Coastal REO Solutions is committed to bringing strategic counsel, creative solutions and timely, responsible services to our clients. Through accountability and strong relationships our mission is to return economic stability to our coastal Real Estate market.
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.
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[...]Turning Myrtle Beach Foreclosures into a Myrtle Beach Short Sale | Coastal REO Solutions: REO Asset Management Service[...]…
[...] 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. [...]