First, What is a foreclosure?
A foreclosure is 2 things combined, the first thing is a property and the second is a process. So property and process. Let’s go over what the process consists of. 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 bids it will become a foreclosure and go back to the bank
Why are they cheaper
So now that you understand what foreclosures are, I’m sure you’re thinking. Why are they cheaper? It’s a good question, maybe the first one that entered your mind. When you look at these Myrtle beach condo foreclosures , You will say to yourself. ‘It’s too good to be true’ That’s not the case. The reason they are cheap is that now the bank owns the beachfront foreclosure, it’s now a liability for them. So to put it into simple terms, the bank wants to get rid of it. Hence why they sell them off cheap as peanuts
But, why should i buy a beachfront property
Again, another great question. Think about the current situation, With many families no longer taking their vacation to Europe or maybe even Asia. Regional tourism has had a giant boost, I don’t think people want the hassle of traveling to other countries nowadays. It’s much easier to go regional, why wouldn’t you after seeing how much Myrtle beach has to offer you. They have over 19 million visitors per year, and with the pandemic that statistic is only going to keep growing over time
All over the US, there are great places to make amazing memories with friends and family. Tonnes of beautiful beaches and just general amazing sights all over the place, no matter what state you are in. But looking at all of the factors that come into play when buying real estate Myrtle beach looks like the best option. They offer 7% lower prices than other states, They are very tax friendly, It’s a vacation hotspot and they also have a 60 mile stretch of beach. I’m sure the views from your discounted condo could be extraordinary, especially for the price you paid
If you are going to buy a foreclosure, be wary. Don’t just dive straight into it, Because it may just be too good to be true. You could just possibly end up with a massive liability on your hands for a long time. Research the property, Physically go and look at it yourself as this could definitely save your back