Myrtle Beach Foreclosures - Page 5
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#
912517- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Enter OR from Georgetown Rd., take first right; second left and property in on the left.
View Listing - MLS#
- 1009522
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
BANK OWNED! They want an offer! Beautiful golf homesite overlooking prestigious Leopard's Chase golf course. Quiet cul-de-sac location looking out ...
- MLS#
- 1009944
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
- MLS#
- 1008690
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
- MLS#
- 909181
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Turn into Ocean Ridge Plantation from Hwy 17. Turn left on Dartmoor, turn left on Castlebrook, turn left on Lindgrove. Homesite is 1st on right pas...
- MLS#
- 905574
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Turn into Ocean Ridge from Old Georgetown Road. Turn left on Summerhill Glen, turn left on Lisburn Terrace. At stop sign, homesite located directly...
- MLS#
- 905546
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Turn into Ocean Ridge Plantation from Old Georgetown Road (back entrance). Turn right onto Castlebrook Way, turn right onto Lindgrove.
- MLS#
- 1015240
- Class:
- Land
- Status:
- Active
- Acres:
- 0.00
- Est Lotsize:
- N/A
- # Of Lots:
- N/A
Large culdesac location. Waterbrook Woods is located near Ocean Isle Beach and is an extended neighborhood of Ocean Ridge Plantation. Earlier phase...
- 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#
- 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...
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