When Is the Best Time for a Short Sale?
Are you looking at the Myrtle Beach short sale mark
et and wondering when to make your move? If so,
there are some key situations to look for to know w
hen it is best to make a short sale offer. This tim
e is
the best time to act because the lender is likely t
o move towards foreclosure and the seller is unable
to
sell the property outright or to get caught up on h
is or her mortgage payments. This timeframe is call
ed
the pre-foreclosure status.
Pre-foreclosure occurs when the bank has not yet fo
reclosed on the property but the bank is working
towards that direction. The bank and homeowner may
be looking at alternatives at this point. The bank
may be working with the homeowner to get the proper
ty back to a performing state.
Behind on Payments Only
There are two specific stages within pre-foreclosur
e. One of them is the behind on payments only stage
.
Here, the homeowner is late on making his or her mo
nthly payments. At this point, though, the bank has
not filed a LisPendens or foreclosure lawsuit as of
this point. The filing of those documents starts t
he
foreclosure process.
Behind on Payments with Notice of Default, often ca
lled N.O.D. is the next stage. At this stage, the
lender has taken the step towards foreclosure. Usua
lly at this point, the homeowner has missed at leas
t
three payments. This is also the time when the lend
er is most likely to take a short sale offer since
the
only other option is to send the property through t
o auction.
Getting a Short Sale Offer in at the Right Time
Those who want to complete the short sale process f
aster will want to look specifically for pre-
foreclosure homes in this secondary stage. This mea
ns the bank is likely to accept the offer if it is
a
reasonable one. Keep in mind that every day that th
e lender is holding on to the property at this poin
t is
money wasted for the lender.
Those who are considering a short sale in Myrtle Be
ach will find real estate agents are willing to
communicate the status of the foreclosure with the
potential buyer. Ask questions. Learn what is
happening with the property at this point. Do that
before making your short sale offer.
