Myrtle Beach Short Sales

Short sales in Myrtle Beach make up a staggering percentage of the homes, condos, and vacant land currently for sale.  Purchasing a short sale is a completely different experience from purchasing a foreclosure.  Patience is definitely required, as many banks can take several months to respond to your offer – and even then the outcome may not be a positive one.  However, if you are patient and find the right deal a short sale is definitely worth the wait.

Below are some easy steps to take when purchasing a short sale:

1.     Get pre-approved.   The seller on a short sale will not consider your offer without a pre-approval letter or proof of funds.

2.    Make sure the listing agent on the property is qualified to work with short sales and has a proven track record.

3.    The listing price is not necessarily the price the bank will take.  The listing agent and seller set the price and it is always subject to bank approval.  Don’t be surprised if the bank counters higher than asking price.  We have seen that on several occasions.

4.    Be ready for anything.  Some banks will ask the buyer to help pay past due HOA fees, tax liens, etc.  While you are not required to do these things it may come up.

5.    And finally….be patient.  The seller accepting your offer is just the first step.  Some banks take 4-6 months or longer to respond.

Like we mentioned above, short sales can often be great buys but they are definitely a whole other animal.  Please contact BRG today to speak with a Realtor who is experienced in working with buyers on short sale properties.

Available Short Sales in Myrtle Beach