Myrtle Beach Foreclosures - Page 6

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.

$225,000 - Pawleys Island, SC @ Heritage Plantation

MLS#

912868

Class:

Residential

Status:

Contingency Contract/OTH

Beds:

2

Baths:

2 Full / N/A

Class-Type:

Detached

Provided courtesy of Su Cowieson of Coldwell Banker Chicora Htge
Bright,near beach brick home in Heritage Plantation. This gated golfcourse community features a community-owned marina on the Intracoastal. Owner's...

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$140,000 - Pawleys Island, SC @ Pawleys Place

MLS#

1002389

Class:

Condo/townhouse

Status:

Active

Beds:

3

Baths:

2 Full / 1 Half

Floor/Unit:

N/A / 90

Provided courtesy of Joanne Gillet of Pawleys Seaside Realty
Popular Ellington Floorplan. Do not miss this one! As you enter the home you will see the upgraded kitchen to your left , beautiful granite counte...

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$175,000 - Calabash, NC @ Crow Creek

MLS#

1006525

Class:

Condo/townhouse

Status:

Pending Contingent Contract

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 5

Provided courtesy of Mary Ann Bechtel of Mary Ann Bechtel Real Estate
SHORT SALE POSSIBILITY! Amazing golf views from this conveniently located first floor condo. Enjoy this larger 3 BR, 2 bath floor plan with large m...

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$125,000 - Pawleys Island, SC @ Pawleys Pointe - Pawleys Island

MLS#

1016092

Class:

Condo/townhouse

Status:

Active

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 73-A

Provided courtesy of William Hartis of The Litchfield Company Re
This is an "insanely" low price for a new 3 bedroom, 2 bath condo. located in "arrogantly shabby" Pawleys Island. When you aren't out enjoying the ...

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$129,900 - Georgetown, SC @ Pawleys Pointe - Pawleys Island

MLS#

923326

Class:

Condo/townhouse

Status:

Active

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 73B

Provided courtesy of Brandy Davis of Unitd Country Carolina Coastgt
Beautiful and spacious condo located East of Highway 17 biking distance to the beach! Large living area with lots of natural light, dining area wi...

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$125,000 - Georgetown, SC @ Pawleys Pointe - Pawleys Island

MLS#

1009389

Class:

Condo/townhouse

Status:

Pending Contingent on Financing

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 73-F

Provided courtesy of William Hartis of The Litchfield Company Re
This is an "insanely" low price for a new 3 bedroom, 2 bath condo. located in "arrogantly shabby" Pawleys Island. When you aren't out enjoying the ...

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$125,000 - Georgetown, SC @ Pawleys Pointe - Pawleys Island

MLS#

1009519

Class:

Condo/townhouse

Status:

Active

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 103-A

Provided courtesy of William Hartis of The Litchfield Company Re
This is an "insanely" low price for a new 3 bedroom, 2 bath condo. located in "arrogantly shabby" Pawleys Island. When you aren't out enjoying the ...

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$125,000 - Georgetown, SC @ Pawleys Pointe - Pawleys Island

MLS#

1009560

Class:

Condo/townhouse

Status:

Pending Contingent on Financing

Beds:

3

Baths:

2 Full / N/A

Floor/Unit:

N/A / 108-E

Provided courtesy of William Hartis of The Litchfield Company Re
This is an "insanely" low price for a new 3 bedroom, 2 bath condo. located in "arrogantly shabby" Pawleys Island. When you aren't out enjoying the ...

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$1,250,000 - Pawleys Island, SC @ Rossdhu Plantation

MLS#

1002481

Class:

Residential

Status:

Active

Beds:

3

Baths:

3 Full / N/A

Class-Type:

Detached

Provided courtesy of CAROL JAYROE of Prince George Sotheby'S Intl.
Lowcountry inspired home designed by Alec Van Kuren and built by August Franchini located in Rossdhu Plantation, one of the islands most coveted pr...

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$44,900 - Marion, SC @ Not Within A Section/subdivision

MLS#

1011763

Class:

Residential

Status:

Active

Beds:

3

Baths:

1 Full / N/A

Class-Type:

Detached

Provided courtesy of Alex Townsend of Gibbs Realty & Auction Co.
Great 3Bd1Ba home. Home is located close to downtown Marion and 1 hour from the beach.

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