Short Sales and Foreclosures are Abundant in Myrtle Beach and Pawleys Island

Posted By Tara Melech @ Mar 26th 2009 4:15pm In: Pawleys Island

 Short Sales Are Abundant in Pawleys Island, but for how long?

Short sales are not named for the length of time the process takes, but for the fact that the bank holding the mortgage must review the contract and agree to accept a short payoff.  Short Sales are difficult, but more than possible to close if you are skilled and take the time to learn how to do them properly.  Short sales are becoming a fairly common practice in the Myrtle Beach real estate market these days and anyone who has completed one knows that you had better be prepared for rough riding when the seller is upside down.  Short sales are fast becoming both an integral and significant part of the  housing market. They are more complicated than a traditional transaction and often take longer to complete.  Short sales are nothing new. However, in times of recession and slow housing markets, they can be an excellent way to increase your investment portfolio and to help a distressed homeowner out as well.  Short Sales are done to help the lender try and keep the homeowner out of foreclosure.  It is a process that occurs in pre-foreclosure, where the owner is not able to make the monthly payments, and the bank agrees to accept less than what is owed to them.

Short Sales Are Around Every Corner, and  you've probably noticed the phrase "short sale" (pre-foreclosure) popping up in home listings and newspaper advertisements.  In the Myrtle Beach, SC real estate market, many times a home will be listed for way over what it is worth to begin with in the hope that it might sell.  Though only a small percentage of short sales close, it appears that in this market an even smaller percentage of any listings close.  So these sales are no discount, they are priced through a process of several price reductions over a shorter period than usual to find where the market is. 

My advice to buyers: Buy and hold.  Short Sales are becoming more common these days due to the declining values we see in today's housing market   Though it won't last long, short sales are now a way of life for all of us in real estate---even the luxury market, and it is also one of the best techniques in real estate, agents, buyers, and sellers alike. These types of sales are a way to discount loans for huge profits, something every investor dreams of.  They are also another option for getting a great deal in this market.  The Myrtle Beach, Pawleys Island, Georgetown Foreclosures and Short Sales are abundant, so if you've been waiting to buy a home in Pawleys Island, Myrtle Beach, or surrounding area, it's the perfect time.

For information on buying or selling a pre-foreclosure, foreclosure, as well as conducting a short sale transaction, please contact Tara Melech at (843) 907-8787.  Serving the Pawleys Island, Myrtle Beach, and Murrells Inlet Areas with superior real estate services.

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