Top Tips You Need When Buying Myrtle Beach Short Sales

Myrtle Beach Short SalesDid you know that buying Myrtle Beach short sales has lots of benefits for both the buyer and the seller? Through a short sale transaction, the buyer is able to purchase a house at an affordable price while the buyer is relieved of his or her mortgage debt burden. Aside from this, the mortgage lender is also benefited since he or she will no longer have to worry about going through the process of foreclosure and reselling the property.

The only drawback to this type of real estate transaction is that it has low approval rates as some mortgage lenders prefer for the homeowners to pay for their debts instead of selling the property at a lower price. There are also some mortgage lenders who would insist on having the homeowners pay for the remaining balance on their debts that are not covered by the short sale purchase.

Another drawback is that it could take several months for a short sale transaction to be completed. You as the buyer will have to go through months of negotiating and chasing after the mortgage lender, especially if the mortgage lender is insistent in getting all his or her money back from the mortgage loan. These lenders will hold up the short sale transaction for as long as he or she could while waiting for a better offer to arrive. If he or she has exhausted all available and potential options, then he or she will finally approve of the short sale.

Considering all the hurdles that you may face when purchasing Myrtle Beach short sales, you will need the following three tips to help you succeed:

  • Hire a real estate lawyer
    Because this will probably turn out to be a complicated sales transaction, you will need to hire a professional real estate lawyer to help you handle the negotiations legally. More specifically, a lawyer will help you negotiate the terms of purchase with the seller and the lender. Additionally, you need a lawyer to ensure the title of the property is clean and that there are no other hidden debts associated with the property.
  • Ensure you look at both the seller and the mortgage lender
    Because the short sale process will surely take several months to negotiate, why not do your part and make things easier? Make yourself look good to the seller and the mortgage lender by getting preapproved for a loan. Make the mortgage lender want to sell the property to you by proving you are able to pay for the short sale. You can do this by preparing putting down as large of a down payment as you possibly can and showing you have no contingencies while placing your bid.
  • Do not give up
    There are a lot of reasons that can prevent a Myrtle Beach short sale from happening. The mortgage lender and the seller may not agree on the terms of sale or you may find that the terms of the lender are not reasonable. These may hinder a successful short sale even if you hire the best real estate lawyer and realtor.

For more information on Myrtle Beach short sales, call Jerry Pinkas Real Estate Experts now.

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

Your Myrtle Beach short sales experts!

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