In today's Myrtle Beach real estate market the term short sales is being used more and more for the purchase of property in the Myrtle Beach area. So what are Myrtle Beach short sales? Basically it's a bank or mortgage company allowing a property, that they have lent money to be purchased, to be sold at or below the loan amount given to purchase the property. These short sales have had a tremendous impact on the national real estate market by lowering the appreciation values on existing and pre-constructed homes. Depending on the loan institution, the company can except offers up to 70% of the loan amount. The short sales come from people that are not necessarily unable to pay for there property like a foreclosure. They simply have a hardship that forces them make the decision. It could be as simple as a company transfer and the inability to sale their home at normal market values in a reasonable amount of time. In any case it's up to the loan company whether they will allow a short sale or not. Remember, once the bank has excepted a short sale the original owners have no say in the homes sale unless they can pay off the balance in full. Also the home is usually sold at a as is condition and can effect the original owners credit to purchase a new home for up to two years.

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