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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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$750,000

214 Kilgore Circle None, Simpsonville

Great below value opportunity in highly desirable upper end neighborhood on 3.36 acre lot with top rated schools in need of TLC. Carpet, appliances, and light fixtures ha...

  • Beds5
  • Baths5.5

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$147,900

505 Foxcroft Road, Greenville

Plenty of space for all in this 4br 3.5ba home on the east side. Great front porch, hardwood floors on main level, screened porch. Home features a front living room plu...

  • Beds4
  • Baths3.5

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$183,900

2 Charlestown Court None, Mauldin

Charm and sunshine await you in this 3 BR w/bonus room 2.5 BA with well-planned layout for easy living and entertaining nestled on a corner lot with a large fenced and sh...

  • Beds3
  • Baths2.5

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$123,900

18 N Garden Circle None, Greenville

Remember when homes were solidly built? Inviting living room has full brick fireplace, compact U-shaped kitchen with separate dining area, multi-purpose den with wood pan...

  • Beds3
  • Baths2.0

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$87,250

210 Derwood Circle None, Greenville

You won't believe the quality craftsmanship in this 100% re-done brick and vinyl one level home. Approx 1/2 ac, level, fenced-in yard. Hardwoods throughout. Kitchen has b...

  • Beds3
  • Baths1.0

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$129,600

16 Moonlit Drive, Greenville

This property is now under auction terms. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a...

  • Beds3
  • Baths2.0

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$161,200

406 Winding Brook Court None, Greenville

Popular Furman area! 4 bedroom home with open floor plan. Large great room opens to dining area with soaring ceilings. Large kitchen with breakfast area. Master bedroom d...

  • Beds4
  • 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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$119,900

47 Swade Way, Greer

Must see Townhome located in Lismore Village. 3bed/2.1 bath, dining room. Riverside Schools. Convenient to I-85 and Pelham Road. Call for showings.

  • Beds3
  • Baths2.5

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$139,900

48 Crestline Road None, Greenville

This property is eligible under the Freddie Mac First Look Initiative through 04/14/2015.

  • Beds4
  • Baths3.0

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$93,500

102 Pleasant Heights None, 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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$154,000

207 Kincade Drive None, Simpsonville

Come view and make an offer! This lovely 2-story traditional style home has so much to offer! Some features include a nice floorplan, covered front porch, hardwood floors...

  • Beds3
  • Baths2.5

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$165,000

17 Fox Den Lane, Simpsonville

Foreclosure. This 4 bedroom 2.5 bedroom is a newer home that has lots of room. The formal living room, dining room, large den with fireplace, and large kitchen. The mast...

  • Beds4
  • Baths2.5

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$189,900

5 Candyce Court None, Simpsonville

Four bedroom with three full baths! Open floor plan with 2 story foyer. Kitchen with breakfast area and formal dining and living room! Great cul-de-sac lot that is level ...

  • Beds4
  • Baths3.0

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$129,800

1800 Country Apple Court None, Fountain Inn

Very open split bedroom plan, vaulted ceilings in kitchen and great room, covered front porch, and rear patio. Seller is in process of replacing vinyl flooring in kitchen...

  • 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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$299,900

400 Mills Avenue Unit Unit 301, Greenville

This is a Fannie Mae HomePath property. Up to $1000 Selling Agent Bonus with broker approval may be available on this property! Ask the Listing Agent. Eligibility restric...

  • Beds2
  • Baths2.0

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$174,900

10 Knoll Ridge Drive None, Greer

Beautifully updated home in Hammett Grove features new paint and carpet throughout. Nice open plan with a great room with corner FP and fan/light open to the kitchen wit...

  • Beds3
  • Baths2.5

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$155,000

20 Summerlin None, Simpsonville

Location , location , 3br 2.5 bath plus bonus , located in culdasac , level lot , home has new carpet , paint , must see

  • Beds3
  • Baths2.5

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$170,000

9 Spring Sky Court None, Taylors

Large home on large cul-de-sac lot. Home has unfinished basement with stud walls, deck, fireplace, 2 story foyer, carpet was removed due to pets. Home will not qualify fo...

  • Beds3
  • Baths2.5

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$120,000

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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$174,900

1016 Bradford Place None, Greenville

If you desire gracious living among beautiful surroundings you must see this 2BR, 2BA, 2 car garage patio home. Charming living room with fireplace and French doors opens...

  • Beds2
  • Baths2.0

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$234,900

10 S Cedarbluff Court, Greer

Price Just Dropped!! Great opportunity and investment in this home in outstanding neighborhood with excellent schools. This home is move in ready and here are some of the...

  • Beds4
  • Baths2.5

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$101,000

216 Lyons Drive None, Simpsonville

Unique home with mostly brick exterior. Home is a multi-level design and square footage range includes both levels. Home needs repairs and may not qualify for all financi...

  • Beds3
  • Baths3.0

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$284,900

610 E Silverleaf Street, Greer

Stately, classic, and full brick traditional home in popular Silverleaf. The home is sited on level lot with shade trees, a large deck for outdoor entertaining, and a fe...

  • Beds4
  • 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. © 2015 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated April 01, 2015

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