Greenville SC  Real Estate Downtown
Your Greenville SC Real Estate Experts

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

property image

$142,900

4 Acacia Drive, Simpsonville

This is a Fannie Mae HomePath property. 3BR/2BA vinyl sided ranch on 0.18 acre, level lot. Home features attic storage, some hardwood floors, bonus room above garage wi...

  • Beds3
  • Baths2.0

property image

$89,900

130 Inglewood Way, Greenville

This is a Fannie Mae HomePath property. Throw away your rake & hoe! The perfect fit, this cozy 2 BR/2.5 BA townhome will appeal to you. Large open foyer leads to upper l...

  • Beds2
  • Baths2.5

property image

$105,500

315 ALTA VISTA Circle, Travelers Rest

Don't miss out! Make an offer and this house can be your home! This lovely ranch style home offers a covered front porch, oversized rear and side deck, wood floors, eat-i...

  • Beds3
  • Baths2.0

property image

$149,900

3 Hilltop Drive, Taylors

Nice brick ranch with room for all. This home just had a facelift and looks great! Narrow hardwood floors just refinished, all new paint, new appliances, new kitchen co...

  • Beds4
  • Baths3.5

property image

$125,800

518 Barn Swallow Drive, Simpsonville

Great Simpsonville location. Spacious 3 bedroom, 2 bath open floor plan. Vaulted ceiling, 2 car attached garage, garden tub. Priced to sell.

  • Beds3
  • Baths2.0

property image

$86,000

323 Bates View, Travelers Rest

Hud Case # 461-540083 Ranch style home with basement. Detached work shop. Living room with fireplace and walk in closets. Basement can be finished for add space. FH...

  • Beds3
  • Baths2.0

property image

$109,200

10 Maple Crest Court, Travelers Rest

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

  • Beds3
  • Baths2.0

property image

$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

property image

$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

property image

$181,900

12 Brentmoor Place, Simpsonville

HUD Case 461-421641 Ranch style home with 3bed/2bath. Open floor plan and formal dining room. Bonus room FHA Insured

  • Beds3
  • Baths2.0

property image

$725,000

30 Golden Poppy Way, Marietta

Located in The Cliffs at Mountain Park. Private driveway, flowing creeks, waterfall and stone bridge make the mountain view more captivating. Has 5 bedrooms and 4 1/2 ba...

  • Beds5
  • Baths4.5

property image

$154,900

365 Moonstone Drive, Mauldin

Avoid home maintenance and enjoy tax shelter. All the comforts of home and no work to do when you own this easy care 3BR, 2.5BA townhouse with a compact one car garage. F...

  • Beds3
  • Baths2.5

property image

$379,900

34 Timrod Way, Greenville

Great brick home in great location. Formal living and dining rooms, two fireplaces, lots of hardwood floors. Former garage has been enclosed to make a huge bonus room. ...

  • Beds4
  • Baths2.5

property image

$210,000

117 Glencreek Drive, Greer

Here is another beautiful home just updated with all new appliances, paint and carpet. Hardwoods in the main living areas. Great room has a nice FP and dining area. Ki...

  • Beds3
  • Baths3.0

property image

$179,900

17 Fox Den Lane, Simpsonville

Foreclosure, Corporate Owned 4 Bedroom 2.5 bath home in Bryson Crossing. This newer house with very little cosmetic repairs and updates needed features an oversized famil...

  • Beds4
  • Baths2.5

property image

$169,900

203 Riesling Way, Mauldin

This is a Fannie Mae HomePath property. 3BR/2.5BA brick an vinyl 2 story home on 0.28 acre, fenced lot. Home features some hardwood floors, attic storage, 2 car attached ...

  • Beds3
  • Baths2.5

property image

$113,900

23 Becky Gibson Road, Greer

THIS IS A FANNIE MAE HOME PATH PROPERTY. This home features exceptional value considering all the work the seller did to get it ready to come to the market. Some of the ...

  • Beds3
  • Baths2.0

property image

$115,000

311 Twin Lake Road, Greenville

Equal Housing Opportunity. Case #461-508219. All HUD-acquired properties are sold “AS IS” - no repairs or warranties. FHA Insurable with repair escrow $3713; 2...

  • Beds3
  • Baths2.5

property image

$126,900

707 Reid School Road, Taylors

This is a Fannie Mae HomePath property. 3BR/2BA vinyl ranch on 1.1 acre lot with fenced rear yard. Home features 2 car attached garage, front porch and rear deck. Fres...

  • Beds3
  • Baths2.0

property image

$95,000

111 Ethelridge Drive, Greenville

Case # 461-471651 Traditional style home with 4 bedrooms/2bath, detached garage. Located close to Cherrydale Shopping. FHA Insured with repair escrow $2503.00.

  • Beds4
  • Baths2.0

property image

$214,900

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

property image

$153,600

115 Misty Meadow Road, Greenville

Traditional, 3Br/2.5Ba, two story home located in The Greens at Rocky Creek. Inside you'll find a home designed for today's casul lifestyle, but with a formal dining ro...

  • Beds3
  • Baths2.5

property image

$111,800

13 Miller Road, Taylors

Very nice Cap Code home, 3Br/2.5Ba, that features formal rooms plus a huge family room, an eat-in kitchen, and a main level master bedroom. The fenced lot is just under ...

  • Beds3
  • Baths2.5

property image

$235,900

207 Montglen Court, Greenville

Great cul-de-sac lot near Woodruff Road! Two-story foyer, two-story great room. Master on main level, enormous kitchen with island, fireplace. Of the three bedrooms ups...

  • Beds4
  • Baths3.5

property image

$89,800

4417 State Park Road, Greenville

Must see located off State Park Road. Private setting sitting on 1.50 acres per tax records. Carport, deck and above ground pool.

  • Beds2
  • Baths1.0

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 January 31, 2015

Free Daily Email Updates

  • Automated home searches
  • Favorite properties
  • Email updates
  • And much more…