The obvious number one advantage to buying a short sale or foreclosed property is price. In most cases you will be getting a property far below fair market values. This is great for those who have wanted a retirement home or vacation home in the Myrtle Beach area but unable to afford the higher prices. The down side in buying Myrtle Beach foreclosures is that you will be limited to the location of the property and its property values in the future. Remember, your short sale or foreclosed property purchase just lowered the property values in the entire neighborhood. Also remember if you decide to sell in the future when prices increase to move to a different area, the price of market valued property will also increase, maybe at a faster pace depending on how many short or foreclosed sales were in a neighborhood. So, if location and area are not a big deal to you, they are a great bargain. Another con to short and foreclosed sales are the "as is" tag put on them by the loan companies. These homes are the "What you see is what you get". Any major structural or mechanical defects will be your problem, so buyer beware. Many selling and buying real estate agents offer warranty protection plans that can be purchased but most of these require the property to be in perfect working order when purchased or the claim will be waived. If you make a offer to purchase a short or foreclose sale and your offer is below asking price, don't be in any great hurry to close. The loan companies can take months and months to make a decision whether to except your offer or not. The buying and selling agents can help try to expedite the transaction but ultimately it's up to the loan companies. In most cases they are wanting to see if they receive a better offer. In any case now is the best time ever to purchase that piece of property you have always dreamed of.

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