Nearly 300 Foreclosed Homes for Sale in Myrtle Beach

by Donald Hanz on cities

Investors and prospective home buyers can take a look at the nearly 300 foreclosed homes for sale in Myrtle Beach, South Carolina.

Among the foreclosed homes for sale available are a Charleston-style house along the waterway which was previously valued at $700,000 and now listed at only $300,000; a Paradise Resort condominium unit along South Ocean Boulevard which was previously listed at $214,000 and now being offered at only $114,000; and a four-bedroom house near Carolina Forest which is listed for sale at $165,000.

Real estate analysts in South Carolina said that home prices have dropped so low across the state that investors who can afford to maintain the properties as rental units for some years can make money from the properties when the housing market bounces back.

In a nationwide survey of foreclosures in May, South Carolina ranked 16th among states according to foreclosure rates. One housing unit out of every 654 units across the state was hit with a foreclosure action in May, a staggering 121.2-percent increase from the state’s foreclosure rate in May 2008 and a nearly 34-percent increase from the foreclosure rate in April 2009.

Across the state, more than 3,000 housing units got foreclosure actions, with 789 units already counted by the banks as foreclosed homes for sale.

In June, according to South Carolina housing records, more than 1,000 housing units received foreclosure actions, pushing the state foreclosure rate higher by more than 106 percent compared to June last year.

According to Better Business Bureau officer Katherine Graham, prospective buyers can find investment and housing opportunities in many of the foreclosed homes for sale in Myrtle Beach as long as they follow smart home buying procedures.

Graham advised prospective buyers to make research on foreclosure homes before they buy, either through online information or by physical inspection. Buyers should also conduct a professional home inspection before closing. Buyers can make the home inspection a contingency condition in the contract to purchase agreement.

Out-of-state buyers can get further information about the foreclosed homes for sale that interest them from providers of online foreclosure listings. These days, online foreclosure listings have improved a lot the amount and kind of information they provide to serious prospective buyers.

Lastly, out of the nearly 300 foreclosed homes for sale in Myrtle Beach, 170 units are single-family houses and 114 units are condominium units.