Myrtle Beach Condo Foreclosures

2010-04-11T18:28:00.000-07:00

Overview of Myrtle Beach Condo Foreclosures

Myrtle Beach, SC is located in the upper eastern corner of South Carolina in Horry County. Horry County is the largest county in the state of South Carolina. The biggest business here is local tourism. With Myrtle Beach being the "Golf Capital of the World" people come from all over North America to play golf on one of the 100+ golf courses that call the area home.

Myrtle Beach Real Estate Market for 2006

With the area being so popular for tourism and golf its no wonder this has been the place so many people want to come when they retire. Our warm weather attracts people from the North. The real estate market in Myrtle Beach took off in 2004, like many other areas close to the ocean, the condo market exploded. Condos were being built all over the place. The entire oceanfront was changing. Small mom and pop hotels were being torn down to built enormous high rise buildings. Luxury high rise resort were built with world class amenities. In 2006, early 2007, the real estate market started to slow down all over the country and especially in Myrtle Beach, SC.

Financing programs that offered "no or low downpayments" allowed many people to purchase condos that should never have been able to qualify. These people quickly found themselves in the position of not being able to sell there properties and not being able to afford them. Not to mention during this time the insurance rates on oceanfront properties sky rocketed causing the home owners association fees to more than triple. Ocean front rental rates in some cases would only pay a small portion of the monthly payments and the Home owners association fees.

With the Horry County Court system quickly backing up the Myrtle Beach foreclosure process has from a few short months to well over a year.

As of now a the foreclosure process in Myrtle Beach can take anywhere from 9 to 15 months or longer depending on the situation.

Todays Myrtle Beach real estate market

As of today foreclosures in Myrtle Beach are on the rise. The process to foreclose is taking longer than ever. However the inventory coming on the market is being priced to sell. With ocean front condo prices in some resort down over 70% from the peak of the market in 2006, price make more sense and are better in line with what rental rate are.

The Best Deals on Myrtle Beach Condo Foreclosures

We always get asked about what are the best deals? or How can I get the best deal? The answer to that question is simple, find a good building you like and make an offer. Inventory is still pretty high, but the market offer short sales and they can offer great deals! A short sale is what many people would call a pre-foreclosure. Normally the seller is upside down on the property and has missed some payments. Many of them have already been served with a foreclosure notice.

To buy a short sale in Myrtle Beach it takes a lot of patience. To start the process you have to make an offer. Once you make an offer and it has been signed off by the seller, the offer is submitted to the bank. Once the bank gets it, it may take them 4 to 12 weeks to respond to the offer. During this time the seller will be submitting the bank their person financial information and the bank will be doing its due diligence as far as accepting the offer. In many case we have saw that the decision in many cases is based more on what the seller is will to do with the bank rather than how qualified the buyer is.

Now with a short sale the bank could possible come back and ask for a higher price or tell the seller for the deal to work they will have to accept a deficiency judgment or bring money to closing.

The Best Deals on Myrtle Beach Condo Foreclosures are often aattracting multiple offers. This is a sign of the market leveling out and buyer coming back into it.

If you are looking at buying a condo foreclosure in Myrtle Beach you have a lot to consider. First of all are you buying for strictly personal use? just an investment and you are not planning to use it yourself? or are you planning to use it some and then rent it out short term.

Many condo communities in Myrtle Beach that are off the beach will only allow long term rental. A long term rental in many cases is classified as a 6 month or longer lease. If you are not planning to use your condo any time soon this many be the best scenario for you. With a long term tenant your monthly income will be pretty stable and as long as your tenant is paying you don't have to worry about your income changing.

If you are planning to use your investment you might want to seriously consider purchasing oceanfront. With buying oceanfront you will have a high HOA fee but there are normally a tremendous amount of amenities and insurance rates are normally higher. But during the peak season you will make the bulk of your yearly income and then can use your property when ever you want to for personal use. This option works very well for people that are planning to come down to the beach in the winter months for several months.

For More information on Myrtle Beach Condo foreclosures contact us at

843-997-7555
Exit Realty Elite

or visit for a FREE list of FOREclosures

Myrtle Beach Foreclosures

Exit Realty Elite
4226 Mayfair Street
Myrtle Beach, SC 29577

Myrtle Beach Foreclosures

Myrtle Beach Short Sales - You have more options

2010-04-10T19:35:00.000-07:00

There a lot of people in the Myrtle Beach market that bought at the peak of the real estate market in 2006-2007. If you bought an ocean front condo, chances are you are 50% or more upside down. With this being said, even if you could find a buyer to pay what you owe on your Myrtle Beach real estate the property probably will not appraise any where near those 2006-2007 prices.

Most people in this situation that are having problems with payments feel hopeless and feel like they do not have any options at all. Well I have news for you, you do have options other than foreclosure. The short sale process has gotten easier and quicker than it was a few years ago.

For more information or to discuss your options feel free to contact us at 843-474-1031

myrtle beach Condo foreclosures

Myrtle Beach Condo Foreclosures

Myrtle Beach Short Sales - You have more options