Myrtle Beach Foreclosures

2009 has been a great year for many smart buyers taking advantage of a Myrtle Beach Real Estate Buyer’s Market. In 2008 40% of the homes to sell were either foreclosures or “Short Sales”, and the number is expected to being even higher than that in 2009. Many banks are using “Asset Managers” to dump these properties on the MLS with local Myrtle Beach Realtors. Although we are starting to see an influx of land foreclosures in the Myrtle Beach area, the majority of the sales this year have been houses and condos.

Myrtle Beach Home Foreclosures: The Myrtle Beach housing market’s values have plummeted over the past 3 years, and the decline is mostly related to foreclosures and “Short Sales”. The purpose of this Myrtle Beach Foreclosure section is to educate potential buyers on some of the great buys currently in the Myrtle Beach real estate market.

Myrtle Beach Condo Foreclosures: One of the hardest hit areas of Myrtle Beach has been the condo market, because so many of these are investment properties and second homes. These types of properties seem to be the first to go back to the bank, especially on the oceanfront where many condo owners saw a loss in half the value of their property or more. If you are a cash buyer and interest in Myrtle Beach Oceanfront Condos, there are some great values to be had.

There are great opportunities in the foreclosure market whether you are searching for a primary residence, second home or an investment property. By hiring a Realtor, you have someone on your side at no extra costs. Make sure that you find a Realtor who is qualified in handling the paperwork involved with a distressed property sale, and is familiar with seeing bank addendums.

There are some steps involved when purchasing a foreclosed property, and you may find the process much different from purchasing a resale, and much easier than purchasing a “Short Sale”. There are a few differences that need to be understood. This list will give you some ideas to consider but is by no means a complete list, because all banks and asset management companies handle transactions differently.

1. Under no circumstances that I have ever seen will the bank look at an offer without a legitimate pre-qualification or proof of funds letter.

2. The banks most often do not provide any disclosures about the property. They have never seen the property. Therefore, they can’t disclose any facts about it.

3. The properties are being sold in “As-Is” condition. The banks will usually allow for an inspection, but they are rarely willing to fix items on the inspection. If you are not comfortable with items on the inspection you can usually back away from the deal.

4. With all REO properties that I have sold, the bank always has their own addendum. Be careful when reviewing this addendum, because the items in it usually supersede the items in the original contract.

5. Closing on time is very important with the banks. If not closed on time for any reason of your own, the banks will usually charge you a per-diem fee each day until the sale is consummated.

These are just a few items for you to consider, and this is by no way a complete list. Now that you have a little education on the foreclosure process, make sure that you check back to this page regularly. I will begin posting what I feel are the Deals of the Week for Foreclosure listing in the Myrtle Beach Area. My new postings should come out on a regular basis now that there are so many Myrtle Beach Foreclosures available. If you have any interest in the deals of the week or anything else that you see, please call Darren Woodard at 843-267-4627.

Myrtle Beach Foreclosures