How to Buy a Foreclosure Three Stages of Foreclosure Sales

May 7, 2012 by mbcondo
Filed under Myrtle Beach Foreclosures

Myrtle Beach Foreclosure Property – Tips For Investing

Do you have great credit or some extra cash on hand? If so, you may be interested in investing in a Myrtle Beach foreclosure property. There has never been a better time to invest in Myrtle Beach real estate. Unless you have been living under a rock, you know that the bottom has fallen out of the Myrtle Beach real estate market in recent years. However, the good news is the market is recovering which means you should not have to wait long to recover your investment.

Stages to Buying Myrtle Beach Foreclosure Property

The first stage in buying a Myrtle Beach foreclosure is to determine the phase of foreclosure the property is currently in. You can purchase a Myrtle Beach home that is currently owned by the existing Myrtle Beach homeowner which is referred to as a pre-foreclosure investment. After the bank has taken possession of the Myrtle Beach home, they will usually offer the property at auction and you can purchase the property at that a time. If the Myrtle Beach foreclosure is not sold, it is considered a bank foreclosed home and can be sold by a Myrtle Beach real estate agent. There are pros and cons of each stage.

How to Buy a Myrtle Beach Foreclosure as a Short Sale

A Myrtle Beach home listed as a short sale is in pre-foreclosure. A Myrtle Beach short sale provides a win-win for all parties involved. You, as the investor, get a Myrtle Beach home in good condition with a judgment from the mortgage hold attached to the property. The bank or mortgage holder will, in most cases, take a loss on the existing loan, however, they will get the bad debt off their books and they do not have the expense of taking possession of the Myrtle Beach property and selling it themselves.

Although a Myrtle Beach short sale looks great on paper, keep in mind there can be complications. The mortgage holder may show interest in selling initially and then back off when the fully understand how much they may lose in the sale of the Myrtle Beach property. There is always the possibility that the homeowner will come up with the needed funds to keep the Myrtle Beach home at the last minute. There have been studies that show approximately 85% of all Myrtle Beach short sales will fall through.

Even with these short comings, a Myrtle Beach short sale provides a benefit to the investor. Of all the stages of a Myrtle Beach foreclosure, these homes are usually in the best condition with the least amount of renovations needed.

How to Buy a Myrtle Beach Foreclosure at Auction

When the mortgage holder and the Myrtle Beach home owner cannot come to an agreement, the mortgage holder has no other option than to proceed with a Myrtle Beach foreclosure. A requirement in many states is that the property be immediately offered at auction. The mortgage holder than has the option of pursuing the home for the deficiency between what is owned on the property and the amount received at auction. This is referred to as a deficiency judgment against the homeowner.

Because you need cash on hand and you are purchasing a property as-is, you will have very little competition at the auction. In many instances, the mortgage holder will purchase the home for $1 more than the amount owned on the property.

How to Buy a Myrtle Beach Foreclosure from a Bank

The next stage is after the bank purchases the Myrtle Beach foreclosure at auction and it becomes part of the inventory of the bank. Since they are not in the business of selling property, they need to get rid of the Myrtle Beach foreclosure as soon as possible. Usually the mortgage holder will work with private Myrtle Beach real estate agents who specialize in Myrtle Beach foreclosure that can help them get rid of this unwanted inventory.

If you are new to real estate investing, you will definitely want to connect with a Myrtle Beach real estate agent who has the necessary contacts with the local banks to find the very best Myrtle Beach foreclosure properties.

How to Buy a Myrtle Beach Foreclosure – Get Listing Information

If you decide to purchase a Myrtle Beach foreclosure without the help of a real estate agent, you will want a good source of listings. You will want to subscribe to a listing service that will email you these listings on a regular basis.

Give us a call if investing in a Myrtle Beach foreclosure is something you have been thinking about, We have the connections with local mortgage holders help you find the very best deals.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
(843) 839-9870
homeguidemyrtlebeach.com

Your Myrtle Beach Foreclosure Property Investment Specialists

Tags: Myrtle Beach Condo Investing, Myrtle Beach Foreclosures, Myrtle Beach Foreclosures for sale, Myrtle Beach Real Estate Investing

Myrtle Beach Foreclosures

February 2, 2011 by admin
Filed under Myrtle Beach Foreclosures

Myrtle Beach Condo Foreclosures for Sale

October 8, 2009 by mbcondo
Filed under Real Estate News

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Myrtle Beach Bank Foreclosures & All foreclosures, HUD, VA, and other government properties as well as Myrtle Beach Condo Foreclosures for Sale are available and on the market right now. You can get the jump start on your competition by working with the Myrtle Beach Foreclosure Experts. The Myrtle Beach Condo Expert will assist you in your search for Myrtle Beach foreclosures and you will a make well informed real estate decisions in the process.

You can buy Myrtle Beach Oceanfront condo foreclosures and Myrtle Beach condo foreclosures right now for as much as 70% off what they originally paid in the height of the market. We have a lot of great deals being made right now.

Myrtle Beach oceanfront foreclosures

$ 45,900. – Ocean view Condo, efficiency unit at the Sea Mist Resort Located at 1205 S Ocean Blvd, Myrtle Beach Sc 29577. Bright, Sunny, just an elevator ride and a few steps to the ocean. Located on the 7^th floor. Units at the Sea Mist Resort originally sold for as much as $184,900 in 2006.

Myrtle Beach Condo Foreclosure Listings

$77,500 – Ocean View One bedroom One bath condo located at 6900 N Ocean Blvd, Caravelle Resort unit 1407. This condo originally sold for $178,900 on 3/24/06 Nice view looking up the beach, great amenities on site, nice quite location close enough but far enough away from the hustle and bustle of downtown.

Foreclosure Condos in Myrtle Beach

$144,900 - 4 bedroom, 3 bath Condo Myrtle Beach Villas unit 310B located at 704 S Ocean Blvd., Myrtle Beach Myrtle Beach bank foreclosure. In the Height of the market units like this sold for $540,000. Located across the street from the beach, only 3 years old. Granite counter tops, large condo across the street from the ocean. Amenities include a great pool & lazy river complex to enjoy, and located close to all the attractions that Myrtle Beach has to offer.

North Myrtle Beach Foreclosures

$214,900. – 6 Bedroom, 5 bath condo Cherry Grove Villas unit 207 located at 5301 N Ocean Blvd., North Myrtle Beach, Granite, Ceramic Tile, Very nice large condo located across the street from the beach, building is only 3 years old. Great deal on this foreclosure.

N Myrtle Beach Foreclosures

$339,900 – 3 bedroom, 3 bath, direct oceanfront condo located at the Avista Resort 304 N Ocean Blvd in North Myrtle Beach. 9^th floor unit. WOW! WAKE UP TO THE VIEW OF THE ATLANTIC in this three bedroom, three bath unit at the prestigious Avista Ocean Resort. Enjoy all the amenities, indoor/outdoor pools, lazy river or use the fitness center. Have a quiet dinner at the resort or within walking distance to numerous other restaurants. Units like this sold for as much as $559,900 in 12/06

This is just a sampling of some of the current deals on the market. Many people are now realizing that now is a great time to buy!

This past week we have sold a number of properties that were foreclosures. On just about every property we had a lot competition bidding all at the same time. Some of these properties sold in as little as 3 hours after coming on the market. When some properties hit the market you just have to be ready to move quickly and make an offer before it is gone. I did help my clients get this deals and won with some skillful negotiating. Knowledge of the property and skill our teams’ skill level help to make these deals happen.

Myrtle Beach Foreclosure Listings – Jerry Pinkas Home Selling Team – is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to inform our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. Award Winning – Top Ranked – Highly Recommended – Call The Pros – Google or call (843) 222-1926; Put our team to work for you today.

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