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Foreclosure in Myrtle Beach : Real Estate Advice

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  • Home Buying300
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Activity 14
Thu Aug 9, 2012
MaryAnne Dorio answered:
There is a very good chance that the deed has not been recorded, which will prevent them from selling you the property. Another thing that I have seen happen is something is filed against the title that needs to be removed in order for them to transfer a clear title to you. My suggestion is to contact your realtor and have them question the listing agent. They should tell you why if asked. Good Luck!

MaryAnne Dorio
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Tue May 3, 2011
Jennifer Mullen answered:
Have you talked to your lender about a loan modification? If that is not an option you may want to consider a short sale. I would suggest you call an agent who has short sale experience to discuss the process and your options. Feel free to call or email me anytime if I can help.

Jennifer Mullen
Keller Williams MB South Realty
(843) 446-2378
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Sun Sep 5, 2010
Ryan Smith answered:
Hi Beachbum,

If your name is not on the mortgage, you should not be responsible for the loan. In any case I would speak to a real estate attorney to be sure as the laws very state to state.

Good Luck!
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Tue Jul 6, 2010
Michael Krotchie answered:
Hi Irish,

Lot of sub-questions in your original question.

If a house is in pre-foreclosure, it doesn't mean the house will be sold in time to stop a foreclosure. I'm not familiar with the foreclosure process in SC as I'm in AZ but timelines can be pretty tight. If the house is in pre-foreclosure and the owner owes more than the house is worth then the bank will have to approve the short sale.

Typically this short sale approval is what takes the longest in these cases. And there are many factors that go into a bank actually approving a short sale so do not assume they are slam dunks.

If, on the other hand, the homeowner is not upside down, then they can simply sell at market value and pay off the lender who is serving them the pre-foreclosure notice; but it sounds like this is not the case.

A further note on foreclosures, typically there is a "redemption period" where a homeowner can essentially "catch up" payments and reinstate the original terms of the loan.

Hope this helps!

- Michael
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Wed May 19, 2010
Heather Brooks asked:
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Thu Jan 21, 2010
Jennifer Mullen answered:
Each lender seems to be different. Have you disclosed to them? They may be fine with it. If not, I think lease purchase is your best option. Good luck!
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Tue Dec 3, 2013
Jerry Pinkas answered:
To litigate against a bank, you may want to try attorney Randy Mullins 843-272-8902



Jerry Pinkas Home Selling Team - is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to inform our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. Award Winning – Top Ranked – Highly Recommended – Call The Pros - Google or call (843) 222-1926; Put our team to work for you today. ... more
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Sat Oct 10, 2009
barbarak answered:
If you are looking to purchase a home or condo, it would be best if you have a mortgage approval in the works. This also lets the seller know that you are serious about a property that you are interested in. The best advise is to ask a real estate agent to be your agent. There are guidelines in FHA loans to the number of stories a lender can guide. FHA loans are no different from other loans you have to qualify and are for owner occupied property. ... more
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Sat Sep 12, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
Realty trac is a company that provides publicly recorded information about foreclosure actions. They charge a monthly charge to get this information. The company also sells good information to educate people about foreclosures so that people can educate your self. There are other services like realty trac the other one that comes to mind is foreclosure.com. The service is good to provide your information if you are willing to do the work assoicated with tracking down properties and people to find a property that you want and the owner is willing to sell the property. However, you must understand, that just because the proeprty is on the data base does not mean that it is for sale.

I am a realty trac rep and people contact me all the time to assist them with the process and find if the properties are for sale.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
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Tue Jan 5, 2010
Cory Van Note answered:
Hello. You are absolutely right about the prices of some of these units. I recently saw an efficiency unit that produces over $15,000 per year of income priced under $40,000. Depending on how someone bought that type of unit, they could have a great return on investment. The appreciation will take a few years to come in to play but with a cash buyer you could have actual income from this type of property. The reason for the low pricing is simple. Only a few lenders are offering financing on these types of units and the requirements are extreme making it very difficult to buy them. This makes the sellers lower their price to induce a sale. When a bank offers a property for sale(foreclosure) they start lower the lowest priced unit in the complex. This in turn brings down the prices. With that being said, it really is a great time to buy if you have the ability!

Cory Van Note
Realtor, ABR

cory@coastalsands.com
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Wed Jun 24, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
Usually there is a couple proeprties that are absolute auction properties to create excitement and more bids. But the reason there is not absolute prices for all properties, if a auction goes bad it may continue to go bad. The only control is by having a reserve bid. This might not be the greatest for the buyer, but the seller is the one that has to make the decision. If the bid is for 1 cent why should a seller have to accept either way? The seller is doing the auction to reduce their losses not increase the losses.



Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
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Tue Jun 9, 2009
Jeff McIlhenny answered:
Nan,
basically the bank bought back, or kept, their foreclosure property at auction. Usually, banks will bid a minimal bid at auction to ensure they don't take a big loss on a property--if no one else outbids them, they get their property back. They basically bid $2500 over the minimum bid, but they already owned it--so they are just retaining possession.

The property is now what is called a "REO" (for Real Estate Owned), and the bank will soon have it on the market listed like a regular house listing--although it will probably be priced below market depending on its condition
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Wed Jun 24, 2009
John Sefick answered:
Sounds like your friend really needs to contact an attorney for direction right now. There are several good attorneys in that area, but if she needs help there too, you might suggest trying SC Legal Services at http://www.sccej.org/ They might be able to provide some help or suggest an alternative. I'm sorry your friend is having this trouble and hope she can work her way out of it soon. Good Luck. John ... more
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Wed Jul 1, 2009
George Smith answered:
Hi Daniel,

I would like to share an email that I received from one of the lenders I use. Pat from Starkey Mtg wrote.

I am sure you have received calls from clients asking about how they can get a good deal on a foreclosure. In the present situation in the housing industry it is hard to get away from the continual drum of bad news.

With that in mind, I heard about a new report that listed the top 100 MSA’s (metropolitan statistical areas) in the US in foreclosure filings. I decided to see where Myrtle Beach/Conway area fell in the listing.

Surprise, surprise, we are not on the report. I saw Las Vegas, who was 3rd worst in the nation with 4.22%. I saw Charleston, who was 89th in the nation. I even saw Columbia who was 88th and Greenville, who was the 100th but no Myrtle Beach.

I then decided to check to see where Myrtle Beach ranked. The 2007 stats do not appear to be available but I found the 2006 report. It showed that, out of 378 MSA’s in the country, where being 1 was the worst and 378 was the best, Myrtle Beach was 366th. I have attached the reports if you are interested.

I think your clients should be aware that when they buy in Myrtle Beach, they are buying in one of the most stable areas in the country. We get foreclosures but they are far below the national average. This means they don’t have to worry about the major drops in value that occur when a number of foreclosures happen in an area. It is nice to have some GOOD NEWS.

If I can help you in any way please log onto my website and/or give me a call @ 843-503-5500.
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