Myrtle Beach Real Estate

Most people talk about how slow the market is and buyers looking at foreclosures seem to be skeptical when their offer gets out bidded. Its no secrete there is a lot of Real Estate for sale in Myrtle Beach.

The problem isn’t the amount of inventory it is the price of about 75% of it. If you bought an ocean front condo in 2005 chances are you could be 50 to 75% upside down. Which if you are not able to short sale, you probably can’t afford to sell.

But the foreclosures the banks are putting on the market are being priced low. This way the banks are not keeping a lot of inventory on the market. Many banks are pricing properties to create a buyer frenzy and sell within 30 to 60 days.

Many banks are also offering financing incentives and Fannie Mae offers Home Path approved properties that make it difficult to find financing terms as good conventionally.

The majority of foreclosures are being sold within a few thousand dollars of asking price. Most of them are multiple offer situations and the banks are doing a “highest and best” strategy, where all initial offers get an opportunity to put in there best offer. This is the buyers last chance to make a final and best offer.

We are seeing foreclosures often times being sold in just a few days from being listed on the market.