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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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$123,000

28 Brisbane Drive, Fountain Inn

Ranch, with front porch, formal dining room, large great room, kitchen with island, split bedroom plan, walk in laundry room, two car garage. New interior paint and carpe...

  • Beds3
  • Baths2.0

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$144,900

5015 Edwards Road, Taylors

Spacious home with tons of potential! All brick home in a convenient location. Main level features three bedrooms, two baths, some hardwood floors, kitchen with some appl...

  • Beds3
  • Baths2.0

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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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$144,900

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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$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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$179,900

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

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$124,900

327 Angie Drive, Taylors

This is a Fannie Mae HomePath property. 2BR/2.5BA condo with beautiful pond view. Unit features combined living/dining room with fireplace, rear 12x16 screened porch an...

  • Beds2
  • Baths2.5

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$119,900

1 Meadowview Drive, Taylors

This is a great starter home with 4 BR's and an inground pool that is priced to sell. Condition is reflected in the price and will generate a lot of interest. The conditi...

  • Beds3
  • Baths2.0

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$196,900

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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$89,900

301 Pelham Square Way, Greer

Nicely updated 3br 2ba condo on ground floor with patio and storage room. All new paint, carpet, appliances make this one move in ready today! Den has a corner FP and F...

  • Beds3
  • Baths2.0

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$89,900

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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$174,900

161 Pendock Lane, Piedmont

Well maintained and perfectly desinged for today's casual lifestyle this 3Br/2Ba will be suite almost anyone's needs. Inside you'll find an open floor plan, soaring volu...

  • Beds3
  • Baths2.0

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$174,900

11 Ventana Court, Simpsonville

This 3 Bedroom 2.5 bath foreclosure, bank owned, REO property has numerous positives; Location, New Paint, New Carpet, New Appliances, just to name a few. Conveniently lo...

  • Beds3
  • Baths2.5

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$284,900

12 Shadow Mist Drive, Simpsonville

Stately and beautiful, 4Br/2.5Ba, traditional home in always popular Shadowood. Inside you'll find a two story foyer, formal rooms plus a huge family room, refinished ha...

  • Beds4
  • Baths2.5

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$95,800

301 Seaver Court, Greer

Ranch style home located in Westview Subdivision minutes from Wade Hampton Blvd. 3 bed/2bath with open floor plan. 2 attached garage. Call for details.

  • Beds3
  • Baths2.0

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$145,600

35 Brisbane Drive, Fountain Inn

Formal living and dining rooms, small play area or office off of 4th bedroom, master suite has tray ceiling and fan, nice kitchen with wood-look cabinets. To be sold as-i...

  • Beds4
  • Baths2.5

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$169,900

1015 Rutherford Road, Greenville

This is a Fannie Mae HomePath property. 3BR/2BA brick bungalow on 0.62 acre lot. Home features a walk-up attic, some hardwood floors, gas log fireplace, screened porch ...

  • Beds3
  • Baths2.0

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$129,900

314 Pine Street, Greer

Charming Simplicity in Dormered Cape; Come home to comfort and relax. The warm, cozy living room says, stay a while. Well planned kitchen designed for people who like to ...

  • Beds3
  • Baths2.5

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$109,000

113 Wickersham Drive, Simpsonville

3br 2.5 ba home on a nice, level cul de sac lot with fenced backyard and rear patio. Main floor has a great room with FP, dining room, kitchen and breakfast eating area,...

  • Beds3
  • Baths2.5

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$90,100

3 Dahlgreen Lane, Taylors

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

  • Beds3
  • Baths1.0

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$88,900

102 Pleasant Heights, Greer

Don't miss out on this great opportunity! This ranch style home offers a nice floorplan, hardwood floors, crown molding, a covered front porch, eat-in kitchen, an enclose...

  • Beds3
  • Baths1.5

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$87,500

300 South Street Unit #107, Simpsonville

This is a Fannie Mae Property. Own a piece of history at Cotton Mill Place. One bedroom with one bath. High ceilings and brick accents throughout! Large window fills livi...

  • Beds1
  • Baths1.0

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$112,000

211 Pine Street, Greer

This three BR home has had some updating but needs your final touches to make it all yours. Walking distance to downtown Greer yet minutes away from Greenville with easy ...

  • Beds3
  • Baths2.0

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$699,900

207 Fern Springs Way, Travelers Rest

This must see home is an absolute steal!! This beautiful home resides in the gorgeous Cliffs Valley Subdivision. Plenty of room to sit back and enjoy the fine craftsmans...

  • Beds3
  • Baths4.5

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 July 03, 2015

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