Sometimes the banks will buy the property at auction themselves for various reasons, and try to hold on to it to sell at a better price. These types of properties are called "Bank Owned" or "REO" Foreclosure Properties.
Many of the mortgage company and banking websites have a search feature where you can input a state and get any bank-owned property listings that are available. This can be a tedious task, and still should be used in conjunction with your Realtor, as he will have knowledge of the area and can view it before you spend your time doing so.
The problem with REO Foreclosures are that most are sold AS-IS. You may end up with structural problems, leaks, or even damages to the plumbing. That will be YOUR problem, so you should understand going in that you may well have to put some extra money into the property. The banks may also hold on to the property and "collect" offers to see if they can get a bigger one than yours. They have no relationship with you, nor any reason to care if they alienate you in some way (like wasting weeks of your time).
The Realtors and agencies listed on this page specialize in Myrtle Beach foreclosures and can best assist you in your search. If you'd like, you can also contact us for a recommendation.
