Posts by : Steve Gruenwald

I've been asked numerous times to explain the term Distressed Property. One definition includes the status known as Foreclosure. Another category includes a status referred to as Short Sale,  meaning the property owner has experienced financial hardship and can no longer fulfill the monthly mortgage obligation. Additionally, the value of the property is less than the mortgage balance. In other words, the owner is "upside down." Once the owner proves hardship to their Lender, the Lender may or may not choose to approve the Short Sale process rather than Foreclose on the property. Foreclosure is still an option for the Lender. This can be a lengthy process and typically the owner wil...

Private Mortgage Insurance Companies have removed Myrtle Beach from their Distressed Property Area List. What does that mean for the consumer who needs financing to purchase property? You can now purchase your primary residence with conventional financing for as little as 3% down payment and 10% down on a second home. This currently applies to only Horry County. Naturally, some conditions do apply depending on creditworthiness. Will you still pay PMI (private mortgage insurance) with less than 20% down? Yes.

The local Pawleys Island community is buzzing over a new business slated to open in 2011. Rumor has it that Fresh Market will open next to the Holiday Inn Express in Pawleys Island, SC. I am hoping that this new area development is a sign that the economy is now showing signs of growth. Here is a link to the Coastal Observer Article that was recently published. Click Here

As a Realtor in Pawleys Island, South Carolina, I often hear negative stories from homeowners about poor workmanship and costly home repairs. I am also a consumer and wish to commend Chilly-Pepper Cooling and Heating for being fair and honest with me. I have 2 large walk-in closets in my Master Bedroom that are always cold. During our extreme winter at the coast, I noticed these closets were even colder. Each closet has two air registers with warm air blowing through them. The owner of Chilly Pepper, Eric Supina, made a service call to my home to inspect the issue. After checking the attic for adequate insulation, crimped lines to the registers he found nothing wrong. His conclusion was t...