Myrtle Beach ForeclosuresMay 5, 2016 |
Finding your dream home at a bargain almost seems to be too good to be true. But it’s not! In fact, many people tend to look at foreclosures that way. Making sure that you are fully educated in foreclosures, from bank-owned to short sales is exactly why SC Beach Real Estate is here for you. We are the “Go-To” professionals to help assist you in finding your ideal estate. So let’s start off with a few terms that may arise when dealing with Myrtle Beach foreclosures:
What are Myrtle Beach Foreclosures?
Many times, new, and even experienced, homeowners get in way over their heads when buying a new home. If they have taken out a loan from the bank, and fall behind on their payments, then their new home is turned over to the bank for ownership. In short, a foreclosure is a forced sale of real estate to repay debt. Foreclosures occur when owners default on their loan payments. This could happen due to many different reasons like death, divorce, illness, or loss of employment, just to name a few.
What is Bank-owned?
This refers to homes that have been recovered by a foreclosure and didn’t sell to another party at the foreclosure auction. Bank-owned property is commonly referred to as REO (Real Estate Owned).
What is a REO?
REO stands for Real Estate Owned, which is when property is obtained by the lender through foreclosure and is then held in inventory. Just like bank-owned, REO is a property that goes back to the mortgage company after an ineffective auction takes place.
What is a short sale?
This can be an alternative to filing bankruptcy or foreclosure. In a short sale, the lender is accepting less than the total amount that is actually due. As an end result of this arrangement, the lender normally agrees to just forgive the remainder of the loan which allows the seller to avoid foreclosure, the buyer to get a discount on the property and the lender steers clear of the burden of unloading the property.
These are just a few broad terms to become familiar with if you are looking into buying property that has been, or is about to be, foreclosed on. Knowing all of the ins and outs of Myrtle Beach foreclosures can be incredibly difficult and often overwhelming which is why here at SC Beach Real Estate, we have all the educational information and knowledge to best aid you with this decision.
What Information Is On Our Foreclosure List?
- Area of Interest
- In-depth Details on the Foreclosure Property
- Multiple Property Photographs (if available)
- Visual Tours (if available)
- Real Estate Agent Information
- And Much More!
To find the best priced foreclosures on the market contact us today!