There are currently 534 Distressed Home Listings in the Myrtle Beach Area - Foreclosures, pre-foreclosures, Bank Owned (REO's), Short Sales, Auction and Court Sales. From a $18,900 mobile home on leased land to a $2,760,000 Mansion and everything in between, these Homes are, or will be priced to sell.
The Banks are not in the business of holding property. If the listings don't sell within a certain time frame, the prices keep getting lowered until they do. Another tactic the Banks are using lately is to price the property well under market and obtain multiple bids. It is not unusual to see several bids on a particular property within days, and sometimes even within hours.
Last week my Buyers lost a fabulous deal, because they couldn't pull the trigger fast enough: a 3 year old, 5BR/4BA gorgeous home, walking distance to the Beach, with pool and elevator sold for under $310K. The same home sold for close to $700K in 2005!!! The listing hit the market in the morning and it was sold by that evening to a cash buyer. Yup, it can go that fast; you snooze, you lose!
Some of the Banks are imposing a 5 day period of acquiring offers, without responding to any of them. The listing agent lets everyone know about this "waiting" period and the multiple bids, asking everyone to submit their best and highest offer. As an REO listing agent, I have seen offers all over the place on my own Bank Owned Properties - bids ranging from $250K to $420K on a $400K listing, for example).
Another unusual thing I am noticing in this very competitive market is a plethora of cash deals. Last month I closed on an oceanfront home for $850,000 CASH. Yup! The money is there. Many of today's Buyers are using cash to purchase these great deals.
Stay tuned for some examples of extraordinary Myrtle Beach Deals transacted within the past 30-45 days. Our market is red-hot. Are you losing out by waiting for the media to tell you that it's time to buy? Consider yourself apprised: our market has turned! You heard it here first!
Mirela Monte, Your Myrtle Beach Real Estate Connection REO's in Myrtle Beach
Go ahead: Just call me the Whistle Blower!
Cash is king in this market. I am seeing lender owned properties selling for less than list price if it is a cash transaction. It appears that your market is similar to mine in that buyers do have the cash and are spending it now to get terrific deals.
Mirela, you certainly have some great deals out there. Too bad I don't have any buyers to send you at the moment.
pffftt who doesn't have $850,000 laying around in cash? Must be awesome to have those kind of clients...great job!!
Mirela, we are buzzing around our office like little busy bees! Lots of multiple offers and many sales happening.............it is good!
Glad to hear your market has turned. Have been hearing this more and more, I think people are done waiting for the media to tell them it is ok to do something.
Hi Mirela! It is not just the banks, Smart sellers are pricing their homes "right" and they are getting multiple offers and selling quickly. Buyers know a good deal when they see it and are jumping.
Right you are Robert! Thank you for reminding us all of that!
Mirela nothing like water front homes good luck any listings you have in area, have a wonderful weekend
Hi Mirela,
Pricing along with presentation in our market is key. We've seen both multiple offers and immediate offers on various properties - things are shaking loose that's for sure.
And thank you again for the feature - That was a nice surprise!
Amber :)