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