Sunday, October 24, 2010

Myrtle Beach Short Sales on the Rise

The recent halt in foreclosures in Myrtle Beach and the Grand Strand area has drawn a lot of attention to short sales. In the past, realtors and investors would avoid working on a short sale because the transaction was difficult and unpredictable.

Today, selling and buying short sales is on the rise due to a few simple factors:
  1. Banks are cooperating. There are advantages for the bank to approve short sales versus taking properties back via foreclosure. It saves the bank money.
  2. Short Sales are a faster approach to getting bad assets off  Bank's books.
  3. The temporary halt of foreclosures pushes buyers and realtors to these listings.
  4. Banks are getting their processes down. What was once a very confusing transaction is now much more predictable. The process is getting easier.
As you can see, there are many advantages for a bank to approve a short sale, making this a much better option then foreclosure for owners who are in distress. If it makes financial sense for the bank to negotiate then that is what they will do. The Bank is interesting in doing what is best for them and approving the short sale is likely the right decision.

In addition, real estate agents are more educated and informed of the short sale process making it a smoother transaction for the buyers and sellers.

If you are an investor looking to buy quality properties at a discount then you must consider Myrtle Beach short sales. Good foreclosure deals are drying up fast.

If you are a property owner that is having a hard time making your payments. Now is the time to process a short sale. The banks are starting to deal.

At Century 21 The Harrelson Group, we are trained, certified, and have years of experience in handling distressed transactions. We can advise you on how to navigate through these transactions.

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