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Myrtle Beach Home Foreclosures

Myrtle Beach home foreclosures are numerous all throughout the Grand Strand due to the “speculator market” of a few years ago as well as the overall economic downturn. In Myrtle Beach there are literally hundreds of foreclosures available in all types of property from condos and villas to single family homes and palatial estates. Some of the segments that have suffered more exposure to the downturn include vacant land, luxury homes and beachfront condominiums with current prices as much as 75% lower than their last purchase price!

With Myrtle Beach foreclosure listings beginning at just over $10,000 for a three bedroom handyman special to just under $400k for upscale designer estate properties. There is an abundant supply of foreclosure inventory currently but the real estate market is beginning to experience a rebound so timing is crucial for real investors who want to take advantage of these incredible bargains.

Some of the more popular Myrtle Beach area communities that have suffered a high rate of foreclosures include:

 

 

Contrary to what many think these foreclosures aren’t just opportunities for seasoned investors but also for virtually any homebuyer who is looking for incredible value and immediate equity. When working with out of town investors and homebuyers from area such as Miami they are invariably blown away by the values available in the Grand Strand region with luxury oceanfront condos on Myrtle Beach offered at a fraction of South Beach prices.

For home owners that intend to occupy the home Fannie Mae allows a 15 day “first look period” which gives would be home owners a head start on real estate investors who are not intending to live in the property. The rationale behind this policy is that owner occupied homes tend to go into foreclosure less often than rental properties or vacation homes.

If you want to take advantage of the potential savings that can be found in foreclosure properties there are some steps that you should take in order to be prepared:

  • Get preapproved and have a preapproval letter in hand
  • Work with an agent that specializes in foreclosure properties
  • Know what the closing time is on comparably priced homes in the area
  • Know what comparable prices are in the area you are looking
  • Be prepared for any out of pocket expenses since property will likely be sold as is

We are Myrtle Beach foreclosure and short sale experts and as long time residents of the Grand Strand area, we stay on top of the moves of the market. We can show you pre-foreclosures and foreclosures, short sales, plus other properties in default as well as conventional real estate for sale in Myrtle Beach and the surrounding area. Give us a call today and we will find you the home of your dreams at the best possible price.