REO bank foreclosures are becoming more common in Myrtle Beach and buyers are finding great deals. Recently, one of my clients bought just what he was looking for – in great condition, at an amazing price. Here’s how he did it.
Step No. 1 – He QUALIFIED: able, ready and willing.
· Able: Line up your financing first… even before you begin to look. Banks require a “pre-approval” or “proof of funds” letter with your offer.
· Ready: Prices are low, interest rates are low, and there is a lot of property to choose from. Do you think that 2009 is the year to buy in Myrtle Beach?
· Willing: Can you make a decision, on short notice, if you find what you’re looking for? Great deals don’t last long.
Step No. 2 – He PREPARED: why, what and where to look.
· Why: Clarify your primary reason for buying… personal use, investment income, or long term appreciation.
· What: Narrow your search by property type, neighborhood lifestyle, and price range.
· Where: Personally tour possible neighborhoods, and then focus on the one or two that fit your criteria.
Step No. 3 – He RESEARCHED: neighborhood, market and rehab.
· Neighborhood: Determine which properties in the neighborhood interest you. Compare property sizes and prices with net rental incomes.
· Market: Research sales price histories and monitor daily changes. You want to know a great deal when you see it.
· Rehab: Banks sell properties “as is.” Determine the cost and kind of rehab problems you’re willing to take on… and how you’ll get the work done.
Step No. 4 – He WAITED: watch, wait but act quickly.
· Watch: Monitor the REO bank foreclosures in your neighborhoods.
· Wait: Banks often make dramatic price cuts.
· Act Quickly: Great deals don’t last long. My client watched and waited for over a year… but purchased his great deal in less than 10 hours from notification of a dramatic price drop.
2009 is the year to buy property in Myrtle Beach and bank foreclosures are the place to look for great deals.
CALL ME TODAY – 1-888-494-8654 – I’LL SHOW YOU HOW
