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