Part of the reason that some of the Efficiency and 1 bedroom condos are currently at the price they are now asking, is because the financing on this type of property (which is considered a "condotel") is few and far between. Not everyone has cash, but you know what the golden rule is.....The one with the gold makes the rules!

Not many banks are willing to loan money on a property they have already been burned with previous loans. We do have a hand full of local banks that we work with that can loan money on these condos.

I know if properties that are on the market with the original owner paid $179,900. Now these very same property is currently listed for $39,900. WOW! It is great time to buy!



For the inside track on the Local Myrtle Beach Real Estate Market,

Sign up for VIP Foreclosure Listing alerts ----> http://www.BuyBankOwnedMyrtleBeach.com/



Myrtle Beach Condo Expert helps you find Myrtle Beach, SC foreclosures and make well informed real estate decisions in the process.





Jerry Pinkas Home Selling Team - is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to inform our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. Award Winning – Top Ranked – Highly Recommended – Call The Pros - Google Us, or call (843) 222-1926; Put our team to work for you today.



.

If a person has tons of extra cash on hand, they will never find a better time to build a real estate portfolio. There are some tremendous buys right now not only just foreclosures but others as well. If you want a complete list of whats available give me a shout and your on your way. I just sold a couple and there are plenty left. Also check out my sites at http://www.FindYourMyrtleBeachHome.com and http://Doug.MoveToMyrtleBeach.net for the best available.

Doug Procter, ABR, CREN
RE/MAX Southern Lifestyles

Hello. You are absolutely right about the prices of some of these units. I recently saw an efficiency unit that produces over $15,000 per year of income priced under $40,000. Depending on how someone bought that type of unit, they could have a great return on investment. The appreciation will take a few years to come in to play but with a cash buyer you could have actual income from this type of property. The reason for the low pricing is simple. Only a few lenders are offering financing on these types of units and the requirements are extreme making it very difficult to buy them. This makes the sellers lower their price to induce a sale. When a bank offers a property for sale(foreclosure) they start lower the lowest priced unit in the complex. This in turn brings down the prices. With that being said, it really is a great time to buy if you have the ability!

Cory Van Note
Realtor, ABR

cory@coastalsands.com