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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

304 Tanner Chase Way, Greenville SC 29607

$163,000

304 Tanner Chase Way, Greenville

Lovely two story home, 4Br/2.5Ba, in popular Summerfield. The interior features a two story entry, a large great room with a fireplace that's open to the kitchen/breakfa...

  • Beds 4
  • 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

209 Worchester Place, Simpsonville SC 29680

$279,900

209 Worchester Place, Simpsonville

This is a Fannie Mae HomePath property. It's the lifestyle you deserve...charming 4BR/3.5BA home in Neely Farm Subdivision. Two story foyer, open staircase, hardwoods on ...

  • Beds 4
  • Baths 3.5

8 Squirrel Hollow  Court, Greer SC 29651

$94,900

8 Squirrel Hollow Court, Greer

3 Bedroom 2 Full bath Ranch Home in Greer. New Paint, Carpet, Dishwasher, stove. FORECLOSURE, AS IS Sale. No Repairs. Buyers will have 10 days for Home Inspection Due Dil...

  • Beds 3
  • Baths 2.0

2909 E North Street, Greenville SC 29615

$89,725

2909 E North Street, Greenville

This home needs repairs and is a perfect opportunity for someone that wants sweat equity. Great location that is convenient to all major highways for commuting.

  • Beds 3
  • Baths 2.0

130 Spring Forest Drive, Simpsonville SC 29681

$484,900

130 Spring Forest Drive, Simpsonville

Wow. This is a big house on a gorgeous almost 5 acre lot. Inground pool with brand new liner and safety pool cover, huge deck, shed outbuilding and a GIANT 40x40 buildi...

  • Beds 5
  • Baths 4.5

220 Loraine Drive, Simpsonville SC 29680

$354,900

220 Loraine Drive, Simpsonville

Up to $1000 Selling Agent bonus with broker approval may be available on this property. Ask the Listing Agent, Eligibility restrictions apply. This is a Fannie Mae HomePa...

  • Beds 4
  • Baths 3.5

1 Mossycup Road, Taylors SC 29687

$189,900

1 Mossycup Road, Taylors

Bank Owned! Easy living with yard maintenance taken care of by the HOA. Conveniently located between Greenville and Spartanburg; minutes from beautiful Lake Robinson. Thi...

  • Beds 4
  • Baths 2.5

104 Woodburn Drive, Taylors SC 29687

$94,900

104 Woodburn Drive, Taylors

Must see 2 story home with 4 bedrooms. This home is located on a corner lot with large rear deck. Hardwood floors and wood burning fireplace. Close to Wade Hampton B...

  • Beds 4
  • Baths 2.0

124 Redcoat  Court, Simpsonville SC 29680

$98,700

124 Redcoat Court, Simpsonville

This home has a lot of space with minimal fix up to make this home all yours. It is in a USDA qualified area. Country living yet so close to highways for an easy commute....

  • Beds 3
  • Baths 2.0

207 Montglen Court, Greenville SC 29607

$247,000

207 Montglen Court, Greenville

This is a Fannie Mae HomePath Property. Today’s buy-tomorrow's security. Home features a 2 story foyer that separates spacious living room and dining room. The 2 sto...

  • Beds 4
  • Baths 3.5

1 Rugosa Way, Greer SC 29650

$674,900

1 Rugosa Way, Greer

Spacious Brick Traditional Home in one of Greenville's most desirable areas. This 4BR/3.5BA home sits on a corner lot in the Thornblade community. Every room has its own...

  • Beds 4
  • Baths 4.0

212 Brooks Road, Mauldin SC 29662

$94,900

212 Brooks Road, Mauldin

This property is eligible under the Freddie Mac First Look Initiative through 10/22/14. Like challenges? Fix up and move in! A lot of living to do and lots of room for it...

  • Beds 5
  • Baths 3.0

400 Mills Avenue    Unit 301, Greenville SC 28605

$299,900

400 Mills Avenue Unit 301, Greenville

This is a Fannie Mae HomePath property. Sale includes storage unit #75 The Lofts at Mills Mill offers the ultimate True Loft living experience. Each unit is unique with ...

  • Beds 2
  • Baths 2.0

142 Hatteras Lane, Simpsonville SC 29680

$89,900

142 Hatteras Lane, Simpsonville

Make this conveniently located 1-story traditional home yours today! It features vaulted ceilings, nice floor plan, a deck in the rear and an enclosed porch/ sunroom! Ma...

  • Beds 3
  • Baths 2.0

415 W drive, Travelers Rest SC 29690

$159,000

415 W drive, Travelers Rest

Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD ‘AS IS’ WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE.

  • Beds 5
  • Baths 4.0

1745 Jones Mill Road, Simpsonville SC 29681

$265,900

1745 Jones Mill Road, Simpsonville

This property is eligible under the Freddie Mac First Look Initiative through 10/07/14. Country pure and simple 7+ acres of space and sunshine; a spacious 3BR/4BA home, ...

  • Beds 3
  • Baths 4.0

708 Pineapple Pointe, Greenville SC 29607

$173,840

708 Pineapple Pointe, Greenville

Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD ‘AS IS’ WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE.

  • Beds 3
  • Baths 2.0

302 Florence  Drive, Simpsonville SC 29681

$99,500

302 Florence Drive, Simpsonville

3 BR 2 bath ranch with double garage in established area near downtown Simpsonville. Split bedroom plan.Fresh paint.New carpet & vinyl.New appliances.Large level fenced y...

  • Beds 3
  • Baths 2.0

110 Waterbury Court, Simpsonville SC 29680

$99,900

110 Waterbury Court, Simpsonville

Don't miss out on this three bedroom two bath home in Ambergate Subdivision! Features include laminate wood floors, living room with wood burning fireplace, kitchen with ...

  • Beds 3
  • Baths 2.0

4 Mariscat Place, Greenville SC 29605

$172,900

4 Mariscat Place, Greenville

What a deal on a four bedroom home in Bonnie Vista. Large, two story residence that has been updated with new carpet, interior paint, light fixtures, etc. Please review i...

  • Beds 4
  • Baths 2.5

841 Altamont Road, Greenville SC 29609

$125,000

841 Altamont Road, Greenville

Fantastic Paris mountain location, Unique mountain home. Home features, hardwood floors, fireplace, 2 kitchens 4 bathrooms. Frist floor has living area, fireplace and kit...

  • Beds 3
  • Baths 4.0

210 E Shefford Street, Greer SC 29650

$236,000

210 E Shefford Street, Greer

Beautiful four bedroom, three bath home located in the well-established neighborhood of Silverleaf. This is a one-owner home that has been extremely well-maintained and c...

  • Beds 4
  • Baths 3.0

429 Log Shoals Road, Greenville SC 29607

$249,900

429 Log Shoals Road, Greenville

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

  • Beds 4
  • Baths 2.5

15 Starsdale Circle, Greenville SC 29609

$174,900

15 Starsdale Circle, Greenville

Nice ranch plan with hardwoods in living, dining, and secondary bedrooms. Rec room and large storage rooms in basement. Screened porch, in-ground pool! Huge master wi...

  • Beds 4
  • Baths 2.5

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 October 24, 2014

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