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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817 S Ocean Boulevard #203
North Myrtle Beach, SC 29582
Atlantis Villas
Condo/townhouse
MLS# 1602993 / Active
Large and elegant with unblocked views of the Atlantic Ocean and Crescent Beaches beautiful white sand! This two story villa sits on the top of th...
Reduced -$15,000
1321 S Ocean Blvd. #1103
North Myrtle Beach, SC 29582
Atlantic Breeze - Nmb - Formally
Condo/townhouse
MLS# 1616826 / Pending Contingent On Financing
THIS IS A BEAUTIFUL SPACIOUS 3 BR/3BA OCEANFRONT CONDO WITH A HUGE BALCONY OVERLOOKING MAGNIFICENT VIEWS OF THE ATLANTIC OCEAN. CLOSE TO ALL DINING...
Reduced -$9,100
5508 N Ocean Blvd. #506
North Myrtle Beach, SC 29582
Hyperion Tower
Condo/townhouse
MLS# 1708548 / Active
Spacious, furnished 3 bedroom, 2 bath condo with oversized balcony for the morning sunrise & ocean view. Secured access to building, pool, exercise...
Reduced -$30,000
3513 S Ocean Blvd Unit 203
North Myrtle Beach, SC 29582
Spinnaker
Condo/townhouse
MLS# 1709615 / Active
Spinnaker 2BR/2BA oceanfront condo with fantastic views of the ocean! Open floor plan, island in kitchen, large OCEAN FRONT master bedroom with mas...
Reduced -$10,000
2700 N Ocean Blvd #1655
Myrtle Beach, SC 29577
Breakers Boutique
Condo/townhouse
MLS# 1711840 / Active
If location, location, location is what you are looking for in a vacation place, then come see unit 1655 in The Breakers Resort Boutique at 2701 N....