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Myrtle Beach Foreclosures "Turn Key" Treasures

Bank owned foreclosures represent some of the best bargains available in today's buyer's market. There is so much interest in Myrtle Beach foreclosures that the terms “Myrtle Beach Foreclosures” has become the top real estate related keyword search on most real estate websites and major search engines.

There are a lot of misconceptions about Myrtle Beach foreclosures. Many buyers mistakenly equate a foreclosure with a property in need of significant repairs. They've heard horror stories or seen sensationalist news reports of homes that have been gutted of all useful appliances and fixtures and totally trashed by irate owners or vandals. This is the rare exception and not the rule.

Most Myrtle Beach foreclosures are in the same general condition as other properties for sale in the same neighborhood. Many need little more than some yard maintenance, a thorough cleaning, fresh paint and new carpets to be move in ready. Some may require more extensive updating to suit the buyers needs. Very few require extensive repairs and upgrading.

Even the few Myrtle Beach foreclosures that do need 'serious" help can be diamonds in the rough for a savvy rehabber or handyman if purchased at the right price.

A small percentage of Myrtle Beach foreclosures are true treasures, both in value and condition. These fall into two general categories. Those that are new and have never been lived in and those that were completely remodeled by the owners prior to being foreclosed on.

Many Myrtle Beach new construction builders got caught by the real estate downturn and were unable to sell recently completed homes and condominiums. These “new”, never lived in, homes are now available from foreclosing lenders at true bargain prices. Many of these homes are priced well below replacement construction cost.

Many condominiums in Myrtle Beach were purchased new or pre-construction by investors at the height of the real estate bubble. When the market nose dived they were left holding properties they could not “flip” or lease profitably. Beautiful, brand new luxury golf course and ocean front condominiums that sold for over a million dollars in 2006 are now being sold for 50 to 70% less by foreclosing lenders.

Other home owners and “flippers” or “rehabbers” completely remodeled and upgraded their properties during this same time frame hoping to take advantage of the high prices to maximize their resale profit. Again, the bursting housing bubble forced many of these properties into foreclosure.

There are truly more treasures than trash among the available inventory of Myrtle Beach foreclosures. Whether you're a first time buyer, or you're looking for a 2^nd home, a new principal residence or an investment property you owe it to yourself to look at some of these “turn key”, ready to move into, Myrtle Beach foreclosures.

A Guide to Buying Myrtle Beach Foreclosures

Lisa and I hear from people all the time who are interested in learning about Myrtle Beach foreclosures for a variety of reasons. Some are looking for inexpensive housing that they can invest "sweat equity" into to have a nicer home than they could normally afford. Other people are looking to buy, rehab, and flip a property quickly for a profit. Others are looking to acquire a Myrtle Beach foreclosures to use as a rental property for a more long-term investment. All of these scenarios are achievable if you have the right information to make an educated decision.

Being successful at purchasing a Myrtle Beach foreclosure requires some preparation. Most Sellers of foreclosed properties require a minimum amount of earnest money to accompany any offer to purchase. The first steps you should take are as follows:

Find a real estate agent that can help you identify Myrtle Beach foreclosures as soon as they come on the market. Time is of the essence in all real estate transactions, but even more so in the Myrtle Beach foreclosure market. Sign up for our free Myrtle Beach Foreclosures Listings Update
Have enough cash on hand to meet any minimum earnest money requirement, sometimes 2% or more of the purchase price. The more earnest money you put down the better your offer looks to the Seller.
If you will be borrowing funds to purchase you must be pre-qualified by your lender and have documentation to support this. Most Sellers require evidence of qualification or proof of available funds (cash) to be submitted with any offer to purchase. Michelle Dixon with Wells Fargo will pre-qualify you at no charge. You can conveniently apply on line from all 50 states. Wells Faro - Michelle dixon
Be prepared to move quickly. A foreclosure that is priced to sell will not stay on the market long.
Make your offer to purchase contingent upon an inspection of the property. Make the inspection period as short as possible for you to complete inspections and receive bids from contractors for repairs. An extended inspection period will make your offer less attractive to the Seller.
Have a team of contractors available that will give you written estimates of repair costs in a timely fashion. This will likely include people who do carpentry, plumbing, drywall repair, carpet and flooring, roofing, septic systems, field lines, electrical repair, heating and air, etc.
Know the Myrtle Beach real estate market where the foreclosure is located. Have your real estate agent prepare a Competitive Market Analysis so you can see how much homes in the area are selling for. This is key to knowing how much you should offer for the property.
If you plan to live in the property, try to have repairs done prior to moving into the home. Renovations are much more difficult after you move in.
If you are planning to rehab the home for rent or resale you must be prepared to move quickly. Time is money! If you had to borrow money for the purchase, every day you spend on repairs is costing you money on interest. This can quickly eat into your profit margin. The same is true if you plan to use the property as a rental.
If you will be selling, work with an agent who knows that market and who can expose your property to potential Buyers.

Following the suggestions above greatly increase your chances of having the offer to purchase accepted. Making the transaction successful/profitable from this point depends on your end goal.

The most common pitfalls that snare the novice investor are as follows:

Underestimating the cost of repairs.
Paying too much for a property.
Getting a good deal on the initial price and needlessly investing too much in repairs or upgrades.
Taking too long to get the property ready for resale or rent
Not knowing how much comparable homes in the area typically sell for.
Trying to maximize profit by selling For Sale By Owner. This limits exposure to potential buyers and can increase time to sell. Remember, every day the home stays for sale means more expenses for insurance, interest and taxes.

Investing in Myrtle Beach foreclosures can be financially rewarding if you take the time to prepare yourself. You should be cautious, but not so much so that you miss an opportunity. Surrounding yourself with the right support staff consisting of a good lender, real estate agent, and contractors will be key to your success.

Remember, a buyer's agent works for you. They advise you of market conditions and provide you other invaluable resources. They negotiate on your behalf with your best interests in mind. A good buyer's agent will help you avoid a bad investment and help ensure you receive a lifetime of value form your real estate purchase.

Real Estate has consistently outperformed many other methods of investing. If you are considering Myrtle Beach foreclosures as an alternative to traditional investing, or a conventional purchase please feel free to contact us. Lisa 843-997-4289 This e-mail address is being protected from spambots. You need JavaScript enabled to view it or Mike 843-602-7644 This e-mail address is being protected from spambots. You need JavaScript enabled to view it

You can preview all of the Myrtle Beach foreclosures online by visiting the foreclosure listings on this site or sign up for our weekly or daily Myrtle Beach Foreclosures Listings Updates

Three Ways To buy Myrtle Beach Foreclosures

Investing in Myrtle Beach Foreclosures - Comparing the Risks and the Rewards

The mortgage foreclosure process creates three sets of real estate investing or buying opportunities: the "Default/Pre-Foreclosure" or short sale phase, the "Auction/Sale" phase and the "REO" phase. This article discusses the risks and the rewards of each opportunity.

Buying Myrtle Beach Short Sales

Buying myrtle beach short sales involves working directly with the homeowner and sometimes the lender. Your goal is to create a Win-Win scenario. One win is for the homeowners (they make a sale) and one win is for yourself (you buy the property at a substantial discount).

To accomplish a successful purchase, most experts recommend the following: (1) evaluate and narrow selections to pursue, (2) inspect the property, (3) evaluate the property (4) determine the market value of the property, fix-up costs, and potential sales price. (6) arrange a default work out by working with the listing agent, your buyers agent or directly with the owner and the lender.

Pros: This is a great investing opportunity if done correctly. You can obtain an over-leveraged property at foreclosure prices without waiting for it to come back on the market as an REO. You also have plenty of time to inspect and research properties.

Cons: It is sometimes difficult to work with the property owner or his lender.

If you are not experienced with short sales, always work with a buyer's agent who is. A good buyers agent will ensure th process goes as smoothly and as quickly as possible and will steer you away from potential problem properties.

Buying Myrtle Beach Foreclosures At The Public Auction

Buying on the court house steps at the auction can be the most rewarding way to buy properties and the most dangerous at the same time. The property is publicly auctioned off to the highest bidder, and the process moves very quickly. When bidding at the auction, you compete against the lender and other investors.

Auction buyers (1) research properties prior to the sale date, (2) pursue realistic opportunities, (3) calculate values and potential profits, (4) determine bid price and (6) follow the property to the auction and participate.

Pros: You can sometimes obtain very good discounts if the property has not been over-leveraged

Cons: Auctions are frequently postponed, wasting your time and effort. It may not be possible to inspect the property beforehand. To be safe, you should have a title search performed, which can be costly. Unusually large cash outlays deter most investors (note that this can also be seen as a benefit). Over-leveraged properties will often be taken back by the bank .

Buying Bank Owned (REO) Myrtle Beach Foreclosures

Perhaps the easiest way to buy foreclosed property is buying REOs ("real estate owned"). These are the properties listed on this website. An REO occurs when the lender takes back the property to gain possession and cut its losses. The lender, however, does not want the property because it is not in the real estate business and is therefore usually motivated to move the property quickly.

Pros: The lender is almost always the senior lien holder, thereby wiping out all other liens at the auction. This means an REO will always have clear title, which saves a lot of time, expense and worries when buying foreclosures. Most likely, the lender will also have paid any property taxes in arrears. The lender may either repair the property to acceptable standards or allow a discount to the buyer to accomplish the repairs.

Cons: Rewards follow risk. This is a low risk investing method and the rewards can be on the low side as well. Average savings may range from only 5% to 15% off market value, although discounts of 25% or more are possible if you know how.

Investing in Myrtle Beach foreclosures can provide excellent profits. Each of the three foreclosure opportunities presents both rewards and certain risks. Be sure to do your homework before you buy.

Investing in foreclosures can provide excellent profits. Each of the three foreclosure opportunities presents both rewards and certain risks. Be sure to do your homework before you buy.

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