SPRING IS THE PRIME SELLING SEASON IN MYRTLE BEACH. If you want to sell your home or condo, now is the time. But please be aware: the real estate market in Myrtle Beach has changed dramatically. Buyers are looking for bargains and ignoring everything else.

YOU WILL GET THE BEST POSSIBLE PRICE FOR YOUR HOME / CONDO IF YOU GIVE BUYERS WHAT THEY WANT… NOW.

Bargain Hunting: Buyers always want to get the most for their money. They always have. But now they are looking for real bargains. Why?

• Buyers are afraid that prices will go lower. They want a built-in price cushion from further market declines. Most analysts agree that prices will be lower a year from now.

• Buyers are picking only the best properties… price, location, condition. They have a lot of homes to choose from… some of them brand new builder closeouts.

• Buyers are few and far between. The lending freeze has shut out many would-be investors. Cash is king… with the exception of first-time homebuyers. But Myrtle Beach is primarily a vacation / second home market.

Bargain Pricing: Serious sellers need to stay ahead of the competition and give buyers the bargains they are looking for. Who’s your competition?

• Sellers are competing with banks and builders in today’s market place. Banks are trying to unload their foreclosures and builders are trying to unload their spec properties. And that’s where buyers are looking for bargains… and finding them.

• Time works against sellers in a declining market… prices will be lower a year from now. The quicker you sell; the better price you will get. An offer that may seem low to you today, will look great a year from now.

• Banks and builders are serious sellers; they understand this market dynamic. That’s why they are bargain pricing.

Bargain Selling: In a declining market, properties priced at or above the market are priced to sit… not sell. Why? Because the market keeps moving lower… away from the seller. Most properties on the market today are overpriced… they just sit there with little or no activity. That’s bad news for the sellers because time is their enemy.

Pricing to sell requires both fact and forecast. You need to know where prices are now, and predict where they are going.

• Research your neighborhood; find the lowest priced listings for comparable property. Watch out for unsold builder spec properties that may be off the books. The lowest priced properties in your neighborhood are your competition… generally, short sales and foreclosures.

• Determine market direction. Don’t expect the market to recover in the next year or two. Owners are becoming stressed out by the current economic chaos. We are seeing a constant stream of short sales come on the market… and most of these eventually become foreclosures. Government programs don’t help owners of vacation / second home properties. So the market trend is down for the foreseeable future.

• Price ahead of the market. If short sales, foreclosures, and builder close-outs are driving the market, then use your pricing power to attract attention, beat the competition, and get your property sold as quickly as possible.

THE QUICKER YOU SELL… THE BETTER PRICE YOU WILL GET.

CONTACT ME TODAY… I’ll show you how to use your pricing power to get your property sold at the best possible price.

Here’s a summary of my recent blogs on buying REO bank foreclosures. There are some great buys out there for those who are willing to put a little time and effort into finding the right deal. And I’ll guide you every step of the way.

Remember, when you’re successful, I’m successful.

Link to “How to Buy an REO Bank Foreclosure at a Great Price”
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2009 is the year to buy property in Myrtle beach. Don’t miss out on this great buying opportunity. CALL ME today, toll-free, at 1-888-494-8654, or CONTACT ME through my website. I’ll help you find what you’re looking for and negotiate a great price.

Buyers of REO bank foreclosures must be Qualified, Prepared, Knowledgeable and Patient.

• Qualified: Your financing is lined up; you know your price range and can access your funds quickly.
• Prepared: You know what kind of property you are looking for; you’ve narrowed your search to two or three neighborhoods and understand the differences within each neighborhood.
• Knowledgeable: You will know a great deal when you see it because you’ve researched the history of actual selling prices and are following new listings and price changes daily.

Now you need PATIENCE. My buyer [see part one] followed the market for over a year before he found what he was looking for. And when he did, he bought it in less than 10 hours.

My buyer was looking for a single family home as a rental property investment. And he was watching the REO bank foreclosures in his neighborhoods and waiting for a bank to make a dramatic price cut – below current market price – that would give him a positive cash flow and instant equity.

Why would a bank sell its property below current market price? Because they want to unload the property… just get rid of it.

With all the foreclosures on their books these days, banks want to sell them as quickly as possible. Typically, a bank will test the market just like any other seller by competitively pricing their property at, or slightly below, current market price. But if they can’t get the price they’re looking for in 30-60 days, they are often willing to make dramatic price cuts to get it off their books.

The Loss Mitigation Departments of banks are regional and are dealing with thousands of foreclosures… they’re swamped. They are trying to reduce their bank’s losses as much as possible, but they are also under pressure to clean up their books. In the end, it just gets down to deadlines and numbers for them.

In my buyer’s case: the bank had actually rejected a higher offer by another buyer before they decided to make their big price cut. There really is no way to know what banks are thinking… you just have to watch and wait patiently for the deal you are looking for.

If you have what it takes to buy an REO bank foreclosure, i.e. you are Qualified, Prepared, Knowledgeable, and Patient, then CALL ME (1-888-494-8654) – I’ll help you find what you are looking for at a great price.

The deals are out there; don’t miss out on this great buying opportunity.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

Buyers of REO bank foreclosures must be Qualified, Prepared, Knowledgeable and Patient. If you have lined up your financing (Qualified) and narrowed your search to two or three neighborhoods (Prepared), the next step is to do your homework (Knowledgeable) so that you will know a great deal when you see it. [This is the third of a four part series.]

My buyer [see part one] could make a quick decision on his great deal because he knew the neighborhood, he knew the market, and he knew what it would cost to rehab the property. He had done his research well in advance… and knew a great deal when he saw it.

• KNOW THE NEIGHBORHOOD – You’ve narrowed your search to a particular neighborhood, but now you have to dig deeper. Determine which properties in the neighborhood interest you.

Answer these questions: What distinguishes one home or condo from another? Which locations are most desirable? How much are the taxes and association fees? What can you expect for net rental income? Which properties will have the highest resale value?

Tip: Compare property sizes and prices with net rental incomes. In general, you will find that smaller properties will work out better.

• KNOW THE MARKET – You know what you are looking for; now research the sales price history on these properties. At this point, you will need help.

That’s where I come in. Access to most of the pricing information you need is through a paid MLS service that is restricted to Realtors. I have research capabilities at my fingertips that are not available to you. And I can set you up to receive email alerts of price changes and new listings that fit your search criteria.

Tip: On REO bank foreclosures, you’re looking for the bank to make a major price cut. And when it comes, you’ll know about it.

• KNOW REHAB COSTS – Banks sell their properties “as is”… which means they won’t fix anything that’s wrong with the property.

If you are looking for a single-family home, a professional home inspection is a must. You need to know if you are getting into any serious problems. Your offer can be made contingent on your approval of the home inspection. Then you need to know what it will cost to make the property “rental ready?”

Condos are a little easier in that, ordinarily, you are only responsible for the interior of the unit… you depend on the property association for exterior maintenance and upkeep. Paint, carpeting and furnishings are typical condo rehab expenses.

Tip: You need to know, in advance, the typical costs of rehab. This is where experience comes in… I have a list of typical rehab costs you might run into.

You can see why buying an REO bank foreclosure is not for everyone? Your finances need to be in order; you need to know what you are looking for; and you need to do some in-depth research so that you will know a great deal when you see it.

If you are still with me and you’re thinking: “I can do that!” CALL ME (1-888-494-8654) – I can help you with the research and set up email alerts for you. I also have several home inspectors that I trust… and people who can do the needed rehab at reasonable prices.

In my next post, I’ll explain why you need Patience to buy an REO bank foreclosure.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

When word gets out about some of the great foreclosure deals buyers are finding in Myrtle Beach, folks think - “How can I get in on one of them?”

Here’s what it takes to buy an REO bank foreclosure. You must be Qualified, Prepared, Knowledgeable and Patient. If a buyer is Qualified, the next step is Preparation. [This is the second of a four part series.]

Buyers must be Prepared – Ask yourself these three simple questions.

• WHY do I want to buy property in Myrtle Beach? There are only three reasons to buy real estate: Personal Use – “I love it! Have to have it!”… Investment Income – “I want a positive cash flow.”… and Investment Appreciation – “I want long term capital gains.”

Some buyers want it all – they’re convinced it’s out there, spin their wheels, and end up frustrated… with nothing. Decide on your primary reason for buying – a family vacation home at the beach, an investment property that will pay for itself, or an investment property with future retirement in mind?

• WHAT kind of Myrtle Beach property am I looking for? In Myrtle Beach, there are essentially two types of property: single family homes and condos… and these come in all sizes, styles and price ranges.

Decide on your type (home or condo), then add your lifestyle (beach, golf, or residential), then narrow the field further by determining your price range. Add $25,000 to the maximum price you can pay. You don’t want to miss out on property that you might be able to negotiate down into your price range.

• WHERE in Myrtle Beach do I want to focus my attention? Location, location, location. The Grand Strand is 60 miles long and is easily accessible from locations 10-15 miles inland… and everyone has definite preferences.

Once you’ve narrowed down the basics – North Strand, Central Strand, South Strand or Inland – then it’s time to begin to focus your attention on specific developments / subdivisions that fit your criteria. And this requires first-hand familiarity with the various neighborhoods in Myrtle Beach.

Are you beginning to see why buying an REO bank foreclosure is not for everyone? If you are qualified, then you need to be prepared. That requires some work, but I can help you. The easiest way is to work through the why and what questions yourself and then CALL ME (1-888-494-8654) – I can help you with the where question.

After we’ve talked it through, I’ll recommend that we do a scouting tour of possible neighborhoods as soon as possible. The goal would be to focus attention on 2-3 neighborhoods until you find a great REO bank foreclosure deal.

In my next post, I’ll explain how to become Knowledgeable – so you’ll know a great deal when you see it.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

These days we’re seeing a lot more REO bank foreclosures for sale in Myrtle Beach. Buyers are finding some great deals. Recently, one of my clients bought just what he was looking for – in great condition, at an amazing price. But his experience reminded me again that buying an REO bank foreclosure is not for everyone.

Here’s what it takes to buy an REO bank foreclosure. You must be Qualified, Prepared, Knowledgeable and Patient. [This is the first of a four part series.]

Buyers must be QUALIFIED – Here are three simple questions to ask yourself.

• Can I afford to buy property in Myrtle Beach? Banks require that you supply a “pre-approval” or “proof of funds” letter with your offer. Line up your finances first – even before you begin to look. Everyone’s finances took a hit in 2008. If you still have great credit or cash available, you’re able to buy.

• Is this the time to buy property in Myrtle Beach? I think folks will look back at 2009 and say, “I wish I had bought property then – when prices were low, interest rates were low, and there was a lot of property to choose from.” Do you agree? If you do, you’re ready to buy.

OK – you’ve lined up your finances and you believe 2009 is a great year to buy property in Myrtle Beach. Now it’s crunch time.

• Can I make a quick decision to buy a specific property in Myrtle Beach? Great deals don’t last long and local investors have a real advantage.

On the deal I mentioned above – we found the property at 7:00 am… did a walk-through at 9:00 am… priced out the costs of making the property “rental ready” by 12:00 noon… wrote up an offer with proof of funds by 2:00 pm… and received an accepted offer back from the bank by 4:30 pm. The entire process took less than 10 hours.

Someone else’s buyer made an offer at 9:00 am the following morning… but it was too late. We already had an accepted offer.

So what do you think… are you QUALIFIED to buy an REO bank foreclosure? If so, that’s the first step. Now you need to think about preparation, knowledge and patience. In my next posting, I’ll explain what it takes to be PREPARED.

Can’t wait to find out more? Call me at 1-888-494-8654. I’d be happy to talk you through the process… and help you find a great deal.