Myrtle Beach Foreclosures
Right now there’s a window of opportunity to purchase Myrtle Beach Foreclosures. However learning what type of properties to buy, which agent to choose and what type of financing is stressful and chaotic. All too often we are bombarded with information; half of which is usually incorrect.
So what exactly is a foreclosure? A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold by the bank. In this current economy, this means great news for people who are interested in buying foreclosures in Myrtle Beach. It’s a time when hot properties come onto the market and are sold at a discount price. This is all able to happen due to the banks not wanting to keep these properties on their books for too long, thus discounting the price to unload them.
Myrtle Beach Home Foreclosures happen through several stages and possessing a qualified agent can make a huge difference in the deal you reach. If the foreclosed property goes to auction, an opening bid on the property is set by the foreclosing lender. This opening bid is normally equivalent to the outstanding loan balance, interest accrued, and any attorney fees associated with the Trustee Sale. If the opening bid is not met, the property is deemed a Real Estate Owned (REO) and typically occurs because the property is worth less than what is owed to the bank. The good news about purchasing REOs is the clean title that usually accompanies it; all junior liens besides property taxes are wiped out.
There’s really no real catch to buying Myrtle Beach Oceanfront Condo Foreclosures, but it is important to remember to stay patient! In order to get a great property at a discounted price, you will have to compete against other potential buyers who are making offers. This is where having a qualified agent can really help you crush the competition. The average person lives in the same house/condo for 5 to 7 years, typically because they get caught up in the bargain and neglect the area they reside in. It’s important to hire an agent who is familiar with the Grand Strand area enough to determine if certain Myrtle Beach Condo Foreclosures truly fit your lifestyle and needs. The good news is that doesn’t mean you have to sacrifice the great deal you’re chasing. Myrtle Beach Foreclosures are becoming more abundant than ever, so the time to buy is now!
To find out more about Myrtle Beach Foreclosures, contact the Jerry Pinkas Real Estate Experts today!
If you are intrested in Myrtle Beach Condos for Sale or investing in a Myrtle Beach Oceanfront vacation condo, call Jerry at 843-839-9870 or sign up for LISTING ALERTS at http://www.buybankownedmyrtlebeach.com/
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