An auction of properties on home foreclosure listings is scheduled this week in Horry County, South Carolina. According to industry experts, the scheduled auction may be the largest to be held in the county because of the inclusion of over 300 foreclosed properties from the planned condominium building located in Myrtle Beach and a residential development project in Conway.
Horry County Master-in-Equity office manager Anne Lawson said that there are so many foreclosure properties to be auctioned off that it is devastating. She pointed out that the numbers could be three times bigger than the normal auction statistics.
Industry experts said that over 600 foreclosed properties are expected to be auctioned off. They said that a lot of these properties were foreclosed because builders and developers acquired many land properties between 2005 and 2006. Because of the economic downturn and rising unemployment, many of these developers and builders can no longer afford to pay their mortgages, losing them to foreclosures.
They said that this is the first time that such big home foreclosure listings would be auctioned off in the area. One of the notable developments to be auctioned off is the over 200 land properties in the residential project of Portrait Homes Midtown Village in Conway.
Another notable development project to be auctioned off is the nearly 150 properties in the 15-story Myrtle Beach-based M Grand Resort. The resort has been a major player in the almost one-year dispute between its redeveloper and individual condominium owners.
Last May, utilities in the building were shut off upon the order of the city government after it deemed that the building is unfit for living.
The default loan for the condominium was purchased by Sunrise Hotels LLC. Meanwhile, some industry analysts are not that concerned about the big number of foreclosure properties to be auctioned off. They explained that many foreclosure properties put on sale are owned by investors. They are optimistic about the single-family home market.
They recommended that distressed homeowners who could not afford to pay anymore their monthly mortgage should try first short sale. In cases that short sales would not work out, then the troubled homes would be foreclosed. Typically, foreclosure homes will be purchased by banks at auctions.
Experts said that 80 percent of home foreclosure listings were purchased by banks.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.