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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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$133,900

100 Tuckahoe Court, Greenville

Equal Housing Opportunity. Case #461-475948. All HUD-acquired properties are sold “AS IS” - no repairs or warranties. FHA Insurable; 203K Eligible. Please not...

  • Beds3
  • Baths2.0

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$90,000

601 Boookmere Road, Simpsonville

Equal Housing Opportunity. Case #461-396993. All HUD-acquired properties are sold “AS IS” - no repairs or warranties. FHA Insurable with repair escrow $2777; ...

  • Beds3
  • Baths1.5

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$98,600

208 Cornerstone Court, Simpsonville

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

  • Beds3
  • Baths2.5

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$152,900

104 E Bearden Street, Greer

THIS ONE IS A WINNER! What a beautiful bungalow with tons of appeal and custom upgrades throughout! Almost 1700 square feet. WILL NOT DISAPPOINT! One of downtown Greer's ...

  • Beds3
  • Baths2.0

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$355,000

1 Yorkswell Lane, Greenville

Welcome to Braemor Subdivision, Greenville kept secret! Every lot is a minimum of one acre, a rare find in the area. You find elegance every way you turn in this fabulous...

  • Beds4
  • Baths3.0

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$139,900

1 Bobber Court, Taylors

This is a Fannie Mae HomePath property. 3BR/2BA home in desirable Taylors area, convenient to all services. Come see this renovated home! Features an open floor pla...

  • Beds3
  • Baths2.0

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$116,640

16 Moonlit Drive, Greenville

Brick house with 2 car garage. Needs some cosmetic repairs. Corporate owned. Seller makes no representations or warranties as to the condition of the property, improvem...

  • Beds3
  • Baths2.0

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$219,900

140 Glassy Falls Trail, Travelers Rest

A diamond in the rough! This bank owned home sits on approx. 5 acres of secluded natural beauty. The home features a laundry room entrance from the garage, kitchen wi...

  • Beds3
  • Baths2.0

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$100,000

9 Briarwood Court, Simpsonville

Great Simpsonville location, large 3 bedroom, with 836 sq ft finished basement. Site on over 2 acres. Great investment.

  • Beds3
  • Baths1.5

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$235,000

209 Forked Oak Way, Fountain Inn

There are times when only the best will do. Buying a home is one of those times. First impressions are important! A gracious foyer greets your guests. The living room is ...

  • Beds3
  • Baths2.5

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$135,000

6 Kilberry Boulevard, Greenville

HUD Case# 461-456656. FHA IE . Escrow amount of $4400. This Home is very spacious with 4 Bedrooms and 2.5 baths with fireplace in Great Room. .. Home was built in 2009 a...

  • Beds4
  • Baths2.5

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$89,900

115 Hatteras Lane, Simpsonville

Large great room with fireplace, open floor plan, master with double sink vanity, separate shower and tub, front porch, two car garage, deck. Sold as-is.

  • Beds3
  • Baths2.0

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$128,000

5 Appleton Lane, Mauldin

Great deal on this 3 bedroom 2.5 bath home in The Grove Subdivision! Features include some laminate wood flooring, den with fireplace, kitchen with breakfast area, formal...

  • Beds3
  • Baths2.5

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$249,900

2 Marquette Road, Simpsonville

Charleston charm -- double porches! Master suite leads to upstairs porch. Hardwoods throughout the downstairs (except for laundry). 9 foot ceilings down, formal dining ...

  • Beds3
  • Baths2.5

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$104,900

21 Waters Avenue, Greenville

Location, Location, Location! Close to I-85, great schools, and in the Augusta road area! Come see this 3 bedroom, 1.5 bath home on Waters Avenue. This home boasts a f...

  • Beds3
  • Baths1.5

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$192,000

104 Seattle Slew Lane, Greenville

Location is everything! Close to Furman University, Swamp Rabbit trail and minutes to Cherrydale and Downtown Greenville. The spacious ranch has all of the desired benefi...

  • Beds3
  • Baths2.0

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$104,000

10 Condon Street, Piedmont

Equal Housing Opportunity. Case #461-418888. All HUD-acquired properties are sold “AS IS” - no repairs or warranties. FHA Insurable; 203K Eligible. Please not...

  • Beds4
  • Baths2.0

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$124,900

111 Wood Heights Avenue Avenue, Taylors

3br 2ba brick ranch with a 2 car garage on almost a half acre lot with mature trees. This one has tons of potential. Home features a front living room and dining room ...

  • Beds3
  • Baths2.0

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$359,900

2152 Fews Chapel Road, Greer

3 bedroom 2.5 bath home on 11 acres in the North Greer area. This home features a large kitchen and breakfast area with brick floors. Huge Great Room with exposed beams t...

  • Beds3
  • Baths2.5

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$153,360

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. Corporate owned. Seller makes no repr...

  • Beds4
  • Baths2.5

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$174,900

100 Faulkner Circle, Greer

Beautiful view of the mountains as you drive into this neighborhood! Home has 4 bedrooms and bonus could be 5th bedroom 2 1/2 baths, and lots of space for friends and fam...

  • Beds4
  • Baths2.5

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$127,000

107 Roe Street, Greer

This is a Fannie Mae home path property. Special incentives are available for first time buyers please ask your agent. Welcome to this inviting ranch style home in a love...

  • Beds3
  • Baths2.0

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$257,000

207 Sassafras Drive, Taylors

Enter this unique and wonderful custom cedar and stone home with soaring solid wood 25ft vaulted and beaming ceiling . Master on main level includes 5x6 shower , whirlpoo...

  • Beds3
  • Baths3.0

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$134,900

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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$239,900

1001 S Church Street Unit #601, Greenville

Great opportunity to own a downtown penthouse condo. This is bank owned and offered at an unbelievable listing price. Great views of the downtown skyline with views of t...

  • Beds2
  • Baths2.0

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 August 31, 2015

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