Tag Archives: Murrells Inlet Realtor

Tips In Real Estate – Short Sales Explained

Real Estate Tips

Real Estate Tips

One thing that buyers may come across in their search for a new home is the short sale. A short sale is a situation where the previous mortgage home owners have been foreclosed on and now the financial lender is looking to cut their losses and sell the home quickly and usually for less than it is worth. Basically you are trying to turn a bad situation into something that all sides can be happy with.

Arranging a short sale can be complex thing usually involving a lot of negotiation with the lender. You will be working with a certain department of the bank that’s sole purpose is to deal with loans that have gone into default. In a short sale you will have to convince the bank that there is not enough equity in the property for the current owners to get out of their debt and that their best course of action is to sell the home and cut their losses.

The bank has already taken their chance and lost out of not only the interest that they would be collecting but the property now becomes a drain on them costing them money every day that they possess the property. This is where the smart investor comes in and offers to take the property off their hands so that they can get on with business. In this kind of investment more than any other in real estate, an investor needs to know their business. Dealing with banks and lenders when THEIR profits are concerned is quite different than applying for a loan. You are now talking about their money and as such you have entered a completely different world.

In their ideal situation the original owner would be able to find a way to pay them the owed mortgage and get back onto their payment schedule, allowing the bank to start making money off the property again. Once this possibility is ruled out it then becomes a matter of the bank trying to recoup their losses and if you can make them an offer that makes sense to both you and them then you may just be able to arrange yourself a great deal on a home for less than what it is worth. This kind of property is tailor made for a home flipping situation as with time on your side, you should be able to fix up and resell the home for an excellent profit.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Filed under Mortgage Rates and Updates, MyrtleBeachRealEstate

Investing – Starting With A Good Foundation

Invest In Real Estate

Invest In Real Estate

The world of investing in real estate is simply a highly lucrative one. With more people making more money on real estate than ever before, everyone wants to try their hand at making the big bucks. However, so many people jump into this world without proper preparation and find themselves floundering and not being able to afford the upkeep of their properties. As with any form of investment the first thing you need before making a run at it is a good, solid foundation and the knowledge of what is going to work and what isn’t. It’s kind of like buying stocks blindly. you would not dream of buying stocks without first researching them and the companies. find out what they stand for and how they have performed over time. The same holds true with real estate.

There is really no point in investing in something if you don’t know what you want from it and what hurdles you have to jump along the way. Investing in real estate is a bit more difficult than simply mortgaging or purchasing a property and renting it out or flipping it. Television is a main culprit in the mindset that investing is just that simple. What you don’t see on those investing shows is all the legwork and planning that go into a typical purchase. Trust me, there is a lot more that goes into an investment than can be covered in 1 hour minus commercials.

Investing is all about having a game plan with failsafe’s built right in. Let’s look at a couple of things that you may want to consider in making a real estate investment.

Location – This is incredibly important. If you are planning on making a long-term investment then you will be looking for an area that offers a lot to residents. Areas with schools, shopping centers, recreation facilities etc. It is more difficult to rent a home in the boonies than it is to rent a home in an urban area. If flipping a home is your plan then look for areas that are hot. New developments, condos and town homes are great places to look for this kind of thing. Talk to your realtor and find out which area of the city is selling fast, that is the kind of area you want for a flip.

Cleanliness- The key factor of almost any real estate transaction. Nobody wants to rent or buy a dirty home. renting will be dependant on keeping the property in good condition for some time so as to be appealing to renters. Also being attentive to the needs of said renters is important. An ignorant or careless landlord attracts tenants of the same caliber. Bad tenants can be a nightmare that no landlord wants to deal with so be sure to get to know people before they rent your property.

Finances – An investment should never have the ability to break you financially. This is where the failsafe’s come in. Make sure you have the funds to look after the property if you cannot immediately find renters or if the home take longer than anticipated to sell. If you build yourself a financial buffer then you can be properly insulated from taking a loss if things do not go according to plan.

Invest smart and don’t rush into things. You are making a big play for your financial future so it is not something to be taken lightly. Make sure you make the right decisions and always be prepared in case you make a mistake.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com.

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Filed under GardenCityRealEstate, MyrtleBeachRealEstate

8 Steps For Selling Your Home

Thinking of selling your home? Follow these 8 steps to help you successfully sell your home and get you to the closing table.

There are many steps involved in the home selling process. While it may seem like a daunting task in the beginning, a little preparation, hard work, and guidance from knowledgeable professionals can help ensure that the process goes smoothly. Let’s take a look at the 8 steps to selling your home in any market.

  1. Interview Realtors – One of the single most important things that you can do is to surround yourself with a skilled real estate team that will help guide you along your path to selling your home. Make sure to interview several Myrtle Beach Homes, Myrtle Beach Homes for Sale, Myrtle Beach  Oceanfront Real Estate, Myrtle Beach Waterfront Real Estatedifferent Realtors and ask them how they would price and market your home. Then, pick the individual or team whose plan you liked the best.
  2. Make Necessary Repairs – Now is the time to complete those important maintenance projects and cosmetic repairs around the home. Many sellers opt for a home inspection so that they can make sure their future closing won’t be held up due to an unexpected repair item.
  3. Set a Price – Now that you are working with a knowledgeable Realtor and your home is functioning properly it is time to set a price. Take a look at recent home sales and pricing trends for your neighborhood, and decide on how aggressively you want to price the home. Having the right price can mean the difference between a home that sells quickly, and one that sits on the market for several months.
  4. Clean and Depersonalize – Give you home the most thorough spring cleaning you have ever done. Wash the windows, touch up paint, and get rid of or store any unnecessary items to make your home look more spacious and clean. Additionally, it can be a good idea to bring in neutral paint colors and decorations because you want the buyers to focus on the homes personality and not your personal tastes.
  5. Market the Home – Now you are ready to put the home up for sale and invite people to take a look. Follow up with your Realtor on their marketing plan, as they will be the most responsible for making this step a success, but don’t forget to mention to friends and family that you are moving. They might know someone that is looking for a home just like yours.
  6. Negotiate a Contract – When you get your first offer on the home you will need to look it over with your Realtor to understand the different elements of the contract and discuss possible counter proposals.
  7. Complete Closing Requirements – After finalizing the negotiated contract you will need to go through the process of packing up the home and making the repairs found during the buyers inspection.
  8. Go to Closing – Finally you have reached the last step before the sale of your home is complete. Sign the documents that transfers legal title to the new owners, pay the real estate commissions and any other additional fees negotiated in the contract, and receive a check for the balance of equity after the mortgage has been paid off.

These 8 simple steps to selling your home will help guide you to a successful closing.

Preston Guyton is a Realtor and Custom Home Builder serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes and properties, contact Preston today or visit http://www.PrestonGuyton.com.

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