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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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$96,000

2 Fawn Lake Place, Greenville

Neat 3/2 ranch in Deer Ridge subdivision. Close to interstate travel and local amenities. Level, Corner lot. Built in 1999, square footage = 1199. This property is an E...

  • Beds3
  • Baths2.0

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$289,900

107 Waters Reach Lane, Simpsonville

GREAT location just past Five Forks in popular Whitehall Plantation. Very large home offers an open floor plan and fully equipped kitchen! Double ovens and natural gas co...

  • Beds5
  • Baths4.0

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$162,900

105 Northcliff Way, Greenville

Leave the hustle and bustle of the city behind every day and come home to the peace and quiet of popular Northcliff. Well maintained 3Br/2Ba home in popular Northcliff. ...

  • Beds3
  • Baths2.0

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$94,000

111 White Willow Court, Taylors

Willow Trace- built in 2000 this home has 1,184 sqft, with 3 bedrooms and 2 full baths, a 1 car attached garage on a level lot and it is located on a Cul-de-sac. HUD case...

  • Beds3
  • Baths2.0

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$132,000

413 Holly Lane, Mauldin

Wonderful 4 bedroom, 2.5 bathroom home in the heart of mauldin. Onlt 1/2 mile to mauldin high school. This home features a living room, dining room, den with fireplace, ...

  • Beds4
  • Baths2.5

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$169,900

100 Kingsridge Drive, Greenville

Adorable ranch in Greenville! Features include three bedrooms, two baths, over 1800 square feet, a spacious living room, dining room, and fenced rear yard! Call us today!...

  • Beds3
  • Baths2.0

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$504,178

18 Grove Valley Way, Greenville

Brand new home ready March 2016! The Brookhaven J is the ideal floorplan with large entry Foyer, coffered ceilings in the living room, formal Dining room with trey ceili...

  • Beds6
  • Baths5.0

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$359,900

53 Richland Creek Drive, Greenville

Best of both worlds! North Main area, but newer construction in popular Richland Creek at North Main. Four bedrooms with two full baths! Large great room opens to breakf...

  • Beds4
  • Baths2.5

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$124,900

8 Pennwood Lane, Greenville

Lots of space for the money! Popular State Park Road/Cherrydale area! This location is convenient to everything. Three bedrooms with 1 and 1/2 baths. White bright kitchen...

  • Beds3
  • Baths1.5

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$99,900

327 Woodruff Park Lane, Simpsonville

Enjoy the peace and quiet of a gated Community. The perfect fit! This cozy 2 bedroom townhome will appeal to you. Large, comfortable living/dining combination shares a fi...

  • Beds2
  • Baths1.5

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$763,200

222 Craggy Rock Lane, Landrum

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

  • Beds3
  • Baths3.5

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$406,700

101 Round Hill Road, Greenville

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

  • Beds3
  • Baths2.5

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$171,900

220 Garfield Lane, Simpsonville

Traditional two-story home with fenced yard. Currently backs to woods. Formal dining room, sun room. 3 Bedrooms up plus bonus room. Fireplace, patio, large kitchen. To...

  • Beds3
  • Baths2.5

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$229,900

35 Hurshfield Court, Taylors

Leave the hustle and bustle of the city behind every evening and come home to the peace and tranquility of The Meadows at Blue Ridge Plantation. This 4 or 5 bedroom trad...

  • Beds5
  • Baths3.0

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$164,900

705 Edwards Road, Greenville

4 Bedroom 2 and a half bath brick home on large level lot. Fresh paint, refinished hardwoods, & new appliances. Located minutes from Downtown Greenville and Interstate 38...

  • Beds4
  • Baths2.5

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$114,800

14 Exodus Way, Greer

Split bedroom plan. Very open, vaulted ceilings, large kitchen serving bar. Full laundry room, walk-in master closet, 2 car garage. Home needs some repair and will not...

  • Beds3
  • Baths2.0

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$124,900

891 Pine Log Ford Road, Travelers Rest

Huge home with huge rooms. This home has approximately 3100 feet on the first floor and another 2300 feet upstairs. Could be 6 bedrooms plus large bonus room plus office...

  • Beds4
  • Baths3.0

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$111,870

10 Stonecutter Lane, Taylors

Excellent opportunity to own this cute little home on a nice private cul de sac conveniently located! Home needs some TLC but gives you the opportunity for some sweet swe...

  • Beds3
  • Baths2.0

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$99,900

102 Old Field Drive, Simpsonville

Cute one level ranch in popular Standing Springs Estates. This bank owned property is the least expensive home in the neighborhood and is a great buy for someone. This wi...

  • Beds3
  • Baths2.0

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$529,900

838 Nash Mill Road, Fountain Inn

Spectacular custom home on 23+ acres in southern Greenville County. No detail was overlooked by the original owner of this home which features formal rooms plus a den, a ...

  • Beds4
  • Baths3.5

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$269,000

314 Chukar Way, Greenville

Partridge Ridge Opportunity! 4 Bedroom 3 Bath home offers vaulted ceilings, formal dining room, hardwood floors, master on main has full bath, sitting area and a walkout ...

  • Beds4
  • Baths3.0

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$119,900

2 Danbury Lane, Mauldin

Three bedroom two bath house located in Mauldin. This house will need repairs to the in-ground pool. House will be sold as-is where-is. The seller makes no warranties or ...

  • Beds3
  • Baths2.0

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$174,900

18 Druid Hill Court, Simpsonville

Don't miss out on this beautiful traditional style home in Orchard Farms! Features include 5 bedrooms, 2.5 baths, over 2000 square feet, living room with fireplace, kitch...

  • Beds5
  • Baths2.5

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$149,000

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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$114,900

412 Laurel Tree Lane, Simpsonville

3BR/2.5 BA, vinyl siding, 2 story home, large front porch. Located on a .24 acre lot, with some trees. Fenced back yard, extra large deck for entertaining, out building....

  • Beds3
  • 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. © 2016 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated February 11, 2016

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