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!
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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