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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215 77th Ave. N
Myrtle Beach, SC 29572
The Horizon At 77TH N.
Condo/townhouse
MLS# 2022252 / Active
Well-maintained and two-bedroom ocean view unit. This unit is the larger 2 bedroom model. The kitchen features a breakfast bar with granite counter...
2006 N Ocean Blvd.
Myrtle Beach, SC 29577
Breakers Resort
Condo/townhouse
MLS# 2023701 / Active
2000 N Ocean Blvd.
Myrtle Beach, SC 29577
Camelot By The Sea
Condo/townhouse
MLS# 2022672 / Active
FULLY FURNISHED DIRECT OCEAN FRONT 1BR/1BA condo at the popular Camelot By The Sea Themed Resort!!! This unit offers two queen beds with plenty of ...
161 Seawatch Dr.
Myrtle Beach, SC 29572
Seawatch South Twr 2 - Mb Arcadi
Condo/townhouse
MLS# 2014801 / Active
Located in the secluded Arcadian section of Myrtle Beach, Seawatch is surrounded by residential real estate. This unit is on the 9th floor and is ...
1605 S Ocean Blvd.
Myrtle Beach, SC 29577
Palace, The
Condo/townhouse
MLS# 1906247 / Active
Two bedroom two bathroom split floor plan with two ocean view balconies and is conveniently located on the first floor. This is the closest to the...
2710 S South Ocean Blvd.
Myrtle Beach, SC 29577
La Mirage
Condo/townhouse
MLS# 2020639 / Pending Contingent On Financing
Don't miss this opportunity to own your direct, unobstructed view of the beautiful Atlantic Ocean in this second row, corner top floor condo on Oce...
4845 Meadowsweet Dr.
Myrtle Beach, SC 29579
Bay Meadows
Condo/townhouse
MLS# 2024608 / Active
An amazing opportunity to own a large 3 bedrooms / 2 full baths, first floor, end unit condo at the beautiful community of Bay Meadows. This 1,600 ...