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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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$161,880

19 Kentworth Court, Taylors

All vinyl 2 story with stone craftsman detailing. Inviting front porch, fireplace in den and large deck off the kitchen dining area. This property is now under auction te...

  • Beds4
  • Baths2.5

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$124,900

17 Weehawken Circle, Taylors

Lovely, 3Br/2Ba, ranch located on a quiet tree lined street with no thru traffic. Inside you'll find a large living room with a gas log fireplace, a split bedroom floorp...

  • Beds3
  • Baths2.0

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$174,900

100 Faulkner Circle, Greer

Beautiful view of the mountains as you drive into this neighborhood! Home has 4 bedrooms and bonus could be 5th bedroom 2 1/2 baths, and lots of space for friends and fam...

  • Beds4
  • Baths2.5

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$134,900

107 Roe Street, Greer

This is a Fannie Mae home path property. Special incentives are available for first time buyers please ask your agent. Welcome to this inviting ranch style home in a love...

  • Beds3
  • Baths2.0

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$265,000

207 Sassafras Drive, Taylors

Enter this unique and wonderful custom cedar and stone home with soaring solid wood 25ft vaulted and beaming ceiling . Master on main level includes 5x6 shower , whirlpoo...

  • Beds3
  • Baths3.0

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$171,600

401 Scarlet Oak Drive, Fountain Inn

Nice floor plan -- formal living and dining rooms, den with fireplace, 9 foot ceilings on first floor. Hardwood floors in the dining room, den, and master bedroom. Leve...

  • Beds4
  • Baths2.5

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$94,000

506 W Arlington Avenue, Greer

Three bedroom one bath home located in the city limits of Greer. Hardwood floors and a beautiful front screened porch. Located on a large corner lot just outside of Downt...

  • Beds3
  • Baths1.0

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$149,900

46 Brisbane Drive, Fountain Inn

Nicely updated home in Country Chase with all new paint and flooring throughout. This one has 5 bedrooms including one on the main level. Open kitchen and great room ar...

  • Beds5
  • Baths2.5

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$124,900

10 Cornerton Pass, Simpsonville

Traditional style home with great potential in Fairview Lake subdivision! Features include four bedrooms, 2.5 baths, a den with fireplace, and rear patio perfect for ente...

  • Beds4
  • Baths2.5

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$134,900

68 Magnolia Crest Drive, Simpsonville

Very nice 2br 2ba home with screened porch with carpeted storage room plus a small fenced area at patio. Master bedroom has vaulted ceiling with fan/light, a big walk i...

  • Beds2
  • Baths2.0

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$239,900

1001 S Church Street Unit #601, Greenville

Great opportunity to own a downtown penthouse condo. This is bank owned and offered at an unbelievable listing price. Great views of the downtown skyline with views of t...

  • Beds2
  • Baths2.0

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$214,900

4314 N Blue Ridge Drive, Taylors

This is a must see home you don't want to miss!! This gorgeous 2 story home is located on over an acre of land only 15 minutes from Wade Hampton! Inside this 2400+ square...

  • Beds4
  • Baths2.5

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$114,900

503 Brenna Lane, Piedmont

Cute 4 bedroom 2 bath with nice open floor plan , spacious walk in closets , convenient to major highways such as 85 and 29. This home is being repaired by the seller ,...

  • Beds4
  • Baths2.0

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$133,000

107 Kingscreek Drive, Greer

HUD CASE #461-445757 FHA insured Insurability subject to buyers appraisal. Property sold AS-IS.EQUAL HOUSING OPPORTUNITY Cute ranch style home , open floorplan, 3br 2ba...

  • Beds3
  • Baths2.0

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$89,900

10 Cox Street, Travelers Rest

Location! Located just outside downtown Travelers rest and minutes from the Swamp Rabbit Trail and a short drive to Downtown Greenville or the mountains, this home is con...

  • Beds3
  • Baths1.5

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$199,900

4 Northcliff Way, Greenville

Beautiful 4br 2.5ba home in Northcliff. New paint, carpet, appliances, countertops make this one shine like new! Definitely move in ready! Den has a FP and fan/light. ...

  • Beds4
  • Baths2.5

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$146,000

6 Riverchase Court, Simpsonville

Foreclosed Special. Fair Condition. This 3 bed 2.5 bath plus bonus and two car garage is located in the Carrington subdivision. As foreclosures go, this one needs some...

  • Beds3
  • Baths2.5

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$99,000

6 Pinecrest Drive, Travelers Rest

Located near the swamp rabbit trail, this newly remodeled home is what you've been waiting on. If you love to cook, look no further than this larger kitchen with cabinets...

  • Beds3
  • Baths1.5

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$159,900

103 Burdock Way, Simpsonville

Corporate owned 3 Bedroom 2 Bath Single story on large corner lot with great potential. Great centralized location. Mauldin School System. Property has been obtained thro...

  • Beds3
  • Baths2.0

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$199,900

212 Wild Geese Way, Travelers Rest

This is a Fannie Mae Home Path Property. This home is located near Furman University close to the bustling town of Traveler’s Rest. Direct access to the Swamp Rabbi...

  • Beds5
  • Baths2.5

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$184,600

4 Ashwyn Court, Simpsonville

Fantastic opportunity, great value for the neighborhood, 2500+/- sq ft above grade with Full unfinished basement. Priced to sell. 4 bedrooms, 2 and 1/2 bath, fireplace. S...

  • Beds4
  • Baths2.5

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$109,000

101 Lee Circle, Greer

Nice three bedroom two bath brick ranch on big corner lot. Located in the heart of Greer in good school district, but not in the city limits! 20 x 24 garage/workshop wire...

  • Beds3
  • Baths2.0

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$173,900

42 Otago Place, Greenville

Three bedroom Two and Half bath foreclosure is located in the beautiful Bonnie Vista Subdivision on a culdesac lot (Convenient to Michelin, 3M, SCTAC, and numerous other ...

  • Beds3
  • Baths2.5

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$170,900

504 Plum Hill Way, Simpsonville

Beautiful 2 story partial brick traditional home in fantastic Morning Mist neighborhood. Super sought after location. Home features 4 bedrooms, with Master on the main le...

  • Beds4
  • Baths2.5

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$94,900

202 Mckenna Circle, Greenville

First floor condo , conveniently located to downtown Greenville , Highway 85 & 385 , public transportation , and businesses . This condo features three bedrooms , two bat...

  • Beds3
  • Baths2.0

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. © 2015 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated July 30, 2015

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