Bank owned foreclosure properties represent some of the best bargains available in the Myrtle Beach buyer's market. There is so much interest in foreclosure opportunities that the term "Foreclosure" has become the top real estate related keyword search and most real estate websites and major search engines.
Myrtle Beach and the surrounding coastal area, also known as The Grand Strand, offers bargain foreclosures opportunities on every type of real estate. Including ocean front condominiums, ocean front homes, golf course condominiums, golf course homes, retirement homes, family homes, building lots, acerage and more.
There are a lot of misconceptions about Myrtle beach foreclosure properties. Many buyers mistakenly equate a foreclosure with a property in need of significant repairs. They've heard stories of homes that have been gutted of all useful appliances and fixtures or totally trashed. This is the rare exception and not the rule.
Most Myrtle Beach foreclosure properties are in the same general condition as other properties for sale in the same neighborhood. Many need little more than some yard maintenance, a thorough cleaning, fresh paint and new carpets to be move in ready. Some may require more intensive updating to suit the buyers needs. Very few require extensive repairs and upgrading.
A small percentage of Myrtle Beach foreclosures are true treasures, both in value and condition. These fall into two general categories. Those that are new and have never been lived in, or seen little use, and those that were completely remodeled by the owners prior to being foreclosed on.
Many Myrtle Beach builders and developers got accustomed to the real estate downturn and were unable to sell recently completed homes and condominiums. These "new" homes are now available from the foreclosing lenders at true bargain prices.
Many Myrtle Beach ocean front resort and golf course condominiums and homes were purchased new or pre-construction by investors at the height of the real estate bubble. When the real estate market nose divided they were left holding properties they could not "flip" or lease profitably. Beautiful new luxury golf course homes and ocean front condominiums that sold for over a million dollars in 2006 are now being sold for 50 to 70% less by foreclosing lenders.
Other home owners and "flippers" or "rehabbers" completely remodeled and upgraded their properties during this same time frame expecting to take advantage of the high prices to maximize their resale profit. Again, the bursting housing bubble forced many of these properties into foreclosure.
There are really more treasures than trash in the Myrtle Beach foreclosure market. Whether you're looking for a 2nd home, a new principal residence or an investment property you owe it to yourself to look at some of these "turn key", ready to move into, foreclosure treasures.
The fastest selling homes and condos in Myrtle Beach and along the Grand Strand are move-in ready foreclosures followed by foreclosures that only need cosmetic improvements. If you're interested in obtaining a bargain Myrtle Beach foreclosure you need to be prepared to act fast. The "Turn Key Treasures" sell quick.
PS: Be sure to ask your agent about potential short sales. There are some fantastic values in the pre-foreclosure market as well. The short sale process can be time consuming and is not guaranteed. However, the patient bargain hunter can reap significant savings by working with agents experienced in the short sale market.