More than ever before people are Jumping Up and Down Wanting to Buy a Foreclosure Property. And they Should! There are some Really Great Deals if your looking for a Foreclosure Property here in Myrtle Beach, South Carolina and the surrounding areas of Myrtle Beach. Many people associate Foreclosure happening to Lower Income homes but thats not the case anymore. Todays World of Foreclosure is happening in all Income Brackets, from $20,000 Homes to $Million Dollar Homes. Foreclosure Properties come in All Shapes, Sizes, Styles, Age and Price

    Some of the Best Deals are the houses that need Cosmetic Work. Or maybe the Kitchen has been Stripped, the Light Fixtures are missing or the house just hasn't been taken care of. 

Can you can see past What Is and Imagine What Could Be? If your answer is Yes, then I Know I Can find you a great deal on the price of a home here in Myrtle Beach. The best thing is it might just be in that community you always loved but never imagined being yourself being able to afford.

Whats Up With The Price? I have had the fabulous opportunity of working with the Banks as a Listing Agent. And I Can Tell You there are Many Things that are Considered when Pricing a Foreclosure Property.

As a Listing Agent I contribute to the Process of the Pricing just as I would for any other client. Once the Investors (that bought and actually own the Property) and have the information they need to the make the Final Price Decission. As the Listing Agent I do what is called a BPO, Broker Price Opinion, they are a little different then a CMA, Comparative Market Analaysis but the same concept is used. Using comps or comparables of other homes that have Sold in the last, 1-3 months when possible, that compare to the property you are going to list. Doing the same with Active Listings, Pending Sale Listings and even Expired Listings.

Compensating for the differences, Square Footage, Number of Rooms, Age, Condition and Location. There is at least one other BPO Outsourced for the same property. Properties are also valued by a Certified Professional Appraiser.

Price is determined by the Banks gathering all of this information together. The savings to you comes from the Assets being priced to sell Quick 30-90 days.

The Banks are very much aware of the value of their assets and they have no plans to just give them away.

Making a "Low Ball Offer" simply because its a Foreclosure is a BAD STRATEGY no matter if its your Idea or Your Agents Idea, and Could Cost You the Deal. When you are going to Submit a Offer on a Foreclosure Property do your Homework. Check the Comps or have your Agent Check the Comps. Never Assume because it Says "Foreclosure" that the Banks are Desperate or Willing to Just Give a Property Away.

Foreclosures are Good Deals and Should Not be confused with Steals! 

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If you are interested in Buying a Foreclosure Property in the Myrtle Beach, South Carolina area, the first thing you need to do is find a Good Realtor that Specializes in Listing and Selling Foreclosures.  

If Your Reading This Then You Have Found Me...Now All You Have to Do Is Call or Email Me and we can get to work finding and negotiating you a Great Foreclsoure Deal !

Daily Real Estate News  |  April 1, 2009  |   Share

Tread Carefully When Making a Low-Ball Offer
These days, it’s easier to make a low-ball offer than it used to be, but still it’s important to be smart. Here are some things that a real estate practitioner and would-be buyer should consider when contemplating such an offer:

● Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
● Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
● Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market? Is the buyer in a hurry?

If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.

Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)