Bluewater Resort Located at 2001 South Ocean Blvd, Myrtle Beach, SC 29577 is not in forclosure. Each condo unit is individualy owned. As an owner you have a choice of renting the unit with the front desk, renting the unit with an off site rental company, renting the unit yourself as an owner, or not renting at all and use the unit yourself as a second home or a primary residence. The building is not in forecosure. A few of the individual unit owners, have indeed been forclosed on by the bank that they have a mortgage with.

The Jerry Pinkas Condo Selling Team spend countless hours researching the local market, to find the current trends and price points for particular areas and condos. We access all forclosed properties and regularly attend the forclosure auctions to keep up to date with the very latest information in our market place.

We know that the resort market requires a specialist to fully understand all of the variables one needs to consider when buying or selling a resort property.

The Jerry Pinkas Home Selling team specialize in assisting sellers and buyers of houses and condominiums located along the oceanfront, or on one of our areas many golf courses.

We are glad to assist you in any way

Greg,

The hotel is really owned by Home Owners, like yourself, the better question to ask is how does the management company operate. I would recommend getting a rental agreement quote from the onsite property and then calling Cindy Homes of Myrtle Beach Condos Direct. You can find her by google searching MYRTLE BEACH CONDO RESORTS.

I would also suggest reading our blog on trulia before you sign a rental agreement.

DANA, IM NOT FAMILIAR WITH BLUE WATER RESORT. IM AN OWNER IN THE TILGHMAN BEACH AND GOLF RESORT. IF YOURE LOOKING INTO OTHER BUILDINGS,I WOULD SUGGEST THIS BUILDING. IM OWN A A PENTHOUSE 3BED 3 BATH UNIT WITH GOLF VIEW. IM LOOKING TO WALK AWAY FROM UNIT BC I HAVE OTHER INVESTMENT PRPPOERTIES DOWN THERE AND WILL BE LOOKING TO EASE THE LOAD COMING IN JANUARY. IF YOURE INTERESTED LET ME KNOW, I PROMISE YOU WILL NOT FIND A BETTER DEAL...I WILL BE TAKING A SIGNIFICANT LOSS AT THE PRICE I WANT.

GREG

GROSE614@GMAIL.COM

Hello Dana, I can tell you for sure that Blue Water itself is NOT fore-closing. I work with several Banks and Represent several in selling their listings as a Realtor. I have personally completed several Broker Price Opinions (BPO) for the Banks that are fore-closing on current owners in default of their mortgages. There are a few things though that you want to make sure of when buying a Foreclosure Property.

1. You should be Represented by a Realtor that has some experience Selling Foreclosures. Working with Banks, and Bank owned Properties is different then a regular Real Estate Transaction. There is One Rule and That is There are No Rules! The Banks Call the Shots and there may be a different set of rules with every transaction and every Bank. If you are not being Represented check public records and find out everything you can about the property or perhaps Consult with a Attorney if you chose not to be Represented by a Realtor.
2. Know if your Realtor is acting as a Dual Agent, meaning if its their listing (Then they are Representing the Bank) as well as Representing You as the Buyer. This can be done without a Problem, but only if you Trust your Realtor. If you don't Trust and Can Communicate with your Realtor, I suggest you find one that you do Trust and Who you Can Communicate with.
3. Ask your Realtor to Provide you with a Comparative Market Analysis (CMA) so that you Know, Can See and Can Compare what has Sold, in order for you to make a good offer. (you want to know what they Listed for and What they Sold For) in the last 90 days and what is Currently listed and for how much$$. If there aren't any Solds in the last 90 days ask your Realtor to go back a little further, But to stay in the same building (Blue Water) Thats very Important!
4. Know and Remember not all Foreclosures are Good Deals or the Best Deal. Thats another reason why you need to be Represented by a Realtor that has some Experience in Negotiating with the Banks.
I personally know that there are currently some great deals at BlueWater as well as other newer HIgh Rises in the same general area that are Bank Owned. Just make sure you have had the time to know that what you are buying is really what you want and is the Deal you want. There is a lot on the Market to chose from and in just about every price range. But if its strictly an investment, make sure it has the best ROR (Rate of Return)
If you have more questions about buying foreclosures, the buying process, or the places that have a good rate of return, Please feel free to call me Direct at 843-602-5674 or Email me at Sunniehr@aol.com.
If you are Currently Represented by a Realtor, this is not intended or meant to be a solicitation of her/his client, but is a strictly my opinion concerning your question.

I doubt the total property is in forclosure. The property is owned by all the individual unit owners. So every unit owner would have to be in default.

However, I would not buy a unit in that building. There are many other properties in better buildings with lower HOA fees.

Bob Gainey
RE/MAX Palmetto Properties
843-446-8901

Dana,

That sounds like a good question for your REALTOR. If you have no REALTOR and you're flying solo on this purchase, it's definitely something you should check thoroughly before purchasing. You could check at the courthouse but maybe another check might be to contact the current management company. I am not familiar with this property, so I'm no real help. It appears there are seven other properties for sale at that location. I quickly checked a few and there was no mention of the resort having difficulties. If you have trouble finding out further information, give me a call and I'll dig some for you. Hopefully, someone familiar with that property will respond to your question. Thanks, good luck and happy holidays!

John