Myrtle Beach Real Estate

The term “condotels” is always a big topic when working with buyers in Myrtle Beach. The reason is because of the difficulty in financing condotels. In today’s financial times financing a primary residence for a buyer who has a perfect credit score, a downpayment and a good job can be difficult, but a condotel is even a little more difficult.

First of all “what is a condotel? Chances are if you are looking at an ocean front condo in Myrtle Beach, it is probably a condotel. The easiest description is a condo building that operates like a hotel. They normally have a check in/out desk, a maid service etc; just like a hotel. The entire oceanfront in Myrtle Beach is Condotels.

The reason why financing difficult is because condotels are normally bought as investment properties and second homes and have recently had a very high rate of default.

If you are looking at a condotel that is under 500 sq ft and does not have a full kitchen there are very few financing avenues in todays market.

Larger condotels we have saw many buyers having to put down larger down payments – sometimes as much as 40% and also having to have strong personal financials.

There are a lot of great oppurtunities right now to purchase a Fannie Mae Foreclosure or a Home Path Approved Condotel. These properties have special financing incentives, that are not being offered through traditional financing.

This is one of the many reasons to use an experienced Myrtle Beach real estate agent when buying property. Fore more information on buying a condotel in Myrtle Beach contact us.