders involved. Once they approve of your proposal, it will be easier to close the sale.

  • Find the right person to speak with.

After preparing and finalizing your proposal, you need to be able to find the right person to speak with about the short sale. Directly negotiating with the decision- maker will make things much easier; although finding the right person is quite difficult. To find the decision-maker, it is suggested that you contact the loss mitigation department or the resource recovery department of the primary mortgage lender.

Don’t forget to get an authorization letter from the seller or the homeowner to prove that you are a potential buyer of the property. This will tell the seller that you need to discuss buying the house and the mortgage situation.

  • Complete the required short sale application from the lender.

Most lenders require short sale buyers to complete an application. Find out whether or not the lender you are negotiating with requires the same thing. If so, get a hold of the application and complete it.

  • Complete all other necessary requirements.

There may be additional requirements from the lender. It’s important that you have completed all necessary requirements and documentation so that you can present everything on your second meeting with the lender. Again, you need to move fast to close the sale quickly.

  • Negotiate with the lender.

After presenting your completed requirements to the lender, it’s now time to negotiate the purchase price. Be prepared, as the lender will most likely have a counter offer to your proposal. Work to compromise with the lender. If you feel that your needs are not being met, keep in mind that it’s alright to walk away.

  • Close the deal.

When all parties agree and are happy with the arrangement, you need to put everything into writing. These should be officially recorded and signed by all parties involved. Make sure you give each party a copy of the contract and if possible, ensure that they understand each term in the agreement.

Give Jerry Pinkas Real Estate Experts a call now for more Myrtle Beach short sale tips.

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

Your Mmyrtle Beach short sale professionals.

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