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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

110 Greenbriar Dr, Simpsonville SC 29680

$88,000

110 Greenbriar Dr, Simpsonville

Hud Case # 461-472685 Ranch style home with 3 bedrooms/1.1 bathrooms. Located off Neely Ferry Rd and Close to 385/185(Toll Road). Hardwood floors and ceramic tile floo...

  • Beds 3
  • Baths 1.5

346 Ledbetter Road, Travelers Rest SC 29690

$157,500

346 Ledbetter Road, Travelers Rest

You are in for a surprise when you view this well crafted authentic log home on lovely Ledbetter Road. Every detail of the wood calls for your attention. Wood beams joine...

  • Beds 3
  • Baths 2.0

330 Hampton Farms Trail, Greenville SC 29617

$125,000

330 Hampton Farms Trail, Greenville

Don't miss out on this 4 bedroom 2.5 bath home in Hampton Farms Subdivision! Features include a den with wood flooring, kitchen with breakfast area, and formal dining ...

  • Beds 4
  • Baths 2.5

105 Shadowood Drive, Simpsonville SC 29681

$330,000

105 Shadowood Drive, Simpsonville

Located in the original part of Shadowood where the lots are large and so beautifully wooded, this wonderful family home has had painting done on the interior. It is rea...

  • Beds 4
  • Baths 2.5

116 Sylvan Oak Way, Simpsonville SC 29681

$108,000

116 Sylvan Oak Way, Simpsonville

Three story, 3Br/3.5Ba, town house near downtown Simpsonville. Easy access to I-385, shopping on Fairview Rd and Woodruff Rd, and a fast 15 minutes drive to downtown Gre...

  • Beds 3
  • Baths 3.5

112 Maravista, Greenville SC 29617

$139,900

112 Maravista, Greenville

Welcome to Glenlea, a darling community of a variety of homes built between 2006 and 20014 in the Furman University area. This is a Fannie Mae home path property. It is ...

  • Beds 4
  • Baths 3.0

301 Two Gait Lane, Simpsonville SC 29680

$112,000

301 Two Gait Lane, Simpsonville

Ranch plan featuring vaulted great room, fireplace, full laundry room, and screened porch. Master bedroom also has a vaulted ceiling. Ready for your updates. To be sold a...

  • Beds 3
  • Baths 2.0

14 Otago Place, Greenville SC 29605

$217,900

14 Otago Place, Greenville

This is a Fannie Mae Home Path property. It is eligible for both home path and home path renovation mortgage financing. You can own this home with as little as 5% down ...

  • Beds 5
  • Baths 3.5

4 Churchwill Court, Simpsonville SC 29681

$105,000

4 Churchwill Court, Simpsonville

Charming, modern, ranch located on a quiet cul-de-sac lot in Cedar Glen that's been designed for today's more casual lifestyle. This home features a large Greatroom with...

  • Beds 3
  • Baths 2.0

215 Richmond Drive, Greenville SC 29617

$96,900

215 Richmond Drive, Greenville

THIS IS A FANNIE MAE HOME PATH PROPERTY. You can own this home with as little as 5% down if you chose to use a Home Path Renovation Mortgage loan. This type of loan allow...

  • Beds 3
  • Baths 2.0

103 Shadowcreek Court, Simpsonville SC 29681

$155,000

103 Shadowcreek Court, Simpsonville

Don't miss out on this great opportunity! This 1.5-story colonial home features an inviting front porch, large kitchen, wood deck in the rear, hardwood/ tile floors! Need...

  • Beds 3
  • Baths 2.0

105 Redcoat Court, Simpsonville SC 29680

$114,900

105 Redcoat Court, Simpsonville

4 Bedroom home in USDA approved area with new homes being built in the same neighborhood. Great opportunity to own this home with room for the growing family that enjoys ...

  • Beds 4
  • Baths 2.0

608 Canterbury Road, Piedmont SC 29673

$96,200

608 Canterbury Road, Piedmont

Charming 1-story ranch with nice floor plan, a kitchen with plenty of cabinets and a wooded lot of 1.50 acres! Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD ‘...

  • Beds 3
  • Baths 2.5

207 Upper View Court, Greer SC 29651

$599,000

207 Upper View Court, Greer

BANK OWNED!! Beautiful 3bd +bonus, 4 full bath home w/office ( or potential 4th bedroom). All brick on 1.53 acres. Custom built featuring soaring foyer and living room ce...

  • Beds 3
  • Baths 4.0

148 Maximus Drive, Greer SC 29651

$147,600

148 Maximus Drive, Greer

Own this lovely 2-story contemporary home today! This property features the master bedroom on the main floor, corner fireplace, large kitchen with breakfast area, irriga...

  • Beds 3
  • Baths 3.0

100 Indian Wood Lane, Greenville SC 29605

$121,000

100 Indian Wood Lane, Greenville

Make this charming home yours today! Conveniently located and features include a large kitchen with bar, vaulted ceilings and it's a popular floor plan with a bonus room ...

  • Beds 3
  • Baths 2.0

104 Oak Park Drive, Mauldin SC 29662

$99,995

104 Oak Park Drive, Mauldin

Nice fenced back yard with storage building, formal dining room plus eat in kitchen, huge laundry room, convenient to Mauldin and Woodruff Road. To be sold as-is; addenda...

  • Beds 3
  • Baths 2.0

21 Allenwood Lane, Greer SC 29650

$89,900

21 Allenwood Lane, Greer

Don't miss out on this three bedroom townhome in Hammett Farms! Fresh paint and new carpet are in process to make this home move in ready! Features include living room wi...

  • Beds 3
  • Baths 2.5

5050 Coach Hills Drive, Greenville SC 29615

$134,900

5050 Coach Hills Drive, Greenville

Good sized home on large lot with fenced backyard, patio, and shed. Inside has 5 bedrooms, 2 full and one half bath, kitchen, dining room, living room, den with FP, and ...

  • Beds 5
  • Baths 2.5

224 Horsepen  Way, Simpsonville SC 29381

$199,900

224 Horsepen Way, Simpsonville

Spacious four bedroom home in Bells Crossing! Features include a living room with a gas log fireplace, kitchen with appliances and breakfast area, formal dining room, sit...

  • Beds 4
  • Baths 2.5

203 Draymoor Lane, Simpsonville SC 29681

$309,900

203 Draymoor Lane, Simpsonville

WELCOME HOME TO 203 DRAYMOOR LANE.....custom built home with 4 bedrooms and 3 full baths located in HIGHLAND CREEK. Spacious foyer and beautiful hardwoods greet you as yo...

  • Beds 4
  • Baths 3.0

115 Kingscreek  Drive, Greer SC 29650

$134,900

115 Kingscreek Drive, Greer

3BR/2BA vinyl ranch on 0.17 acre, sloped lot. Home features master on main, attic storage, office/study and two car attached garage. Fresh paint inside and out, new carpe...

  • Beds 3
  • Baths 2.0

17 Lowther Hall Lane, Greenville SC 29615

$849,500

17 Lowther Hall Lane, Greenville

Luxury living at it's best! Hardwood floors greet you upon entry to this Charlestonian home, along with beautiful crown molding, high ceilings, and large windows. The k...

  • Beds 7
  • Baths 4.5

841 Altamont Road, Greenville SC 29609

$185,000

841 Altamont Road, Greenville

Fantastic Paris mountain location, Unique mountain home. Home features, hardwood floors, fireplace, 2 kitchens 4 bathrooms. Frist floor has living area, fireplace and kit...

  • Beds 3
  • Baths 4.0

505 Foxhound Road, Simpsonville SC 29680

$154,995

505 Foxhound Road, Simpsonville

Price just reduced approximately $15,000. 3 Bedroom 2 and 1/2 bath Single Family Home located in Hunters Woods in Simpsonville just off Fairview Road. This foreclosed / C...

  • Beds 3
  • Baths 2.5

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. © 2014 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated July 26, 2014

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