The holidays are over and the number of foreclosures in the Myrtle Beach Real Estate market has increased. There are some great opportunities out there if you are searching for a primary residence, 2nd home or investment property. For your convenience I have launched a Myrtle Beach Foreclosures section on my website to assist you in separating the foreclosures from other types of resales.
On this foreclosure section, I not only talk about some of the great deals in the market, I have also made available a sign up sheet. Here is the link to sign up for the foreclosures in Myrtle Beach. http://www.yourhomeatthebeach.com/realestate/index.php?&action=page_display&PageID=14. If you have any questions about the Myrtle Beach foreclosure market pleas call Darren Woodard at 843-267-4627.
Emmens Preserve is the Lennar home community located near the Market Common in Wither’s Preserve of the former Myrtle Beach Air Force Base. Lennar is known for including the upgrades that many builders charge extra for in the price of their homes. This year I have had the privilege of selling many Lennar homes in a few different developments. Emmens Preserve is by far my favorite. Not only are you buying quality at a great price, you are purchasing a lifestyle that is hard to duplicate in the Myrtle Beach area.
The community of Emmens Preserve is just a few miles from the Myrtle Beach State Park, the community is within a golf cart ride of Market Common, the city gymnasium, ball fields and the “Bark Park”. The community’s amenities will include a clubhouse and pool area as well as walking trails. This truly is a must see neighborhood, and the only single family home community on the old air base where you can buy a home for under $200,000. Call me for floor plans or take a look at the inventory involved on our Emmens Preserve of Myrtle Beach page.
Dock Street communities is about to begin building once again in Market Common on the old Myrtle Beach Air Force Base. It was on the front page of the Sunday issue of the Sun News here locally. A financing partner of McCaffery Interests Inc. is making things happen. This should result in a boost of the number of home owners around the Market Common community, and be a hopeful boost to retailers.
These units are selling starting at $239,000, and I have the floor plans on file. If you are interested in purchasing one of these row homes, please email me or call me at 843-267-4627. I will get you all the information on the Market Common development. These homes would be constructed in time to take advantage of the $6500 existing homebuyer tax credit if you qualify. Contact your Myrtle Beach Realtor today.
There may be some light at the end of the tunnel for homeowners facing foreclosure. On November 30, 2009 the U.S. Treasury Department enacted guidelines for HAFA (Home Affordable Foreclosure Alternatives). Incentives are offered to loan servicers and borrowers who conduct a short sale or deed-in-lieu as an alternative to a costly foreclosure. The loan has to be eligible under the Home Affordable Modification Program. The beginning date of this program is April 5, 2010, and a short sale or deed-in-lieu must be executed by December 31, 2012.
One of the major advantages of a servicer accepting this supplemental directive is that they are signing off on the ability to require a cash contribution, promissory note or deficiency judgment. Up until recently these promissory notes and deficiency judgments have been a nightmare for many. I have actually been writing contingency in my contracts in regards to promissory notes and deficiency judgments when representing sellers. There are certain criteria that must be met by the borrower to be considered for HAFA. The property must be the borrower primary residence. In the Myrtle Beach much of the property is second homes and investment properties. These types would not qualify. The mortgage has to be a first lien, and was entered into on or before January 1, 2009. If you have a second mortgage which many do, it will be your responsibility to negotiate with the second mortgage holder to release you from the lien. The mortgage for which you are applying the short sale must be in delinquent status or it is inevitable that delinquency will soon follow. The unpaid balance of your loan must be less than $729,751. Also, your mortgage payment must exceed 31% of your gross income.
Every day I receive calls from potential homebuyers interested in Myrtle Beach Foreclosures and Myrtle Beach Short Sales. There are lots of great buys to take advantage of, and knowing how to overcome some of the obstacles is just as important as finding the right property. Many times in the past I have had deals fall apart because of financing. It is usually a result of the condition of the property from abuse by the distressed homeowner. If you are searching for a primary residence, there is a program that may be the perfect solution for you.
FHA 203(k) Program: This program allows the home owner to rap the costs of repairs into the mortgage. Of course there are certain steps that need to be overcome, but this can be a great advantage to assist a home buyer in financing a foreclosure or renovation project. You would want to consult your loan officer to see if you and the property qualify for this type of mortgage. This program is available to any home or buyer that qualify under FHA normal limits.
During underwriting an FHA-approved appraiser would estimate the needed improvement to close the loan. From there the buyers would line up bids from licensed contractors. The money for improvements would be placed in escrow until the work is complete, and then released to the contractors. The repairs must be complete within 6 months of closing. Of course there is much more involved than this. If you have any questions and you are searching for a fixer upper within the Myrtle Beach Real Estate market, I will be happy to assist you.
On Friday President Obama signed the extension of the $8,000 first-time home buyer tax credit, and some other provisions to help stimulate the housing market. The latest item to help boost the housing market is the $6500 tax credit for qualified existing homeowners. We will discuss the two tax credits in this article:
$8000 First-Time Homebuyer Tax Credit- A first-time homebuyer is classified as someone that hasn’t owned a home within the past 3 years. To qualify for the first-time home buyer tax credit, you must contract on a home to purchase on or before April 30, 2010 and close on the property on or before June 30, 2010. It is always best to talk to your tax accountant about filing for this credit. The income limits required for qualification was raised to $125,000 for a single individual and $250,000 for a married couple.
$6500 Existing Homeowner Tax Credit- This is the latest housing incentive set out to assist current homeowners move. You must have lived in your last home 5 out of the last 8 years. The home that you purchase does not have to be equal to or greater than the one that you purchase to live in. The home that you purchase must be less than $800,000 to receive the $6500 tax credit.
As always, only depend on the information from your tax accountant to see if you qualify for any of these tax incentives. Every person’s situation is different. Talk to your tax professional. If you are in the market to Myrtle Beach Real Estate, I will be delighted to assist you.
Today CNBC.com says that pending home sales are up for the eighth straight month. Partially this increase is due to last minute home shoppers in hopes of taking advantage of the first-time home buyer tax credit. This credit is for first time home buyers purchasing a home from January 1, 2009 through November 30, 2009. Now there are talks about a possible extension of this tax credit until June. I know from experience that this tax credit is partially responsible for the eight consecutive months of increased sales, and I think this credit extension is important to sustain or increase sales levels throughout the Winter season. The Myrtle Beach real estate market normally suffers during these off season months, but I feel from gauging my activity that this year will be different. Many buyers that have been on the fence are realizing the values, and beginning to purchase properties. I feel that we will see increase sales for the next 6 months to come.
Congress is working on extending the tax credit for first-time home buyers, and also adding a $6500 stimulus to anyone purchasing another home as long as they occupied their existing home for 5 years. This should be huge for the Myrtle Beach area, because this may be the incentive needed to bring many of the retirees off the fence. Relocating to Myrtle Beach is in the forefront of so many mind in the Northeast, and this new incentive may help people make this move faster. Stay tuned to this Myrtle Beach Real Estate blog for updates on the extension of the tax credit and any new incentives.
I had an opportunity yesterday a new condo community of Myrtle Beach that is worth sharing the information on. The Village at Queens Harbour is much to be desired with 3 bedroom 2 bathroom lake view villas starting at $129,900. There are 24 buildings to be constructed with 20 condo units in each building. The buildings themselves are four stories in height and offer elevators for convenience. There are 6 floor plans to choose from 4 of which are 1357 square feet and 2 that measure 1390 square feet. The first building of this development is set to close around the middle of December.
The community of The Village at Queens Harbour is located off Highway 17 Bypass just West of Surfside Beach, and South of Highway 544. The location is very convenient to everything Myrtle Beach has to offer. Drive only 10 minutes to the airport and South Carolina’s largest mall. The community is only 10 minutes from the Surfside Beach Pier, and has quick access to Highway 544 leaving town. The floor plans are similar to what is offered at Magnolia Pointe at Myrtlewood.
If you would like for me to fax or email you the floor plans of this great new condo development, please contact me at 843-267-4627.
The Myrtle Beach Condo market has continued to heat up even after the peak season. One of the best values in Myrtle Beach are the condos of Magnolia Pointe near the Myrtlewood Golf Course. Please take a look at the You Tube Video below to see what all the fuss is about. The units are large open floor plans with magnificent lake and golf views. Don’t pass up on this opportunity to pick up a great deal in a great location. Call Darren Woodard today at 843-267-4627 with questions on any of the condos in Magnolia Pointe.
I go on one or two listing appointments just about every week, and I speak with several potential sellers on the phone. Usually these sellers are already convinced that they need a knowledgeable real estate professional to help market and negotiate the sale of their home. What about the few sellers that are still think they can attract their own buyer?
In 2006 it was a given… The number of people conducting a “For Sale By Owner” was at an all time high. 25% of the sellers were placing a sign in the yard and successfully negotiating a sale. The tides have changed since 2006. The competition of a “For Sale By Owner” for a real estate professional is almost nonexistent. For one, 90% of the people attempting to sell the property themselves are not in tuned to the market, and still can’t get over what their neighbor sold their property for. You guessed it… these sellers are overpriced compared to the completion on the local MLS. The other factor that plays into affect is that 80-90% of the buyer’s in the Myrtle Beach Area are searching the Internet for properties, and then getting in touch with Realtors to help in their home search. These two factors play a major role in why things have changed since 2006.
There are more factors that caution buyers about handling a transaction with a “For Sale By Owner”. There is a trust and fiduciary responsibility that Realtors have to their client’s. This relationship is very important when buyers are considering the single most important investment decision of their lives. “For Sale By Owner” is like saying “Buyer Beware”. There is nobody on the buyer side to help facilitate the transaction. Sure they can hire attorneys, home inspectors, appraisers, surveyors, repair men and find their own mortgage company to deal with. With a Realtor you have a knowledgeable local person that has an extensive network of reliable people to take care of all aspects of the transaction.
The other main reason that it is important to use a Realtor to sell your property is the marketing that is involved in today’s market. In the Myrtle Beach Real Estate Market there are over 2000 Realtors that offer a strong network of marketing services and word of mouth advertising. In other words, every Realtor brings something different to the table as far as advertising. Also, most Realtors work well together in an attempt to get the MLS properties sold. Competition of the “Short Sale” and Foreclosure markets are tough on sellers currently, and the marketing of a dedicated Realtor is important to highlight your property. One could measure the dedication of a Realtor by how long the Realtor has been in business, and if he/she is a full-time Realtor. If the Realtor has been in business since 2005 they have seen one of the best real estate markets converted into one of the all-time worst markets. I would say this Realtor is dedicated if they have stuck it out. If you are searching for more information on Selling or Buying Real Estate in the Myrtle Beach Area, give Darren Woodard a call at 843-267-4627.
I had an opportunity yesterday a new condo community of Myrtle Beach that is worth sharing the information on. The Village at Queens Harbour is much to be desired with 3 bedroom 2 bathroom lake view villas starting at $129,900. There are 24 buildings to be constructed with 20 condo units in each building. The buildings themselves are four stories in height and offer elevators for convenience. There are 6 floor plans to choose from 4 of which are 1357 square feet and 2 that measure 1390 square feet. The first building of this development is set to close around the middle of December.