The North Myrtle Beach market weathered the US housing crisis better than most of the other markets across the country, that wasn’t necessarily the case in the case of North Myrtle Beach condo foreclosures. Now we see that the nation’s real estate economic woes are somewhat stabilizing and a purchaser can get a great opportunity to purchase a North Myrtle Beach condo foreclosure. This would be a great investment for anyone looking for a condo either for a primary residence or as a vacation home/rental property.
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Back in the early 2000’s, the North Myrtle Beach area experienced a condo construction boom and suddenly, condo buildings were being built all along the Grand Strand. Most people bought these condos as vacation homes or rental property. Some were purchase with adjustable rate mortgages or interest-only loans. Once the economy started to dip in 2007-2008, the interest rates became higher on their mortgages and suddenly, many condo owners were faced with the possibility of not being able to afford the condo any longer and we saw a rise in the number of North Myrtle Beach condo foreclosures. It was not only those with special mortgages that faced those difficult times, either. Those condo owners that had traditional mortgages also found themselves faced with the possibility of being among those with a North Myrtle Beach condo foreclosure.
Even though the market is re-bounding, there are still a number of North Myrtle Beach condo foreclosures to be found. While the investment opportunity is great for a number of reasons, the competition for North Myrtle Beach condo foreclosures can be overwhelming. A Myrtle Beach real estate agent can help you with your search for a North Myrtle Beach condo foreclosure and even make suggestions on pre-foreclosure options as well. When looking for a North Myrtle Beach condo foreclosure, one thing to keep in mind that while the property may be a great investment, the banks are looking to recoup as much of the remaining loan balance as possible. Some North Myrtle Beach condo foreclosures may require repairs or even remolding, depending on the state of the condo when the bank got it back.
What makes a North Myrtle Beach condo foreclosure a great investment? The rental market along the Grand Strand is very strong and highly competitive. You can cut your costs dramatically by renting your unit out during the times that you will not be occupying it and this can put money in your account to pay for the mortgage, taxes and utilities. Many investors that purchase a North Myrtle Beach condo foreclosure are able to almost break even each year by allowing a vacation rental management company to rent their unit out for them. The Grand Strand is also home to some of the lowest property taxes in the nation and lest we forget to mention our low cost of living! Regardless of why you are looking to purchase a North Myrtle Beach condo foreclosure, you have picked a great time and location! Contact one of our real estate agents to help get you started today.