How To Ensure Success In Your Myrtle Beach Short Sales

Myrtle Beach Short SalesMany homeowners who have more mortgage debt than what their home is actually worth are now considering the possibility of Myrtle Beach short sales. It doesn’t only help them avoid foreclosure; it also helps them walk away from their mortgage debt without much damage to their credit rating.

Despite this, however, pursuing short sales can be difficult and stressful. The process involves lots of obstacles and hurdles that a homeowner will have to overcome. One of these is getting the lender’s approval. For most lenders, short sale is not the immediate answer to delinquent mortgages. Most will even consider and exhaust all other possible solutions to resolve the situations before thinking about the possibility of a short sale.

And this is only the first step. There are lots more hurdles that you as a homeowner would have to go through in order to short sell your home.

If you want to ensure successful Myrtle Beach short sales, follow these tips:

  • Work with a suitable and experienced real estate agent.

Real estate agents help you ensure a smooth buying or selling process. If you are considering pursuing a short sale, make sure that the real estate agent you are working with is experienced in short sales. You can do so by asking the agent if he or she has experience in short sales. If so, ask him or her how many short sale transactions he or she has closed, how many failed. Also ask for work references that you can contact to inquire about the agent’s services.

Do not immediately believe an agent when he or she says that they have certification in short sales real estate and that they have gone through a lot of short sale transactions. Remember that it’s easy to say these things. You need them to prove their statements through client references and actual certifications. Note, though, that a certified real estate agent doesn’t mean he or she can actually help you succeed in short selling your home. Keep in mind that the more experienced the agent is, the more suitable he or she is in helping you.

  • Have a clear and agreed understanding of the Myrtle Beach short sales terms with the lender.

When you have obtained the approval of the lender, you need to ensure that you both understand the terms and consequences of the short sale process. Put this in a written document that you will both sign. Include in this written document the terms that you and the lender both agreed on with regard to paying the difference left from what the house was sold for and what you owe to the lender.

Often in a short sale process, the amount the house was sold for does not cover the amount that the homeowner or home seller owes to the lender. It depends on the lender whether or not he or she wants that difference to be paid. If so, the payment terms, which both lender and seller agreed upon, should be written down and signed by both parties.

  • Seek a real estate lawyer

The short sales transaction involves lots of delicate financial issues including tax and personal finances. Although you are already working with a real estate agent, you still need to consult and confirm with a real estate lawyer everything that is put into a written document before you sign it. You need to ensure that you are not signing something you don’t agree to. Have a real estate lawyer go through each document and seek his or her feedback on the matter – whether or not there are some clauses that need to be edited, removed, or added.

A short sale transaction is truly helpful for homeowners who have failed to keep up with their mortgage payments due to unforeseen financial problems. On the other hand, it is really tricky to work through, so the seller needs to have patience and know some tips and tricks in order to ensure success.

Contact Jerry Pinkas Real Estate Experts now for more tips on Myrtle Beach short sales.

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

Your partners in successful Myrtle Beach short sales.

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