Myrtle Beach Real Estate Foreclosures
Myrtle Beach Real Estate Foreclosures
The state of today’s economy is providing a perfect opportunity for first time homebuyers to make a profit or find your dream house by purchasing a Myrtle Beach Real Estate Foreclosure. In order to purchase a Myrtle Beach foreclosed home you must first understand what exactly a foreclosure is and the process it takes to buy a foreclosed home in Myrtle Beach. Depending on the state the legal steps could be different. Foreclosure essentially means that the last home owner was not able to pay the mortgage, so as a result, the lender or the bank took back the property. Since the bank or other lenders want to recover as much of the investment as quickly as possible, Myrtle Beach foreclosed homes and properties are often unloaded at great discounts. It can be upwards of 30 percent or more depending how desperate the banks/lenders are to wipe the books with the property. However, it is important to remember that the foreclosed properties are usually sold “as is”, meaning you might want to think about how much more of an investment you are going to have to make in order to fix some things. Usually there is no cause for concern over little nuances, but hiring a quality home inspector and real estate agent will go a long way in determining if the good deal you have found truly is worth it!
As a first time foreclosure buyer, learning what type of properties to buy which agent to choose and what type of financing is stressful and involves a lot of steps and paperwork. Right now there’s a window of opportunity of foreclosed properties in the Myrtle Beach area. Many Myrtle Beach properties are selling anywhere from 30% to 75% off what they originally were paid for three years ago. If you are looking in to buying a foreclosure in Myrtle Beach, the best agent to choose is one that the bank calls first when the properties first hit the foreclosure market. This means that they are familiar with the foreclosure process and they know what they are doing which means you are being well represented and in your best interest.
Things to Remember
1.) When placing an offer, you need to have everything in order. The banks want to make sure that you have your pre-approval letter in place, and often through the bank that the loan has defaulted on. Your offer should be as clean as possible. Keep in mind, you are "bidding" against investors, often who can pay cash and do not need buyer’s agents because they have experience with these types of properties and the typical procedure of buying a foreclosure in Myrtle Beach. REMEMBER, if you can purchase the property cash or conventional, that makes you a stronger buyer.
2.) Always remember to do your homework. There is a ton of resources out there and with the advancement of the Internet, there is no reason to not be prepared. Real Estate agents that are Certified Foreclosure Specialists know these deals and the market they fall into. Consider hiring an attorney to protect yourself, but most importantly, feel good about the purchase you are making. With the average person spending 5-7 years in a home, you are going to be there for a decent amount of time.
3.) Buying a foreclosed home is a lot to think about, but remember that you do not have to do this alone! The Jerry Pinkas Real Estate Experts are highly experience agents that will do everything and anything they can to get you the best deal possible. The Jerry Pinkas Real Estate Experts specializes in Myrtle Beach foreclosures and are the #1 team in the Myrtle Beach area. So, to find out the best Myrtle Beach foreclosure listings, at the greatest prices, call The Jerry Pinkas Real Estate Experts today!
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