Start Real Estate Investing With Myrtle Beach Short Sales

Myrtle Beach Short SalesLots of information about Myrtle Beach short sales can be found online. While most real estate professionals will point you toward targeting foreclosures, you can also consider short sales for your property investing ventures. Similarly to foreclosures, short sales have great potential for significant profits.

Getting to know a Myrtle Beach short sale

Basically, a short sale happens when a property is at risk of foreclosure. It is generally an attempt to avoid that option – which is a lengthy and tedious process requiring time and participation from the homeowner and the mortgage lender. With a short sale, the property will get sold, the mortgage lender will be paid, and the homeowner can walk away without damaging his credit record.

Short sales are often preferred by homeowners and mortgage lenders rather than foreclosures because it removes the hassle, cost, and stress of a lengthy foreclosure procedure. While the homeowner and bank will both lose money on a short sale transaction, they still preferred it to the homeowners having damaged credit and the mortgage lender having lost more money and time than necessary.

Getting started with Myrtle Beach short sales

A short sale begins when a property owner fails to continue paying for his mortgage due to some unexpected financial complication. After some time of being unable to catch up with his mortgage payments, the owner would then seek assistance or negotiate with the mortgage lender on how best to resolve the situation. Usually, the owner will request refinancing or reconditioning of the loan. A mortgage lender has the right to deny this request as he deems necessary. This leaves the owner to face foreclosure or consider a short sale.

After the owner has decided on a short sale, he will ask for the mortgage lender’s approval. The mortgage lender’s approval is strictly required before a short sale could commence. The mortgage lender also has a say in determining the price of the Myrtle Beach short sales property. Usually, this amount is determined by the outstanding mortgage debt.

When everything is settled with the mortgage lender and the owner has proven – through valid and legal documentations – that he is unable to continue paying for the property, the said property could then be listed for short sale. These properties could be listed via in-house selling or with the assistance of a Myrtle Beach real estate agents.

Short sales are, indeed, as good a forms of investment as other types of real estate properties. If you know how to work a short sale, you are on your way toward a successful real estate investing career!

Contact Jerry Pinkas Real Estate Experts to learn more about Myrtle Beach short sales.

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

Myrtle Beach short sales are our specialty!

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