5 Aspects to Know About the Short Sale Market
The short sale market in areas such as Myrtle Beach
is booming. Lenders are more willing than ever to
work with people who have the potential to purchase
the property that would otherwise enter
foreclosure. And, in the Myrtle Beach real estate m
arket, it is particularly beneficial to buy because
there are short sale real estate agents ready and e
xperienced enough to help you. But, before you take
a
step towards this process, there are some things yo
u need to know.
1.
Know the process is unpredictable. There is no way
to guarantee the transaction will occur, the
price will stick or that the process will be fast.
You want to work with a real estate agent that
provides you with real information about the likeli
hood of the process occurring.
2.
You may find the process emotionally challenging.
You may find that the process has a lot of
ups and downs. Minimize these by hiring an effectiv
e agent.
3.
You need a good seller’s agent. In short, the selle
r’s agent can help the process to speed up, if
and when he lists the property properly and ensures
the seller is a qualified short sale. Be sure
the seller’s agent is experienced in short sale rea
l estate before entering the contract.
4.
Not all short sale sales are good deals. In other w
ords, you may not always get the well below
appraisal value you are hoping. You should not spen
d more than the appraised value, but not all
transactions are significantly lower. This does not
mean, however, you will lose money.
5.
Banks do not care about your circumstances. In shor
t, no matter if you are buying short sales or
selling as a short sale, the bank is only intereste
d in its bottom line. By understanding this now,
you can reduce your own risks.
In many cases, the short sale market is lacking in
overall appeal to some buyers. On the flip side, if
you
are willing to wait and you want a great deal, the
short sale market in areas such as the Myrtle Beach
real estate market, you are likely to be successful
.
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