Richard M. Sander (Your Myrtle Beach Real Estate Expert)

After eight years of discussion, disagreement and dirty-name-calling, Congress finally wrote, and President Obama this month signed, a law permanently prohibiting banks from being in the real estate brokerage and management businesses.

At its core, this is a consumer protection issue. Banks are an integral part of the business of housing, and banks must play their part - but only their part. Imagine the conflict of interest that could arise if your real estate broker (who works for Bank of Myrtle Beach) refers you to Bank of Myrtle Beach for your mortgage.

We’ve sald all along that banks do not belong in the real estate business (except when they actually own the real estate, and we all know how well they handle THAT), and we are are now protected from this conflict of interest.

With the number of foreclosed properties in Myrtle Beach on the increase, it makes sense to include them in your search for the perfect purchase.

But buying a foreclosed property, especially in today’s financial environment, is very different from what you may be familiar with. We’ve watched a lot of folks make dumb mistakes buying bank-owned real estate, and we have a few suggestions on avoiding their mistakes:

Mistake Number One - Using Emotion. When buying a foreclosure, you’re not negotiating with a private owner who has an emotional attachment to their property. You’re dealing with a bank who wants to sell the property fast, for the most money possible.

Mistake Number Two - Not Lining Up Financing In Advance. In the “good old days” you could negotiate your price on a property, and then go get a loan. Today, Myrtle Beach foreclosures owned by banks won’t even talk to you unless you are paying cash (and can prove it) or until you have been fully approved for a loan - and some banks even demand that you be approved by them.

Mistake Number Three - Paralysis of Analysis. Know in advance what you want to buy, and create a checklist of acceptable ranges. For example, if you want a 1,600 square foot home, would 1,600 square feet be acceptable if the price is right? If you want to purchase a four-bedroom home, would a three bedroom home that also has a bonus room be acceptable? Then, when something meets your checklist, be prepared to move quickly. Despite what the media would lead you to believe, multiple-offer situations have returned on especially great deals.

Mistake Number Four - Casting Too Wide a Net. Having too many properties to choose from often induces Paralysis of Analysis. Don’t make the mistake of looking at all of the foreclosures in Myrtle Beach. Decide (in advance) in which neighborhoods you want to own, and don’t go chasing everything on price. This is where the expertise of an experienced Realtor can help.

Mistake Number Five - Ostrich Syndrome. Never assume that “the bank wouldn’t DO that!” Remember, the bank doesn’t care about the property. They only care about getting as much of their money back as they can, in order to satisfy their shareholders and the government. Most banks won’t pay for repairs, offer a home warranty or complete a seller’s disclosure statement. You’re buying the property as-is, and you had better be prepared for whatever repairs are necessary.

Mistake Number Six - Ready, Fire, Aim. Can’t find exactly what you want? Be patient… once you have your checklist, stick to it. Then, when the right property becomes available, be ready to pounce.

Mistake Number Seven - Being The Lone Ranger. Don’t go it alone. The help of an experienced Realtor or Real Estate team can be the difference between success and disaster. Call Price & Company Realty at 843.272.1266 and let’s get started today.

Allegiant Air will begin flying to Myrtle Beach April 30 with service to Huntington, West Virginia and Allentown, Pennsylvania. This is great news for Myrtle Beach on top of last Sunday’s inaugural nonstop from Chicago on Spirit Airlines. More flights = more tourists = more tourist dollars = more Myrtle Beach real estate purchases!

Cold winter? Wishing you could play a round of golf that doesn’t involve an ice pick? Have three friends that feel the same way?

The airline formerly known as Myrtle Beach Direct Air has announced a special promotion for golfers (although it will work for any group of four).

Here’s how it works. Put together three family members, friends, acquaintances, or guys with golf clubs and the airline will give you one free ticket when you purchase three. Flights to Myrtle Beach during the months of March, April and May are eligible for this deal, and all four passengers must fly on the same reservation and itinerary. Of course, we’d love it if you buy some Myrtle Beach real estate while you’re here, too.

We had trouble finding this promotion on the airline’s website this morning. It might be an unadvertised special, but we’ve got the details, so if you’d like to take advantage of this offer, call our office at 843.272.1266.