Loading Data...

 

Phone: (843) 272-2073 | (800) 624-6418

Tue, September 30 | Weather

 

  QUICK PROPERTY SEARCH
 Area
 
 Type
 

 Beds

 Baths

 Min $

 Max $

 MLS Number|Keyword
 

 

Communities [Map]

 

 

QR Code Blog Twitter FaceBook ActiveRain Feed


Royale Palms | Enlarge

 


CondoLux Real Estate Listings



Quick MLS Searches

Oceanfront Foreclosures 
Oceanfront $100-$200k
Oceanfront $200-$300k
Oceanfront $300+

 

Featured Agent

Photo Of Donamarie Pastore

Donamarie Pastore
REALTOR®
Cell: 843-283-4473
Click for Details

 


Myrtle Beach Foreclosures Share


 

Free Myrtle Beach Foreclosure List


Why are there so many Myrtle Beach Foreclosures?


In 2005, Myrtle Beach saw an unprecedented upsurge in the real estate market. Savvy investors who participated in buying preconstruction condos in the several years preceding suddenly were realizing profits and equity of as much or more than 100%.

Anyone with a good credit record seemed to be approved for buying beachfront and resort property. In many cases, these new investors never had the income to OWN a condo or home that was several hundred thousand dollars, but they took the gamble, assured that they could re-sell it before taking possession, and turn a huge profit. And indeed, many did, for a while.

For a combination of reasons...builders becoming greedy and being in high demand...too many developers developing too quickly...the news people constantly predicting a fall...and the too-easy mortgages being given to almost anyone - most being variable rate and ARM loans...it finally trickled to a stop. Investors became wary and re-sales no longer occurred. Suddenly these folks who had obligated themselves way above their means were in trouble.

By 2006, many of the early developments started closing. While some that never should have qualified for the high mortgages were able to get out of the deals, many more were not. Most could not bear the thought of losing down payments of $20,000-$50,000. They closed on the properties and hoped for the best. Vacation rentals were very good in 2006 and 2007, so the high HOA fees and huge interest payments were almost do-able. But then homeowner insurance carriers shot the rates up sky-high, and became the proverbial straw that broke the camel's back. Foreclosures on houses and condos began to multiply as over-extended families and investors could no longer afford to pay for them.

While the current housing market may be slowly improving, for many homebuyers Myrtle Beach foreclosed homes or condos offer an excellent opportunity to buy a home in a prime location for an exceptional price. But finding those properties isn’t always easy. There are many foreclosures in the Myrtle Beach area and Condolux's Myrtle Beach Condo Store can help you locate them. 


Buying Myrtle Beach Foreclosure Homes and Condos

The foreclosure process begins when the lender files a public default notice, called a Notice of Default or Lis Pendens. Most mortgage companies will only allow a 30 day past due period before they file for repossession. Several things can happen during the foreclosure proceedings:

There is a grace period at first, where the owner can refinance or pay the past due amount. This is called the "pre-foreclosure" period. Sometimes the owner can get permission to sell the property now for less than the amount owed. This is known as a Short Sale

When the pre-foreclosure period is over, the banks are forced to sell the property at a Myrtle Beach Real Estate auction, or occasionally they will purchase the property themselves, either in an agreement with the borrower, or at the auction. The property is then said to be bank-owned, or an REO Property, which is real estate owned by the mortgage lender. Usually, the auction is held, and other investors step in and get a great deal on the foreclosure property. 

Buyers have to be ready to move fast and immediately as soon as you find a foreclosure property you are interested in. An investor offering a cash payment will be favored over one that has to locate financing unless you are pre-approved and the paperwork can be completed quickly. Investigate the resorts ahead of time HERE and choose the ones you're interested in.


Conditions are favorable for home buyers or investors who are looking to purchase Myrtle Beach foreclosure homes or condos as inventory and historic low interest rates combine, making it a great time to purchase. There are many foreclosures in the Myrtle Beach area - let Condolux's Myrtle Beach Condo Store work to locate the best deal for you so that you can obtain that great deal on a foreclosure home or condo in Myrtle Beach!

Search Myrtle Beach Oceanfront Foreclosures

Search Myrtle Beach Home Foreclosures

Search Myrtle Beach Condo Foreclosures

Myrtle Beach Foreclosures
The Myrtle Beach Condo Store
A Division of CondoLux, Inc.
311 17th Ave South
North Myrtle Beach, SC 29582
(800) 624-6418


Community Photo

All Communities

Abaco Cove
Arbor Trace
Arrowhead
Barefoot Resort
Belle Grove
Belle Isle
Belle Vue
Berkshire Forest
Carolina Forest - Covington Lake
Carolina Waterway Plantation
Carolina Winds
Chapel Ridge
Clear Pond at Myrtle Beach National
Coastal Heights
Conway
Cravens Grant - Georgetown
Creekside Cottages
DeBordieu Colony
Edgewater at Barefoot Resort
Galivants Ferry
Garden City Beach
Georgetown
Grande Dunes
Grande Dunes - Seville
Hagley
Hagley Estates
Historic District of Georgetown
Hunters Ridge
Inlet Marsh Estate
Inlet Palms
Inverness
Legends
Lightkeepers Village
Little River
Longs
Loris
Margate Tower
Mariners Point
Murrells Inlet
Murrells Inlet - Georgetown County
Murrells Inlet - Horry County
Myrtle Beach
Myrtle Beach Area | Carolina Forest
North Beach Plantation
North Myrtle Beach
North Myrtle Beach Area | Cherry Grove
North Myrtle Beach Area | Crescent Beach
North Myrtle Beach Area | Ocean Drive
North Myrtle Beach Area | Windy Hill
Oak Hampton Phase II
Pawleys Island
Pawleys Island Area | Litchfield Beaches
Pawleys Island Area | Litchfield Mainland
Pawleys Island Beach
Pawleys Island Mainland
Pawleys Plantation
Pawleys Plantation South
Pine Lakes
Plantation Lakes
Plantation Point
Planters Creek
Prestwick
Prince George River
River Hills
Seaside Plantation
Socastee
Southgate
Spring Lake
Sunset Harbour
Surfside Beach Club
Surfside Beach North
Surfside Beach South
The Battery on the Waterway
The Bluffs on the Waterway
The Dunes Club
The Park at Forestbrook
The Pinnacle at South Inlet
The Pointe
The Reserve
Tidewater Plantation
Tilghman Estates
TPC-Players Village 26A
True Blue
Vista del Mar
Wachesaw Plantation
Wachesaw Plantation East
Walkers Woods
Waterford Plantation
Waterway Palms Plantation
Wild Wing Plantation
Woodlawn Plantation

Featured Communities


Read More On
Spring Lake

Spring Lake:  Myrtle Beach Area | Carolina Forest
Contact CondoLux Real Estate about Spring Lake. SPRINGLAKE is a gorgous community of homes located amongst the Carolina Forest area of Myrtle Beach, SC and one of the first & original custom home communities within Carolina Forest which began the craze for Myrtle Beach Real Estate. Located just of...


Read More On
Arrowhead

Arrowhead:  Myrtle Beach Area | South Of 501 Between Burcale and Waterway
Contact CondoLux Real Estate about Arrowhead. The Villages of Arrowhead in Myrtle Beach is truly a leading golf community. Three distinct golf courses of Arrowhead Country Club are found extensively throughout the area, lending spectacular views for residents. Many of the homesites overlook rem...
 Search MLS: Myrtle Beach Area | South Of 501 Between Burcale and Waterway

 

CondoLux Real Estate •  The Myrtle Beach Condo Store | A Division of CondoLux, Inc. •  (843) 272-2073 | (800) 624-6418
311 17th Ave South  • North Myrtle Beach, SC 29582
©2014 The Myrtle Beach Condo Store | A Division of CondoLux, Inc.. All rights reserved. | Site Login | SiteMap


The Best Myrtle Beach Condo Deals | 1031 Exchange | Best of Myrtle Beach Restaurants | Buying a Condo | Commercial Property | Condo Rentals | Condos - Myrtle Beach, SC | Condos For Sale Myrtle Beach SC | Condos in Myrtle Beach | Cost of Living | Featured Condos | Foreclosures | Myrtle Beach Accolades | Myrtle Beach Area Golf Courses | Myrtle Beach Attractions and Activities | Myrtle Beach Condo Sales | Myrtle Beach Condos for Sale | Myrtle Beach Photo Slideshow | Myrtle Beach Real Estate | Myrtle Beach SC Condos | Myrtle Beach SC Real Estate | Myrtle Beach South Carolina Condos | New Condos in Myrtle Beach | New North Myrtle Beach Condos | North Myrtle Beach | North Myrtle Beach Condos | North Myrtle Beach Real Estate | North Myrtle Beach Restaurants | Oceanfront Condos | Oceanfront Condos on Myrtle Beach | Our Favorite Myrtle Beach Condos | Real Estate Auction | South Myrtle Beach Real Estate | Staycations | Surfside Beach North | Surfside Beach South | The Condo Store and CondoLux | Tiffany Park Townhomes | What Donald Trump Says About Real Estate | Why Myrtle Beach? |