With the rising number of Myrtle Beach foreclosures happening all across Horry County, Myrtle Beach homeowners are seeking effective ways to avoid the whole depressing situation.  However, it is not just the Myrtle Beach homeowner that is affected by this trying situation with Myrtle Beach foreclosures, but the mortgage holder that has to bear the brunt of these changes in the local real estate economy.  There are ways to combat these unfortunate situations and a Myrtle Beach short sale is one solution.

A Myrtle Beach short sale refers to the situation where a Myrtle Beach homeowner sells their property at a reduced price – a price that is less than what is owed to the mortgage holder. The goal of a Myrtle Beach short sale is to avoid foreclosure entirely and save the cost and expense of a full blown Myrtle Beach foreclosure.  In many instances, not only will the Myrtle Beach homeowner profit by a Myrtle Beach short sale but also the mortgage holder.  The mortgage holder can make up for losses even if the Myrtle Beach short sale does not cover the balance due and save the money, time and labor of going through a Myrtle Beach foreclosure.

Myrtle Beach real estate foreclosures and auctions are a huge pain to the lender at best.  In many cases the mortgage holder will try and make a successful closing on the Myrtle Beach property only to be disappointed when there are insufficient bids at the auction of the foreclosed property.  In some instances the Myrtle Beach property may not sell at all and the mortgage holder will suffer major losses when the property is left to just sit empty.  This is why the mortgage holder will agree to a Myrtle Beach short sale to minimize their losses in the short term.

How Lenders Benefit From A Myrtle Beach Short Sale

The major advantage to the mortgage holder is that they are free from the risk of a potential un-salable Myrtle Beach property.  In many instances a homeowner that is facing foreclosure will do considerable damage to a Myrtle Beach property if they are forced to evacuate the home.  They do this by removing such items as ceiling fans, cabinets and other items they feel they have a right to remove.  With a Myrtle Beach short sale, the homeowner is still occupying the home and will leave these items in tact while attempting to receive a good offer.  A property that is run down and in an un-salable condition is of no use to the mortgage holder and is a liability on their financial statements.

Then there is the lengthy and expensive Myrtle Beach foreclosure process.  In many instances a foreclosed home will go to auction where the offer for the property is considerably less than would be expected with a Myrtle Beach short sale.  With a Myrtle Beach short sale the mortgage holder has an easy option which ensures the property will be given a good evaluation.  The mortgage holder does not have the expense of any repairs or renovations they might incur should the property go to auction.  They also save the expense of marketing the Myrtle Beach short sale  property themselves. The Myrtle Beach homeowner works with a Myrtle Beach real estate agents to list the home on the local market and is available to potential buyers to view the Myrtle Beach property.  All of this saves the bank the time and expense of bringing the property up to current market value and negotiating with potential buyers.

If you are a Myrtle Beach homeowner that is considering selling your home to reduce your debt and not face the possibility of a foreclosure, you will want to call a Myrtle Beach real estate agent to discuss your options.  You will be surprised at the options that are open to you.

The JP Shorts Sales Team is experienced in the Myrtle Beach short sale process.  They have worked with local mortgage holders and can assist with finding a buyer at a price that will satisfy both your mortgage holder and you.

No need to be afraid of the Myrtle Beach short sale  process, call us today for peace of mind.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

No matter what the economy selling your Myrtle Beach home can be a stressful process. In today’s economy, this stress is higher than ever.  The most common reason for this stress is that the average Myrtle Beach home owner is not educated on how to be effective with the sale of their home.

Helpful Advice About Myrtle Beach Home Selling

Regardless of the reason for selling your home, whether it is to avoid foreclosure or simply to take advantage of the lower prices on Myrtle Beach real estate and upgrade your home, you will want to have your home inspected prior to putting your home on the market.  The last thing you need is to have a problem crop up when you have a buyer on the line. You can save a lot of stress and headaches if you have your Myrtle Beach home checked out ahead of time.

One hard thing for most Myrtle Beach home owners is to realize that the value of their home if NOT what is listed on their tax-assessment documents.  One major factor in the selling price of your home is the number of Myrtle Beach short sales and foreclosures in your neighborhood.  Another factor is what would someone be willing to pay for a home in your area?  Don’t overprice your Myrtle Beach home for the market in your area unless you are willing to sit on your home for a long time.

Next, you will want to be accommodating when a Myrtle Beach real estate agent for the buyer, referred to as the buyer’s agent, makes a request to show your Myrtle Beach home.  If you are picky about when your Myrtle Beach home can be seen, you are limiting the exposure to potential buyers.  You could easily lose out on a potential sale for your Myrtle Beach home.

Always keep in mind that potential buyers are interested in your Myrtle Beach home not into your decorating ideas.  Don’t spend a lot of time and money making sure that your home is perfectly decorated.  Potential buyers have their ideas of how they would decorate a home. Make sure that your Myrtle Beach home is free of clutter and unnecessary furniture.  You will want lots of open space for the buyer to use their imagination on how they would decorate your Myrtle Beach home.

Even though we suggest that you not spend money on decorating your home, a little paint can go a long way to improving the sales value of your Myrtle Beach home.  Always sick with a neutral color to make the rooms look bright and inviting.

Updating appliances is also a great way to increase the probably your Myrtle Beach home will be sold quickly.  If you are selling an older home, you will want to make sure the wiring is up-to-date and that you have the most efficient heat pump and water system.  You will be competing against much new homes on the market and if you have updated systems, you will increase the ability to compete with newer homes.

Take a look at the curb appeal of your home.  Does the siding need to be power washed?  Is your lawn well-manicured and appealing?  Many Myrtle Beach home buyers will drive by your home first and you always want to have a good first impression.  Walk outside your home and take a look with a critical eye to see what could be improved.

Become educated about what it takes to sell home and the enlist the help of a Myrtle Beach real estate agent.  They will have some great tips for selling your home.  Never take offense to any suggestions a Myrtle Beach real estate agent will make.  They are on your side and want to sell your home at the highest price possible in today’s market.

Give us a call today for an assessment of your Myrtle Beach home.

Jerry Pinkas Real Estate Team

854 Frontage Road West, Myrtle Beach, SC 29577

(843) 839-9870
‎homeguidemyrtlebeach.com

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
‎homeguidemyrtlebeach.com

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

There is an assumption in today’s market that once a Myrtle Beach home is foreclosed on, the homeowner simply walks away and the remaining balance is forgiven.  In some instances this is true; however, what a Myrtle Beach home owner doesn’t realize is that the amount of debt that is forgiven can be seen as taxable income by the IRS.  There are exceptions to this rule, however, until a few years ago the mortgage holder was required to pay taxes on the amount forgiven by the bank.  In December of 2007, a law was passed that gave some relief to troubled home owners.  What you need to know is that this relief will expire on December 31, 2012 – this year.

General Guidelines for Cancellation of Dept On A Myrtle Beach Home

As a general rule, if a lender takes the action to forgive all or a portion of an individual’s financial obligation, the amount that is waived is considered taxable ordinary income.  Some of the exceptions are insolvency, bankruptcy and certain other situations. You need to consult with your accountant or tax lawyer to determine if this applies to your specific situation before you consider selling your Myrtle Beach home.

Mortgage Debt – until December 31, 2012, a Myrtle Beach home owner that is forgiven on the balance of a mortgage after the home is sold will not be liable for taxes on the balance.  The mortgage cannot be on a secondary residence, it must be on the primary Myrtle Beach home.  The amount that is excluded from taxation must be less than the original mortgage amount plus any renovations or improvements.

Does This Law Apply Only to The Sale Of A Myrtle Beach Home?

No. In the instance of a short sale (the amount the Myrtle Beach home sells for is less than what is owed) a mortgage lender may forgive the remaining unpaid balance on the Myrtle Beach home. With a Myrtle Beach foreclosure is involved and the entire debt is forgiven.  Also, in some the instance where a home owner continues to live in the home and the mortgage holder reduces the amount owed, the amount of the reduction may be considered taxable after the end of the current law.

There is a misconception that if a home owner enters into a short sale or foreclosure they have incurred a loss that can be claimed on their tax return.  This simply is not true. The IRS looks upon this as a personal loss and cannot be used as a capital gains loss or a loss against ordinary income.

What About Refinanced Myrtle Beach Home Mortgages?

This law only applies in a limited set of circumstances.  The relief provision only applies to refinanced mortgages that are below the original mortgage amounts plus any improvements made to the home. As a general rule, tax relief does not apply to a home equity loan or a second mortgage in instances where the funds were not used for home improvements. In these instances, the amount of the loan that is written-off or forgiven is deemed to be taxable income to the home owner.

If you are in a situation where you plan to stay in your home but the value of your Myrtle Beach home has decreased below what you owe on your home, this IRS ruling would not apply.  The ruling only applies at the time of sale or foreclosure on the Myrtle Beach home or when there is a reduction in the amount owed (i.e. reducing the amount of the mortgage) with the lending institution.

Keep in mind that not all mortgage holders will forgive the debt when the value of the property declines or the Myrtle Beach home goes into foreclosure.  In some instances they will institute a repayment plan especially if the Myrtle Beach home owner has other assets from which they can draw. It is totally up to the mortgage holder whether they will forgive any unpaid balance after sale.

How does the IRS know you have forgiven debt? The lending institution is required to provide the government with a 1099 showing the amount of the written-off debt.  The Myrtle Beach homeowner then must file a form 982 with their next year’s tax return.  The amount will then be carried over to your 1040 return as taxable income.

There are many things you need to consider before you put your home up for short sale. You will want to check with a Myrtle Beach short sale expert and with your accountant before making any final decisions.

Call us today for a consultation on how to handle the sale of your Myrtle Beach home.

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

In 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

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
‎homeguidemyrtlebeach.com

Short Sale For Buyers

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

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

BUYERS -

Hire an Agent with Short Sale Experience

Buyers pursue short sales to get a good deal. It’s one strike against you if the listing agent has never handled a short sale, but it’s even worse if your own agent has no experience in that arena. You need an experienced short sale agent.

An agent with experience in short sales will help to expedite your transaction and protect your interests. You don’t want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. You have to be patient as the short sale is worked out with the lender. Some short sales may take up to 90 days or more.

Submit Documentation & Purchase Offer to Lender

We are the Short Sale experts.

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843-222-1926