How to Buy Foreclosures at Court-Ordered Auctions
Buying Myrtle Beach foreclosures at auction requires knowledge, experience and savvy. Rookies can get burned quickly.
Every month between 200 and 300 properties get sold at the Horry County foreclosure auction in Conway, SC. Myrtle Beach oceanfront condos, vacation homes, townhouses, mobile homes, rentals, golf villas, vacant lots, land tracts and even commercial property — all go to the highest bidder.
Though foreclosures are disappearing in much of the country, we still have a large supply at auction each month because South Carolina is a judicial state. We’re one of about 15 states that requires foreclosures to go through the court system, slowing down the process. So there are still opportunities at the foreclosure auctions, and because the market has bottomed, this is a great time to buy.
Even though real estate prices are increasing and sales activity has picked up in resort markets, you can still snag some good deals at foreclosure auctions if you do your due diligence and know what to look for. Most auction buyers are flippers. They want to resell purchases within a couple months, weeks or even days for a quick profit. They’re not investors who want to buy and hold. So they usually don’t bid up prices too high.
So if you’re looking for a property that you can move into or rent and will appreciate in value, the auction is a great place to earn instant equity.
You can view a list of what’s going up for auction and get answers to frequently asked questions from the Master in Equity at the County’s website. If you want more detailed data, you can subscribe to a private service focusing on local foreclosures.
See what other investors we’ve helped have to say.
If you’d like representation at the auctions, we research comparable sales, senior liens, unpaid taxes and bid each month for out-of-town investors. If you’d like our help, shoot us an email (info@certifaxappraisals.com) or call at 843-497-9155, Ext. 103.
Kay Van Hoesen
Kay Van Hoesen (Certified Appraiser, Realtor and Broker) represents private-party investors, private equity groups, and hedge funds at foreclosure auctions. She consults with mortgage lenders and individuals needing real estate advice in Myrtle Beach and the Grand Strand.
Kay is founder, senior appraiser, broker-in-charge and owner of Certifax, Inc., in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, consulting on more than $7 Billion in local real estate.
Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a Realtor and licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.
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Every month Kay Van Hoesen identifies underpriced real estate opportunities for investor buyers.
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