Myrtle Beach Short Sales - 843 REALTOR
Myrtle Beach Short Sales - 843 REALTOR. Short Sale is when Real Estate sale proceeds fall short of the balance owed on the property's loan.
Short Sales became popular a little over a year ago in the Myrtle Beach area. When Short Sales 1st came out the process seemed like playing the lottery. Some of the reason Short Sales used to be difficult was pricing issues. Many Short Sale prices in a neighborhood or building had a large price difference between recent sales. It was hard to justify a Short Sale price to the lenders. When you would ask someone how they came up with the Short Sale price many times you could not get a good explanation.
Well that was the early stages of Short Sales and the growing period. More people understand the Short Sale process and have made the buying and selling of a Short Sale property much easier. Real Estate Agents understand that the pricing of a Short Sale property needs to be justified by recent sales within the neighborhood or building types. Recent distressed property sales including Foreclosures, Court sales and Short Sale data helps to justify the pricing to lenders. A larger network of Real estate Agents handling BPO's for the lenders also helps to make the Short Sale process flow better. The Short Sale process has become faster and more likely to generate a successful Real Estate Closing.
The Myrtle Beach Real Estate MLS has 2 types of Short Sale listings.
1. Lender Approved Short Sale.
The Lender approved Short Sale should have the hardship and other paperwork already approved by the lender. In many cases the lenders approval status happens when a written offer has been made but the deal fell through.
2. Potential Short Sale.
The Potential Short Sale still requires the homeowner’s hardship and other paperwork to be reviewed and approved. The lender only seems to review the paperwork after the property has a written offer.
The Short Sale process is evolving every day. Hopefully changes to the Short Sale process are helping the sellers reduce debt and avoid foreclosure.
Contact 843 REALTOR when buying your Myrtle Beach Short Sale Property
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