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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

41 Waters Reach  Lane, Simpsonville SC 29681

$235,000

41 Waters Reach Lane, Simpsonville

Fantastic and hard to find 5Br/3Ba home in popular Whitehall Plantation. The property features formal rooms plus a two story family room that's flooded with natural ligh...

  • Beds 5
  • Baths 3.0

207 Whaleback Drive, Simpsonville SC 29681

$134,900

207 Whaleback Drive, Simpsonville

Picket fence perfect. Charming two story, 3Br/2.5Ba, traditional home in Bridges Crossing. This property features an open main level floor plan with a fireplace, dining ...

  • Beds 3
  • Baths 2.5

417 Fairdale Dr Unit Dunwoody Oaks, Simpsonville SC 29681

$100,000

417 Fairdale Dr Unit Dunwoody Oaks, Simpsonville

HUD#461-412818. Dollhouse of a 3 Bedroom/2 bath Ranch. This low maintenance home is thoughtfully laid out with Cozy living room with corner fireplace, intimate formal d...

  • Beds 3
  • Baths 2.0

110 Catterick Way, Fountain Inn SC 29644

$122,700

110 Catterick Way, Fountain Inn

Nice ranch plan with 4 full bedrooms, vaulted ceilings, screened porch, fireplace, formal dining room. To be sold as-is; addenda to follow.

  • Beds 4
  • Baths 2.0

645 Driftwood Drive, Greer SC 29651

$515,700

645 Driftwood Drive, Greer

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 5
  • Baths 3.5

500 Shoresbrook Road, Spartanburg SC 29301

$108,000

500 Shoresbrook Road, Spartanburg

Adorable ranch home with open kitchen, breakfast bar and vaulted ceiling in owner's suite! Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD ‘AS IS’ WITHOUT REPAI...

  • Beds 3
  • Baths 2.0

7 Wetherill, Greenville SC 29615

$129,900

7 Wetherill, Greenville

Del Norte Estates is situated of Hudson Road within minutes to the Haywood Road area and the St. Francis Women's Hospital system. Del Norte Estates is an established neig...

  • Beds 3
  • Baths 2.0

6 Belfrey Drive, Greer SC 29650

$545,000

6 Belfrey Drive, Greer

This 4 bedroom 3 Full Bath 3 Half Bath home sitting on a double culdesac lot in the exquisite Barrington Park Subdivision backs up to the beautiful and peaceful Enoree Ri...

  • Beds 4
  • Baths 4.5

197 Ridge Point Road, Easley SC 29640

$439,900

197 Ridge Point Road, Easley

Lake Front home on Saluda Lake. 4 bedroom/4.5 bath on main level. Basement has separate entrance and has 3 bedrooms/1 bathroom. Florida room, formal dining room and of...

  • Beds 7
  • Baths 5.5

302 Ashridge Way, Simpsonville SC 29681

$135,000

302 Ashridge Way, Simpsonville

Sold AS IS where is seller will make no repairs of any kind. All offers must include: State Contract, Chase Addendum to Real Estate Purchase Contract and Release of Claim...

  • Beds 3
  • Baths 2.0

1515 Memorial Drive Extension, Greer SC 29651

$95,000

1515 Memorial Drive Extension, Greer

Great home with nice size rooms three bedroom two full baths, living area with den with fireplace. Visit www.hudhomestore.com case number 461-450274 for all your educatio...

  • Beds 3
  • Baths 2.0

812 Griffin Mill Road, Pickens SC 29671

$129,900

812 Griffin Mill Road, Pickens

Cape Cod with huge great room, some nice bath updates, screened porch, deck. Fireplace has woodstove, secondary bedrooms have walk-in closets. To be sold as-is; addenda t...

  • Beds 3
  • Baths 2.5

306 Memorial Drive, Greer SC 29650

$90,000

306 Memorial Drive, Greer

Great 2 bedroom/2 bath brick home in prime location across from Memorial Hospitial. Consider for home or office space. Buyer's agent to verify sq ft

  • Beds 2
  • Baths 2.0

4 Fairview Lake Way, Simpsonville SC 29680

$149,900

4 Fairview Lake Way, Simpsonville

Nice three bedroom and two and one half bath home, with a two car garage. Located in a great development, with community pool, playground, walking/jogging trails.

  • Beds 3
  • Baths 2.5

100 Reedy River  Way, Greenville SC 29605

$99,900

100 Reedy River Way, Greenville

100 Reedy River Way is strategically placed on an exterior lot in this suburban community. Located across the Reedy River from Hejaz Shriner’s golf course, this home feat...

  • Beds 3
  • Baths 2.0

217 Paulan  Road, Williamston SC 29697

$390,000

217 Paulan Road, Williamston

Bank Owned Home w/11 Acres – Wren Schools Beautifully remodeled 5 Bedroom 3500+/- Sq.Ft. home on 11+ Acres with a pool This property also includes a separate Brick 4 Ca...

  • Beds 5
  • Baths 3.5

212 Dayton Drive, Easley SC 29642

$85,000

212 Dayton Drive, Easley

Three bedroom, two bathroom Cape Cod located in Cedar Hill subdivision. Nice sized yard. Some TLC needed. Great potential. Located minutes from shopping and restaurants.

  • Beds 3
  • Baths 2.0

504 Climbing Rose  Court, Fountain Inn SC 29644

$110,000

504 Climbing Rose Court, Fountain Inn

Equal Housing Opportunity. Case #461-382322. All HUD-acquired properties are sold “AS IS” - no repairs or warranties. FHA Insurable; 203K Eligible. Buyer to verify all ...

  • Beds 3
  • Baths 2.0

73 Edith Drive, Taylors SC 29687

$105,000

73 Edith Drive, Taylors

Move in ready 3 bedroom home with 2 full bath rooms in Taylors area within a few miles of shopping & restaurants. Eating area is open to kitchen, laundry closet is in hal...

  • Beds 3
  • Baths 2.0

22 Kilberry Boulevard, Greenville SC 29605

$139,500

22 Kilberry Boulevard, Greenville

Nice ranch plan with updates! New interior paint and carpet, new appliances. Features include a master bedroom with a vaulted ceiling, great room with corner fireplace ...

  • Beds 3
  • Baths 2.0

786 Glenridge Road, Spartanburg SC 29301

$334,900

786 Glenridge Road, Spartanburg

Great buy on this all brick home. quiet cul-de-sac setting. huge bonus room & large master suite. Sunroom & large screened porch. Buyers to verify HOA dues.

  • Beds 4
  • Baths 3.5

1 Hidden Springs Lane, Taylors SC 29687

$244,900

1 Hidden Springs Lane, Taylors

This is a Fannie Mae HomePath property. Purchase this property for as little as 5 percent down. This property is approved for HomePath Mortgage Financing and HomePath Ren...

  • Beds 3
  • Baths 2.0

6 Waxwing Court, Simpsonville SC 29681

$199,900

6 Waxwing Court, Simpsonville

1.5 story, vinyl sided home in Adam's Run. Home has recently been updated with new carpet, paint, lights, appliances, furnace, etc. Please review photos.

  • Beds 3
  • Baths 2.5

1120 Briarwood Drive, Easley SC 29642

$90,300

1120 Briarwood Drive, Easley

This brick ranch style home is located in the Easley area in a well developed subdivision ., This home features 3 bedrooms 2.5 Bathrooms with an in ground pool . This pro...

  • Beds 3
  • Baths 2.5

503 Creek  Drive, Easley SC 29642

$94,900

503 Creek Drive, Easley

Cape cod design with master on main level. Covered front porch, fireplace. Home has a water pipe break and seller removed carpet and some drywall. Neighborhood also ha...

  • Beds 3
  • Baths 2.0

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 April 20, 2014

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