First of all, What is a foreclosure?
A foreclosure is 2 things together, the first part is a property and the second part is a process. Let's go over the process first. If a tenant is living in a property and misses approximately 2 or 3 payments, they will fall into what is called default. Default is the beginning of the foreclosure process. Lets not go through the entire process, But at the end of the process the property will go back to the bank. Which will then become a real estate owned property (REO) or (OROE). Now for property, the property after the long process of court etc. The property will go to auction, If no one takes it will become a foreclosure and go back to the bank.
As I mentioned in the title, I presume you're looking at buying in Myrtle beach. Myrtle beach condo foreclosures are not super easy to find, just like any beachfront foreclosure. But it is definitely possible, beachfront foreclosures are priced much more aggressively than non foreclosures. Condos are available from the north of Myrtle beach all the way down to Pawleys Island. With all maintenance and gardening taken car3e of for you, foreclosed condos for sale in sc are great for a budget priced 2nd home or you could live there year round. So just below this paragraph im gonna list a few quick tips, these tips should help you secure a good Myrtle beach condo foreclosure
1 - Hire an agent
No, not a secret agent. Hire a real estate agent who ideally specializes in foreclosure homes. This means if you have any questions you can get the answer instantly from someone with experience
2 - Check if its been sold in the past
Check the past 5 years, if the property has no buyers whilst still being listed at such a low price there's something fishy going on. Remember. if it sounds too good to be true, it probably is too good to be true
3 - How is the area?
Say for example you go and visit the area. What do you see there? Loads of foreclosure homes. If so, this is a huge red flag of course. No explanation needed
4 - Invest in home inspection
You could do this yourself, but when making such a big investment for your future. Hiring a professional to look inside the home for any possible issues is always a good idea
5 - Last but definitely not least
Change your locks! This is super important and I cannot stress it enough, unless you want midnight visitors. Which i'm sure you don't, because who would?
6 - Final thoughts
So I hope that these 5 tips will help you. Myrtle beach is a great place to live, with many amenities and facilities at your disposal. Life there can be a great time