Saturday, September 25, 2010

Myrtle Beach Homes for Sale - Our Recent Listings

Recent Myrtle Beach Real Estate Listings 

The listings on this page have been sold or are expired. Please see a more updated post!

More Myrtle Beach Real Estate Listings from C21 The Harrelson Group

Thursday, September 23, 2010

Volunteers flocking to build Carolina Forest Playground!

The dream of a new $400k playground in Carolina Forest is becoming a reality this week as hundreds of volunteers show up to build it.

Horry County actually solicited suggestions from two nearby schools, Ocean Bay Elementary and Carolina Forest Elementary as to the design and features of the playground, which will be called Palmetto Adventure Land. It's expected to accommodate as many as 300 kids and will include sliding boards, tunnels, obstacles, swings, balance beams, and a rubberized "padded" surface for safety reasons.

Located on Carolina Forest Boulevard in the Plantation Lakes subdivision, the site will also eventually house a branch of the Horry County Library, adding even more to the value of this family-oriented community. Carolina Forest homes will find the park and facilities adding even more to its many great assets.

The Sun News says the park will "look like two boats, with many play features accompanied by nautically themed side structures and shade areas for parents".

The Horry County Parks and Rec Dept is hoping to build other area parks and playgrounds by bringing together community volunteers...saving money, and making each neighborhood a better place to live, as well as attracting families to buy homes there. In many cases, having a beautiful park nearby can actually improve the value of Myrtle Beach real estate.

South Carolina Senator Luke Rankin also spear-headed the project by getting grants from the state legislature for $300,000. Several area HOA's, charitable groups, and even students from nearby Coastal Carolina University will be donating time and effort to the project. What a great way to boost the value of Myrtle Beach in a direction outside of tourism!

Wednesday, September 8, 2010

How A Short Sale or Foreclosure Affects Your Credit

We recently sent out a newsletter with the below information and found that it was appreciated and well received by our clients and friends. 

Many people have no idea what the difference is between a short-sale or a foreclosure when it comes to the damage done to your credit rating. Sometimes it's not as bad as it seems.  We are interested in helping anyone who is facing this kind of crisis in Myrtle Beach, and we'd like to urge you to contact us.  We may be able to help you to save your credit or get out from under the burden of a too-big mortgage.  We handle Myrtle Beach foreclosures every day and truly want to help!

IssueForeclosureSuccessful Short Sale
Future Fannie Mae Loan- Primary ResidenceA homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 yearsA homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years
Future Fanne Mae Loan- Non PrimaryAn investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 yearsAn investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years
Future Loan With Any Mortgage CompanyOn any future mortgage application (1003), a prospective borrower will have to anser YES to question C in Section VIII that asks "Have you had a property foreclose upon of given title or deed in lieu thereof in the last 7 years?" this will affect your future mortgage ratesThere is no similar declaration of question regarding a short sale
Credit ScoreScore may be lowered anwhere from 250 to over 300 pointsOnly late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sales affect can be as brief as 12-18 months
Credit HistoryForeclosure will remain as a public record on a person's credit history for 10 years or moreShort sale is not reported on a credit history. There is no specific reporting item for 'short sale.' The loan is typically reported 'paid in full, settled'
Deficiency Judgment In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a defiency judgment In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the home owner
Deficiency Judgment (amount)In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sale price and longer time to sell in a delclining market. This will result in a higher possible deficiency judgmentIn a properly managed short sale, the home is sold at a price that should be close to the market value and in almost all cases will be better than an REO sale resulting in a lower deficiency