Ocean Front Condo Foreclosures and short sales; don’t be fooled into thinking it a great deal. Buyers beware; the sharks are lurking and want to stack up the offers. While analyzing the Ocean Front Condo sales along the Grand Strand I have noticed an alarming trend. Some of the listing agents handling the bulk of the foreclosures are enticing multiple offers by holding what I would describe as an Auction.

They are starting out the asking price lower that the Banks are willing to take (I believe with the blessing of the Banks) with hope of enticing multiple offers. Several of the sold units are going for more than the asking price because the listing agents are holding offers until they have more than one offer then informing the parties that they have multiple offers and they will be accepting their highest and best offers on or before a specific date, then advertising on the MLS as they are accepting multiple offers on or before that date.

If you are an individual looking to purchase a property along the Grand Strand please find a reputable Real Estate Professional to assist you in your quest. Most Agents will represent Buyers at no cost; their commission is paid through cooperative sales agreement within the Coastal Carolina Association of Realtors where the listing agent splits the commission evenly between themselves and the buyer’s agent, therefore not cost to the Buyer.

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