Myrtle Beach Foreclosures - Page 4
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#
905515- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Turn into Rivers Edge from Copas Road. Homesite is on right.
View Listing - MLS#
- 905517
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Turn onto Copas Road in Shallotte. Go past the main Rivers Edge gate and take the next available right (Fairway Crest)(new road). Homesite is on ri...
- MLS#
- 905519
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Take Copas Road in Shallotte PAST the main Rivers Edge gate. Turn right onto Fairway Crest (just past the gate on the left). Homesite is on the right.
- MLS#
- 905616
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
179 in Shallotte to Copas Road. Go past Rivers Edge main gate and turn into Fairway Crest. Turn right onto Pine Brook Trail, homesite on right.
- MLS#
- 915840
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- 15632 sq ft
- # Of Lots:
- 1
- MLS#
- 1011556
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- .23
- # Of Lots:
- 1
Devaun Park in Calabash in North Carolina. Build your dream home to accentuate the lake views of Devaun Lake. Imagine sitting on your wrap-around p...
- MLS#
- 1016522
- Class:
- Land
- Status:
- Active
- Acres:
- 0.65
- Est Lotsize:
- .650
- # Of Lots:
- 1
Huge corner lot in the exclusive Stirling Hills section of Ocean Ridge Plantation. Over .60 acres to build your custom dream home plus amazing gol...
- MLS#
- 1012905
- Class:
- Multi-family
- Status:
- Active
- # Of Units:
- 2
- Est Lotsize:
- N/A
- Class-Type:
- Duplex
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#
- 1015468
- Class:
- Multi-family
- Status:
- Active
- # Of Units:
- 4
- Est Lotsize:
- 50x143x50x143
- Class-Type:
- Quad
Four 2 Bedroom 1 bath units located on a large lot only steps from the ocean. Ocean views from the front of the property and close proximity to al...
- MLS#
- 1017134
- Class:
- Land
- Status:
- Active
- Acres:
- 0.30
- Est Lotsize:
- 13114
- # Of Lots:
- 1
Nice wooded lot on short cul-de-sac street in this premier golf community. Enjoy the nearby pond. This community offers only first class amenitie...
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