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.

On May 2, 2011 Chief Justice Jean H. Toal, so ordered a stay on Mortgage Foreclosures as they apply to a homeowners PRIMARY RESIDENCE.  This order is the result of what many of us are already well too aware of, NO COMMUNICATION with the Lender.

Many times the different departments within the Lending institutions are unaware that a foreclosure proceeding and a form of Loss Mitigation are going on at the same time.  I can’t tell you how many times I have had a Short Sale Approved and the Borrower/Mortgagor is served with “Lis Pendens” paperwork in reference to a Foreclosure proceeding.  Lenders could save countless dollars if they could communicate with themselves.

What does this “Order” mean and how does it apply to your situation?

1.This “Order” only applies to a Mortgagor’s Primary Residence*
2.A Foreclosure Intervention Plan must be offered to the Mortgagor
3.Any pending Foreclosures are “stayed” (put on hold NOT dismissed) until the Foreclosure Intervention Plans have been exhausted or offer is declined by Mortgagor
4.All parties must act in good faith to reach an agreement, if not Court can take any action it deems appropriate including assessing attorney fees against the culpable party.
5.If a plan is agreed to it must be in writing and served on all parties.   If Borrower complies with agreement, foreclosure must be dismissed within 90 days.  If Borrower breaches the agreement, Bank’s attorney files a Notice of Breach and foreclosure continues.

If there is a Pending Foreclosure on your home the Lenders/Bank’s attorney MUST certify the following has occurred in order to proceed with the Foreclosure.

A)All Borrowers are served with notice of right to a Foreclosure Intervention;
B)Bank has received all documents necessary to evaluate the Foreclosure Intervention
C)Borrower has had a “full and fair opportunity” to submit info to Bank
D)If denied, Bank has to notify Borrower and give Borrower 30 days to respond to denial
E)If Borrower fails or refuses to cooperate within 30 days of notice, Bank can proceed to foreclose

Actions filed after 5/9/11:  Bank’s attorney must file with Summons & Complaint a notice of right to a Foreclosure Intervention.  Before a hearing can be set Bank’s attorney must certify items A-E above.  All information has to go through the Bank’s attorney.

As this “certification” process will prove to be very difficult this “Order” is very likely to cause a log jam of Foreclosures.  This log jam will force Lenders/Banks to be more accepting of other forms loss mitigation such as Short Sales, Note Modifications, Deed in Lieu, and loan modifications.  Since you will still have to have the income to qualify for Loan Mod’s and Note Modifications a Short Sale is typically going to be the better option.  The Short Sale process is the best way to prevent further damage to your credit rating, thus assuring a shorter time frame to repair any damage that has occurred.

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.

Washington Post Article

Charlotte Observer Article

Complete Administrative Order

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.

LandVest USA is a real estate investment and commercial real estate development company that is part of the Jamon Organization. The Jamon Organization has spent the majority of the last 3 decades using its experience to find prime locations to place freestanding Triple Net lease properties and Net Leasing multi-tenant developments.

Landvest USA develops and invests in “build-to-suit” Triple Net  properties for leaseback to such well known retail chains as Family Dollar, Dollar General, Value City Furniture, Walgreen’s, CVS, Rite-Aid, Best Buy, Auto Zone, Advance Auto and other national and regional net lease tenants.

A Triple Net Lease (Net-Net-Net or NNN) is a lease contract on a commercial property where the tenant pays all real estate taxes, building insurance, and maintenance (the three ‘Nets’) on the property. The tenant is also required to pay any normal fees that are expected under the agreement (rent, premises utilities, etc.).

Landvest is currently  developing three build-to-suit Triple Net Lease properties for the Family Dollar chain. They are located in Kane, Biglerville, and Liverpool Pennsylvania.  All three of the Triple Net Family Dollar stores are being offered for sale at an 8.25% CAP rate.  With the uncertainty in the stock market. CD’s, bonds and T-bills paying so little ROI,  these corporate-guaranteed Triple Net leases are a great safe harbor for your investment money.

Landvest has committed to nine build-to-suit locations for Family Dollar in 2012, so they have plenty of opportunity for you to grow your current holdings, or start a new business in the thriving neighborhood discount retailer market. You can go to the Family Dollar website to learn more about what they sell, and we have a little excerpt from it below.

From the Family Dollar website:

“In 1958, a 21-year-old entrepreneur with an interest in merchandising became intrigued with the idea of operating a low-overhead, self-service retail store. Leon Levine believed he could offer his customers a variety of high-quality, good value merchandise for under $2. Because he had grown up in his family’s retail store, he understood value, quality and customer satisfaction.

In November 1959, Leon Levine opened the first Family Dollar store in Charlotte, North Carolina, and was on his way to becoming a retailing legend. Right from the start, he had a well-developed philosophy of what Family Dollar would be and how it would operate, a philosophy from which he and his management team have never strayed. The concept is a simple one, “the customers are the boss, and you need to keep them happy.”

He created a general floor plan that he used in each of his stores that allowed customers to easily shop for their favorite products in any Family Dollar store. With the stores uniformly laid out and stocked, store managers were able to focus on providing good customer service. This concept for a self-serve, cash-and-carry neighborhood discount store in low to middle income neighborhoods proved so successful that today Family Dollar is a chain with over 6,800 stores from Maine to Arizona.”

Landvest USA has been in the retail Triple Net leasing for many decades, and they realize the neighborhood-shopping trend is where the future of retail development is headed. These three Family Dollar locations in Pennsylvania can become an important part of any investment portfolio.

Buyer Broker participation is protected and encouraged.  There is more information located on www.loopnet.com. Please see property ID#’s 17432824, 17433510, and 17433520.

To learn more about this great opportunity to own one or all of these Triple Net Lease Family Dollar locations in Pennsylvania, you can contact Jason T. Ellis of Coastal Solutions for a marketing package.

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

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.