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#
1003438- Class:
- Commercial/industrial
- Status:
- Pending Contingent Contract
- Present Use:
- N/A
- Est Lotsize:
- .56 acre
Bank Owned! Self Serve Car Wash with 2 bays and 1 automatic bay, plus 3 vacuum stations. Fully equipped with an Oasis Car Wash System-Typhoon Autom...
View Listing - MLS#
- 1012905
- Class:
- Multi-family
- Status:
- Active
- # Of Units:
- 2
- Est Lotsize:
- N/A
Lovely duplex, 2 BR, 2 BA, lower unit + 2 BR, 2 BA upper. Brand new, finishing touches being added, including open floor plan, breakfast bar, mold...
- MLS#
- 1001206
- Class:
- Land
- Status:
- Active
- Acres:
- 5.44
- Est Lotsize:
- N/A
- # Of Lots:
- 4
5.44 Acres of Prime Commercial Property located on the hard corner of HWY 17 Bypass and Wachesaw Road. This prime location is close proximity to t...
- 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#
- 922348
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Short Sale in Prestigious Ocean Ridge Plantation
- MLS#
- 1004795
- Class:
- Land
- Status:
- Active
- Acres:
- 1.30
- Est Lotsize:
- N/A
- # Of Lots:
- 1
One of only 29 homesites in a very private gated Pawleys Island neighborhood located on the Waccamaw River/ICW. A boat slip in the private marina i...
- MLS#
- 922293
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- 1
This wonderful small community of just 14 properties is in the quaint coastal region of Murrells Inlet. Flaggpoint development has the infrastructu...
- MLS#
- 1003637
- Class:
- Land
- Status:
- Active
- Acres:
- 1.00
- Est Lotsize:
- .3
- # Of Lots:
- 4
Great homesites.
- MLS#
- 1002116
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- 3
Lots are located in a much desired area in Murrells Inlet. Walking distance to the restaurants on the Marsh Walk, mature live oaks and the smell of...
- MLS#
- 1005603
- Class:
- Land
- Status:
- Active
- Acres:
- 125.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
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