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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19 Photos 919 Fiddlehead Way Myrtle Beach, SC 29579

919 Fiddlehead Way
Myrtle Beach, SC 29579
Waterbridge
Land

MLS# 1921042 / Active
0.29 Acres, 1 Lot(s), HOA: $50 Monthly
Type: Residential Lot, Est. Lot Size: n/a

This fantastic lot is located in Waterbrige a gated high-end development. This large lot is located on a huge lake and has some mature trees locate... 

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$99,900
Provided courtesy of Century 21 The Harrelson Group
18 Photos 714 N Myrtle Dr. Surfside Beach, SC 29575

714 N Myrtle Dr.
Surfside Beach, SC 29575
Not within a Subdivision
Residential

MLS# 1920964 / Active
3 br, 2 ba, 1800 Sqft
Type: Detached, Year Built: 1973

3bd/2ba all brick, single level home w/ large screened porch & fenced in yard - NO HOA & only 3 blocks to the beach! This is in the long-term area ... 

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$240,000
Increase +$1
Provided courtesy of Watermark Real Estate Group
38 Photos 1200 N Ocean Blvd. #303 Myrtle Beach, SC 29577

1200 N Ocean Blvd. #303
Myrtle Beach, SC 29577
Holiday Inn - Pavilion - Mb
Condo/townhouse

MLS# 1919751 / Active
Efficiency br, 1 ba, 400 Sqft, HOA: $675 Monthly
n/a Floor, Unit: 303, Loc: Ocean Front, Ocean View

DIRECT OCEANFRONT LARGE BALCONY KING SUITE. NEXT TO SKYWHEEL ON BOARDWALK; HEAVY RENTALS; SPOTLESS RESORT IN HEART OF ALL STORES AND AMUSEMENTS; BE... 

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$119,000
Provided courtesy of Keller Williams MB S. Realty
32 Photos 4847 Carnation Circle #305 Myrtle Beach, SC 29577

4847 Carnation Circle #305
Myrtle Beach, SC 29577
Magnolia North
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MLS# 1919287 / Active
2 br, 2 ba, 1250 Sqft, HOA: $293 Monthly
n/a Floor, Unit: 305, Loc: Golf Course View, Lake/Pond View

Fantastic 2 bed/2bath 3rd-floor end unit condo on the Myrtlewood golf course. This condo has been very well maintained and is in good condition. T... 

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$129,900
Reduced -$5,000
Provided courtesy of Century 21 The Harrelson Group
40 Photos 4705 Harness Ln. Murrells Inlet, SC 29576

4705 Harness Ln.
Murrells Inlet, SC 29576
Wachesaw Plantation
Residential

MLS# 1918787 / Active
3 br, 3 ba, 1 ½ ba, 4800 Sqft, HOA: $118 Monthly
Type: Detached, Year Built: 1987

Rare opportunity to own this 3 bedroom 3.5 bathroom home in the highly sough after, gated, golf community of Wachesaw Plantation. This custom built... 

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$374,900
Reduced -$25,000
Provided courtesy of Century 21 The Harrelson Group
34 Photos 1183 North Blackmoor Dr. Murrells Inlet, SC 29576

1183 North Blackmoor Dr.
Murrells Inlet, SC 29576
Blackmoor
Residential

MLS# 1918734 / Active
3 br, 2 ba, 1 ½ ba, 3000 Sqft, HOA: $40 Monthly
Type: Detached, Year Built: 2000

Great 3 bedroom/ 2 bath home located in Blackmoor a golf course community. This home is situated on a large lot with side load garage. Open floo... 

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$274,900
Reduced -$10,000
Provided courtesy of Century 21 The Harrelson Group
5 Photos 606 James St. Myrtle Beach, SC 29577

606 James St.
Myrtle Beach, SC 29577
Ramsey Acres
Residential

MLS# 1918433 / Pending Contingent Contract
3 br, 2 ba, 1500 Sqft
Type: Detached, Year Built: 1967

 

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$69,900
Provided courtesy of Sloan Realty Group
25 Photos 986 Folly Rd. Myrtle Beach, SC 29588

986 Folly Rd.
Myrtle Beach, SC 29588
Not within a Subdivision
Residential

MLS# 1915245 / Active
5 br, 4 ba, 2 ½ ba, 5700 Sqft
Type: Detached, Year Built: 1996

Beautiful home directly on the Inter Coastal Waterway. Property over half acre with approximately 125 feet of water front on the ICW. Fully renovat... 

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$490,000
Reduced -$60,000
Provided courtesy of Pavilack Realty LLC
12 Photos 4409 Ocean Blvd. N #102 North Myrtle Beach, SC 29582

4409 Ocean Blvd. N #102
North Myrtle Beach, SC 29582
Carolina Blue
Condo/townhouse

MLS# 1914992 / Pending Contingent Contract
1 br, 1 ba, 450 Sqft, HOA: $353 Monthly
n/a Floor, Unit: 102, Loc: n/a

1 Bedroom 1 Bath condo located in Carolina Blue which is located across the street from the ocean. This property was affected by one of the past h... 

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$59,000
Provided courtesy of RE/MAX Southern Shores
27 Photos 1431 Brighton Ave. Myrtle Beach, SC 29588

1431 Brighton Ave.
Myrtle Beach, SC 29588
Brighton Woods
Residential

MLS# 1914819 / Active
4 br, 2 ba, 1 ½ ba, 2800 Sqft, HOA: $100 Monthly
Type: Detached, Year Built: 2007

IMMACULATE 4 BEDROOM, 2.5 BATH HOME with 2 CAR GARAGE in BRIGHTON WOODS SUBDIVISION!...Home has FENCED BACK YARD with patio area. Formal Dining Roo... 

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$217,000
Increase +$52,000
Provided courtesy of Realty Group of South Carolina
40 Photos 603 S Ocean Blvd. #901 North Myrtle Beach, SC 29582

603 S Ocean Blvd. #901
North Myrtle Beach, SC 29582
Mar Vista Grande
Condo/townhouse

MLS# 1911526 / Pending Contingent Contract
4 br, 3 ba, 1900 Sqft, HOA: $1,111 Monthly
n/a Floor, Unit: 901, Loc: Ocean View

Large corner unit with 4 bedrooms and 3 bathrooms in the Mar Vista Grande, North Myrtle beaches premier ocean front building. This condo is fully ... 

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$335,000
Reduced -$5,000
Provided courtesy of Leonard Call - Kingston
27 Photos 893 Folly Rd. Myrtle Beach, SC 29588

893 Folly Rd.
Myrtle Beach, SC 29588
Not within a Subdivision
Residential

MLS# 1911426 / Active
3 br, 2 ba, 1 ½ ba, 3200 Sqft
Type: Detached, Year Built: 2002

This property is custom built on a huge lot with a wonderful view of the of the intercoastal waterway. This property is a 3 bedroom, 2 1/2 bathroom... 

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$249,900
Reduced -$10,000
Provided courtesy of Century 21 The Harrelson Group
10 Photos 2202 Perrin Dr. #1 North Myrtle Beach, SC 29582

2202 Perrin Dr. #1
North Myrtle Beach, SC 29582
Heather Inn
Condo/townhouse

MLS# 1910368 / Active
Efficiency br, 1 ba, 400 Sqft, HOA: $185 Monthly
n/a Floor, Unit: 1, Loc: n/a

Affordable Condo in desirable North Myrtle Beach location. Only 1 block from the beach. Efficiency with divider for bedroom. Kitchenette and full... 

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$87,500
Provided courtesy of Keller Williams Realty
1 Photos 2805 Ship Wheel Dr. North Myrtle Beach, SC 29582

2805 Ship Wheel Dr.
North Myrtle Beach, SC 29582
Harbour Watch
Land

MLS# 1909777 / Active
0.36 Acres, n/a Lot(s)
Type: Residential Lot, Est. Lot Size: n/a

Large homesite in upscale waterway community in NMB with only 27 lots in the neighborhood. Don't miss this opportunity. 

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$69,000
Increase +$20,000
Provided courtesy of BeachConnection Realty
28 Photos 2511 S Ocean Blvd. #407 Myrtle Beach, SC 29577

2511 S Ocean Blvd. #407
Myrtle Beach, SC 29577
Regency Towers
Condo/townhouse

MLS# 1908307 / Pending Contingent Contract
3 br, 2 ba, 1850 Sqft, HOA: $932 Monthly
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Gorgeous oceanfront 3 bedroom, 2 bath condo in Regency Towers. This home features a spacious floor plan with a full kitchen and all stainless steel... 

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$289,999
Reduced -$10,000
Provided courtesy of Sloan Realty Group
30 Photos 1605 S Ocean Blvd. Myrtle Beach, SC 29577

1605 S Ocean Blvd.
Myrtle Beach, SC 29577
PALACE, THE
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MLS# 1906247 / Active
2 br, 2 ba, 850 Sqft, HOA: $768 Monthly
n/a Floor, Unit: 107, Loc: Ocean View

Two bedroom two bathroom split floor plan with two ocean view balconies and is conveniently located on the first floor. This is the closest to the... 

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$110,000
Provided courtesy of RE/MAX Southern Shores
37 Photos 6203 Catalina Dr. #727 North Myrtle Beach, SC 29582

6203 Catalina Dr. #727
North Myrtle Beach, SC 29582
The Havens @ Barefoot Resort
Condo/townhouse

MLS# 1903857 / Pending Contingent Contract
2 br, 2 ba, 1750 Sqft, HOA: $334 Monthly
n/a Floor, Unit: 727, Loc: Golf Course View

Welcome to this outstanding 2nd-floor, 2 bedroom unit in the highly sought after community, The Havens at Barefoot and this unit has a private 1 ca... 

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$165,000
Reduced -$2,500
Provided courtesy of Century 21 The Harrelson Group
15 Photos S Seaport Circle Georgetown, SC 29440

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

MLS# 1817937 / Active
0.38 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
Reduced -$129,770,100
Provided courtesy of Coast Realty, LLC
40 Photos 3839 Masters Ct. #133 Myrtle Beach, SC 29577

3839 Masters Ct. #133
Myrtle Beach, SC 29577
Myrtle Pointe
Condo/townhouse

MLS# 1902832 / Pending Contingent Contract
3 br, 2 ba, 1 ½ ba, 1500 Sqft, HOA: $687 Monthly
n/a Floor, Unit: 133, Loc: n/a

Great potential, needs work! Outstanding layout as a corner unit, over 1500 sq ft of living space, ground floor master bedroom, spacious dining and... 

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$109,000
Reduced -$20,900
Provided courtesy of Real Estate Modo Inc
28 Photos 1510 James Island Ave. North Myrtle Beach, SC 29582

1510 James Island Ave.
North Myrtle Beach, SC 29582
Charleston Landing
Residential

MLS# 1901291 / Active
4 br, 3 ba, 1 ½ ba, 3100 Sqft, HOA: $75 Monthly
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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$374,900
Provided courtesy of BeachConnection Realty
22 Photos 1545 Brookgreen Dr. Myrtle Beach, SC 29579

1545 Brookgreen Dr.
Myrtle Beach, SC 29579
Plantation Point
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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$499,999
Reduced -$70,001
Provided courtesy of CENTURY 21 Thomas

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