When is the right time to buy property in Myrtle Beach?
Whenever you are ready! If you are ready or almost ready consider this:
Here are a few good reasons to buy property in Myrtle Beach:
1. You love Myrtle Beach!
2. Prices are the Lowest they’ve been in Years
3. Historic Low Interest Rates
4. Short Sales and Foreclosures are on the Rise
5. Mortgage Payments are Cheaper than Renting
6. You Can Afford Your Dream Home
7. Have You Sold Your Home in Another State? – Have Equity?
How can I tell if a Myrtle Beach property listed for sale is a short sale or a foreclosure?
This information is included and required to be disclosed on the property listing provided by the MLS.
What is a Myrtle Beach short sale?
Generally, a “short sale” occurs when the owner owes more to the lender than the property is listed for. The lender and seller agree the proceeds from the sale would be “short” of the amount to repay the loan.
Is a short sale or foreclosure more complicated to purchase?
Slightly; short sales and foreclosures are more complicated and require patience. Buyers should consider the value of a local Realtor® experienced in these transactions. Foreclosures are owned by the Lenders and generally move faster to settlement than Short Sales. The Seller in a Short Sale must prove financial hardship to their Lender.
How are condos listed and priced in Myrtle Beach?
Myrtle Beach condos, generally speaking, are priced according to their location, size and condition at what the Market will support.
Can I get a mortgage in any condominium building?
Mortgages for condominiums are more complicated than obtaining a primary mortgage. Ask your agent for details.
Is all the condo furniture included in the sale?
Most condominiums in Myrtle Beach are sold “turn-key” – with all furniture, decorations, TV’s, kitchen appliances and utensils, window treatments, etc. included. However, exclusions are possible. Conveying furnished is the normal procedure.
Can I rent my condo later if I want?
Generally, you are free to rent out your own condo anytime. There are very few condos in Myrtle Beach that restrict or prohibit rentals. There are numerous Rental Agencies to choose from in Myrtle Beach. Most condo rental will occur on a weekly or mini week basis during the summer months of June through September. Myrtle Beach is considered a vacation resort town, but year round and seasonal rentals are also possible. I am not a rental agent but I can refer you to rental agents here in town for more information. I recommend speaking to a qualified rental agent to learn the requirements to rent including Town license, and commission plus cleaning fees.
Who gets the rent?
Normally, the buyer at settlement gets the rent monies booked for the current or upcoming season, including deposits, depending on when you settle. Buyers are at a financial advantage when purchasing a booked rental condo prior to the season. Listings will indicate if booked rentals must be honored. Rental agencies will charge the owner a percentage fee to handle the rental management of your condo. Owner is responsible for utilities, cleaning, maintenance, and repairs inside the condo.
Do I need insurance?
A large portion of the “condo fees” on the property listing covers the insurance to replace the condominium building under certain circumstances. No mortgage is possible without it as Myrtle Beach is in a floodplain. This Condominium insurance does not cover the interior of the unit. It is the individual condo owner’s responsibility to carry insurance for the unit’s interior; however it is not required. If you are renting, it is a good idea to carry insurance which will also include coverage for liability and/or damages from rentals. Many rental agencies now require the renters to purchase a rental policy that protects the condo owner-ask your rental agent about this.
If you are interested in selling a Myrtle Beach Condo or Home or investing in a Myrtle Beach Oceanfront vacation condo, call Jerry at 843-839-9870 or sign up for LISTING ALERTS at http://www.buybankownedmyrtlebeach.com/
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