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Myrtle Beach Bank Owned Condos and Houses

by Jerry Pinkas

 

myrtle beach foreclosures and short sales

As you can see from the title, in today’s blog post we are going to be talking about bank owned condos and houses in Myrtle Beach. There are a lot of questions surrounding this topic, and we hope to answer some of these in hopes to show you the many benefits that can come from purchasing a bank owned property. It is always good to keep your options open when starting the search for a new home in Myrtle Beach, and we hope we can shed some light and help you make a decision if these properties are the right fit for you and your family.

Bank Foreclosed Properties in Myrtle Beach

What does it mean if a condo or house is ‘bank owned?”

When a condo or house is bank owned, it means that the bank has foreclosed on the property. This means that the owner of the condo or home defaulted on the loan, leading to legal actions and proceedings from the bank against the owner to seize the property in repayment of the mortgage debt. There are also other times where the borrower will give the bank the deed for the condo or home in lieu of proceeding with a foreclosure, which is referred to as dation. The bank will sometimes accommodate this request from the borrower if they find that there is sufficient equity in the property in hopes to avoid a large loss for the bank.

Are bank owned condos and houses a good investment?

These properties have the potential to be incredible investments! For one, many banks are looking to get these condos and homes off their backs. This affords you the opportunity to snag a property in Myrtle Beach (potentially) under market value! And if you are to do any repairs or upgrades, this will make the condo or home worth more if you ever decide to sell it in the future: cha-ching! And with the secret of Myrtle Beach out, the area has become such a desirable location for residents and visitors, and you should therefore not have much trouble finding an eager buyer who wants to enjoy the many benefits South Carolina has to offer.

On that topic, bank owned houses and condos can also be a great investment property. Buyers can potentially purchase the property at a lower price, making the barrier to entry in the investment property market fairly low. And again, with Myrtle Beach being such a desirable location within the country (what, with incredible beaches, weather, shopping, dining, entertainment…. Okay we will stop bragging now) you will always have someone interested in renting the property – whether it be a full time rental or more sporadic with out of town visitors. Either way, bank owned condos and homes have the potential to become incredible investment properties for those interested.

Myrtle Beach SC foreclosed oceanfront property

What are the benefits of purchasing a bank owned condo or house?

There are many benefits that can come from purchasing a condo or house that is bank owned. As we spoke about earlier, one of them is price. Banks are usually wanting to get the seized properties off their books quickly, which can prove to be a huge benefit for you as they have the potential to come down drastically in price. Is there a neighborhood or part of town that you have been dreaming to live in but simple can not afford? Would you love to live near the glistening Myrtle Beach water but the price tag is too hefty for your budget? Or maybe you are just looking for more square footage for your growing family. We see these all the time from clients.

Well luckily for you there is a potential for a bank owned property to be available in these neighborhoods or parts of town that can check off everything on your wish list and fall in your ideal price range. What we are trying to say is that bank owned condos or homes give people options. A property that would, under normal circumstances, be completely out of your search criteria all of a sudden becomes tangible for you and your family.

Another benefit to a bank owned property is the potential to customize the home or condo to your taste and preference if you plan on doing any repairs or upgrades to the property. Since some of these properties need a little tender loving care, you are able to pick out things such as paint color, finishes, flooring and window treatments. It gives you an excuse to make the home your perfect sanctuary and have things just the way you want them. And while some people may only see a hefty price tag with these improvements, we tend to look at the glass half full and think of it as a terrific opportunity. Also, you probably were able to get the condo or home at a lower price which leaves some funds to put towards these projects. It truly is a win-win! 

 

Are there any cons of purchasing a bank owned condo or house?

As with most things in life, with the good comes potential for some drawback. When it comes to buying a condo or house that is bank owned there are some things that we want you to keep in mind. Because bank owned properties always have the potential of being vacant for some time before new owners move in, the home may need some repairs. Things such as new paint, pipes and air conditioners may need to be purchased and installed. And with that comes the potential for costly bills with your name on them. On the flip side, as we mentioned earlier, this can also be a fun way for you to put your own touch on the property to make it reflect your taste.

Bank Owned Condos and Houses of Myrtle Beach

Prior to closing, it may be a good ideal to hire a trusted inspector to ensure there are no surprises after you close on the condo or home. You can also make the contract “contingent” for a few days or at least until you are able to get an inspector out to survey the property. And while the bank more than likely will not fix anything that needs to be repaired, again it alleviates any large potential surprises, and also may give you a little negotiating power in the deal. We want to make sure that you do not let the excitement of purchasing a home overshadow the due diligence and inspections that may need to be done. Our team is here to guide you and think of the things that you may not have. And we are happy to do it!


What should I do if I am interested in purchasing a bank owned condo or house?

We hope this blog gave you a little more insight into the world of bank owned condos and houses, but we are sure that you more than likely still have some lingering questions, or questions that were sparked from this post. That is where we come in! Call our experienced team here at Jerry Pinkas Reality to answer any questions you have and help figure out if purchasing a bank owned condo or house is the best route for you and your family. We have helped many people go through the process of purchasing properties that are owned by the bank and we are confident we can do the same for you. We are looking forward to hearing from you today!


You have questions, we have answers. Give us a call at 843-839-9870

Visit and like our Facebook page for great local updates and new homes to the market.

Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

Give us a call 843-839-9870


PS: Get The FREE Myrtle Beach Real Estate App for Iphones or Android

Myrtle Beach Real Estate App For Iphone     Myrtle Beach Real Estate App for Android

Myrtle Beach Foreclosures

by Jerry Pinkas

 

 

Myrtle Beach Foreclosures
What is a foreclosure?
Foreclosure. A daunting word for some homebuyers. There are some stigmas and negative connotations that come along with purchasing a home that is a foreclosure, but we are here to tell you that there are many benefits to these properties in Myrtle Beach. Let’s first start by talking about what a foreclosure is. A foreclosure is a home that is bank owned, but that once belonged to a home owner who either voluntarily transferred the deed to the home to the bank or abandoned the home. While there are some extra steps and possible setbacks that go into purchasing a foreclosure home, there are many benefits that come along with it as well. We hope this post sheds a little light on the subject of foreclosures for those of you who are thinking of purchasing one. 
What are the pros of purchasing a foreclosure in Myrtle Beach?
There are a few reasons why purchasing a foreclosure in Myrtle Beach is a good idea. For one, it is a good deal. If the bank owns the property, chances are they are looking to get it off their books pretty quick. This works to your benefit because there is a high probability that they will price the home lower than normal in hopes to get multiple offers on the table. Also, if the the bank owns the property, most likely any debts or leans on the property, as well as any issues, will most likely be cleared. And if the home is badly distressed there is a chance, in addition to your primary means of financing the house, that it can qualify for a home rehabilitation loan package. This can prove to be a huge relief (and take a little pressure off your back) if major issues with the property arise and you do not have the funds to cover the maintenance. 
Another great reason (honestly one of the main reasons) to purchase a foreclosure is the equity the home has the potential to accumulate from buying it at a lower price. Whether you take some time and money to make repairs and upgrades to the home, or just have patience as the area continues to develop, you are putting yourself in a good position when you purchase a home under the market value. If you are doing upgrades to the home, you also have the opportunity to create the home of your dreams with customized finishes that are tailored around your taste and preference.  It is also good to note that you have the potential to find a home that is move-in ready. What a win-win that would be! There will more than likely be other buyers that are interested and will compete for the property, but if you are the lucky ones to snag it, you have hit the real estate jackpot! 
Time is another great aspect when it comes to foreclosure properties in that the banks can take a little bit longer to make a decision. And because the house is vacant, what would normally have to be set and coordinated around a strict schedule can be done at your convenience. Bring an engineer if needed and do your inspections if you are able to. This will help you be better prepared when it comes to making the final decision on whether to go ahead with purchasing the property or not. And if you do decide to move forward with the property, the extra time it make take for all the paperwork to go through can be used to complete all the things you need to do before the property is closed on. While some may view this time as wasteful and a negative aspect of a foreclosure, we urge you to flip your frame of mind and see it as an incredible opportunity to get your ducks in a row and ensure all your “I’s” are dotted and “T’s” are crossed. 
Our next pro when it comes to purchasing a foreclosure is a pretty obvious one if you plan on financing the home – a lower mortgage payment each month. Purchasing a property that is below your set budget will in turn make your mortgage payment lower, and allow you to have more cash on hand each month. Purchasing a foreclosure also gives people a chance to purchase a home in a desirable neighborhood that they may not have otherwise had the chance to live in. How incredible would it be to live in your dream neighborhood without paying the incredible prices? Properties that are in foreclosure are usually distressed and can be found anywhere, in all ranges of condition and price point. You may also be able to get a bigger house for the budget you have set. 
What are the cons of purchasing a foreclosure in Myrtle Beach?
As with most all decisions, with the good comes the potential for some bad. It is important to see both sides to ensure you are making the right decision for you and your family. A potential con that can come along with purchasing a foreclosure include overdue home repairs and properties that are in poor condition. Not everyone is looking to fix up a home, and if you are looking for a move-in ready property, a foreclosure may not always be your best avenue. In most cases there are repairs that need to take place in order for the home to be up to par as some of the properties may not have been lived in for some time. Buyers may find things such as broken pipes, bug infestations and mold buildup. While taking on the repairs is not a complete deal breaker, it is definitely something to consider. 
Another item to consider when purchasing a foreclosure in Myrtle Beach is that there are no guarantees. The process of purchasing a home that is under foreclosure has the potential to be a long and frustrating process, with slow response times and extra paperwork. And like we spoke about earlier, while some people may see this as a con, it is also a great time to ensure you have everything in line and allows you to take your time without rushing. Competition is another thing to consider when going to purchase a foreclosed property. There are a lot of people that see the value in these homes such as the potential to customize it and more square footage. Therefore, naturally, there will more than likely be other bids for the property that create a little competition with your offer. This is not a bad thing, just stay patient.
Can foreclosures be a good investment property? 
Absolutely! If you have the time, money and patience to take on any construction, improvements and upgrades that can come with a foreclosure, then these properties are ideal for you. Foreclosure properties, whether for a rehab project or income property, set you up for a win due to being able to purchase the home at a low cost and sell or rent at a higher price. You can put all the top notch finishes on the house and give yourself a competitive advantage at other homes in the area with a lower barrier to entry in the world of investment properties. 
What should I do if I am interested in purchasing a foreclosure in Myrtle Beach?
Give us a call today! We know you have many questions around foreclosure properties and we have the answers. We have helped numerous people get into homes that were under foreclosure and we can do it for you as well.  Let our experienced team help you walk through the process of purchasing a foreclosure in Myrtle Beach and find your dream home today!What is a foreclosure?Foreclosure. A daunting word for some homebuyers. There are some stigmas and negative connotations that come along with purchasing a home that is a foreclosure, but we are here to tell you that there are many benefits to these properties in Myrtle Beach. Let’s first start by talking about what a foreclosure is. A foreclosure is a home that is bank owned, but that once belonged to a home owner who either voluntarily transferred the deed to the home to the bank or abandoned the home. While there are some extra steps and possible setbacks that go into purchasing a foreclosure home, there are many benefits that come along with it as well. We hope this post sheds a little light on the subject of foreclosures for those of you who are thinking of purchasing one. â€¨What are the pros of purchasing a foreclosure in Myrtle Beach?There are a few reasons why purchasing a foreclosure in Myrtle Beach is a good idea. For one, it is a good deal. If the bank owns the property, chances are they are looking to get it off their books pretty quick. This works to your benefit because there is a high probability that they will price the home lower than normal in hopes to get multiple offers on the table. Also, if the the bank owns the property, most likely any debts or leans on the property, as well as any issues, will most likely be cleared. And if the home is badly distressed there is a chance, in addition to your primary means of financing the house, that it can qualify for a home rehabilitation loan package. This can prove to be a huge relief (and take a little pressure off your back) if major issues with the property arise and you do not have the funds to cover the maintenanc

myrtle beach foreclosures oceanfront


What is a foreclosure?

Foreclosure. A daunting word for some homebuyers. There are some stigmas and negative connotations that come along with purchasing a home that is a foreclosure, but we are here to tell you that there are many benefits to these properties in Myrtle Beach. Let’s first start by talking about what a foreclosure is. A foreclosure is a home that is bank owned, but that once belonged to a home owner who either voluntarily transferred the deed to the home to the bank or abandoned the home. While there are some extra steps and possible setbacks that go into purchasing a foreclosure home, there are many benefits that come along with it as well. We hope this post sheds a little light on the subject of foreclosures for those of you who are thinking of purchasing one to help you make the right decision for you and your family.


foreclosures in north myrtle beach


What are the pros of purchasing a foreclosure in Myrtle Beach?

There are a few reasons why purchasing a foreclosure in Myrtle Beach is a good idea. For one, it is a good deal. If the bank owns the property, chances are they are looking to get it off their books pretty quick. This works to your benefit because there is a high probability that they will price the home lower than normal in hopes to get multiple offers on the table. Also, if the the bank owns the property, most likely any debts or leans on the property, as well as any issues, will most likely be cleared. And if the home is badly distressed there is a chance, in addition to your primary means of financing the house, that it can qualify for a home rehabilitation loan package. This can prove to be a huge relief (and take a little pressure off your back) if major issues with the property arise and you do not have the funds to cover the maintenance.

Another great reason (honestly one of the main reasons) to purchase a foreclosure is the equity the home has the potential to accumulate from buying it at a lower price. Whether you take time and money to make repairs and upgrades to the home, or just have patience as the area continues to develop, you are putting yourself in a good position when you purchase a home under the market value. If you are doing upgrades to the home, you also have the opportunity to create the home of your dreams with customized finishes that are tailored around your taste and preference.  It is also good to note that you have the potential to find a home that is move-in ready. What a win-win that would be! There will more than likely be other buyers that are interested and will compete for the property, but if you are the lucky ones to snag it, you have hit the real estate jackpot!

 

 

Time is another great aspect when it comes to foreclosure properties in that the banks can take a little bit longer to make a decision. And because the house is vacant, viewings that would normally have to be set and coordinated around a strict schedule can be done at your convenience. Bring an engineer if needed and do your inspections if you are able to. This will help you be better prepared when it comes to making the final decision on whether to go ahead with purchasing the property or not. And if you do decide to move forward with the property, the extra time it make take for all the paperwork to go through can be used to complete all the things you need to do before the property is closed on. While some may view this time as wasteful and a negative aspect of a foreclosure, we urge you to flip your frame of mind and see it as an incredible opportunity to get your ducks in a row and ensure all your “I’s” are dotted and “T’s” are crossed.

Our next pro when it comes to purchasing a foreclosure is a pretty obvious one if you plan on financing the home – a lower mortgage payment each month. Purchasing a property that is below your set budget will in turn make your mortgage payment lower, and allow you to have more cash on hand each month. Purchasing a foreclosure also gives people a chance to purchase a home in a desirable neighborhood that they may not have otherwise had the chance to live in. How incredible would it be to live in your dream neighborhood without paying the incredibly high prices? Properties that are in foreclosure are usually distressed and can be found anywhere, in all ranges of condition and price point. You may also be able to get a bigger house for the budget you have set.

myrtle beach foreclosures Pros and Cons

What are the cons of purchasing a foreclosure in Myrtle Beach?

As with most all decisions, with the good comes the potential for some bad. It is important to see both sides to ensure you are making the right decision for you and your family. A potential con that can come along with purchasing a foreclosure includes overdue home repairs and properties that are in poor condition. Not everyone is looking to fix up a home, and if you are looking for a move-in ready property, a foreclosure may not always be your best avenue. In most cases there are repairs that need to take place in order for the home to be up to par as some of the properties may not have been lived in for some time. Buyers may find things such as broken pipes, bug infestations and mold buildup. While taking on these repairs is not a complete deal breaker, it is definitely something to consider.

homes for sale by owner in myrtle beach sc

Another item to consider when purchasing a foreclosure in Myrtle Beach is that there are no guarantees. The process of purchasing a home that is under foreclosure has the potential to be a long and frustrating process, with slow response times and extra paperwork. And like we spoke about earlier, while some people may see this as a con, it is also a great time to ensure you have everything in line and allows you to take your time without rushing. Competition is another thing to consider when going to purchase a foreclosed property. There are a lot of people that see the value in these homes, such as the potential to customize it and more square footage. Therefore, naturally, there will more than likely be other bids for the property that can create a little competition with your offer. This is not a bad thing, it is importatnt to just stay patient.

Can foreclosures be a good investment property?

Absolutely! If you have the time, money and patience to take on any construction, improvements and upgrades that can come with a foreclosure, then these properties are ideal for you. Foreclosure properties, whether for a rehab project or income property, set you up for a win due to being able to purchase the home at a low cost and sell or rent at a higher price. You can put all the top notch finishes on the house and give yourself a competitive advantage at other homes in the area with a lower barrier to entry in the world of investment properties in Myrtle Beach.

myrtle beach foreclosures

What should I do if I am interested in purchasing a foreclosure in Myrtle Beach?

Give us a call today! We know you have many questions around foreclosure properties and we have the answers. We have helped numerous people get into homes that were under foreclosure and we can do it for you as well.  Let our experienced team help you walk through the process of purchasing a foreclosure in Myrtle Beach and find your dream home today!

 

You have questions, we have answers. Give us a call at 843-839-9870

Visit our Facebook page for great local updates and new homes to the market.

Best Realtor in Myrtle Beach


Why pick average, when you can have an expert?

Give us a call 843-839-9870


PS: Get The FREE Myrtle Beach Real Estate App for Iphones or Android

 

Myrtle Beach Real Estate App For Iphone     Myrtle Beach Real Estate App for Android

How Do I Find Myrtle Beach Condos With Low HOA Fees?

by Jerry Pinkas

Myrtle Beach has plenty of condos and townhomes for sale.  You can perform a search for them on our website using our powerful Myrtle Beach search tool.

The thing that you should keep in mind though that it's not the quantity of properties for sale, but the quality. Many have great features, such as a pool, and would make a great vacation rental or 2nd home.

But how do you compare HOA fees for the Myrtle Beach Area?

It can be tricky to pin down an answer.  For example, one thing to consider is what is included or not included in the fee. That can make a real difference in the what the real costs turn out to be.

Here's a list of what HOA fees may or may not include:

  • water
  • interior electric
  • common area electric
  • building insurance
  • HO6 policy insurance
  • pool service
  • elevator service
  • exterior
  • grounds keeping
  • lawn
  • security
  • HOA accounting
  • trash
  • internet 
  • cable TV 
  • and much more...

Pay attention to a "low" association, as they may only cover 1 or 2 items on this list. If you end up paying for these items on your own, you could end up paying much more that you would in a HOA.  Just make sure you get all the facts from the person who works with you.

Out team is happy to work with you to help you get accurate information on HOA fees and avoid costly pitfalls.  Contact us today!

Myrtle Beach Area Foreclosures

by The Jerry Pinkas Team

Today's blog showcases the latest Myrtle Beach Area Foreclosures for sale.   Are you looking for a bargain in The Grand Strand?  Check our list below for the most recent Foreclosures this area has to offer.  Whether you are looking for a vacation condo or a permanent residence, the Myrtle Beach area has everything you need. We invite you to browse around our website where you will have access to all of the listings that are currently for sale.  Once you find your dream home, give us a call and let us be your guide as you make the move to Myrtle Beach!

Jerry Pinkas real estate 843-839-9870

North Myrtle Beach Short Sales

by The Jerry Pinkas Team

Our focus today is on the latest North Myrtle Beach Short Sales.  If you are looking for a vacation home in a "happening" city, these listings may be perfect for you.  North Myrtle Beach Condos always has something going on, from art festivals to concerts to dance lessons. Enjoy award-winning dining and upscale shopping, as well as live theater and music events.  Also, the hustle and bustle of Myrtle Beach is just a short drive away.  With such a great location and a laid-back feel, North Myrtle Beach is the perfect spot for family vacations, or even for a retirement condo.  Feel free to browse through these listings, or create your own search on our website.  We are so glad you stopped by and we look forward to being your guide as you purchase your North Myrtle Beach home.

Jerry Pinkas Short Sale Team 843-839-9870

Myrtle Beach Foreclosed Condos for Sale

by The Jerry Pinkas Team

Today, we are giving you a glimpse at the current Myrtle Beach Foreclosed Condos for Sale.  If you are looking for a second home, now is your chance to take advantage of some of these great deals.  Imagine spending every summer vacation at Myrtle Beach enjoying time with your family.  Or, for the investor, these condos would be a great source of income.  Either way you look at it, these Foreclosures are well worth the investment.  Let The Jerry Pinkas Team be your guide to the Myrtle Beach area.  We love living in The Grand Strand and we know you will, too!

Jerry Pinkas Real Estate Experts 843-839-9870

Short Sales in Myrtle Beach

by The Jerry Pinkas Team

We are kicking off the weekend with a look at the Short Sales in Myrtle Beach.  You will be amazed at the deals you can get on some fantastic properties.  There are only 10 properties on the list below, but there are many more short sales available in Myrtle Beach and the surrounding areas.  Feel free to peruse our website until you find the deal you can't pass by!

 

 

Myrtle Beach Foreclosures for Sale

by The Jerry Pinkas Team

Take a look at the newest Myrtle Beach Foreclosures for Sale.  If you are looking for a bargain on a Myrtle Beach home, you've come to the right place.  The homes below are the newest additions to the foreclosure market.  Let us help you find the home of your dreams for a price you can afford.  These homes won't be on the market long, so act fast.  Also, if you don't see what you need on the list below, feel free to create your own search on our website where we offer you full access to all of the listings in the Myrtle Beach area.  So, no matter what your needs, we can help.


Jerry  Pinkas Real Estate Experts

843-839-9870

Murrells Inlet Foreclosures for Sale

by The Jerry Pinkas Team

The focus of today's blog are the latest Foreclosures in Murrells Inlet, SC.  Whether you are looking for a luxury home, or for a vacation condo, you can find it right here.  This is your chance to find your getaway for a discount price.  So, take a look at today's list, or feel free to search our website.  Let us be your Myrtle Beach real estate resource.

 

Jerry  Pinkas Myrtle Beach Real Estate 843) 839-9870

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Myrtle Beach Short Sales

by The Jerry Pinkas Team

Today, we are focusing on the short sales currently available in Myrtle Beach.  You won't believe the homes you can find at such low prices.  On the list below, you will find family homes, golf course condos, and even some ocean views.  If you don't find the perfect property for your needs, there are many more Myrtle Beach Short Sales on our website.  So, feel free to browse around and find exactly what you need for a price you can afford. 

 

Jerry Pinkas Myrtle Beach Real Estate 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. If you are looking for Myrtle Beach Condos For Sale, houses, or land we can help. 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. We Guarantee Results! Award Winning - Top Ranked - Highly Recommended - Call The Pros - Google or call (843) 839-9870; Put our team to work for you today.

 

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