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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

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$112,200

216 Lyons Drive None, Simpsonville

Unique home with mostly brick exterior. Home is a multi-level design and square footage range includes both levels. Home needs repairs and may not qualify for all financi...

  • Beds3
  • Baths3.0

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$284,900

610 E Silverleaf Street, Greer

Stately, classic, and full brick traditional home in popular Silverleaf. The home is sited on level lot with shade trees, a large deck for outdoor entertaining, and a fe...

  • Beds4
  • Baths2.5

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$96,000

603 Crestfield Road None, Greenville

This spacious home has so much to offer 3 Bd/2Ba home on a large fenced in wooded lot. A great family room w/fireplace ton of windows, kitchen has a breakfast area w/a se...

  • Beds3
  • Baths2.0

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$206,900

312 Surrywood Drive, Greenville

Foreclosure / Bank - Corporate Owned property in established Ashby Park Subdivision. Convenient Location to may local amenities. The master bedroom is located on the firs...

  • Beds4
  • Baths2.5

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$109,900

362 Easterlin Way, Greenville

Live a little! Work less-Invest in condo living. Enjoy convenience, privacy, security at The Villa at Woodruff Crossing Condo, a gated Community located within walking di...

  • Beds3
  • Baths2.0

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$121,000

19 Chelseabrook Court, Mauldin

Great buy on this home conveniently located in Mauldin. Large great room with fireplace, dine-in kitchen, large master closet, storage room in garage. To be sold as-is...

  • Beds4
  • Baths2.5

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$104,900

15 Strawberry Drive, Greenville

Some renovations are completed on this home and this home is waiting for your personal touch to make it all yours. This home is being sold strictly "As Is" and the seller...

  • Beds3
  • Baths1.5

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$116,000

245 Hadley Commons Drive, Mauldin

Three bedrooms and two and one half baths, with new appliances, carpet, laminate flooring, vinyl flooring and interior paint. Kitchen features a huge island and a large b...

  • Beds3
  • Baths2.5

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$168,900

505 Davenport Road, Simpsonville

Newly updated 3br 2.5ba home with all new paint, carpet, appliances have this one showing great! Granite countertops in kitchen plus lots of cabinet space, breakfast eat...

  • Beds3
  • Baths2.5

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$164,500

100 Pendock Lane None, Piedmont

This property is eligible under the Freddie Mac First Look Initiative through 03/08/2015.

  • Beds3
  • Baths2.0

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$187,500

23 Summer Valley Court None, Greer

Come home to comfort, a lot of living to do and lots of room for it in this 3 Bedrooms, 2.5 baths, eat in kitchen, family room, rec room and 2 car garage tucked away on a...

  • Beds3
  • Baths2.5

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$234,900

9 Brightmore Drive None, Greer

The peace and quiet of a gated-community; take life easy! No lawn care here. The perfect package with all extras included. Company coming? Dine in style in this formal di...

  • Beds3
  • Baths2.5

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$233,900

8 Carter Run Court, Simpsonville

Great split floor plan with master and additional bedroom on the main floor. The great room features a fireplace with gas logs, lots of windows and vaulted ceiling; forma...

  • Beds3
  • Baths3.0

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$204,900

26 Glen Martin Lane, Piedmont

No second look needed upstairs downstairs inside outside everything you see will please you! 5 BR/3.5 BA home on one acre deep lot with space galore for back yard play. G...

  • Beds5
  • Baths3.5

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$195,000

201 Morning Tide Drive, Simpsonville

HUD# 461-517903 Insured. This very spacious home is bright and open. The home has 4 bedrooms and 2.5 baths . Home features a formal dining room, formal living room and a...

  • Beds4
  • Baths2.5

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$111,300

201 Cornerstone Court, Simpsonville

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

  • Beds3
  • Baths2.0

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$119,900

200 Center Street, Greer

Begin home ownership here! Open plan ranch on a corner lot with 3BR/2BA, 1 car garage; spacious family room and kitchen combination perfect for the cook who does not want...

  • Beds3
  • Baths2.0

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$86,900

506 Wentworth Street, Mauldin

Retired? Or just tired of home maintenance? This cozy 2BR/2BA townhome will appeal to you. All on one floor no more upstairs and downstairs. Flexible living and dining ar...

  • Beds2
  • Baths2.0

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$225,900

109 Newkirk Way, Travelers Rest

Right place right value. Spacious 4 bedrooms, 3.5 baths ranch with basement. Split bedroom plan. Master bedroom, situated for privacy, has a separate dressing area with w...

  • Beds4
  • Baths3.5

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$142,900

4 Acacia Drive, Simpsonville

This is a Fannie Mae HomePath property. 3BR/2BA vinyl sided ranch on 0.18 acre, level lot. Home features attic storage, some hardwood floors, bonus room above garage wi...

  • Beds3
  • Baths2.0

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$100,300

315 Alta Vista Circle, Travelers Rest

Don't miss out! Make an offer and this house can be your home! This lovely ranch style home offers a covered front porch, oversized rear and side deck, wood floors, eat-i...

  • Beds3
  • Baths2.0

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$101,600

10 Maple Crest Court, Travelers Rest

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

  • Beds3
  • Baths2.0

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$181,900

12 Brentmoor Place, Simpsonville

HUD Case 461-421641 Ranch style home with 3bed/2bath. Open floor plan and formal dining room. Bonus room FHA Insured

  • Beds3
  • Baths2.0

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$349,900

34 Timrod Way, Greenville

Great brick home in great location. Formal living and dining rooms, two fireplaces, lots of hardwood floors. Former garage has been enclosed to make a huge bonus room. ...

  • Beds4
  • Baths2.5

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. © 2015 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated March 01, 2015

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