Below is a link to the foreclosures in the Southport area. Foreclosed properties can be in a condition of disrepair, and yes, you can put the money in the repair and renovation. However, it can be six of one a half dozen of the other. You may be able to get a great deal on a bank-owned property, but believe me, it is not an easy process. It's buyer beware.
Generally, the market has made a major correction. Properties that are not distressed and in decent condition are comparable in price with the foreclosures taking into account their condition. It appears that the banks are not trying to "dump' properties and have taken a stronger stance.
In any case, I do recommend Brunswick County, NC. Some great beaches and much more reasonable prices that the bigger markets in SC.
Sellers finding themselves in the situation of being able to afford to discount their asking prices can offer regular sales at a price that can be competitive with the distressed sales market. Normally, we find these homes to be in better condition than their counterparts.
With this said, we strongly recommend that buyers explore all options available, possibly taking advantage of opportunities that otherwise would have been overlooked.
Best wishes with your search,
The Eckler Team