Foreclosed homes: What’s available, and what to watch out for

By one count, there are almost 300 foreclosed homes for sale in the Myrtle Beach area—170 single family homes and 114 condos.

That means what was once a nightmare for a family that lost its home to the bank could be a treasure for someone whose wants to buy a new place.

News13 got a tour from local realtor Sharon Hall of some foreclosed properties, including a 3,000-square-foot Charleston-style home near the waterway (valued at approximately $600,000 to $700,000, now listed for $309,000), a 2,000-square-foot, 4 bedroom-2 bathroom joined home near Carolina Forest (listed now for $165,000), and a vacation condo in the Paradise Resort tower on South Ocean Boulevard (listed three years ago for $214,000, now listed as $114,000).

“Some of the prices right now are so low that if you can afford to hold on to them for a few years, you should make some money on these properties,“ said Hall.
But Hall said don’t let the low prices lull you into thinking you’ll come in and low-ball the bank.

“It’s not working that way,“ she said. “If someone comes to look at a foreclosure, if it’s something they like, they should move on it right now,“ she said.
According to Katherine Graham with the Better Business Bureau, customers need to keep the following tips in mind when they’re shopping for foreclosed properties:

• never buy a foreclosed property sight unseen
• always order an inspection of the home before you sign any papers
• always use a licensed broker or real estate agent

Hall says foreclosed property purchases are a great way for customers to make money, both in the short term and in the long-term.

“Somebody that has some money, and maybe doesn’t want to put it in the stock market right now, this might be a good place to put it,“ she said.

For a listing of foreclosed properties, you can click here and here.