How to Buy a Foreclosure Three Stages of Foreclosure Sales

Myrtle Beach Foreclosure Property – Tips For Investing

Do you have great credit or some extra cash on hand? If so, you may be interested in investing in a Myrtle Beach foreclosure property.  There has never been a better time to invest in Myrtle Beach real estate. Unless you have been living under a rock, you know that the bottom has fallen out of the Myrtle Beach real estate market in recent years. However, the good news is the market is recovering which means you should not have to wait long to recover your investment.

Stages to Buying Myrtle Beach Foreclosure Property

The first stage in buying a Myrtle Beach foreclosure is to determine the phase of foreclosure the property is currently in.  You can purchase a Myrtle Beach home that is currently owned by the existing Myrtle Beach homeowner which is referred to as a pre-foreclosure investment.  After the bank has taken possession of the Myrtle Beach home, they will usually offer the property at auction and you can purchase the property at that a time.  If the Myrtle Beach foreclosure is not sold, it is considered a bank foreclosed home and can be sold by a Myrtle Beach real estate agent.  There are pros and cons of each stage.

How to Buy a Myrtle Beach Foreclosure as a Short Sale

A Myrtle Beach home listed as a short sale is in pre-foreclosure.  A Myrtle Beach short sale provides a win-win for all parties involved.  You, as the investor, get a Myrtle Beach home in good condition with a judgment from the mortgage hold attached to the property.  The bank or mortgage holder will, in most cases, take a loss on the existing loan, however, they will get the bad debt off their books and they do not have the expense of taking possession of the Myrtle Beach property and selling it themselves.

Although a Myrtle Beach short sale looks great on paper, keep in mind there can be complications.  The mortgage holder may show interest in selling initially and then back off when the fully understand how much they may lose in the sale of the Myrtle Beach property.  There is always the possibility that the homeowner will come up with the needed funds to keep the Myrtle Beach home at the last minute.  There have been studies that show approximately 85% of all Myrtle Beach short sales will fall through.

Even with these short comings, a Myrtle Beach short sale provides a benefit to the investor.  Of all the stages of a Myrtle Beach foreclosure, these homes are usually in the best condition with the least amount of renovations needed.

How to Buy a Myrtle Beach Foreclosure at Auction

When the mortgage holder and the Myrtle Beach home owner cannot come to an agreement, the mortgage holder has no other option than to proceed with a Myrtle Beach foreclosure.  A requirement in many states is that the property be immediately offered at auction.  The mortgage holder than has the option of pursuing the home for the deficiency between what is owned on the property and the amount received at auction.  This is referred to as a deficiency judgment against the homeowner.

Because you need cash on hand and you are purchasing a property as-is, you will have very little competition at the auction.  In many instances, the mortgage holder will purchase the home for $1 more than the amount owned on the property.

How to Buy a Myrtle Beach Foreclosure from a Bank

The next stage is after the bank purchases the Myrtle Beach foreclosure at auction and it becomes part of the inventory of the bank. Since they are not in the business of selling property, they need to get rid of the Myrtle Beach foreclosure as soon as possible.  Usually the mortgage holder will work with private Myrtle Beach real estate agents who specialize in Myrtle Beach foreclosure that can help them get rid of this unwanted inventory.

If you are new to real estate investing, you will definitely want to connect with a Myrtle Beach real estate agent who has the necessary contacts with the local banks to find the very best Myrtle Beach foreclosure properties.

How to Buy a Myrtle Beach Foreclosure – Get Listing Information

If you decide to purchase a Myrtle Beach foreclosure without the help of a real estate agent, you will want a good source of listings.  You will want to subscribe to a listing service that will email you these listings on a regular basis.

Give us a call if investing in a Myrtle Beach foreclosure is something you have been thinking about,  We have the connections with local mortgage holders help you find the very best deals.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
(843) 839-9870
homeguidemyrtlebeach.com

Your Myrtle Beach Foreclosure Property Investment Specialists

Foreclosure Investing – The Pros And Cons Of Investing In Foreclosures

Myrtle Beach Foreclosures – Are They A Good Investment?

In today’s economy there is no doubt that investing in Myrtle Beach foreclosures is one of the best opportunities to make money – if you know what you are doing.  You always want to keep in mind there are risks involved with buying Myrtle Beach foreclosures just as there are risks in any investment.  Investing in a Myrtle Beach foreclosed property allows investors the opportunity to buy a Myrtle Beach home under the market value but there are risks such as:

• Underlying liens
• Time spent in research
• Potential long-term carrying costs
• Rental costs, if applicable
• Renovation costs

These are just some of the considerations when investing in Myrtle Beach foreclosures.  If an investor is willing to take a chance, they can profit in the long run.

Stages in which you can purchase Myrtle Beach foreclosures

There are several stages in which an investor can purchase Myrtle Beach foreclosures.  You will want to familiarize yourself with each type of Myrtle Beach foreclosure and the advantages and disadvantages of each stage.  With a little research, you can avoid making costly mistakes and purchase Myrtle Beach foreclosures at the wrong time.

Pre-Foreclosure Stage – at this stage the Myrtle Beach homeowner is still occupying the Myrtle Beach home and is in control of the property.  The loan is in default at this stage and the mortgage holder is starting to put pressure on the homeowner.  At this stage the Myrtle Beach homeowner is looking to sell the property quickly and has a strong desire to avoid the Myrtle Beach foreclosures process.  This can mean big savings for you as the investor and the potential for financial gain.

Advantages of Pre-Foreclosures:

• You have the potential to save up to 40% of the current market value of the Myrtle Beach home
• The mortgage company may accept very low or no down payment if there is already built in equity in the Myrtle Beach home
• You have the opportunity to inspect the Myrtle Beach home and do some research prior to making a decision
• You are in a position to negotiate directly with the home owner

Disadvantages of Pre-Foreclosures

• You may not be able to reach the home owner to negotiate a purchase price
• There may be competition for this type of Myrtle Beach foreclosures
• Limited time to do your research by going through court filings and documents to ensure there are no outstanding liens
• Homeowner may hide defects in the home that you can see from an initial inspection.

Auction Stage – This is the most profitable stage for Myrtle Beach foreclosures, however, it also carries the highest risk. In this stage a Myrtle Beach property is sold at a public action to the highest bidder.  In most instances, Myrtle Beach foreclosures will be sold well below market value, but they are sold as-is.

Advantages of the Auction Stage

• Larger discounts on the property which may provide an immediate profit
• Potential for a greater return on investment
• You immediately take possession of the property

Disadvantages of the Auction Stage

• You generally don’t have the luxury of inspecting the property ahead of time
• There is the possibility that the auction will be postponed if the desired selling price is not obtained which will cost you valuable time.
• You will need to be prepared to pay a large down payment at the time of the auction for the Myrtle Beach foreclosures.
• You may not have time to do the necessary research to ensure that you take into consideration renovation costs.
• You may not win the auction.

REO Stage – in this instance the mortgage company will retain the property after the auction if the bids were not high enough.  This could also be the stage where the bank takes position of the property when the Myrtle Beach homeowner defaults on the loan and elects to leave the property and turn it over to the bank.  Since the mortgage company is now responsible for upkeep, taxes and insurance, they are highly motivated to sell these Myrtle Beach Foreclosures.  Until the property is sold, they are losing money.

Advantages of REO stage

• As with auctions, the opportunity for purchasing Myrtle Beach foreclosures well below market value
• You will purchase a Myrtle Beach home that is free of all liens
• There will be no back taxes or HOA dues to pay as they must be paid by the bank why they are in control of the property.
• There is a great possibility that the mortgage holder will agree to pay for renovations or reduce the price for needed renovations in order to sell the property.

Disadvantages of REO stage

• There will be a lower return on investment than at the auction stage as the bank is looking to recoup their investment
• You will want to make sure that you spend the necessary time to thoroughly research Myrtle Beach foreclosures in the REO stage
• There is the potential for loss if you end up paying at or near the market value for the home.

Real estate investing, especially Myrtle Beach foreclosures, has a great potential for profit but also a great risk.  Make sure that you do your research and you fully understand all of your risks.  Working with  Myrtle Beach Real Estate Agent that is knowledgeable about the market and has the inside track on Myrtle Beach foreclosures can greatly reduce the amount of risk.

JP Real Estate Experts are thoroughly trained and have experience in Myrtle Beach foreclosures.  Call us today for a consultation.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
homeguidemyrtlebeach.com

What You Need to Know Before Buying a Foreclosed Home

Myrtle Beach Foreclosure – What You Need To Know Before Buying

If you are in the market for a new home, you have probably been searching online at various Myrtle Beach realty websites, looking at magazines and brochures and generally checking out what is available in the Myrtle Beach housing market.  You have probably heard that Myrtle Beach foreclosures are on the rise and there are some great buys in the foreclosure market.  This can be a very affordable way to purchase the home of your dreams.

What Causes A Home To Enter Foreclosure?

This is one of the most common questions we are asked.  In most cases, there is nothing wrong with the Myrtle Beach property. Many of the Myrtle Beach properties under foreclosure where managed by a property management company and were well taken care of.  In most instances a foreclosure came about due to financial difficulty of the Myrtle Beach homeowner.  These difficulties could have resulted from being laid off from work, divorce or excessive debt.  In the case of rental properties, there is often more than one owner involved and there may have been a split in the partnership and the remaining partner could not handle the debt alone.

If you are interested in obtaining an inexpensive Myrtle Beach home, you will want to consider negotiating directly with the current Myrtle Beach homeowners.  If the homeowner was wise, they recognized the problem prior to the actual start of the foreclosure process and they have their home listed on what is referred to as a short sale. This is a great alternative that will have the least impact on the financial records of the homeowner.  You as a buyer will get a great deal and the homeowner will save face with the lending institution.  What the bank will accept will depend on the current balance that is owned on the loan compared to the market value of the Myrtle Beach home.

A good sign that a homeowner is willing to take a reduced price for their home is how many times and how often has the price decreased.  If there is a significant reduction in the price, this is a good sign that the home owner is facing a potential foreclosure.  A Myrtle Beach Realty Company can help you track when the price of a home is reduced and keep you informed of a potential good buy.

Foreclosure information is public information which can be found online or through your local government office.  Many buyers will approach the Myrtle Beach home owner directly from a foreclosure listing.  While approaching a home owner in distress may work to your advantage, there are some who consider this approach to not only be risky but also immoral (sort of like an ambulance chaser.)

Once a home has been formerly be foreclosed by the lending institution, you are dealing directly with the mortgage holder.  In many instances there will be an auction for the Myrtle Beach foreclosure.  Although this is a good way to get a real bargain on a home, you are buying the home “as-is” and may be faced with an unexpected renovation project. You will need to have a larger down payment and proof that you have the required funds to purchase the Myrtle Beach foreclosure.  There are even instances where you will not be given the opportunity to see the property being sold.

Before You Buy a Myrtle Beach Foreclosure

Make sure that your review your state laws with regards to purchasing foreclosures.  This is where dealing with a Myrtle Beach Realty company can save you time and effort.  You will want to know all you can about the foreclosure proceedings, redemption laws and tax implications. If you are unaware of the laws that will affect the proceedings, you may find yourself purchasing a property that you cannot afford or that you may lose back to the bank or Myrtle Beach home owner.

One thing that people who are buying foreclosures for rental property may now know is that you are required to evict the current occupants regardless of whether you purchased the property through Myrtle Beach Realty Company, directly from the bank or via an auction.  By law you cannot turn around and rent the property back to the owners if you are purchasing a Myrtle Beach foreclosure.  This may be a problem for you if you tend to be soft hearted and are facing the possibility of evicting a family in distress. You may need a professional if you are having difficulty getting the Myrtle Beach homeowners to move out of the property.

No matter which route you decide to take with purchasing a Myrtle Beach home, you will want to consult with a real estate company that has specialized in Myrtle Beach foreclosures and can help you not only find the home of your dreams but also a good deal.

Call us today and we can assist you in finding a Myrtle Beach foreclosure property that fits your needs.

Myrtle Beach Condos For Sale
Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
homeguidemyrtlebeach.com

Myrtle Beach Foreclosures

Myrtle Beach has seen a tremendous growth in foreclosure sales over the last 18 months; in fact Myrtle Beach Realtors Association says that about half of all sales last year were home foreclosures in Myrtle Beach.

Anyone considering purchasing a Home in Myrtle Beach in 2011 should consider working with a Myrtle Beach Foreclosure Professional, someone who knows all about the procedures required when dealing with the Banks for Myrtle Beach Short Sales and Myrtle Beach Pre-foreclosures.

Remember to subscribe to our rss feed for all of the latest news about Myrtle Beach Foreclosures

Myrtle Beach Condo Foreclosures for Sale

Myrtle Beach Bank Foreclosures & All foreclosures, HUD, VA, and other government properties as well as Myrtle Beach Condo Foreclosures for Sale are available and on the market right now. You can get the jump start on your competition by working with the Myrtle Beach Foreclosure Experts.  The Myrtle Beach Condo Expert will assist you in your search for Myrtle Beach foreclosures and you will a make well informed real estate decisions in the process.

Myrtle Beach oceanfront foreclosures

Myrtle Beach Condo Foreclosure Listings

Foreclosure Condos in Myrtle Beach

North Myrtle Beach Foreclosures

N Myrtle Beach Foreclosures

$339,900 – 3 bedroom, 3 bath, direct oceanfront condo located at the Avista Resort 304 N Ocean Blvd in North Myrtle Beach. 9^th floor unit. WOW! WAKE UP TO THE VIEW OF THE ATLANTIC in this three bedroom, three bath unit at the prestigious Avista Ocean Resort. Enjoy all the amenities, indoor/outdoor pools, lazy river or use the fitness center. Have a quiet dinner at the resort or within walking distance to numerous other restaurants. Units like this sold for as much as $559,900 in 12/06