Coastal REO Solutions of Myrtle Beach, South Carolina specializes in short sales, foreclosure prevention, and troubled asset management. We are here to make sure your real property assets are protected and prevent any further damage to your credit. There has never been a better time to work with lenders and other mortgages backed by Fannie Mae, FHA or Freddie Mac. A short sale to prevent a foreclosure is the preferred method of loss mitigation by Lenders. If you are losing your home to foreclosure or “under water”, that is, you owe more on the mortgage than the house is worth, and can’t find a way out; contact us today and let us help you explore your options to prevent foreclosure.

The foreclosure news in South Carolina is very grim this month. RealtyTrac, a real estate industry site that tracks these numbers, found that South Carolina foreclosures rose an incredible 36% between September 2011 and October 2011. Lenders foreclosed on 3,562 homes this month. That number of foreclosures in South Carolina also represents a 19% increase from the same period in 2010 when the housing bubble was thought to be much worse. One of every 700 homes in South Carolina is in foreclosure. These foreclosure figures put South Carolina at #13 amongst all the states for number of foreclosures. South Carolina currently has a “stay” on mortgage foreclosures on a property if it is your primary residence. If you are in this situation with your home foreclosure, you need to immediately contact Coastal Reo Solutions to help you keep your family’s home.

Foreclosures were filed on 1 in every 563 houses on the national level in October. Foreclosure filings, which comprise default notices, scheduled auctions and bank repossessions, were issued on 230,678 homes, according to RealtyTrac. That is a seven-month high for distressed properties for the U.S. Officials expected an increase in foreclosure filings because of delays in processing caused by lenders failure to adhere to proper paperwork filings on mortgages. This is another reason why the preferred method of loss mitigation for banks is a short sale.  The lenders never take possession of the property; all they have to do is agree on a settlement amount that is less than what they are owed on your mortgage to prevent the foreclosure.

One of the best strategies to prevent foreclosure is to do a short sale on your home. Coastal REO Solutions is fast becoming one of the top firms in Myrtle Beach for handling short sales. But what exactly is a short sale? Well, in a short sale the mortgage holder agrees to let you sell your house for less than what is owed as a complete payment. This may be the best approach if you are “under water”. It is vital to get written agreements that the lender will annul your mortgage debt and not try to collect any amount that is not covered by the short sale.

This is where the experience of Coastal Reo Solutions in handling short sales can be very important. They have put together many short sales for people in Myrtle Beach and along the Grand Strand. They can negotiate with your lender on your behalf, with a better chance of success than you would have on your own. The relationships that Coastal REO and Jason Ellis have developed with local banks will make it easier to get a short sale agreement processed properly. Their trusted status can benefit your situation and cut through the red tape that can be involved in a short sale. If you are headed towards foreclosure please call at 843-839-8046 or email us at info@coastalreosolutions.com.

Coastal REO Solutions has a free monthly newsletter you can sign up for to stay informed about short sales and foreclosures. Also, feel free to use our custom one-touch short sale and bank owned property search application. There has never been a better time to purchase a short sale or foreclosed home in Myrtle Beach, South Carolina.

Coastal REO Solutions is also eager to help any of our fellow Myrtle Beach Realtors. If you don’t like or don’t have experience in dealing with short sales, troubled assets or foreclosures, be sure to talk with us about our Referral Program.

This Open House will feature a Pig Pickin’, Beer, and Wine.

Friday, November 4th, from 4PM to 7 PM

The Retreat Brochure

The Retreat at Garden City - OPEN HOUSE

Beach Realty is proud to be handling the marketing for Retreat at Garden City Beach, the South Strand’s next great coastal neighborhood. Located in Garden City Beach, SC, Retreat features a new seaside community with 16 raised beach homes and a community pool in this sought-after area that you and your family already love and is conveniently located just steps from the ocean and the famous Garden City pier.

Our raised beach home floor plans feature 3 Bedrooms, 2.5 Baths and 4 Bedrooms, 3.5 Baths, both plans include a 4-Car parking bay. Laminate hardwood, granite counter tops, stainless steel appliances, are just a few of the additional options for your new home at Retreat in Garden City, SC. Standard features for these spacious floor plans include all kitchen appliances, carpet, 9′ smooth finished ceilings, Impact glass windows, energy efficient heat pump, attached storage, landscaping package, Hardiplank siding and low country style metal roofs are just the beginning of the numerous included features.

There is little that quaint Garden City Beach, South Carolina, doesn’t have to offer. Start with the beautiful, waters of the Atlantic Ocean that is literally just steps away from our community and the possibilities are endless. Golf, Fishing, Shopping, Water sports and all the excitement of the famous Grand Strand is at your finger tips. It’s a fun filled family paradise.

Garden City Beach is located between Surfside Beach and Murrells Inlet, and few short miles away from all the activities of lively Myrtle Beach. This family oriented beach is unique in that it’s a peninsula separating the Atlantic Ocean from the marshes and creeks leading to Murrell’s Inlet. This affords residents the option of breathtaking oceanfront views or a spectacular peek at the native Low country wildlife habitations on the inland side. Garden City Beach affords real relaxed beach living.

A lucky Realtor will be given a Free Vacation Getaway!!!!!

Don’t Miss Out!!!

Visit www.Theretreatatgardencity.com for information about the Retreat.

Call our office with all your Questions for Sales and Rentals.

843.651.5003 – www.scBeachRealty.com

IT’S ALL ABOUT SERVING OUR CLIENTS
Beach Realty is privileged to do business in one of the Grand Strand’s most accessible & choice locations. The Garden City & Surfside Beach areas, respectively, have been a #1 destination for families for decades.

A RICH HERITAGE
These beaches have been seasonal home to families from all over the country; year after year, folks return to enjoy the surf, the golfing, the recreational parks & the countless amenities of the surrounding areas.

Located just 8 miles south of Myrtle Beach, families who vacation here have access to the great restaurants, discount shopping & entertainment outlets that made it famous.

Breathtaking panoramas & magnificent sculptures at Brookgreen Gardens are just minutes away from an inlet row populated by fresh seafood eateries; traditional southern cooking & unique Lowcountry dishes that are famously prepared in rustic settings.

A STRONG LOCAL PRESENCE
Beach Realty agents are ‘native sons’ of this beautiful region; their knowledge of its unique culture, economy & resources is unmatched.

Our business thrives because we integrate ourselves into our community; this allows us to serve you by helping you to do the same.

Our commitment to our clients mean helping them discover what Garden City & the Grand Strand has to offer. When you invest with us, you’ll know all the best restaurants, scenic spots and fishing & sport venues. We are honored to extend this hospitality to any guests or renters of your properties.

The Grand Strand market is moving, values are holding at current levels and there are tremendous buying opportunities.  For those not familiar with The Grand Strand it is a 60+ mile stretch of the Eastern Coastline from Little River to Pawley’s Island.  The Grand Strand includes Myrtle Beach, Surfside Beach, Garden City, Murrells Inlet, North Myrtle Beach, Cherry Grove and several other cities.
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Coastal Solutions is a firm dedicated to helping stabilize The Grand Strand Real market by offering risk-management & assessment services of distressed assets. We achieve this by utilizing our staff’s superior knowledge of market conditions & strategies. Working with a network of contractors, inspectors & builders we provide you with a team dedicated to maximizing saleability of your assets.

Not all of our properties are distressed assets — Some are just great deals — Take a look at some of our featured properties and call or email us with any questions.  Please do not forget to try our one of a kind custom Bank Owned and Short Sale Property Search Feature >>

FEATURED PROPERTIES >>

9780 Estep Court | Myrtle Beach, SC 29579
This is a must see. Not a short sale or bank owned home. Has it all, sitting on one of the best golf course home sites in the Members Club Section of the Grande Dunes. Almost 5300 Heated Square Feet and just under 8000 total square feet.
4 Bed, 5 full 2 half bath, study, loft w/wet bar and so much more.
Price $999,900
» View details

9340 Modena Court | Myrtle Beach, SC 29579
Great home located in the Members Club section of The Grande Dunes. Granite, Tile, Hardwood, Fireplace, Viking Appliances, Subzero Refidge, and a Master Bath Room to die for – Floor to ceiling tiled shower is a must see.
4 Bed, 4.5 Bath, Study, 3 car garage, 3650 heated square feet
Price $799,900
» View details

2006 Kilkee Drive | Myrtle Beach, SC 29579
If you own land in Horry or Georgetown County this home owner will consider a trade. Large home located on Parkland #11 golf hole. No detail was left out on this home. Viking Appliances, Wet bars with beer kegartors, Zodiac Counter tops, Sonace sound system, and every other toy you want.
4 Bed, 3.5 Bath, Study, Screen Porch, 4572 Heated Square Feet
Price $799,900
» View details

117 A N. Dogwood Drive | Surfside Beach, SC 29575
Awesome raised beach house with tons of upgrades. 42 inch Plasma TV, Granite, SS appliances, Tile throughout 1st floor, smooth ceilings, private pool with paver deck, TV room with X-box, and much more. Great vacation home – Rent out while you are not using!
4 Bed, 3.5 Bath, 2100 Square Ft
Price: $399,900
» View details

184 Low County Loop | Murrells Inlet, SC 29576
Bank Owned home sits on 2.7 acres and back up to Collins Creek. This beautiful Low Country inspired home Upgrades include hardwood flooring, granite countertops, travertine tile, tile shower, large rooms, home automation prewiring throughout, large 54′x12′ back porch, tech shield roof sheathing, upgraded insulation, solid core doors & more.
4 Bed, 4.5 Bath, Study and great covered back porch, 3200 Heated Square Feet
Price $539,900
» View details

4104 Girvan Drive | Myrtle Beach, SC 29579
Awesome home with a study & large open kitchen on a great fenced golf course home site. Hardwood floors, granite, stainless steel appliances, 2 fire places. Large Master Bedroom has his & her closets, tile shower with rain head, fire place and sitting area. Great covered porch that could be easily screened.
4 Bed, 3.5 Bath, 3400 Square Ft
Price: $449,900
» View details

2030 Kilkee Drive | Myrtle  Beach, SC 29579
Bank Owned not a short sale… A MUST SEE AT THIS PRICE! TRUE VALUE. Lot Location: On Golf Course…Oversized 2 car garage…stainless steel appliances…full bonus room with full bath, easily could be 4th bedroom…large screened in porch…
4 Bed, 3.5 Bath, 3000 Square Ft
Price: $449,900
» View details

A recent article in The Sun News stated the number of Myrtle Beach foreclosures filed by Home Owners Associations (HOA’s) have more than doubled from 181 Myrtle Beach foreclosures in the year 2007 to 481 Myrtle Beach foreclosures last year in 2008, figures they obtained from local Garden City real estate information company, Sitetech Systems. Sitetech also found 260 Myrtle Beach foreclosures in the first nine months of this year by HOA’s. A Home Owners Association is comprised of all the people who own a house or condo in a given neighborhood or building. It is usually started by the developer of the property, and turned over to a committee of homeowners to enforce any covenants, laws or restrictions that are agreed upon by property buyers. They also collect fees for maintenance of common areas, landscaping and any neighborhood amenities, such as pools, walking trails, tennis courts, gyms and playgrounds. Every property owner must abide by the HOA agreement and pay these dues, and failure to do so creates a situation where the HOA has to take action to enforce the rules and collect the outstanding fees. This is where the foreclosure option comes into effect and increases the number of Myrtle Beach foreclosures on the market.

A great many condos, manufactured houses, and townhomes that are on the Myrtle Beach foreclosure market are not primary homes, but rather second homes for people from other areas of the country purchased during the past decade when the U.S economy was riding high. With the current economic downturn, people aren’t able to continue to pay for luxury items, like second homes at the beach, when the cost of necessities has sky-rocketed and out-of-control government spending threatens the small signs of economic recovery that we are experiencing the last few months. Home values continue to trend downward, even as sales have shown an increase from the Home Buyer’s Tax Credit, and many owners could find themselves underwater on not one, but TWO mortgages.

HOA’s are seeing a marked increase on the number of owners who are behind on their association dues, and under South Carolina laws they have the right to place a lien on the property, and in extreme cases they have the option to file foreclosure proceedings against the delinquent owner. A quick check of any Myrtle Beach foreclosure listing will turn up a significant number of short sales on second homes to try to avoid foreclosure as well. HOA’s are also reportedly seeing an increase in the numbers of owners who simply hand in the keys to the property and just walk away from their second home obligations to secure on their primary residence’s mortgage. Lenders are then sidled with a growing number of bank owned properties that aren’t selling and aren’t producing income.

This is where Coastal Reo Solutions can be of assistance. Our Reo Services team can take the burden off the lender, and our Reo Management agents can secure, preserve, market and capitalize these properties. Visit our contact page to leave us a message or call us concerning Myrtle Beach foreclosures, bank owned and realestate owned properties, or to see how our easy, low-cost comprehensive services compare to other reo asset management companies in Myrtle Beach, South Carolina.

More significantly, regulators announced that they will not penalize banks for performing loans where the currently appraised value of the mortgaged property is underwater. “Financial institutions that implement prudent CRE loan workout arrangements after performing a comprehensive review of a borrower’s financial condition will not be subject to criticism for engaging in these efforts,” according to the statement that was issued on Friday, Oct 30,2009. These guidelines will help to ease the confusion felt by lending institutions that are under tighter scrutiny to reign in the rampant irresponsible lending of the last few years that have created the current flood of foreclosure properties, both here in Myrtle Beach and throughout America.

The guidelines arrive just as commercial realty losses and foreclosures persist in causing worries for regulators and banking firms. Commercial real estate has shown increasing weakness in recent quarters, since it traditionally lags behind the disruptions in the residential home market. The continued increase in commercial real estate foreclosures and loan defaults are sending shockwaves through the financial sector as well. The default rate and late payments on real estate loans sold as commercial mortgage-backed securities (CMBS) soared to five times the previous rate in the third quarter. Approximately $26.64 billion of outstanding CMBS loans were 60 days or more past due in the last quarter, according to Reis Inc, a commercial real estate analysis firm. The delinquency and default rate rose to 4.52 percent from 0.8 percent just one year ago and 3 percent in the second quarter of 2009.

The firm said commercial property defaults and commercial foreclosures could exceed 6 percent near the end of the year. The Reis report said, “Downward pressure on net operating income and declining property values continue to make refinancing activity for existing loans a challenge.” The third quarter of 2009 became the fifth straight one in which no CMBS deals came to market in the U.S., according to the Ries report. Hotel loans constituted the poorest performers, with $6.83 billion of past-due loans, for a delinquency and default rate of 13.3 % of outstanding balances, said Reis. In comparison, the rates were 4.8 percent for apartments and 2.95 percent for offices in the last quarter. A delinquent loan is a minimum of 30 days and up to 89 days past due, with the loan going into default after 90 days. The Mortgage Bankers Association said the CMBS market represented nearly a quarter of all outstanding commercial loans as of the end of 2008.

The recent real estate market conditions here in Myrtle Beach, South Carolina have been challenging, to say the least, in both the residential and commercial housing sectors. Here at Coastal Reo Solutions, we have been working extremely hard to help our clients through these times. Our recent solution to a commercial real estate foreclosure for Horry Count State Bank was both a triumph and an illustration of the current difficulty many banks and lenders have in the commercial real estate market. We can assist both a borrower and a lending institution with a workable solution to assess, manage and market their foreclosure or pre-foreclosure property. Please contact us so we can start working on a resolution for your particular situation.

If you are a buyer, investor, or speculator looking to purchase foreclosed real estate be sure to use the proprietary search application located on our website. CRS also has access to Bulk REO packages and Bank Notes that may be purchased.

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Coastal REO Solutions is a lenders best weapon in the fight to effectively evaluate, secure, maintain, list and commodify their foreclosure properties. A recent transaction with Horry County State Bank (HCSB) involving the foreclosed Calypso Motel in Myrtle Beach, South Carolina provides an excellent example of the complex nature of commercial REO properties and our ability to manage these complexities on your behalf. Our agent’s keen understanding of the Grand Strand marketplace, combined with their ability to manage a property to its fullest potential, provides a stress free experience and a strong return on investment for our clients.

In this particular situation, we were able to negotiate a much higher than anticipated selling price for the property, and in fact, the foreclosed motel was sold for more than the original listing price. Our marketing effort included a targeted mailing strategy, extensive buyer databases, online media programs uniquely designed to reach prospective buyers via email, MLS listings, blogs, newsletters, and carefully selected website placements.

With our goal to provide a single point of contact and accountability for clients of distressed properties, we implemented a series of measures to secure, operate and maintain the property. An immediate visual inspection with an eye toward any situation that might be a potential safety hazard or local ordinance violation was completed, as well as an inventory of personal property and motel equipment. Next, we began the task of limiting liability for the customer by ensuring all assets were secure from intrusion, theft and damage. Within 48 hours CRS had all locks replaced with new ones and every existing tenant’s lease was converted to a lease that we structured to remove liability from HCSB. We coordinated all third-party billing of necessary repairs, maintenance services, staff and the motel’s utilities into the Coastal REO Solutions name to provide a solitary accounting payout for HCSB. We also established property rental management procedures and handled new rental customers to maximize the cash flow stream of the motel during the foreclosure process.

In essence, we became the new management of the site to ensure continued proper, legal and uninterrupted operation until a new buyer was located and ownership was transferred from our client to the new owner.

Here is Debbie Guyette’s (HCSB) take on it, “Today’s Market is perhaps the most challenging financial market many of us have ever faced. As a Commercial Banker and Manager for HCSB I whole heartedly welcomed the efforts of Coastal REO Solutions. Their thorough needs assessment analysis reassured me that I had made the right decision. Jason’s attention to detail, informative reports, responsiveness and marketing strategies for the Calypso gave me the piece of mind that I needed in order to focus my attention on developing new business for HCSB. Jason succeeded in increasing revenues by 33% With the increase in revenues Coastal REO Solutions was able to negotiate a higher sales price for the Bank.”

These examples are really only a portion of the all the services needed to facilitate the process of keeping a foreclosed commercial property in a viable position to operate, thrive and begin a new life as a healthy functioning entity. We realize that most lenders are simply not equipped to deal with these situations, and that’s why our single contact system is designed in this manner. Don’t let another day go by with a perfectly functional foreclosed commercial operation languishing on your balance sheet, when Coastal REO Solutions can have it adding to your bottom line with minimum effort from your institution.

Contact us today to find out more about our programs.

Builder has special financing worked out with local lender…  100% financing – 3.75% – 30 year fixed – No PMI

Subject to verifiable income and credit score…

Video Tour…

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