Foreclosures in Myrtle Beach and surrounding areas have become a hot commodity in the last 12 months because of their great prices and potential to get into a home that years ago might not have been affordable. ALL BANKS will require a pre-approval letter from your lender for financing OR a proof of funds letter from your bank stating that you have X amount of funds on deposit to make your foreclosure purchase before they will consider an offer from you. It is VERY IMPORTANT that before you start looking at real estate, that you obtain a pre-approval letter from your lender OR a proof of funds letter from your bank. Being that foreclosures are such a hot item, be prepared to make an offer as soon as you see a home that you like. Many of these bank owned properties in Myrtle Beach and surrounding areas receive multiple offers and sell within only a few weeks and sometimes even days! Again, I cannot stress the importance of speaking with a lender before looking at real estate.
Daniel Dickson with Prospect Mortgage can be reached at 843-251-8789 or email at Dan@MyrtleBeachMortgage.net (be sure to reference Jake Lee, Broker/Realtor in your email) and specializes in loans for first time home buyers and those who have not purchased a home in a few years. Daniel offers great loan programs that only require 3.5% down, loans offering down payment assistance, 100% financing in select areas, and many more of these unique programs. Dan even offers a rehab loan if you are purchasing a foreclosure home in Myrtle Beach that might need some work. Dan also specializing in loans for individuals who are purchasing a second home or investment property AND is well versed in providing JUMBO LOANS to those who are purchasing homes that will have a loan amount of up to and/or over $417,000.
For those individuals who are purchasing homes that wish to borrow more than $417,000, please call your Realtor - Broker - Jake Lee directly to find the most competitive banker for your loan. These types of loans are referred to as "jumbo loans" and terms will vary greatly from bank to bank. If you are considering a jumbo loan, Jake Lee will most likely recommend a more traditional brick and mortar bank such as BB&T or Wells Fargo for to obtain the best interest rate for this type of loan.
OTHER THINGS TO BE AWARE OF when purchasing a foreclosure property -
1. All bank owned properties in South Carolina are sold strictly as-is and the seller of the property will make no repairs unless, on some occasions, it is required by your lender.
2. Some foreclosure properties may be in disrepair and will not be approved for all types of financing. This is one of the reasons why it is so important to consult one of the bankers listed above before looking for real estate in detail.
3. Most of the bank owned condos in Myrtle Beach will only accept CASH and may not allow financing. Please call one of the bankers listed above for more information on this.
4. Foreclosed Homes are normally sold very fast from the time they are listed and/or receive multiple offers. Make sure that you are ready to make an offer immediately when you see a property that you are interested in.
5. The bank who owns your new foreclosure property will take 2-3 days in most occasions to respond to your offer. However, there have been some occasions where the foreclosure bank takes up to 2 weeks to respond. A prolonged response is not common, but be prepared.
6. In order to purchase a foreclosure - You MUST be prepared and already have a letter from your banker stating that you are qualified to make a purchase. The foreclosure banks will not even consider your offer unless you are able to provide them with a letter of pre-approval or a proof of funds. See above for mortgage company contact information to obtain this letter. By calling the lenders above and getting pre-approval you are NOT obligated to getting a loan and this process does not cost you anything.
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Provided courtesy of The Coastal Carolinas Association of REALTORS®. Information Deemed Reliable but Not Guaranteed. Copyright 2022 of the Coastal Carolinas Association of REALTORS® MLS. All rights reserved. Information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.