Myrtle Beach Foreclosures
Unfortunately, foreclosed and distressed properties are a side effect of the current economic times. In Myrtle Beach, many of these properties were the result of ill-timed investments that are now back on the market at reduced prices.
>>CLICK HERE to view all of the Myrtle Beach Foreclosures, Pre-Foreclosures and Short Sales<<
Six Questions Foreclosure Buyers Should Ask 1. Buy a Foreclosure, or a Conventional Sale? Because local market conditions vary, the answer is different from market to market. But in many cases a buyer can get the same value from a conventional sale as a foreclosure without the red tape, risk, and frustration that often accompanies a foreclosure.
2. What is the first step a buyer needs to take? Buyers need to be preapproved for a loan before shopping for a foreclosure. If they are thinking of buying a foreclosure as an investment or second home, they need to understand that financing the home will be more difficult and more expensive then financing a primary residence. Lenders typically charge higher interest rates and require a larger down payment for investment or second homes.
3. How can you tell a bad foreclosure from a good one? There are good deals for both investors and first time home buyers. But doing your homework will keep you out of the weeds. Buyers need to look for unpaid liens, including mortgage debt, taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage. Any or all of the financial obligations could become the buyer responsibility when purchasing a property in foreclosure. Unless the property goes through a foreclosure auction and becomes a bank-owned REO, the outstanding foreclosure liens and fees could be simply transferred to the new owner.
4. If I’m a qualified borrower, can I appeal to banks for better loan terms? Lenders are drowning in defaults, so they may be motivated to cut a deal. If you have a good credit score, many banks may be willing to offer below-market-rate loan on a bank-owned home. Unlike paying down with points, this doesn’t cost anything in fees, and gives the buyer the ability to spend more on the home.
5. What are the costs of buying a foreclosure? The best opportunities are for buyers with cash. If you are planning rent out the property or even resell it for a quick profit, make sure you consider costs, including, but not limited to, sales commissions, marketing costs, vacancies, taxes, insurance, and maintenance cost. You should also add on an additional 10-15% for a “surprise fund.” If you don’t, you could be the next foreclosure statistic.
6. How does choice of neighborhood affect foreclosure investments? When looking for a good investment you should generally avoid neighborhoods overrun with foreclosures, particularly newer subdivisions in over built exurban areas. Investors will be tempted to buy foreclosures in these areas because they offer the steepest discounts – but they also carry the most risk of further depreciation. Look in well established neighborhoods with good schools and transportation.
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- MLS#
1002481- Class:
- Residential
- Status:
- Active
- Beds:
- 3
- Baths:
- 3 Full / N/A
- Class-Type:
- Detached
Lowcountry inspired home designed by Alec Van Kuren and built by August Franchini located in Rossdhu Plantation, one of the islands most coveted pr...
View Listing - MLS#
- 922202
- Class:
- Commercial/industrial
- Status:
- Active
- Present Use:
- Office Building
- Est Lotsize:
- N/A
- Class-Type:
- Office
Approx. +/- 2900 square foot professional office -built as office / showroom with exemplary quality representative of superior home builder. Ande...
- MLS#
- 1010836
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- 21780sqft
- # Of Lots:
- N/A
Beautiful aged live oaks! Quiet and near 'end of the road'. Looking for the perfect site to build your dream home? Consider this property. Seller s...
- MLS#
- 920903
- Class:
- Residential
- Status:
- Active
- Beds:
- 5
- Baths:
- 3 Full / 1 Half
- Class-Type:
- Detached
BANK OWNED! THIS HOME HAS EVERY OPTION ONE COULD THINK OF IN A HOME. JUST 10 YEARS OLD, THIS HOME OFFERS STACKED ROCK, OVERSIZED TRIM EVERYWHERE, B...
- MLS#
- 919413
- Class:
- Land
- Status:
- Active
- Acres:
- 92.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Fully working horse farm and crop farmed plantation -- perfect for recreational tract! 92 +/- acres w/ 4 acre pond, planted hay & soybean fields,...
- MLS#
- 1016696
- Class:
- Residential
- Status:
- Active
- Beds:
- 3
- Baths:
- 2 Full / N/A
- Class-Type:
- Detached
Adorable beach cottage on wide canal with direct access to ICW. Comfortable one level living for a cozy canal front lifestyle. This canal cottage h...
- MLS#
- 1014396
- Class:
- Residential
- Status:
- Active
- Beds:
- 4
- Baths:
- 4 Full / N/A
- Class-Type:
- Detached
Great location on 2.5 ac with lots of privacy. Wrap around porch on front and large screen porch on rear. Kitchen opens up to large great room wi...
- MLS#
- 1003140
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- 50X150
- # Of Lots:
- 1
Atlantic Beach. Direct ocean front lot 50X150 . Atlantic Beach has a redevelopment plan. Time to get in before the redevelopment. Ocean front lots ...
- MLS#
- 904734
- Class:
- Residential
- Status:
- Active
- Beds:
- 3
- Baths:
- 2 Full / 1 Half
- Class-Type:
- Detached
Spacious low country style home with some amazing views! Open kitchen boasts many upgrades including granite counter tops, work island, tile back s...
Virtual Tour - MLS#
- 1014032
- Class:
- Residential
- Status:
- Pending Contingent on Financing
- Beds:
- 4
- Baths:
- 3 Full / N/A
- Class-Type:
- Detached
VERY NICE 4BR/3BA RAISED BEACH HOME IN SMALL GATED NEIGHBORHOOD. LOCATED EAST OF BUSINESS 17, WITH BEAUTIFUL LIVES OAKS. FEATURES INCLUDE HARDWOOD ...
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