According to lenders a condotel is just about any condo that has an on-site short-term rental (daily or weekly) with a check-in / check-out service involved. Some lenders even consider off-site check-in / check-out for short-term rental as a bad mortgage risk. For those who are considering the purchase of a condo on the ocean there are some fantastic values available but loans for a mortgage have become a day-to-day event.
When considering an ocean front condo purchase in Myrtle Beach or anywhere else plan ahead. If planning to obtain a mortgage first ask your Realtor if they know of a lender who is local to the area of interest. If unable to locate a lender located in the area of the potential condo purchase try the present principal home mortgage company or a company used in the past. Some may also want to consider a home equity loan if they qualify.
I know of two places where you might try to get a mortgage on a condo in Myrtle Beach:
Investors Mortgage and RBC
Anyone who has had to relocate, purchased a vacation home or investment property knows that it is not easy to find a perfect place when you do not have complete knowledge of the real estate search area. Many times even if we have visited a place for years we really do not know as much as we think we know. I became aware of not really knowing the area several times, once moving to Florida and the second moving to Myrtle Beach, South Carolina. Both locations were routine vacation favorites but I found out that there was still a need to find someone with more knowledge of the area.
Your search on the internet is only the beginning because the listings you see are usually links or feeds from the actual Multiple Listing Service (MLS) plus they may not contain the information you need for comparisons such as, heated square footage or monthly POA/HOA fees. In most States, if not all, only those who are paid members of their local Board of Realtors have access to the real-time complete information contained in an MLS real estate listing. As you know, every real estate listing is an "advertisement" to entice you to want that property so treat them as your first step in your purchase process.
What should you do when the time comes to physically look at real estate? (Choose A. or B.)
A. Make an appointment with each of the Seller's real estate agents to view a property knowing that by law they must act in the best interest of their client.
B. Find a Realtor who will act in your best interest at no cost to you, who can show you all the properties that you want to see and, if you have made a wise choice, will normally save you time and money on your real estate purchase.
If "B." was your choice you have done your homework and you will soon be the envy of the real estate know-it-all that has regrets.
Your Realtor will now help you search based on the criteria you provide. Viewing properties may take days, weeks, or even years but somewhere out there is your perfect piece of real estate at the perfect price. One thing to remember is stay in contact with your Realtor and tell them your likes and dislikes about the real estate you view. Without that knowledge you may get bogged down with property listings of no interest.
If you plan to mortgage a property in an area away from your present primary residence you will need a lender with an office in the area of your new purchase. Ask your Realtor for a list of resources.
Your Realtor should coordinate activity between the lender and (South Carolina) a closing Attorney. If closing is done in-person your Realtor should also accompany you to carry out their purpose of acting in your best interest.
If you have found yourself a terrific Realtor they remain available to help by accepting deliveries or meeting service people when you are out-of-state or in the process of relocating.
Walking on the beach in the winter at sunset. Myrtle Beach winter is normally sweater weather not bulky coats, hats or gloves.
The Grand Strand is sixty miles of coastal property that includes several island beach's in North Carolina and heads south to Georgetown, South Carolina. The towns you see to the west of Myrtle Beach are also considered part of the Grand Strand.
You're looking at a unbuildable
section of an island beach in North Carolina. As you can see the shallow ocean water is blue-green.
There are Fishing Piers throughout the Grand Strand.
Did the sunset look like this where you are this evening?
Along with temperatures in the 70s it looks like a rebirth is coming for the Hard Rock Theme Park. Hard Rock Theme Park opened in April 2008, closed five months later, and then filled for bankruptcy.
When the Hard Rock Theme Park was scheduled to open it was promoted on my web site www.sandymyrtlebeach.com under Myrtle Beach Highlights. I soon removed the promo because several people told me it was not worth the cost and once you went through the Park you had seen it all and there was no reason to return. The closing was a sad event in the Myrtle Beach area that probably came sooner due to the economy but common sense told you it would eventually happen. They tried to sell the Hard Rock Theme Park through an action but that didn't work so the bankruptcy was filed.
Yesterday it was announced that eleven groups of investors have submitted bids to purchase the Hard Rock Theme Park. The News today is that it may only be days before the sale is ratified. Also that the two highest bidding groups both plan to expand the Park and make it a more family-friendly place, possibly even changing the Park's name. The reopening of the Park would be a welcome lift to Myrtle Beach.
ABR, e-PRO, Realtor licensed in South Carolina and North Carolina. Experienced in homes (new construction & existing), condos, townhouses, lots, and land. "I Can Save You Time & Money"
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