Short Sale Information for Pawleys Island, Murrells Inlet, Myrtle Beach SC Real Estate Sellers

If you are a seller considering to sell your property as a short sale, please read the content below.   There are consequences and information you should be aware of before proceeding with this process.

 

Options for Sellers involving Short Sales

 

Once the determination is made that the seller owes more than the property is now worth, it is important that you seek separate legal, credit, and tax advice.  The decisions you will be making all have legal, financial, tax and credit implications.  A short sale carries with it negative credit and possibly tax consequences.  Anything other than the full payment of the mortgage note will have negative credit consequences. 

 

You are encouraged to consult with a HUD-approved credit counseling agency prior to making any decisions.  Carefully scrutinize the credentials of the credit agency for whom the credit counselor works with.  Not every credit counselor or foreclosure rescue specialist is going to be HUD approved.

 The following are your options in rough order of "least damage to credit" to "most damage to credit":

 

1) Keep the property:  If you are unhappy that the loan balance is more than the property value, and you are under no pressure to sell, keeping the property may be the best solution.  You may have some short term financial distress, but it doesn't have to result in the loss of the property.

                     1a)  Is there a family member or other resources that can carry you through.

                     1b)  Lack of equity may cause the disability of refinancing, but there may be a special "hardship refinance" program a particular lender may offer, just ask. 

                     1c)  If you have to move, could you rent the property (a negative cash flow is better than no cash flow)  and sell it later in a better market?

 

2) Sell the property and bring cash to close:  It is not appealing, but it can be a good choice for you if you are in a financial position to pay a deficiency from other liquid assets.  This avoids the credit damage that even a successful short sale will cause.  In some circumstances, an alternative would be to convert any deficiency into a personal note, or a note on another property owned by you.  Please consult the appropriate legal and tax advice on any such note.

 

3) Attempt a "Workout" with the lender: In some cases the lenders have been willing to reduce or roll back interest rates or reduce the allowable payment so that the homeowner is able to keep their home. Generally speaking, it is not advisable for the agent to take the lead in representing a property owner in a workout. They are complex contract modifications, and relatively few homeowners in distress have been able to come to a permanent agreement with the lender. If this is the option you choose, consult an attorney. Please note that there may be greater opportunities for financially distressed homeowners, but the new laws, policies, & procedures emerging by Fannie Mae, Freddie Mac, VA, FHA, and private lenders make the workout option much more complex.

 

4) Offer the lender "Deed in Lieu of Foreclosure": Offering to trade the property to the lender in exchange for cancellation of the note makes sense if you owe more than the property is worth, unable to make payments, and are likely to lose the property in foreclosure in the near future. Like the workout option, this is a contract negotiation, and should be sought only after consulting with an attorney.

5) Offer the lender a short sale: On occasion, the lenders have approved short sales that included personal notes for the deficiency, and unbeknownst sellers have signed these notes without a full understanding of the consequences. Be aware that the lender is NOT a principal in this transaction. The agent represents the seller. The offer is negotiated with the seller just as in a traditional sale. The offer is then submitted to the lender, not for an acceptance, but for approval of the terms and net proceeds.

Elements of a successful Short Sale

  • Property is worth less than is owed

  • Seller has hardship(s) that makes it extremely impractical or impossible to keep the property

  • Seller is cooperative and willing to work with a real estate broker to package the short sale
  • Lender expresses willingness to entertain a short sale
  • Property is listed with appropriate caveats and protections for the seller, properly priced, and effectively marketed.
  • Lender is presented with an offer accepted by the seller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable
  • Lender approved the offer and escrow closes as usual. No proceeds go to the seller.
  • There may be tax consequences associated with these options. Please refer to the Mortgage Forgiveness Debt Relief Act of 2007 for more information, and please seek legal advice from a tax professional.

 

 

6) Allow the property to go to Foreclosure: This does the most damage to your credit, therefore usually the worst option.  This option makes sense however, if you have no other resources with which to obtain housing, to simply stay in the property as long as possible.  

 If you would like to proceed with a short sale or need more information, please fill out the request below.  Thank you in advance for the opportunity to assist you in your Real Estate Needs.

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15 Photos S Seaport Circle Georgetown, SC 29440

S Seaport Circle
Georgetown, SC 29440
Harbor Club On Winyah Bay
Land

MLS# 1817937 / Active
0.00 Acres, 1 Lot(s)
Type: Residential Lot, Est. Lot Size: n/a

Awesome view of Winyah Bay from this gorgeous high lot on the corner of Seaport Circle and Chaff Court. The view and location are what dreams are m... 

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$129,900
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33 Photos 160 Madrid Dr. #160 Murrells Inlet, SC 29576

160 Madrid Dr. #160
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The Glens - The International CL
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MLS# 1902891 / Pending Contingent Contract
3 br, 3 ba, 1 Half Bath, 1750 Sqft
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$125,900
Provided courtesy of CENTURY 21 Broadhurst
9 Photos 9411 Old Palmetto Rd. Murrells Inlet, SC 29576

9411 Old Palmetto Rd.
Murrells Inlet, SC 29576
Spring Forest
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MLS# 1902762 / Active
2 br, 2 ba, 1400 Sqft
Type: Detached, Year Built: 1990

Handy Man Special! Located in gated over 55 community. 2 bedroom/2 bath, fireplace, screened porch overlooking canal. 

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$119,000
Provided courtesy of Perkins-Nichols & Associates
35 Photos 1431 Turkey Ridge Rd. #C Surfside Beach, SC 29575

1431 Turkey Ridge Rd. #C
Surfside Beach, SC 29575
Buck Hill - Deerfield
Condo/townhouse

MLS# 1902323 / Active
3 br, 2 ba, 1 Half Bath, 1450 Sqft
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This 3 bed/2.5 bath true townhome is located at Buck Hill @ Deerfield Plantation in Surfside Beach. This townhome is a full rehab and is being sold... 

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$79,900
Provided courtesy of Century 21 The Harrelson Group
16 Photos 502 48TH Ave. S #409 North Myrtle Beach, SC 29582

502 48TH Ave. S #409
North Myrtle Beach, SC 29582
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MLS# 1902178 / Active
3 br, 3 ba, 1450 Sqft
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Location, location, location! And, amazing views to match! This beautiful end unit in Ocean Marsh, Windy Hill section of North Myrtle Beach has 3 b... 

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$249,900
Provided courtesy of The Edgewater Group
13 Photos 181 Wyandot Ct. Myrtle Beach, SC 29579

181 Wyandot Ct.
Myrtle Beach, SC 29579
The Reserve At Walkers Woods
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MLS# 1901582 / Active
4 br, 2 ba, 1 Half Bath, 3200 Sqft
Type: Detached, Year Built: 2007

Very well maintained 4 bedrooms with office/den & 2.5 bathrooms located on a large lot located in a quiet cul-de-sac in Reserve @ Walkers Woods. Th... 

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$259,900
Provided courtesy of Century 21 The Harrelson Group
28 Photos 1510 James Island Ave. North Myrtle Beach, SC 29582

1510 James Island Ave.
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Charleston Landing
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MLS# 1901291 / Pending Contingent Contract
4 br, 3 ba, 1 Half Bath, 3100 Sqft
Type: Detached, Year Built: 2004

LOW COUNTRY CHARLESTON AMBIANCE in this upscale North Myrtle Beach subdivision featuring this 4 BR and 3 1/2 bath home with elegant woodworking , t... 

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$349,900
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34 Photos 412 Palm Frond Dr. Myrtle Beach, SC 29588

412 Palm Frond Dr.
Myrtle Beach, SC 29588
Palmetto Glen
Residential

MLS# 1901124 / Pending Contingent Contract
4 br, 2 ba, 1 Half Bath, 2500 Sqft
Type: Detached, Year Built: 2006

Price to sell - home is in need of a little fixing up on cosmetic items. Great opportunity, Priced below market. Benton-2 story model! 2251 sq. ft... 

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$185,900
Provided courtesy of CENTURY 21 Broadhurst
39 Photos 516 Primrose Ct. Myrtle Beach, SC 29579

516 Primrose Ct.
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Spring Lake
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MLS# 1900446 / Pending Contingent Contract
4 br, 2 ba, 1 Half Bath, 2900 Sqft
Type: Detached, Year Built: 1998

This property is a diamond in the rough! This property in located in Carolina Forest Spring Lake on a large corner lot. The house is a 4 bedroom an... 

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$204,900
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40 Photos 548 Majorca Loop Myrtle Beach, SC 29579

548 Majorca Loop
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MLS# 1900328 / Active
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Fantastic home located in Bella Vita. This home is the popular Camden floor plan, which offers an open floor plan with vaulted ceilings. Also. the ... 

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$234,000
Provided courtesy of Century 21 The Harrelson Group
27 Photos 503 3RD Ave. S North Myrtle Beach, SC 29582

503 3RD Ave. S
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MLS# 1825401 / Active
3 br, 2 ba, 2000 Sqft
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Great location and home. This 3 bedroom, 2 bathroom home has great features including large rooms, formal dining, Carolina room, tile floors, large... 

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$274,900
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20 Photos 4511 Harrison St. North Myrtle Beach, SC 29582

4511 Harrison St.
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Not Within A Section/subdivision
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MLS# 1820449 / Pending Contingent Contract
3 br, 2 ba, 1 Half Bath, 2400 Sqft
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Quaint beach cottage nestled on .23 acres in the heart of Windy Hill. Golf cart ride to the beach & Barefoot Landing. Home features 3 bedrooms, 2 1... 

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$269,900
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22 Photos 1545 Brookgreen Dr. Myrtle Beach, SC 29579

1545 Brookgreen Dr.
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Residential

MLS# 1820414 / Pending Contingent Contract
4 br, 4 ba, 5500 Sqft
Type: Detached, Year Built: 2005

Beautiful custom 4 bedroom, 4 bath Mediterranean style home in the sought after Plantation Point community. A stunning grand entrance leads you in... 

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$629,999
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23 Photos 3308 Prioloe Dr. Myrtle Beach, SC 29588

3308 Prioloe Dr.
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The Gates
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MLS# 1817565 / Pending Contingent Contract
3 br, 2 ba, 1 Half Bath, 2500 Sqft
Type: Detached, Year Built: 2004

WELL MAINTAINED 3 BEDROOM, 3.5 BATH HOME WITH 2 CAR GARAGE IN "THE GATES" SUBDIVISION OFF HOLMESTOWN ROAD IN MYRTLE BEACH! VERY NICE COMMUNITY POOL... 

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$199,900
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40 Photos 2418 Point Marsh Ln. North Myrtle Beach, SC 29582

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Type: Detached, Year Built: 2006

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15 Photos 200 Castle Dr. #1368 Myrtle Beach, SC 29579

200 Castle Dr. #1368
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MLS# 1813004 / Active
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Fantastic 2 bed/2 bath condo located at Berkshire Forest in the Heatherstone section of Carolina Forest! This condo is quite spacious and has an o... 

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30 Photos 4087 Fairway Lakes Dr. #4087 Myrtle Beach, SC 29577

4087 Fairway Lakes Dr. #4087
Myrtle Beach, SC 29577
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Condo/townhouse

MLS# 1812161 / Active
3 br, 3 ba, 1750 Sqft
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Fantastic location in the heart of Myrtle Beach and next to Myrtlewood golf course. This 3 bed /3 bath townhouse is located in the Fairway Lakes s... 

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$139,900
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32 Photos 319 31ST Ave. N North Myrtle Beach, SC 29582

319 31ST Ave. N
North Myrtle Beach, SC 29582
Not Within A Section/subdivision
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MLS# 1810923 / Active
3 br, 1 ba, 1 Half Bath, 1600 Sqft
Type: Detached, Year Built: 1960

Three bedroom, 1.5 bath raised beach home just a few blocks to the beach in the Cherry Grove section of North Myrtle Beach. This cozy, family owned... 

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$274,900
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28 Photos 229 Hamby Dr. Pawleys Island, SC 29585

229 Hamby Dr.
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Willbrook Plantation
Residential

MLS# 1810815 / Pending Contingent Contract
3 br, 2 ba, 3200 Sqft
Type: Detached, Year Built: 1997

Gorgeous 3bd/2ba on the water AND golf course in gated community w/ private, fenced-in pool - only 5 mins to the beach! Willbrook Plantation member... 

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25 Photos 4825 Bucks Bluff Dr. North Myrtle Beach, SC 29582

4825 Bucks Bluff Dr.
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MLS# 1800927 / Active
5 br, 4 ba, 1 Half Bath, 4500 Sqft
Type: Detached, Year Built: 2001

HOME WITH A DANCE STUDIO !! PRICED TO SELL!! Beautiful home on oversized corner lot OFF THE FAIRWAY on The Bluffs at Tidewater Plantation, North M... 

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31 Photos 745 Tall Oaks Ct. Myrtle Beach, SC 29588

745 Tall Oaks Ct.
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MLS# 1719427 / Active
3 br, 3 ba, 1500 Sqft
Type: Detached With Hpr, Year Built: 1987

Tucked away from the hustle and bustle in the quiet, private gated community of Island Green, your dream home is waiting for you! This airy three b... 

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$79,000
Provided courtesy of The Trembley Group, Inc.

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