Myrtle Beach real estate

The real estate market has slowed down a good bit in the last few months. What is becoming more and more common in our market is creative financing.

The big reason this has become more common is because there are a lot of Myrtle Beach real estate owners that need to get out of their property. The banks have tightened their lending standards so much it has slowed down the buying process immensely. As a result property owners have to be more creative. This has included a lot of owner financing on Myrtle Beach condos for sale and a lot of lease options.

When you are buying a property there are a lot of opportunities and pros to purchasing this way. When buying with owner financing, credit standards may not be as strict because it is up to the owners as to what they are willing to accept. Many owners may not even be interested in looking at your credit before deciding if they want to owner finance their property to you.

Also down payment requirements may not be much at all. We have seen many owners require only a couple months’ payments.

Now when purchasing a home with owner financing you will still want to go through the same attorney process. You will want to have a lawyer look over all of your paperwork and a title company to do a title search.

You will want to make sure there are no title issues etc that may prevent you from refinancing or selling your property later on.

Many properties that are owner financed are often sold on what is called a “land Contract”. A land contract basically is an agreement where at a certain point title is transferred to the buyer.

Often times many Myrtle Beach rentals are only rentals because the owner is not able to sell them. So these properties are great to make offers for lease options and owner financing.