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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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$125,000

203 Apa Way, Greenville

Equal Housing Opportunity. Traditional style 2 story , 5 bedrooms ,2.5 bathrooms,large master bedroom with over sized walk -in closet ,open kitchen and living room for ea...

  • Beds5
  • Baths2.5

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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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$94,500

300 South Street #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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$177,500

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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$735,000

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

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$134,900

120 Poplar Drive, Simpsonville

4BR/2BA vinyl Cape Cod on 2.02 acre, level, corner lot. Home features architectural shingle roof, some hardwood floors, front porch and rear deck.

  • Beds4
  • Baths2.0

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$254,900

1 Amsterdam Lane, Simpsonville

Lovely, 6Br/4.5Ba, traditional home in popular Holland Place with plenty of space to satisify the needs of any size family. The main living area features formal rooms pl...

  • Beds6
  • Baths4.5

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$151,500

211 Shipyard Lane, Greer

Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD ‘AS IS’ WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE. The Listing Broker and Seller assume no respon...

  • Beds4
  • Baths2.0

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$145,500

102 Fredericksburg Drive, Simpsonville

Lovely 2-story home waiting to be yours! This home offers a nice floorplan, covered front porch, deck in the rear, hardwood floors, sits on a corner wooded lot and it's c...

  • Beds4
  • Baths2.0

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$189,900

101 Castle Hall Court, Simpsonville

2 story McCar home built in 2005 on a cul-de-sac lot. Open floor plan features large den with fireplace, kitchen with island, tile backsplash, black appliances and breakf...

  • Beds4
  • Baths2.5

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$99,900

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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$222,900

1 Franklin Meadow Way, Greer

Gorgeous 3br 2.5ba home on a huge, level lot with fenced backyard! Hardwood floors throughout the main living areas. Great room with corner FP and door leading to newly...

  • Beds3
  • Baths2.5

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$185,000

34 Birkhall Circle, Greenville

Linkside at Bonnie Brae! Updated and Ready to Move In! This spacious four bedroom home features 2300+ SF, fresh paint, new carpet and vinyl flooring, new appliances, and ...

  • Beds4
  • Baths2.5

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$141,000

203 Verner Drive, Greenville

Large and spacious. 3Br/3Ba, split entry home on a quiet tree lined street near Furman and Cherrydale. Inside you'll find a large living room, a formal dining room with ...

  • Beds3
  • Baths3.0

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$89,900

110 Kimble Drive, Simpsonville

Ranch style home on 2.7 acres with 2 bedrooms, 2 full baths, 1 car attached garage. Huge front porch. This is a Fannie Mae HomePath property.

  • Beds2
  • Baths2.0

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$170,400

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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$96,000

27 Chelseabrook Court, Mauldin

One full bedroom and bath on the first floor. Two bedrooms have bay windows. Home apparently had a fire in the garage and drywall in garage and garage doors were removed...

  • Beds4
  • Baths3.0

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$139,200

600 Yearling Road, Greenville

Hampton Farms Subdivision--2 story Traditional style home with 5bedrooms. 9foot ceilings and gas log fireplace.

  • Beds5
  • Baths2.5

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$218,900

212 Wild Geese Way Unit G, 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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$189,900

204 S Artillery Court, Piedmont

Amazing opportunity in such and awesome community! Talk about convenience- This Home has just had a new architectural roof installed, fresh paint and carpet! This home is...

  • Beds3
  • Baths2.5

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$189,800

87 Forest Lake Drive, Simpsonville

Fantastic Woodruff Rd and Highway 14 location. Home features 3 bedrooms, 3 1/2 baths, 1 car garage, fireplace, fence, master bedroom on the main floor as well as property...

  • Beds3
  • Baths3.5

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$92,000

209 Hickory Rock Lane, Greer

HUD CASE #461-507064 FHA insured WITH ESCROW OF 3366.00 Insurability subject to buyers appraisal. Property sold AS-IS.EQUAL HOUSING OPPORTUNITY Cute ranch style home , ...

  • Beds3
  • Baths2.0

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$139,900

2812 Brushy Creek Road, Greer

Up to $1000 Selling Agent bonus may be available on this property! Ask the listing Agent. Eligibility restrictions apply. Old & quaint but up to date! Yesterday meets to...

  • Beds4
  • Baths2.0

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$382,700

2718 Augusta Street, Greenville

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

  • Beds6
  • 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 May 30, 2015

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