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!

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