Myrtle Beach Real Estate by Mirela

Will The Bank Accept Your Lousy Offer?

Myrtle Beach Bank Owned Homes

Will the bank accept your lousy offer?  Let’s re-iterate the facts:

 

1.     This is a Buyers’ Market.

2.     There are plenty of Distressed Properties to choose from.

3.     A qualified Buyer (one who is buying in cash OR is pre-approved for a loan) is worth his weight in gold, or brick, sort of speak…  You know what I mean...

4.     Banks are not in the business of owning homes.

5.     The longer a vacant home stays on the market, the more it deteriorates.

6.     Banks are not in the business of owning homes.  Hey, wait a minute, I’ve said that already!  Never mind, it’s worth repeating the point; it's an important one!

You can get a great deal on a Myrtle Beach Foreclosure

I’ve encountered some timid Buyers who are reluctant to make substantially lower offers.  I urge them to go ahead and insult the Bank anyway.  If they don’t get their price, they can always come back and offer more, or make another offer on a different bank owned home.  As long as you don’t get emotionally invested, you’ll eventually be able to garner yourself a great deal. 

 

In order to make my point and offer some concrete evidence, I am submitting this list of Myrtle Beach Bank owned Homes.  The pricing activity is listed in chronological order for each one of these Foreclosures.  Some have had contracts on them which never came to fruition and back on the market they went.  All of these listings are still available and all of them are bank owned properties in the Myrtle Beach area. 

 

Take the first property for example.  As a fresh Waterway Foreclosure, it was initially offered for sale in May ’08 for $1,390,000.  A year and a half and three price reductions later, it got dropped down to $795,000 (a 43% price decrease).  It will probably sell for around the same price as another Waterway Foreclosure located right down the street, which closed recently in the $600K range.

 

After studying these, you too will be convinced that your lousy offer on a Bank owned property might actually get you the home of your dreams for pennies on the dollar.  At least in Myrtle Beach it will!

 

Hotsheet Date

Entry Type

Price

Comment

MLS# 807701 - 125 AVENUE OF THE PALMS

5/6/2008 11:42

Price Change

$1,390,000

 

 

7/16/2008 12:47

Price Change

$1,250,000

 

 

2/23/2009 10:42

Price Change

$995,000

 

 

10/9/2009 12:54

Price Change

$795,000

 

 

 

MLS# 823031 - 7530 Maple Swamp Rd

9/24/2008 11:25

New Listing

$119,900

NEW LISTING

12/3/2008 9:11

Price Change

$112,900

 

1/8/2009 15:33

Price Change

$99,900

 

3/6/2009 7:43

Price Change

$89,000

 

3/13/2009 10:19

Price Change

$89,900

 

4/28/2009 12:41

Price Change

$84,900

 

6/29/2009 16:36

Price Change

$79,900

 

8/5/2009 14:14

Price Change

$34,900

 

8/7/2009 15:47

Price Change

$74,900

This is a correction.

9/22/2009 11:37

Price Change

$65,900

 

 

MLS# 903997 - 23 Windy Ln

2/20/2009 7:48

New Listing

$607,900

NEW LISTING

 

3/13/2009 7:48

Price Change

$595,900

 

 

4/3/2009 9:15

Price Change

$580,900

 

 

4/27/2009 7:23

Price Change

$566,900

 

 

5/18/2009 7:28

Price Change

$522,900

 

 

6/24/2009 7:24

Price Change

$506,900

 

 

7/15/2009 9:17

Price Change

$427,900

 

 

8/6/2009 7:28

Price Change

$406,900

 

 

8/10/2009 13:44

Misc. Change

$406,900

 

 

10/2/2009 11:54

Price Change

$380,900

 

 

10/2/2009 11:54

Misc. Change

$380,900

 

 

10/23/2009 7:20

Price Change

$355,900

 

 

 

MLS# 910198 - 8409 Ole Moore DR

5/18/2009 11:49

New Listing

$69,000

NEW LISTING

 

5/21/2009 14:01

Price Change

$66,900

 

 

6/4/2009 10:08

Price Change

$63,900

 

 

6/18/2009 9:59

Price Change

$59,900

 

 

7/2/2009 9:13

Price Change

$56,900

 

 

7/16/2009 15:30

Price Change

$54,900

 

 

7/30/2009 10:38

Price Change

$51,900

 

 

8/13/2009 10:57

Price Change

$49,900

 

 

8/27/2009 13:36

Price Change

$46,900

 

 

9/9/2009 14:42

Price Change

$39,000

 

 

10/7/2009 13:08

Price Change

$29,900

 

 

10/22/2009 12:09

Price Change

$26,900

 

 

 

MLS# 910942 - 6001 S Kings Hwy

5/28/2009 15:43

New Listing

$244,900

NEW LISTING

 

6/23/2009 9:35

Price Change

$229,900

 

 

7/23/2009 14:21

Price Change

$214,900

 

 

8/18/2009 20:56

Price Change

$199,900

 

 

9/16/2009 10:29

Price Change

$182,900

 

 

10/13/2009 11:51

Price Change

$174,900

 

 

 

MLS# 911984 - 3266 Sleepy Hollow

6/15/2009 10:38

New Listing

$90,000

NEW LISTING

 

7/17/2009 14:53

Price Change

$59,900

 

 

8/17/2009 0:07

Status to Expired

$59,900

Auto Expired By Nightly Processing

 

8/18/2009 14:01

Price Change

$49,900

 

 

8/18/2009 14:09

Status to Active

$49,900

 

 

10/2/2009 16:41

Price Change

$39,900

 

 

 

MLS# 910635 - 6 Smith Blvd

5/22/2009 18:16

New Listing

$167,900

NEW LISTING

 

6/3/2009 11:01

Price Change

$149,900

 

 

6/29/2009 20:32

Price Change

$129,900

 

 

7/24/2009 12:58

Status to Under Contract

$129,900

 

 

7/31/2009 13:22

Status to Active

$129,900

 

 

8/5/2009 9:50

Price Change

$122,900

 

 

8/14/2009 8:42

Misc. Change

$122,900

 

 

10/22/2009 7:28

Price Change

$114,900

 

 

10/22/2009 7:28

Misc. Change

$114,900

 

 

 

MLS# 912323 - 55 PINEBURY DRIVE

6/18/2009 13:51

New Listing

$564,900

NEW LISTING

 

10/20/2009 13:46

Price Change

$349,900

 

 

 

MLS# 912562 - 250 Old Wilson Road

6/22/2009 19:54

New Listing

$150,000

NEW LISTING

 

6/23/2009 7:32

Price Change

$99,000

 

 

6/23/2009 11:29

Price Change

$109,900

$109,900 Modular Home has a possible second lot that goes with it.

 

8/31/2009 11:04

Price Change

$94,900

 

 

10/8/2009 14:53

Price Change

$92,000

 

 

 

MLS# 910942 - 6001 S Kings Hwy

5/28/2009 15:43

New Listing

$244,900

NEW LISTING

 

6/23/2009 9:35

Price Change

$229,900

 

 

7/23/2009 14:21

Price Change

$214,900

 

 

8/18/2009 20:56

Price Change

$199,900

 

 

9/16/2009 10:29

Price Change

$182,900

 

 

10/13/2009 11:51

Price Change

$174,900

 

 


Mirela Monte, Your Myrtle Beach Bank Owned Homes Connection             Myrtle Beach REO’s To Go!

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Comment balloon 18 commentsMirela Monte • October 26 2009 09:24PM

Comments

I do believe I've made my point.  The counsel rests now.

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

When was the last time you studied the pricing history of your market's REO's?

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

You did make a point.  But, the problem lies in which bank owns the home...sometimes they come back with a higher counter than the list price.  It has happened a couple of times in our market. 

Posted by Don Sabinske, Sabinske & Associates Inc. (Don Sabinske, Sabinske & Associates Inc.) almost 11 years ago

Don:  Go back and revisit the same home, with the same bank and the same offer!  I've done it and got the property for my Buyers.

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

You know what they say in this short sale/reo market:

...Different day, different loss mitigation specialist...

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Hi Mirela... You make a compelling case... now if you could only get the banks to see it from your perspective!  I continually see banks turn down GREAT offers only to accept tens of thousands of dollars less just a few weeks or months later.

Posted by Steve Shatsky almost 11 years ago

Steve:  I agree 100%.  That's why I advise clients to revisit the same home with the same offer.  Case in point: on one of my own listings I've garnered several offers between $400 to $429K.  The Bank rejected ALL of them, only to accept $330K a few weeks later, after they wrote down the loan.  Go figure!

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Very sound advice M&M !

If your ducks are in a row, submit the offer !

Cheers :o)

Posted by Sheldon Neal, That British Agent Bergen County NJ (Bergen County, NJ - RE/MAX Real Estate Limited) almost 11 years ago

I am in favor of insulting banks (with offers) as often as possible.

 

After, their policies are pretty insulting to begin with.  Insulting to the American citizen I mean.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 11 years ago

You make a good case.  It can't hurt to submit an offer.

Posted by Theodora Wu (TJ Investments) almost 11 years ago

Don't worry about hurting their feelings.  Their feelings cannot be hurt. They have none.

 

Don't worry,  They won't take it personally.  They take everything im-personally already.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 11 years ago

Hi Mirela,

You make a good point. Get your buyer in make an offer and like you said revisit the home later..it could be a golden opportunity!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) almost 11 years ago

Mirela-You make an excellent point, great post as always.

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) almost 11 years ago

I see some serious price reductions. Some banks get some don't. They need to be on board just like us realtors are.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) almost 11 years ago

Robert:  ...And these are still available.  I will write a post soon about the ones that actually sold, so you can see the patterns there.

Joseph:  Thank you very much!  I sincerely appreciate your kind words!

Dorie:  Yes, it's that easy!  Thank you for the lovely compliment!

Jim:  In dealing with loss mitigation on the short sale end of things, it helps my clients a lot when I can actually paint the correct picture and make it personal when dealing with the banks.  It's not easy, but I am really good at it and garner the approval every time.  I actually had one of my clients call and ask me: "what did you do to that lady; she was a changed woman; she was so nice for the first time."  "That woman" was in loss mitigation.  My client had been battling her for several months to get a short sale approved.  I came in and got the job done in a couple of weeks.   I did it by painting the right picture with my words and emotions, the picture of a family in distress full of angst and sadness because of their financial troubles.  I wasn't going to take no for an answer.  This entire family depended on my ability to convey a message to the bank, to illustrate the human aspect of this loss and get the short sale approved.  We are closing in less than two weeks.  

I much prefer selling over dealing with these short sales.  They are emotionally draining for me and I can only do so many per month, so I am careful on who I take on as a client.  I turned down a client who had 12 units to sell.  In order for me to run with all that work, I have to be emotionally vested; I have to feel that empathy and that urge to help.  If I don't connect with a lead, I will not take the short sale listing.

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Theodora:  (I love that name; it's a BIG name!) I'm glad you agree!

 

Jim:  I really like that:


I am in favor of insulting banks (with offers) as often as possible.

 

After all, their policies are pretty insulting to begin with.  Insulting to the American citizen I mean.

 

Sheldon:  Thank you!  It doesn't take me but a few minutes to get my ducks in a row.  I know my numbers.  I know where the property needs to be in order to make a good buy.  I can type up a contract and have it e-mailed to my clients for execution within less than 15 minutes, and that's with ALL addenda in place and all clauses to protect them.

In dealing with the bank, on the Seller end, I know where we need to be also.  In dealing with the bank's special assets dept. I can do the most good when I have a good relationship with the department head.  I can usually make them more money when they take my advice.  Luckily I have a good situation there also.  As I'm writing this, I'm realizing just why I work 80 hours a week!

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Wow - point has been made - lots of drama there.

As a listing agent, I get lots of leads that filter down to 5 Buyer Agents.  The only ones I run myself are my investors and if they want me to show them listings besided the ones I control I start by looking at DOM and provide very similiar reports...interesting way to present it here though...I like it.

John

Posted by John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate (Mason Real Estate) almost 11 years ago

Great advice -- Now if the Buyers will just listen... I talk to the banks all the time and they WANT  offers... Any offer they don't care... the statement of BANKS ARENT IN THE BUSINESS OF OWNING HOMES is essential... Thanks for sharing!! JE

Posted by Jason Ellis (Coastal REO Solutions - Myrtle Beach Short Sales & REO's) almost 11 years ago

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