Foreclosure Condos For Sale in Myrtle Beach
While Myrtle Beach weathered the nation's housing woes better than most markets, that wasn't necessarily the case when it came to foreclosures, especially foreclosures on oceanfront condos. But now that the nation's economic woes are stabilizing, Myrtle Beach foreclosures represent a great opportunity for anyone looking to invest in a vacation home.
Following along with an explosion of condo construction in the early 2000s, people were able to easily purchase those condos with adjustable rate mortgages and interest-only loans. But then the higher rates of those loans started kicking in at the same time the economy was nose-diving, and for many foreclosure became their only option. And, of course, many owners with traditional mortgages also faced difficult times as well. Myrtle Beach foreclosures can be a great investment opportunity for a variety of reasons, not the least of which can be a dramatically lower purchase price, with banks just looking to recoup as much of their loan as possible. Of course, competition for foreclosed homes can be daunting, so finding owners just starting the foreclosure process, in pre-foreclosure, can also represent great opportunities.