Hot Tips On Selling A Myrtle Beach Condo That Is Worth Less Than The Mortgage

myrtle beach condo for sale mortgage

Selling A Myrtle Beach Condo

Similarly with buying a house, purchasing condos could also be achieved through mortgages. And like many other homeowners, condo owners may come to a point where they could no longer afford paying for their mortgage. Usually, selling a Myrtle Beach condo that is worth less than its mortgage end up with a short sale. Although it is possible to sell a condo at a short sale, it may be difficult to convince the mortgage lender to approve the sale as he or she will surely lose money in the said transaction. To help you get out of your condo debt without bad credit standing, below are some basic tips on how to sell a Myrtle Beach condo at a short sale.

  • Working with a real estate agent will help you make that short sale for your condo. There are many real estate agents who have experience in these kinds of transaction. To ensure you are working with a skilled agent, ask them how many short sales have they handled throughout their career, how long it usually takes them to make that short sale, and how often do they sell near the seller’s original listing price.
  • You will need to inform your lender about your plans for a short sale. Explaining to your lender that you need to sell your Myrtle Beach condo unit but its mortgage loan is higher than what it is currently worth will help convince the lender to send you a written approval.

Determine the price of a Myrtle Beach Condo

Lenders lose more money in trying to sell condo units whose owners were no longer able to continue making payments than in a short sale. So you will have to explain to them your current financial situation to ensure their approval of the short sale.

  • To determine the best asking price for your condo, study your neighborhood’s comparable listings. This is a list of price points at which similar condos in your area have recently sold for. Real estate agents have access to these listings so it will not be difficult to get a hold on them.
  • Use the listings to set an asking price for your condo unit. If you’re looking to sell your unit faster, you could offer it at a competitive price by setting an asking price that is lower than what comparable condominium units have sold for.
  • Don’t forget to ask your lender for approval every time you receive an offer. The final decision on whom to sell the condo unit will come from the mortgage lender. Their decisions are often based on the buyer’s asking price – whether it’s too far below or near the amount of your mortgage loan. Despite this, however, it is still better to choose an offer that both you and the mortgage lender approve.

Selling a condo unit at a short sale is not impossible. It requires lots of work but working closely with your mortgage lender and real estate agent will make the process easier and smoother.

The JP Real Estate Experts team has the experience in selling condos that you need.  Call them today to schedule a consultation before you list your Myrtle Beach condo for sales.

Jerry Pinkas Real Estate Experts 604 N. 27th Ave Myrtle Beach, SC 29577‎ (843) 839-9870