Myrtle Beach Short Sales- A Great Way to Buy Your Next Home

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Short Sale is a popular term use for many properties currently on the market in the Myrtle Beach area, whereas the owner owes more on the property than the value of the property in the current market. Real estate prices went straight up, and with the economic recession the prices are now back to early 2000s levels. With all time low interest rates and prices not seen for nearly a decade, this off season may be the best time to purchase a home in the Myrtle Beach area. What if you are not ready to close on a property until after the holidays? Buying a short sale may be your best option with your real estate buying decision. Many savvy investors like to make offers on short sales, and wait to see if the bank will discount the property prior to foreclosure. Investors, along with subprime mortgage market of the mid 2000s, are the main reasons why the real estate bubble got so large.

August of 2006 was the peak of the real estate market in the Myrtle Beach area. Since then, we have seen an almost steady decrease in prices up until the last year. Prices have begun to stabilize in a large part because there is not much room for the prices to go down. We are seeing multiple offer and backup offer situations on many of our foreclosure and short sale properties in the Myrtle Beach area. With a sour taste in the mouths of many consumers in regards to short sales, this option may be less competitive then placing an offer on a foreclosure.

The banks have gotten better, and many are using standardized processes to move short sales off their books. We at Beach Realty Group have mastered the processes of many of the banks’ processes, and as a result we know many of the pitfalls to look for when purchasing a short sale in the Myrtle Beach area. For more information on short sales or other real estate in the Myrtle Beach area, call the Beach Realty Group at 843-267-4627

For a complete list of short sales, complete the form above.


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