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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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$189,000

307 Riello Drive, Greer

Beautiful 3br 2.5ba home with bonus room over garage and in the Riverside school district! Laminate floors on main level and all hardwood floors upstairs except for bath...

  • Beds3
  • Baths2.5

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$150,000

408 Putman Road, Fountain Inn

Large house with a small price. AS-IS bank Owned. Bank owned special. Give this two story traditional brick house some TLC, and she’ll reward you with generous amounts...

  • Beds6
  • Baths4.0

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$104,900

111 Cherry Lane, Fountain Inn

Hard to find, 4Br/2Ba, tri-level home in easy walking distance to downtown Fountain Inn. The home appears to have been updated in the recent past. Features include stai...

  • Beds4
  • Baths2.0

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$184,900

75 Great View Lane, Marietta

Beautiful log home with a huge front proch, a wrap around deck, and a million dollar mountain view. Inside you'll find a fantastic great room with a cathedral ceiling, a...

  • Beds2
  • Baths2.0

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$126,140

212 White Drive, Mauldin

Come view and make an offer! This spacious split floorplan home offers hardwood floors, tiled kitchen, brick fireplace, covered patio, in-ground pool and it’s convenientl...

  • Beds5
  • Baths2.0

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$164,000

204 Rockmont Road, Greenville

Loads of potential in the home . Huge bonus room , formal living room area with a fireplace and hardwoods .Three bedrooms , one full and one half bath. Formal dining room...

  • Beds3
  • Baths1.5

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$105,000

4 Laws Lane, Piedmont

Come view and make an offer! This charming 1-story ranch style home offers a nice floorplan, patio in the rear, spacious living room, open kitchen, within 5 miles of down...

  • Beds3
  • Baths2.0

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$204,900

318 S Harrison Bridge Road, Simpsonville

Work hand in hand with nature. Rough log home on beautiful, peaceful 3 acre lot. Lovely hardwoods and beams throughout the interior of the home 3 bedrooms, 2.5 baths, mas...

  • Beds3
  • Baths2.5

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$99,900

4 Snowbird Lane, Greenville

This is a Fannie Mae Home Path Property. Located in a quiet cul-de-sac on the south side of Greenville, this is a Ranch style home with 3 bedrooms. Updated with fresh car...

  • Beds3
  • Baths2.0

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$99,900

310 Lily Street, Greenville

This is a Fannie Mae Home Path property. Our home is contemporary in design and was custom built. Featuring over 1800 square feet the property is approximately one half a...

  • Beds3
  • Baths3.0

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$95,000

110 Royal Oak Court, Simpsonville

Lots of potential in this two story home featuring four bedrooms, large family room, over 2400 sq ft, well located close to interstate and general shopping.

  • Beds4
  • Baths1.5

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$98,500

703 Neely Ferry Road, Simpsonville

3 BD/2 Bath with home. Bank Owned - SOLD "AS IS".

  • Beds3
  • Baths2.0

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$229,900

9 Brightmore Drive, 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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$234,900

48 Stoneledges Lane, Taylors

This property is eligible under the Freddie Mac First Look Initiative through 05-01/16. Like freedom from the City, wide open spaces and plenty of clean air? Open the doo...

  • Beds3
  • Baths2.0

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$109,900

17 Kent Lane, Greenville

Cute bungalow style home built around 1955 that has three good size bedrooms and two full baths. There is a small den, and a dining room. Step saver kitchen with cabinets...

  • Beds3
  • Baths2.0

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$219,000

202 Chestnut Oaks Circle, Simpsonville

Come view and make an offer! This spacious traditional style home offers a nice floorplan, deck in the rear, wooded lot, eat-in kitchen with breakfast area, built-ins, cr...

  • Beds4
  • Baths2.5

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$89,900

30 Briarglen Place, Greenville

Very spacious one owner condo at Briarcreek Condo's. Lots of room in this 3 bedroom , 2 .5 bath home. The lower level features a large living room with Fireplace and do...

  • Beds3
  • Baths2.5

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$134,900

109 Ikes Court, Taylors

This home has new appliances and paint and is ready for a new owner. It has beautiful hardwood floors that have been refinished and they look great. The den leads to a de...

  • Beds3
  • Baths2.0

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$110,000

4 Frostberry Court, Fountain Inn

Nice 3 Bedroom 2 Bath home with new paint and carpet. Neutral colors. 2 car garage. Nice deck out back. Easy access to I-385. Sold As-Is.

  • Beds3
  • Baths2.0

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$144,900

202 Saddletree Place, Simpsonville

Wonderful potential in this 3Br/2.5Ba tranditonal home in popular Sharon Place. The lot is approximatley .35ac with mature shade trees and an inground pool. Inside you'l...

  • Beds3
  • Baths2.5

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$219,900

14 Fernwalk Place, Taylors

Spacious four bedroom home in Taylors located in Blue Ridge Plantation! Features over 2200 SF, an open floor plan, refinished hardwood floors, gas log fireplace, kitchen ...

  • Beds4
  • Baths2.5

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$111,900

417 Charing Cross Road, Taylors

Ranch style home that needs some TLC to bring it back to its potential. Large lot with a bold creek in rear yard. This property may require flood insurance.

  • Beds2
  • Baths1.0

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$125,000

109 Elcon Drive, Greer

New carpet, paint and deck on this cute little home on Frohawk Creek in Greer. Long country front porch. Large living room with woodstove in the brick hearth fireplace....

  • Beds3
  • Baths2.0

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$99,900

2004 Small Meadows Court, Fountain Inn

Nice three bedroom, two bath home located close to 385 and Main Street Fountain Inn.

  • Beds3
  • Baths2.0

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$88,500

309 Milacron Drive, Fountain Inn

Brick ranch on secluded 2 acres. Needs some TLC. Will have to be a renovation loan or cash.

  • 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. © 2016 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated

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