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Foreclosed Condos in Myrtle Beach Area

Myrtle Beach Condo Foreclosures

You can scoop up some good deals with foreclosures, but you won't have as many to choose from as 2 or 3 years ago when the real estate market in Myrtle (and the rest of the US) took a tumble. Check back regularly for the latest foreclosures on condos in Myrtle Beach.

The Foreclosure Process

The foreclosure process begins when the lender files a public default notice, called a Notice of Default or Lis Pendens. Most mortgage companies will only allow a 30 day past due period before they file for repossession. Several things can happen during the foreclosure proceedings:

  • There is a grace period at first, where the owner can refinance or pay the past due amount. This is called the "pre-foreclosure" period. Sometimes the owner can get permission to sell the property now for less than the amount owed. This is known as a Short Sale.

  • When the pre-foreclosure period is over, the banks are forced to sell the property at a auction, or occasionally they will purchase the property themselves, either in an agreement with the borrower, or at the auction. The property is then said to be bank-owned, or an REO Property, which is real estate owned by the mortgage lender. Usually, the auction is held, and other investors step in and get a great deal on the foreclosure property. 

  • Buyers have to be ready to move fast and immediately as soon as you find a foreclosure property you are interested in. An investor offering a cash payment will be favored over one that has to locate financing unless you are pre-approved and the paperwork can be completed quickly. Investigate popular condo resorts ahead of time and choose the ones you're interested in.

Conditions are favorable for home buyers or investors who are looking to purchase Myrtle Beach foreclosure homes or condos as inventory and historic low interest rates combine, making it a great time to purchase. There are many foreclosures in the Myrtle Beach area - let CondoLux's team work to locate the best deal for you so that you can obtain that great deal on a foreclosure home or condo in Myrtle Beach!

See All Condo Foreclusre MLS Listings Here

Condo Foreclosures Listings in the Area

 

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"JoinMyrtleBeach.com is brought to you by CondoLux Properties, LLC in North Myrtle Beach, SC.

If you're searching for a home or condo in Myrtle Beach, and you contact us through this website, we want you to know that you'll be referred to the very best and most specialized agents we have found for your particular inquiry.
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Terry Adams

Terry Adams
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Condos For Sale

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If you are one of the many who have decided to invest in oceanfront real estate, resort property, or a beachfront vacation home, you are probably weighing the options of where to buy. We offer you some facts to consider about the Myrtle Beach, SC

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Blog Posts

5 Great House Hunting Tips When Buying a Home
Sun, Mar 1st 2015 3:39 pm

Myrtle Beach Real Estate Market Improving Slowly
Mon, Jan 19th 2015 11:00 am

6 Mistakes To Avoid As A Home Buyer
Thu, Jan 1st 2015 3:10 pm

Selling Tip: How to Show Your Home to Buyers
Sat, Dec 6th 2014 1:25 pm

Tips For Home Sellers – High Quality Listing Photos Are Essential
Fri, Dec 5th 2014 4:35 pm

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Recent Posts

5 Great House Hunting Tips When Buying a Home
Sun, Mar 1st 2015 3:39 pm

Myrtle Beach Real Estate Market Improving Slowly
Mon, Jan 19th 2015 11:00 am

6 Mistakes To Avoid As A Home Buyer
Thu, Jan 1st 2015 3:10 pm

Selling Tip: How to Show Your Home to Buyers
Sat, Dec 6th 2014 1:25 pm

Tips For Home Sellers – High Quality Listing Photos Are Essential
Fri, Dec 5th 2014 4:35 pm

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