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Pawleys Island to Myrtle Beach Real Estate When You Think Real Estate, Think Jake Lee! is

Call OR Text Jake Lee 843-240-0431 directly if you have any questions or would like to schedule an appointment.
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South Carolina Short Sale Expert

In addition to his wealth of knowledge and immense short sale experience, Jake Lee has a full time short sale negotiation team to ensure that your short sale is a success!

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Jake Lee

, South Carolina

Areas I Handle Short Sales

- Short Sale in Longs
-Short Sale in Little River
-Short Sale in Loris
-Short Sale in Conway
-Short Sale in North Myrtle Beach
- Short Sale inMyrtle Beach
-Short Sale in Surfside Beach
- Short Sale in Garden City
-Short Sale in Murrells Inlet
-Short Sale in Litchfield Beach
-Short Sale in Pawleys Island
-Short Sale in Georgetown


Myrtle Beach Short Sale Expert, Jake Lee, can help!!

Short Sale Myrtle Beach
As a homeowner, why would I choose to attempt a short sale?
Let’s face it. Bad things happen to good people.
There are many reasons why homeowners find themselves in a position of default…change in mortgage payments, loss of job, health issues, etc. When you get behind on your mortgage payments, the lender will start the foreclosure process, no exceptions. If the foreclosure takes place, you have ruined your credit for a period of up to 10 years. You can expect your credit score to go down about 100 points, making it impossible to make any future purchases using credit. A foreclosure is usually a required disclosure you must make on any credit or job application.
The lender may also file a deficiency judgment against you. A deficiency judgment can arise if the lender sells your home at auction for less than the mortgage debt. The lender then holds you responsible for the unpaid portion of the loan. The lender may take legal action to pursue payment, such as garnishing your wages.
A short sale is listed as settled debt, and is much less harmful to your credit. You can expect a decrease in your credit score of approximately 30 points vs. 100 points. The loan is forgiven, and no deficiency judgment will be placed against you.
Why would a lender accept a short sale?
A short sale has a better return on investment to the lender than a foreclosure. The average savings a lender might see from a short sale vs. a foreclosure is $14,000. They are able to cash out of the loan faster than a foreclosure process. Plus they do not have the legal fees that are normally attached to a foreclosure.
Is it true I will be given a 1099-C by the IRS, and will owe taxes on the unpaid loan amount?
Many individuals wishing to short sale in Myrtle Beach and surrounding areas hold this as major concern. Previously, the IRS had the ability to consider the forgiven loan amount as earned income, and you could be taxed on that income. However, recently the House Ways and Means Committee voted to remove the phantom income tax that previously haunted distressed homeowners. Contact your accountant or attorney for further information.
Who should handle our short sale?
The most important thing to consider when deciding to work out a short sale with your lender is to use a qualified professional to handle the process and negotiations. If the processor is not experienced in the short sale process, the deal can be over before it begins.
Jake Lee (Realtor), will  need to list your home on the market as the first step. Be sure he or she is aware that you are attempting a short sale. No matter what you owe on the property, let your Realtor come up with the listing price. Banks will not allow a "short sale" for any less than the actual value of the property.
                                                                                                What is the short sale process?
Jake Lee and his team of short sale experts will explain the process and prepare your hardship package. They know upfront exactly what the lender will require when submitting your offer, and will be prepared fully to negotiate on your behalf. Rest assured that your home is listed by an experienced short sale real estate agent, who prices the home according to homes recently sold in your area. Remember, our goal is to bring in a quick offer and to prevent you from going into foreclosure. Once an offer is received, an entire package is presented to the lender, and the negotiations begin.
Will the lender always accept a short sale offer?
The answer is MOST OF THE TIME, but not always. Some lenders will opt to continue forward with foreclosure. However, our experience is showing that lenders are becoming more and more willing to accept the offers we present.
What does it cost me to do a short sale?
Nothing. In the event that the short sale is accepted, the lender will pay the real estate commission, and the loss mitigation fee.

Benefits of a Short Sale

Benefits Of a Short Sale And Options

Stay in your home longer even though you are not making payments.
Stay in your home until the short sale process is complete. This process typically takes 4-6months from the time we list your home for sale as a "Short Sale".

* Save your credit *
Your credit score will be affected, but not as severly as a foreclosure. With a short sale you may be able to purchase another home in as little as 2 years vs. a foreclosure could hold you back for up to 10.

*Get out of debt & avoid a judgement*
In most cases your mortgage holder will completely forgive your debt in a short sale situation. With a foreclosure you may be looking at a pretty hefty judgement that may affect any other assetts that you may have. Many people that purchased in 2004-2008 owe much more on their property than it's worth... by doing a short sale you can clear that debt and buy a new house at a better value in 2 years.*

Get paid to do the short sale - Co-operative Short Sale
Click the Co-operative Short Sale Link above to learn about the benefits of selling your home in Myrtle Beach as a co-operative short sale. If for no other reason.. why not do a short sale instead of going into foreclosure because there is a program available for some home owners that will offer up to $30,000 for doing the short sale. is now

Call your local expert in the Myrtle Beach area Real Estate Market, Jake Lee 843-240-0431

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