This article can help you make a good business decision about your home and your finances if you fall in to any of these situations. It’s best to start work as soon as possible. Even though it’s called a short sale, without the proper guidance the process can be very lengthy.

• You are behind on your home mortgage payments
• You are in an interest-only home loan and/or “underwater” on your mortgage
• You lender is threatening, or has began foreclosure
• You are thinking about a short sale on your home

 At Coastal REO we understand what a difficult time people have making a decision about buying or selling a home. Deciding to do a short sale to avoid foreclosure is even more difficult, but it can be easier by simply looking at it as a business decision and trying to take the emotion out of the situation. This is how your lender looks at a short sale, as a transaction to get the most value out of an under-performing asset. It may be harder for you because it’s YOUR home, but you have to look at it without your emotions to have a level playing field with the bank or lender.

 You may ask yourself: “Why would I short sale my home instead of just letting it go into foreclosure?” There are several great reasons to do a short sale instead of a foreclosure.

1. YOU stay in control in a short sale instead of banks and lawyers controlling a foreclosure
2. A Short Sale is less damaging to your credit. FICO estimates a drop of 85-125 points vs. 250-300 in a foreclosure
3. A South Carolina foreclosure is a Judicial Procedure and comes with the public scrutiny of notices, hearings and court dates like all matters of public record.
4. Lenders are aggressively pursuing the Short Sale route, and some lenders are offering the Seller a substantial financial incentive to cooperate.
5. The new Servicing Alignment Initiative introduced by the FHFA will pay loan servicers to reach out to borrowers who are behind on their mortgage payments.

 The object of a short sale is to negotiate a sale of your home with your lender, and one that will be in your best interests moving forward. Before that can happen, you need to have a buyer in place with a Purchase Contract on your home. The best way to achieve this is to price your home aggressively. You need to find a price point that will get you an offer on your home in 15 to 30 days. This is where the expertise of a Coastal Solutions agent can be vital. We can help you find the perfect price because of our in-depth knowledge of Myrtle Beach home prices and sales trends.

 The next step is to have all your financial information ready and have copies on hand for your lender. There are quite a few documents you will need in a short sale and having a packet with these papers in it will speed the process along. Remember, the income tax break for a short sale ends this year and the short sale process takes time.

1. Your tax returns for the last 2 years
2. Your 2 most recent bank statements
3. Your 2 most recent pay stubs
4. If you are self-employed, a year to date P&L and personal financial statement will likely be required

 The mortgage lender looks at these documents to help verify your “hardship” eligibility and understand why you can’t pay a mortgage as agreed. There are many different types of hardships and Coastal Solutions understands how to present your situation to a lender so that you can secure a short sale.We know this is a very difficult time in your life, but if you call us at 843.839.8046, we can help you explore your options to avoid foreclosure and possible damage to your credit scores.

 Now is the time to make a hard decision and answer some tough questions about your mortgage. Are you going to walk away from your underwater home?  Do you want to stop further damage to your credit in hopes of buying another home in the near future? Are you going pursue a short sale to avoid foreclosure? Who can help me deal with my lender? Coastal REO Solutions is ready to help when you are ready to begin.

 Call or use our Contact Form to reach Coastal Solutions of Myrtle Beach today if you are faced with the possibility of Foreclosure or have a question about the Short Sale process.

What is 1099-C income?
This is when a Lender forgives (charges off) mortgage debt that you owe. They take the Tax Write off so you have to take the Tax Gain.

Is Cancellation of Debt income (1099-C)  always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

1.Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.

2.Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.

3.Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. (Be sure to check back on our Blog Post on “the Insolvency Exclusion”)

4.Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.

5.Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

If the Lender does not waive the deficiency balance or they “reserve the right to pursue a deficiency judgment” (do not forgive the debt you owe) will they still issue a Form 1099-C to the IRS.
No.  Your Lender only issues the 1099-C if they forgive the debt you owe. They cannot Demand a Deficiency Judgment and issue the Form 1099-C.

How do I know if I was/am insolvent?
You are insolvent when your total debts exceed the total fair market value of all of your assets.  Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.  Sample Worksheet

How should I report the information and items needed to prove insolvency?
Use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to exclude canceled debt from income to the extent you were insolvent immediately before the cancellation.  You were insolvent to the extent that your liabilities exceeded the fair market value of your assets immediately before the cancellation.

Are there any publications I can read for more information?
Yes.

1. Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) is new and addresses in a single document the tax consequences of cancellation of debt issues.

2. See the IRS news release IR-2008-17 with additional questions and answers on IRS.gov

3. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Coastal REO Solutions is one of Myrtle Beach’s most experienced and qualified short sale real estate firms. If you need help, we are ready to assist you by talking with your mortgage lender for you. Coastal Solutions is a full service real estate brokerage firm and we can assist you through the process from marketing and sales, all the way to the closing table.

If you are a first time home buyer or a savvy real estate investor looking to buy a Myrtle Beach short sales or foreclosures, we have a custom search engine that is free to use.

Contact Jason Ellis at Coastal REO today to get started.

Preparing a tax return with 1099-C income from a short sale or foreclosure will be challenging, and reporting exclusions could be even more problematic. At Coastal REO, we think it would be wise to consult with a CPA to be certain you get good information when filing your taxes. Be positive your tax preparer is specifically educated in the rules of 1099-C short sale income, or you might end up paying too much or too little in income taxes. More importantly, it is vital that you know the facts of your individual short sale transaction to avoid any potential problems. We hope this article has been some help in your understanding, but please consult a tax professional if you have any questions at all.

A short sale is when a mortgage lender agrees to accept less money than is owed by a home mortgage borrower. The recent economic downturn has left many Myrtle Beach homeowners underwater, which is owing more money on a house that it is worth. This has caused a steep increase in the number of short sales and foreclosures in Myrtle Beach and the Grand Strand. Many homeowners who file their own taxes may be unaware of their 1099-C tax implications from doing a short sale where a portion of their mortgage balance has been forgiven by their lender.

If you have been involved in a short sale or foreclosure action this past year, we have some essential information for you about your potential 1099-C tax liabilities. This will also apply if you are thinking of accepting a short sale where the lender will waive the difference between your mortgage loan amount and the amount the home is sold for, called your “deficiency balance,” and writes off your debt as a business loss.

When someone loans you money and then tells you that you don’t have to pay it back, the IRS considers that “windfall income” that you have earned. Here is an example:

A person buys a $300,000 home with no money down by taking out a $300,000 mortgage. Let’s say the buyer can’t make the mortgage payments and the bank forecloses on the loan, accepts a short sale, takes the home back via a deed in lieu of foreclosure and waives the deficiency balance.

After one of these procedures, the lender sells the home for or NETS $200,000 after the short sale. This leaves an unpaid mortgage balance, or deficiency balance, of $100,000.  The bank or lender will “write off” this amount as a business loss on their taxes and issue a 1099-C Cancellation of Debt form to the person for $100,000.

When you have a short sale or foreclosure, an IRS Form 1099-C Cancellation of Debt will be issued from your lender if they have forgiven more than $600 of mortgage debt. In the eyes of the IRS, loan forgiveness is considered income. This means you must claim the amount on this form as income along with your usual W-2 forms from your employer. If you receive this form from your lender, then they have also sent one to the IRS. If you know you have had more than $600 of debt forgiven, but haven’t received this form, then you should call your lender immediately.

Forgetting to add this “income” could result in harsh penalties, fees and even an audit from the IRS. This is a bit of a double whammy for Myrtle Beach property owners that are already in a difficult financial situation and have lost their home to foreclosure or short sale. The good news is that there are special stipulations that can help you in this situation. The Mortgage Debt Relief Act of 2007 passed by President Bush spells out these special rules. These exceptions apply to up to $2 million in homeowner debt forgiveness. Normally, if an exclusion applies, the tax filer will not owe income taxes on the canceled short sale or mortgage debt.

If you were insolvent, meaning your liabilities are more than your assets, you may not have to pay back the debt. Bankruptcy is another special case where you would be exempt from claiming the 1099-C amount. Most Myrtle Beach primary homeowners will fall under the “qualified principal residence” clause. If your foreclosed home were where you lived the majority of the time, then it would be considered your principal residence. If your short sale or foreclosed home has been your principal residence for two years or more, then you wouldn’t have to pay taxes on the 1099-C income.

A problem some Myrtle Beach short sale actions might come up against is the “Second Home” provision. Myrtle Beach and The Grand Strand is a magnificent place to own a vacation home, or “Second Home”. However, with tight economic times, layoffs and shrinking home values, it’s understandable that someone might choose to let their vacation property go into foreclosure, or short sale a second home rather than lose their primary residence.

Many Myrtle Beach short sales have also happened in the investment property market. Speculators have bought up thousands of homes in Myrtle Beach during the good times, and now find that they must short sale the property or face foreclosure. Even commercial real estate foreclosures are on the rise as the investment market trends downward. These properties may be eligible for the 1099-C income exclusions depending on your current financial situation. This is where careful planning with Coastal Solutions and your tax preparer is crucial.

Preparing a tax return with 1099-C income from a short sale or foreclosure will be challenging, and reporting exclusions could be even more problematic. At Coastal REO, we think it would be wise to consult with a CPA to be certain you get good information when filing your taxes. Be positive your tax preparer is specifically educated in the rules of 1099-C short sale income, or you might end up paying too much or too little in income taxes. More importantly, it is vital that you know the facts of your individual short sale transaction to avoid any potential problems. We hope this article has been some help in your understanding, but please consult a tax professional if you have any questions at all.

Coastal REO Solutions is one of Myrtle Beach’s most experienced and qualified short sale real estate firms. If you need help, we are ready to assist you by talking with your mortgage lender for you. Coastal Solutions is a full service real estate brokerage firm and we can assist you through the entire process, from marketing and sales, all the way to the closing table.

Contact Jason Ellis at Coastal REO today to get started.

If you are a first time homebuyer or savvy real estate investor looking to buy a Myrtle Beach short sale or foreclosure, Coastal REO Solutions has a custom short sale search engine that is free to use.

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.

Jason Ellis literally grew up in the real estate business. His family has been in the realty field since before he was born, and real estate runs in his blood. For more than a decade, Jason has carved out an impeccable reputation among Grand Strand and Myrtle Beach area real estate professionals. He instinctively understands the true value in making the correct decision in a real estate deal, and has been involved in all aspects of the business from straightforward homes sales to complex million dollar foreclosure proceedings. Jason will handle all aspects of distressed assets, short sales, and foreclosure properties for Beach Realty through his current company, Coastal REO Solutions.

Coastal REO Solutions specializes in Myrtle Beach short sales, bank owned homes, property preservation, and other distressed real estate. CRS is devoted to stabilizing the Myrtle Beach real estate market by offering property assessment, risk management services, receivership management, sales and marketing of short sale property and other real estate assets in any stage of foreclosure. They are the Grand Strand’s leading REO and Troubled Asset Real Estate Firm, and no matter what stage of foreclosure you find yourself in, they can assist you with the process.

Beach Realty agents are ‘native sons’ of the Grand Stand and Myrtle Beach region; their knowledge and understanding of its distinctive culture, economy and resources are unmatched. Working with Beach Realty, you get the reliability and dedication that comes from a team of seasoned professionals who are willing to go beyond the call of duty for you or your family. They specialize in maintaining one of the largest inventories of direct oceanfront and first row houses in the Garden City, Murrells Inlet and Surfside area of Myrtle Beach.

The addition of Distressed Asset & Short Sale Manager Jason Ellis means Beach Realty is poised to extend further into the Grand Strand real estate market in a manner that many other companies cannot equal. Beach Realty agents will be better equipped to help you sell a troubled property with Jason’s expert guidance, and of course they are already experts at finding you the perfect oceanfront home or vacation rental from which to enjoy the glorious summers and mild winters here on the Grand Strand.

On behalf of Coastal REO Solutions, we would like to welcome all the fine agents and staff from Beach Realty into our family and we look forward to Coastal REO Solutions becoming part of the Beach Realty family.

A recent list on CNN Money rank Myrtle Beach as 6th in the highest percentage of Foreclosure increase in the nation. As a resort destination the vast majority of these foreclosures are second homes. Many of the properties were purchased by speculators and “flippers” that found themselves without a seat when the music stopped. This has presented a great opportunity for the many buyers that were priced out of the real estate market during the boom of 2006 and 2007.

However, this trend could easily be stopped with a process called a “Short Sale”. A short sale in real estate occurs when the outstanding debt (mortgage) against a property is greater than what the property can be sold for. Short sales are a way for homeowners to avoid bankruptcy or foreclosure proceeding by convincing the bank to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. With a successful short sale you can avoid the public notification of a foreclosure and more importantly keep the foreclosure off of your credit report.

There is absolutely no reason to let your property go to foreclosure. At Coastal REO Solutions one of our asset managers will assist you through the Short Sale process. Through a short sale you still maintain some control and we can negotiate the deficiency (money still owed to Lender after the sale) down and even sometimes away. If you do nothing and let the lender foreclose on your property they will dictate how much money is owed.

Don’t forget to sign up for our monthly newsletter to stay informed and feel free to use our custom one-touch short sale and bank owned property search application. Timing has never been better to purchase property in Myrtle Beach.

If you are headed towards foreclosure please call or email us!! We can HELP! 843-839-8046 or info@coastalreosolutions.com.

Coastal REO Solutions specializes in short sales, bank owned homes, property preservation, and other aspects of distressed real estate, in Myrtle Beach, North Myrtle Beach, Surfside Beach, Garden City Beach, Murrells Inlet, Pawleys Island, Grande Dunes, Plantation Lakes, Plantation Point, The Dunes Club, North Beach Plantation, Legends Resort, Ocean Front Condos, The Grand Strand and many other areas along the Coastal Carolinas.

This beautiful well appointed community is one of the most dynamic master planned communities on the East Coast. Spanning 2200 acres from Intracoastal to Ocean along the Grand Strand of Myrtle Beach this stunning Mediterranean community has World Class amenities in place.

Fashioned after Addison Reserve in Boca Raton FL, Grande Dunes offers an unparalleled choice of single family homes, cottages, villas, and condominiums with Ocean, Intracoastal, Marina, and Golf Course views. The Real Estate activity from January 2009 through February 2010 is a testament to the value offered at Grande Dunes.

During the calendar year of 2009 there was over $50,000,000.00 (fifty million) in Real Estate sales at Grande Dunes. Many of these sales were Short Sales (see below for a description) or REO/Bank Owned Homes. Regardless of the homes status this is a large amount of volume considering the current state of the housing market. Year to date, January 28 2010, there have been 19 properties contracted or sold totaling $10,150,000.00 (ten million one hundred fifty thousand). Don’t miss out on this great buying opportunity.

A short sale in real estate occurs when the debt (mortgage) against a property is greater than what the property can be sold for. Short sales are a way for homeowners and or builders to avoid bankruptcy or foreclosure proceeding by convincing the bank to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. This situation is a great opportunity for Buyers. Many of the property sale prices at Grande Dunes are less than the replacement cost. Meaning you could not rebuild or duplicate the property you just bought for the same amount of money. There has never been a better time to become a home owner at Grande Dunes.

Short Sales may not be the most attractive thing for Sellers, however it is a way to salvage your credit, avoid or reduce the chance of a deficiency judgment, and/or avoid a costly foreclosure. If you are a Grande Dunes homeowner and need short sale help Contact Us now.

Coastal REO Solutions is a troubled asset liquidation company specializing in Short Sales, REO/Bank Owned Sales and Marketing, Property Preservation, Receivership Management, and other aspects of distressed Real Estate. Contact Us if you are a servicing manager, investor, hedge fund professional, lender, or asset manager so we can put our expertise to work for you.

If you are a Buyer or just thinking about purchasing please take advantage of our one touch proprietary search application. It’s free and you do not have to register to use this service.

Coastal REO Solutions 843-839-8046

I recently had a chance to sit down and discuss the current climate of Myrtle Beach real estate with one of the most successful and   knowledgeable foreclosed property specialists in South Carolina, Jason Ellis of Coastal Reo Solutions.

Q – Jason, what are you seeing in the Myrtle Beach home market right now?

A – We are experiencing a rise in foreclosure properties and short sales, and I expect that this trend might continue in the foreseeable future. We have seen great gains in the number of homes and condos that have been sold this summer, partly from the First Time Buyers Tax Credit and hopefully because the worst of the recession is behind us. But a great many of those sales have come from the value buyers are finding in short sale and foreclosed properties.

Q - Jason, what exactly is a Foreclosure?

A – This is the lawful course of action that a mortgage lender could employ to repossess your house. Once this happens, you must move out of your home, because possession and ownership reverts to the mortgage holder. If your property is “underwater”, which means its value is less than the total sum of money that you owe on your real estate loan; a deficiency judgment could be pursued by the lender against you as well.  Foreclosures and deficiency judgments could both severely impact your ability to qualify for credit for at least 7 years, and in some cases up to 10 years.

Q – What steps should I take if I am unable to make my mortgage payments?

1.  NEVER avoid your lender. The bank doesn’t want to take your property from you, believe it or not. They would much prefer to work out a solution to the problem at hand, rather than create a new more complex one for themselves.

2.  Document whatever fiscal adversities you face: the loss of a job, salary reduction, medical problems, natural disaster, death of cosigner, etc.

3.  Your lender can’t help you if they don’t know how to contact you! Call, visit, or write to your lender’s Loss Mitigation Department as quickly as possible to begin a loan workout.  Your lender will be more apt to work out a solution with you if they realize you are making an effort to correct the situation before it gets any further out of hand.

Q – What options are available to me avoid foreclosure?

A – I can think of a few that will help prevent a person from losing their home to foreclosure. Of course, every situation is different and that’s why I suggest getting to a professional agent as quickly as possible. They will know all the arrangements and options that are on the table, and they have a better chance of saving your home than you would on your own, in most cases.

Mortgage Modification – Under certain circumstances your lender can modify your present loan to make it more affordable and repackage any missed payments into the new loan. You might qualify for this option if you have recovered from your financial problems and can afford the new payment amount.

Special Forbearance – This is an arrangement that would be made with the lender to acquire a brief suspension of your mortgage payments. The missed payments, delinquency fees and accrued interest would then be added to the outstanding loan balance. The structure of the repayment plan would vary depending on the lender. One lender may add the back payments owed on to the principle amount of the loan.  A different lending company might lower the interest rate on the mortgage, or could even lower the monthly payments for a prearranged amount of time.

Pre-Foreclosure Sale or Short Sale - This option might permit you to sell your property for less money than is necessary to pay off the full balance of your mortgage loan. In a short sale, the mortgage lender or bank agrees to markdown the value of the loan balance because of a financial or economic hardship experienced by the borrower. The property owner sells the mortgaged property for less money than the outstanding balance of the mortgage and turns over the entire amount of the sale to the lender to satisfy their debt in full. Neither side can be said to be “doing the other a favor.” A short sale could simply be the most simple and economical solution to the problem.

Deed In Lieu Of Foreclosure – This option will allow you to willingly return the property to your lender without damaging your credit further. The “deed in lieu of foreclosure” offers numerous advantages to both the borrower and the lender. The chief advantage to the borrower is that it releases them instantly from the majority, or possibly all, of their personal debt connected to the defaulted loan. The borrower also avoids the public embarrassment of a foreclosure proceeding, and they could obtain more liberal workout terms than they might in formal foreclosure actions.

Q – Couldn’t I just file for Chapter 7 or Chapter 11 bankruptcy and keep my home?

A – Bankruptcy needs to be avoided at all costs.  It’s very important to stress that point to the people who find themselves in this unfortunate position. Bankruptcy is the most damaging thing a person can do to their credit. If this is your only option and you are consulting with a Bankruptcy Attorney, provide the attorney’s name and phone number to your bank.  This will at least get the bank, or collection agencies they have hired, to stop calling you directly.

Q – How could your company help a person or institution in the foreclosure process, and how can they reach you?

A – Coastal REO Solutions (CRS) is a firm devoted to stabilizing the Myrtle Beach real estate market by offering property assessment and risk management services of  property and other assets in any stage of foreclosure. We are the Grand Strand’s leading REO and Troubled Asset Real Estate Firm, so no matter what state of the foreclosure process you find yourself in, call Coastal REO Solutions and we will do our best to help you through this troubling time in your life. We can’t help you if we don’t know about your situation, and contacting us early in the proceeding is absolutely vital for a positive outcome. We accomplish this by utilizing our staff’s superior knowledge of market conditions and strategies. Our phone number is 843-839-8406 and our email address is Info@coastalREOsolutions.com.

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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A short sale has been considered a stopgap measure to prevent a surplus of foreclosures for an institution, but recent trends have shown that fewer and fewer short sales are actually being approved or completed, resulting in the continued climb in foreclose properties in the marketplace. Some buyers have become frustrated with the process and choose to pursue other options because short sale transactions have been delayed for many months. This has been attributed to the lack of standardized procedures within the mortgage industry to manage these arrangements. Each individual institution may have its own set of policies, which presents a difficult avenue for realtors and their clients to pursue. Many lenders simply do not have the requisite staffing, knowledge and systems in place to process short sales in a suitable time frame for a buyer to take advantage of the bargain. Another problem is lack of experience and education among real estate professionals in working with these new marketplace options.

Here at Coastal REO, we are ahead of the learning curve dealing with short sales and foreclosed properties and recently completed a million dollar deal on a property in Myrtle Beach, SC. You can be assured that working with our team can prevent the time loss and potential revenue loss that comes with attempting to complete these complex transactions with an inexperienced agent. Contact us today to see how we can move forward with your particular circumstance.