Can A Lender Profit From A Short Sale?

Myrtle Beach Short SaleMyrtle Beach Short Sale – Is It A Good Fit For a Mortgage Holder?

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

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