condo short sales in Myrtle Beach

What is Myrtle Beach Short sales

Myrtle Beach, of course is not the only place in the world with short sales. But there are enough short sales in Myrtle Beach to directly affect the Vacation condo market.

myrtle beach Short Sales are defiantly going to be something we are going to have to deal with for a while. What happened was during 2004 to 2006 the myrtle beach real estate prices soared. We saw ocean front condos go from under $100,000 for a 1 bedroom condo to over $200,000. It was very crazy looking back on it.

But the problem now is that many of these people who bought at $200,000 are now needing to sell or they are going to be foreclosed on. Foreclosures in Myrtle Beach have skyrocketed. So people who bought a couple years ago are now competing with the banks to sell there property. The good thing is most banks do not want your property. So they are allowing buyers to sell for less than what there loan balance is.

The difficult part of doing a Myrtle Beach short sale is the process. The process can take months just to get a response to see if they are going to accept your offer! The response time can be 90 days or more just to see what the bank thinks about the offer.

Once you get an offer it has be sent to the bank. After the bank receives it the order a Broker Price Opinion (BPO). Which is just a real estate agents opinion of value. Some banks may order several BPOs to get a range of value.

The down side is most mortgages are owned by so many banks right now, to do a short sale they have to spend weeks/months getting approvals from all of the banks to be able to sell.

The best thing is if you own a real estate in myrtle beach and you are upside down and needing to sell, you need someone who is experienced in doing Short Sales in Myrtle Beach. There are people and companies all over the US specializing in short sales, but many of the properties in myrtle beach are so unique you need someone who is experience with these issues. Dealing with myrtle beach condos and dealing in situations like Myrtle Beach Rentals myrtle beach rentals .