While the media keeps harping on the horrible state of the Real Estate Market, we are seeing Multiple Offers on Oceanfront properties again. Any time the listing price is lower than the amount the property finally sells for, it is fair to assume that a multiple bid situation has occurred.
Here are four oceanfront condos transacted in North Myrtle Beach within the last 90 days which sold for more than the asking prices:
Three of the properties were Bank Owned and one was a Short Sale. Two of the Bank Owned properties were contracted within a … (14 comments)
reos: It's Not French; You Ought To Know What It Means! This is Real Estate 2009, Baby, Survival of The Fittest!
- 12/02/08 04:02 PM
Throw away all the old rules; this is no longer "order writing", but it's not sales either. This is Real Estate 2009, Survival of The Fittest... How do you stay in the game and profit? EDUCATION! I'm going to throw some terms your way. If you are not sure what they mean, hurry up and learn! If you haven't implemented them lately, what are you waiting for? Owner financing: The current tight money situation has put this one back on the menu. If you have listings just lingering on the market with no takers and your sellers … (23 comments)
reos: How Well Do You Know Your Market?
- 10/11/08 01:25 PM
•1. How many active listings are there in your MLS system right now? •2. How many of these are short sales or REO's? •3. How many properties are auctioned off at your county level as foreclosures every month? What percentage of total transactions does this figure represent? •4. What are the absorption rates for homes, condos and land in your market? •5. Are the prices of inventory selling reflecting 2004, 2003, or 2002 pricing levels? •6. What is happening to the Rental market in your area? •7. How familiar are you with the quarterly figures for your market? Can you … (45 comments)
reos: Myrtle Beach Real Estate Clearance Sale: The Horry Co. Foreclosure Sale
- 10/07/08 12:17 PM
The Monthly Foreclosure Sale occurred at the Horry County Courthouse yesterday. When it was all over, the Master-in-Equity jokingly asked: "Are there any more properties left in Horry County?" The comment elicited a light applause from the audience and it was well warranted: this was the largest sale ever. Two hundred and thirty five properties were on the list and the auction took several hours to unfold. The Banks ended up with the preponderance of properties: 138 properties, representing 58.72% of the inventory. 60 properties were pulled from the sale "as per attorney", or to be sold at next … (8 comments)
With a few million loans waiting to adjust, the short sale, the first leg of the foreclosure process and a desirable option for the financially strapped owners, is becoming a meat and potatoes business for the average Real Estate Firm. Many Brokerages have already opened their in house distressed property departments, our office included.
Short sales are the most cumbersome of the three possible legs of the journey: Short Sale, Foreclosure, and REO. As an agent you can waste countless hours working a short sale, only to find out, months into the … (62 comments)
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