Short Sales Bring Opportunity

We have recently noticed that banks are moving at regular pace on short sales in the Myrtle Beach area. When short sales first surfaced in 2007, Realtors nor the banks really knew what to expect or how to handle the shortfalls of payments for investors. Throuhgh trial and error, guidelines have now been hammered out for most of the bigger banking institutions. We have found that the time from contract to close typically is taking around 90 days to get final investor approval, and in special cases it is even much quicker than that.

If you are considering buying a short sale in the Myrtle Beach area, the process for you is very similar to buying a traditional sale in the marketplace. The only real differences are that you are negoiating with the bank through your Realtor, and the time to receive an answer on your offer can take a few months. Inspections are another thing that comes to mind when considering the purchase of a short sale. Typically we write that you have 10 days after bank acceptance to inspect the property, and if you are not happy with the findings of said inspections, you may walk away from the purchase. There is an understanding in the short sale real estate market that the bank is not going to make any repairs and that the seller does not have the money to make any repairs on the property. That being said, make sure that you have a contingency clause in your purchase agreement for inspections. Some listing agents will ask you to have the inspections done prior to bank acceptance. Given the fact that the deal might not even get negotiated, we highly recommend against doing any inspections or working on financing contingencies until you have full short sale approval.

Description: C:UsersDarrenDesktopshort-sale-help-button.jpgMany of the banks have gone to internet based systems to assist in the processing and negotiating of short sales. The most popular system used in the short sale market is www.Equator.com. Portals like this make it easier for all parties of a short sale to correspond and keep a paper trail. At Beach Realty Group we have Realtors that specialize in assisting home buyers purchase short sales, foreclosures and auction properties in the Myrtle Beach area. If you are searching for a home in the Myrtle Beach area, call us at 843-267-4627. Also, take some time to review the current market listings on the Myrtle Beach short sales and Myrtyle Beach foreclosure pages of this site.

Find Financing Through FHA in Myrtle Beach

FHA mortgages are very common in today’s real estate market, especially with first time home buyers. The reason that many home buyers go this route is that the requirements for the borrower are a lot more lenient than a traditional conventional mortgage. Over the past few years, FHA mortgage has become the norm more so than the exception when purchasing Myrtle Beach real estate.

There are a few guidelines that you should know before considering a purchase in the Myrtle Beach area, and considering an FHA loan. The borrower for the mortgager must work in the general vicinity of the property of which they are purchasing, and the property that they are purchasing must be their primary home. For the most part we at Beach Realty Group have seen buyers qualify with as low at 600 credit score, but we are more confident qualifying a buyer with at least a 640 credit score. Another guideline commonly run up against is the type of property you are purchasing. For the most part condos in the Myrtle Beach area don’t qualify for an FHA mortgage.

Hud.org is a great resource to see if a condo in your area qualifies for an FHA mortgage. As of today on the site, the only Myrtle Beach condo developments that are FHA approved are the Villages at Queens Harbour and Seagate Village near Market Common. We were told today by a loan officer that the process to get a condo development approved could take over 3 months from time of application. The most important items are whether or not an FHA loan has been completed in the project recently, and the condo questionnaire which is ordered from the home owner’s association of whatever Myrtle Beach condo development that you are looking at.

For more information on buying a home in the Myrtle Beach area and to find a mortgage company to fund your FHA loan, call Beach Realty Group at 843-267-4627. We use the most reputable mortgage lenders to service your real estate needs.

Emmens Preserve On The Market

Deal in Emmen’s Preserve

Have you been searching for a new home in the Myrtle Beach area? Emmen’s Preserve is the hottest new home community along the Grand Strand, and offers the best of location, amenities and option that are included in the construction. Below is a home that is less than a year old that we are selling within the Emmen’s Preserve community. If you are familiar with floor plans of Emmen’s Preserve, this is the Willow 1.

The home has 4 bedrooms and 2 baths with a split extended two car garage, and over 2200 square feet of living space. This Willow has upgraded flooring throughout with engineered hardwood floors in living room, dining room, foyer and great room; tile in kitchen, bathrooms and laundry room; and upgraded carpeting in all bedrooms. The kitchen offers 42” maple cabinetry, corian countertops, stainless appliances, upgraded hardware, Mohen faucets and a ceramic tile backsplash.

Needed maintenance is limited on the home because it is less than one year old, the home offers a fully landscaped yard and the exterior is hardy board. For more information and to setup a showing on this home in Emmen’s Preserve, click the link below today.

http://www.yourhomeatthebeach.com/realestate/listing-1201916-1555-berkshire-avenue-myrtle-beach-sc

More About Foreclosures

Just yesterday we made a report about the foreclosure market in Myrtle Beach getting better, and ultimately the values of properties will remain stable. Then, just hours after publishing that post, Ben Bernanke slashed expectations on the market again with his insight. Obviously we at Beach Realty Group don’t hold a candle against the Fed chairman; therefore we are changing our opinions on the affects of the current bank lawsuit against the shadow inventory of foreclosures across the country.

Today at Orange County Convention Center, Bernanke stated that the pendulum of mortgage has gone from being easy to obtain a note to being too difficult. He stated that the real estate market can’t improve unless banks start lending money to home buyers. Over the past few years 2 million homes were foreclosed on and that they expect around 1 million foreclosures a year for the next few. These numbers are less than the last few, but the affects of continued foreclosures is expected to continue to lower real estate market prices. At Beach Realty Group, we have seen fewer foreclosures already, and it seems that real estate prices in Myrtle Beach are stabilizing. We were showing condos today in Magnolia Pointe, which are condos located at Myrtlewood Golf Course. Here we noticed that the developer prices are actually competitive now against the resales. Last year the developer could hardly compete with the short sales and foreclosures.

Although Ben Bernanke mentioned that he expects prices to come down more, we feel that prices can’t drop much more in the Myrtle Beach are. If you are searching for real estate in the Myrtle Beach area, call Beach Realty Group at 843-267-4627. Whether you are searching for a home or condo, and you are searching for a foreclosure or short sale in the Myrtle Beach, we are here to help. Most of our agents are “Certified Distressed Property Experts”, and are very experienced in negotiating real estate values with banks.

Foreclosure Market Should Improve Some

2011 was a great year in the Myrtle Beach real estate market with more than 250 real estate agents selling over 3 million worth of property each. After the holiday season, the market has really picked up for foreclosures and real estate transactions around the Grand Strand. Buyers are searching for deals, and they better start finding them now before things get better for the economy. Just today the foreclosure market may have taken a small step to recovery. 5 of the nation’s largest lenders just got hit with a 26 billion dollar lawsuit for faulty foreclosure documentation. Over the past several years, many of the loans were packaged and sold off without even a good paper trail of who even owned the property. You may remember last year when most of the large banks ceased selling any bank assets while they figured out what was going on. Asset managers were not moving the properties off the books, because red flags had been discovered for poor processing and fraudulent behavior in handling foreclosure proceedings.

Over the past 6 years, the foreclosure market has been a mess as many investors and homeowners have walked away from properties that they should not have been eligible for a mortgage anyway. The tumble in prices affected other real estate values and the saga continued. Now real estate prices in Myrtle Beach are for the most part worth just over ½ of what they were just 7 years ago. With the lawsuit that was just settled over handling real estate foreclosures, many existing homeowners that are current on their mortgage payments will be able to receive rate reductions. It is not clear what will happen with the individuals who were foreclosed on, and how much if any financial retribution they will receive. The largest problem still facing the foreclosure that will not immediately be affected by the court’s decision are the people that are currently behind on their mortgages. These people can’t use the thousand or two thousand dollars being offered to catch up on payments for many of which are up to two years behind on payments.

This lawsuit should affect the mortgage crisis some with the homeowners that are current, however we believe that you will see foreclosures in the Myrtle Beach area at a higher than normal level for about two more years. The courthouse in Conway is still back logged on processing, and many of the foreclosure proceedings will still take a while to clear out. This year may be the year for you or your family to purchase a home in the Myrtle Beach area. Call a Beach Realty Group Realtor at 843-267-4627 with questions about buying a home in Myrtle Beach.

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