Buying Foreclosure Real Estate
Now available on this web site are Foreclosure MLS listings for real estate in the Myrtle Beach area direct from the official Association of Realtors, Multiple Listing Service (MLS). Follow my Homepage to find all the foreclosure homes, condos, and land available in Myrtle Beach, North Myrtle Beach, Longs, Loris, Little River, Conway, Carolina Forest, Surfside Beach, Garden City, Murrells Inlet, Pawleys Island, and Litchfield in South Carolina. Also many foreclosures from Brunswick County in North Carolina that includes the areas of Calabash, Carolina Shores, Sunset Beach, Ocean Isle Beach, Shallotte, and Holden Beach.
On the home page of this site you can also click Foreclosures on left menu to link directly to Fannie Mae foreclosures through their live-time site. Select the area around Myrtle Beach that may be of interest. Realtors already have access to the foreclosed real estate and I have helped many buyers find foreclosure properties but you will have to contact me. If you give me some basic information on what may be of interest and your email address I can send you the MLS listings. Then if you see someting of interest or have any questions you let me know, it's free and simple. If you decide not to look for real estate, let me know and I will not bother you again, except for maybe a holiday greeting just to remind you I'm here if you ever need assistance with real estate in the Myrtle Beach area.
Many buyers request information about Foreclosures and there are some bargins but there are also regular sales for the same type of property in the same or better condition that have an "Asking Price" below that of the Foreclosure. Only someone with access to comparable real estate properties can provide those facts. Many of the Short Sale and Foreclosure properties in the Myrtle Beach area were purchased during the "real estate boom" which means their posted Asking Price may be higher than today's market / appraisal value. You’ll notice I wrote, “many” not “all” above, because there are true bargains in real estate that you may discover with proper help. SFR (Short sale and Foreclosure Resource) is my latest certification obtained to help buyers and sellers of distressed properties.
Mortgage Money Already Set For Fannie Mae Foreclosure Buyers
Fannie Mae has established a mortgage plan with several lenders throughout the Country for people to purchase their foreclosed properties. Appraisals have been done and there will be no PMI insurance required. The majority of those foreclosures will be single family Myrtle Beach homes and homes in the surrounding area.
Otherwise, If you are interested in purchasing a Short Sale or Foreclosure you will need to provide "proof of funds". To have the best advantage over other offers you should plan to make a cash offer and provide a copy of a bank statement or investment statement that shows you have at least the dollar amount needed for the purchase. If you are not able to pay cash and plan to obtain a mortgage your "proof of funds" will take some preplanning on your part. You will need a detailed qualification letter from a lender that contains approximately how much they are willing to lend and under what terms. Many lenders will issue a prequalification letter based on your credit history and information your provide to them but those letters are normally not accepted as "proof of funds" when trying to make a foreclosure type purchase.
A Short Sale or nightmare. If the offer you make does go through it has taken months more then a normal purchase. The length of time seems to be worse when the Bank hired a "middleman" company to review purchase offers. There have been cases of home equity loans or second mortgages that were unknown to the primary mortgage lender or bank so the deed could not transfer to a new buyer and the purchase could not go to closing. New legislation is suppose to remove the nightmare factor from the Short Sale process.
A buyer who has done their homework knows they need their own agent to help find out as many details as possible about any Short Sale, Bank Owned, or Foreclosure. There are mortgage lenders that never tried to help the original home owner avoid Foreclosure and they treat potential buyers the same way. On the other side there are some mortgage lenders who are willing to work with potential buyers and respond quickly to offers. Unfortunately there is no way to know which type of lender you might have to deal with when you try to purchase a foreclosure.
If You Are Facing Foreclosure
If you are facing possible foreclosure of your home there are a few things you can try. Click Keep Your Home and Stop Foreclosure for some contact information that may help.
