For a few years, Myrtle Beach Short Sales were ignored due to over-supply of foreclosure listings in the local MLS. Now that buyers are competing for foreclosures in Myrtle Beach and finding themselves in a bidding war, they're starting to turn to short sales to find value and make sound investments.
Handling short sales in Myrtle Beach or any area can be frustrating if you don't understand the game. There are a few rules for short sale investing that need to be followed in order to find a good deal.
Successful Myrtle Beach Short Sale Investing Tips....
1. Be patient - Too often, buyers make an offer and expect that they will get a quick answer. Banks have a lot to consider when approving a short sale so give them the time they need. No matter how long they take, If you are offering the right price for the property then it will be worth the wait. Recently, I saw a buyer back out of a contract because the bank was taking too long and the next buyer stepped in and purchased the property for a liquidation price.
2. Structure the offer properly - A good way to structure an offer is to tell the bank you will pay the back HOA dues. Of course, you factor this into the offer so you are not over paying yet the bank loves to see they don't have to cover those costs at closing and are more inclined to approve your offer.
3. Quiz the Realtor - Make sure you are dealing with a real estate agent that understands the process. Many agents can list Myrtle Beach short sales yet only a few really know how to get them closed. Ask them if the seller is late on the payments or if they have already verified their hardship. Wasted time can be prevented by asking the proper questions up front.
If you are looking to purchase a Myrtle Beach investment property, then a short sale must be considered. Continue to look in the Myrtle Beach MLS for homes and condos that are bank owned, yet don't ignore the agent if they want to show you a short sale. Recently, the banks have been approving short sales at a record pace. We believe they want to get these properties off their books before they go to foreclosure and the way to do this is to agree to sell the property short.
Now may prove to be the perfect time to accumulate real estate in Myrtle Beach. Let us know how we can assist you.