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Greenville SC ForeclosuresGreenville SC Foreclosure

Most people today are interested in getting the best deal they can on a home. Foreclosures come to mind immediately as a bargain. We talk about below some of the jargon, definitions and situations you need to be familiar with if you are thinking of purchasing a foreclosure. At the bottom of the page we show some of the newest foreclosures on the market. Call us to find the best deals quickly because we have a lot of experience with the different neighborhoods and markets in Greenville. We will save you a lot of time by letting you know if that property that looks really good on paper is in fact a deal or is located next to a speedway - for example, Of course you might love it being next to a speedway. Either way we can save you time and money. Call 864-679-0707

Distressed Properties and Opportunities for Gain

It's not a secret anymore; most people know that foreclosures are becoming more prevalent in today's real estate market. While it is unfortunate for the owner who is in default, there are many opportunities for home buyers and investors to make a smart purchase. From an economic perspective, it allows the bank to get bad assets off its books. From a neighborhood perspective, it initially hurts values in the area, but allows responsible homeowners to occupy the house and bring it back up to standard.

Terms

For the purposes of this discussion, the term bank refers to the entity that holds the note and the associated mortgage. It also refers to the institution that takes title to the property after a foreclosure. Owner refers to the party that originally borrowed funds to purchase the house and signed the note.

Notes and Mortgages

When a purchaser borrows funds to buy a house, there are two documents issued - the note and the mortgage. The note describes the amount borrowed and the terms by which it will be repaid, including the amount of interest charged, the time frame, and payments per month. The mortgage describes something of value that provides security to the bank should the purchaser default on the note. Typically, the house being purchased is the collateral for the note, and the mortgage creates a lien upon it, ahead of any other creditors. The mortgage describes the conditions that create default of the note and how the bank can take legal title and possession; it can be summarized by if you pay, you stay.

The Road to Foreclosure

Greenville's Foreclosure Process

If the homeowner gets behind in payments, the bank begins a series of actions designed to encourage the owner to catch up on their payments, and will include some penalties.  Its in the best interest of the bank for the payments to continue on schedule and will often work with the owner to get back on track.  However, the penalties accrue quickly and the new schedule of payments is often impossible for the owner.  If, after a period of time, the bank is not satisfied with the performance of the owner, notice is sent informing the owner that the foreclosure process has begun and there is an initial court hearing for the owner.  At this stage, the owner has between three and six months before the bank seizes the property, but if the owner attends the hearing and tells the judge the house is now for sale with a real estate agent, the foreclosure deadline is often extended for 3 months but sometimes it takes the bank a year to take action.  There is possibility of a short sale during this period of time click the "short sale" link for more details on them.

When the foreclosure date is set, notice is sent to owner that they will have to vacate the house on the specified date.  The public is also notified that the property will be auctioned on this date, which is traditionally the first Monday of each month.  Interested parties can find the public notice in the local newspapers.  The property might sell at the auction, but more likely it wont because the bank themselves will bid a value which reflects the mortgage amount but is over market value.  If the property is not actually sold, the title transfers to the bank, becoming inventory that is known as real estate owned (REO).  An REO property is then marketed and sold through traditional real estate channels, and assigned to a real estate broker that generally specializes in REO properties.

Purveyors of REO Properties

The largest owner of REO properties is Fannie Mae / Freddie Mac, a government sponsored entity that buys mortgages from the primary lenders and either holds them in their portfolio or repackages and resells them as a guaranteed product. Due to the mortgage crisis of 2007-08, the U.S. government took legal control over the privately held Fannie Mae and Freddie Mac. HUD (Housing & Urban Development) also holds many REO properties that were originally financed with a government issued FHA loan. Foreclosed HUD homes can be found listed online at the HUD website. Both Fannie Mae and HUD homes both utilize real estate brokers who specialize in foreclosed properties.

Additional Risk

Purchasing a foreclosed property involves more risk than a standard real estate transaction. The property is sold AS IS with no warranties conveyed. Since the original homeowners that defaulted on the note were in a poor financial situation, it is typical to find that maintenance on the home was deferred. Additionally, appliances such as stoves and dishwashers may have been removed, and many electrical and plumbing fixtures may be missing. Carpet in poor condition, damaged paint, and general cleanliness are other common issues that usually need to be addressed. Potential purchasers should have additional cash available to make any repairs necessary.

The Value of an Experienced Foreclosure Real Estate AgentExperience in Real Estate

SEO properties also come with additional stipulations that put most of the control into the banks hands. There is usually third party addendums that override any provision in a standard real estate contract and the closing will be provided by an attorney of the sellers choice. Because of the additional risk involved, its important for a potential purchaser to consider using a professional real estate agent who understands the foreclosure process. In addition to providing access to the properties, an agent will be able to provide a value to the property in its current state as well as after repairs are made. Property value is particularly critical when the subject is in an area with several recent foreclosures. The agent will also be able to explain the extra paperwork and have an idea of repair costs, although getting firm estimates is recommended. Often there are multiple offers on REO properties which may require the expertise of an experienced agent to handle the negotiations.

Making That Offer

An offer usually involves a written document, but some HUD properties can be purchased initially in an online bidding process. If the online process is successful, a written document will need to be provided. A real estate agent is necessary for both the online bidding and a written offer. After submitting an offer, the seller controls the tempo of the process and it is not unusual for a response to take a week or more. However, once the offer has been accepted, the transaction typically proceeds in a normal fashion and closes in about 30 days.

Greenville Foreclosures

1603 Memorial Drive, Greer SC 29651

$105,000

1603 Memorial Drive, Greer

Located on 3.2 acres and overlooking Lake Cunningham in Greer, this property has great potential. The brick ranch has 3 bedrooms and two baths. There is a formal living...

  • Beds 3
  • Baths 2.0

107 Ethelridge Drive, Greenville SC 29609

$129,900

107 Ethelridge Drive, Greenville

To Follow:

  • Beds 3
  • Baths 2.0

18 Kentucky Derby Court, Greenville SC 29615

$204,900

18 Kentucky Derby Court, Greenville

Beautiful 3/2 one level with all new paint, carpet, range and DW (microwave not new but looks like it is). Hardwood floors in great room, dining room, kitchen and breakf...

  • Beds 3
  • Baths 2.0

1 LILLIANS LANE, Greer SC 29651

$125,000

1 LILLIANS LANE, Greer

HUD OWNED PROPERTY HUD case number :461-406482 Property sold as is condition. Please go to HUDHOMESTORE.COM for additional information and bidding instructions. FHA Fin...

  • Beds 3
  • Baths 2.0

801 E Silverleaf  Street, Greer SC 2965

$225,000

801 E Silverleaf Street, Greer

Brick Traditional on Corner Lot! Wonderful neighborhood great schools and amenities. Great buy in sought after area. Over 2600 sq. ft. 4 bedrooms 2.5 baths, bonus room an...

  • Beds 4
  • Baths 2.5

105 Garrett Street, Fountain Inn SC 29644

$116,000

105 Garrett Street, Fountain Inn

105 Garrett Street, Fountain Inn SC has a soaring high cathedral ceilings in this open floor plan with great room and eating area right off the kitchen. Gas log fireplace...

  • Beds 3
  • Baths 2.0

1 Blairhunt  Drive, Taylors SC 29687

$123,000

1 Blairhunt Drive, Taylors

Traditional on Corner Lot! Wonderful neighborhood great schools and amenities. Great buy in sought after area. Over 2200 sq. ft. 3 bedrooms 2.5 baths, and bonus room . V...

  • Beds 3
  • Baths 2.5

8 Waterton  Way, Simpsonville SC 29680

$164,900

8 Waterton Way, Simpsonville

4 bedroom + bonus + big sun room + large master addition. Home needs full cosmetic overhaul but has tons of space, screened porch, fireplace, formal living room and dinin...

  • Beds 4
  • Baths 2.5

909 Strange Road, Taylors SC 29687

$107,060

909 Strange Road, Taylors

Make an offer on this charming ranch home! It features hardwood floors throughout, huge open kitchen with plenty of cabinet space and it has a large fenced backyard! REO ...

  • Beds 3
  • Baths 2.0

506 Crescentwood Court, Taylors SC 29687

$100,000

506 Crescentwood Court, Taylors

HUD Case #461-481467 Ranch style home located in Hunters Valley Subdivision convenient to Wade Hampton Blvd. 3bed/2bath home must see at this price. Property is listed...

  • Beds 3
  • Baths 2.0

35 Buck Trail, Fountain Inn SC 29644

$148,000

35 Buck Trail, Fountain Inn

Leave the hustle and bustle of the city behind and come home every evening to the peace and tranquility of southern Greenville County. This home is a melding of the trad...

  • Beds 3
  • Baths 2.5

7 Garfield Lane, Simpsonville SC 29681

$144,900

7 Garfield Lane, Simpsonville

Nicely updated home with 3bedrooms plus bonus room with closet that could be 4th bedroom! Ceramic tile on main floor (great room, dining room, kitchen, bath, breakfast a...

  • Beds 3
  • Baths 2.5

315 Quail Run Circle, Fountain Inn SC 29644

$199,900

315 Quail Run Circle, Fountain Inn

Nice looking cape cod style home on corner lot with approx. 2/3 acre, fenced yard and nice trees. Big front porch and even bigger rear deck with a lower level off the ba...

  • Beds 4
  • Baths 2.5

17 Fox Den Lane, Simpsonville SC 29681

$215,000

17 Fox Den Lane, Simpsonville

Large , newer home convenient to I-385. Formal living and dining rooms, fireplace, huge master with sitting room and enormous closet, fenced backyard. To be sold as-is; a...

  • Beds 4
  • Baths 2.5

1 Hidden Springs Lane, Taylors SC 29687

$187,500

1 Hidden Springs Lane, Taylors

Up to $1000 Selling Agent Bonus with broker approval may be available on this property. Ask Listing Agent Eligibility restrictions apply. This is a Fannie Mae HomePath pr...

  • Beds 3
  • Baths 2.0

205 Keelin Lane, Greer SC 29650

$169,900

205 Keelin Lane, Greer

Great neighborhood in a great location. With just a little love this diamond will shine! As you enter you are greeted with a soaring two story foyer with with lots of w...

  • Beds 4
  • Baths 2.5

21 Summer Glen Drive, Simpsonville SC 29681

$151,900

21 Summer Glen Drive, Simpsonville

“Property is occupied and occupants are not to be disturbed or contacted under any circumstances. Interior inspections are not available and property is being sold as is....

  • Beds 3
  • Baths 2.5

209 Butterfly Way, Taylors SC 29687

$119,900

209 Butterfly Way, Taylors

This lovely home offers tremendous curb appeal as well as 3 bedrooms, 2.5 baths, a spacious great room, kitchen with breakfast area, and second level master suite with fu...

  • Beds 3
  • Baths 2.5

203 Great Oaks Way, Simpsonville SC 29680

$99,900

203 Great Oaks Way, Simpsonville

This is a Fannie Mae HomePath Property. This 3BR/2BA home has the kitchen open to the family room and the backyard is private. Located in an established neighborhood just...

  • Beds 3
  • Baths 2.0

105 Shadowood Drive, Simpsonville SC 29681

$330,000

105 Shadowood Drive, Simpsonville

Located in the original part of Shadowood where the lots are large and so beautifully wooded, this wonderful family home has had painting done on the interior. It is rea...

  • Beds 4
  • Baths 2.5

112 Maravista, Greenville SC 29617

$132,900

112 Maravista, Greenville

Welcome to Glenlea, a darling community of a variety of homes built between 2006 and 20014 in the Furman University area. This is a Fannie Mae home path property. It is ...

  • Beds 4
  • Baths 3.0

14 Otago Place, Greenville SC 29605

$217,900

14 Otago Place, Greenville

This is a Fannie Mae Home Path property. It is eligible for both home path and home path renovation mortgage financing. You can own this home with as little as 5% down ...

  • Beds 5
  • Baths 3.5

105 Redcoat Court, Simpsonville SC 29680

$114,900

105 Redcoat Court, Simpsonville

4 Bedroom home in USDA approved area with new homes being built in the same neighborhood. Great opportunity to own this home with room for the growing family that enjoys ...

  • Beds 4
  • Baths 2.0

207 Upper View Court, Greer SC 29651

$599,000

207 Upper View Court, Greer

BANK OWNED!! Beautiful 3bd +bonus, 4 full bath home w/office ( or potential 4th bedroom). All brick on 1.53 acres. Custom built featuring soaring foyer and living room ce...

  • Beds 3
  • Baths 4.0

148 Maximus Drive, Greer SC 29651

$140,300

148 Maximus Drive, Greer

Own this lovely 2-story contemporary home today! This property features the master bedroom on the main floor, corner fireplace, large kitchen with breakfast area, irriga...

  • Beds 3
  • Baths 3.0

The Listings data contained on this website comes from various participants of The Multiple Listing Service of Greenville, SC, Inc. Internet Data Exchange. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed. © 2014 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated August 20, 2014

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