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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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$95,900

15 Birchbark Drive, Greenville

Newer 3Br/2Ba modern ranch home with an unfinished basement for expansion. You'll find the main living area to be open and inviting with lots of natural light, a split b...

  • Beds3
  • Baths2.0

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$225,000

232 Northcliff Way, Greenville

Under Construction! This Burton Floorplan is under construction in sought-after subdivision with amenities such as pool, athletic fields, lights, playground and much more...

  • Beds4
  • Baths2.5

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$109,900

21 Seven Pines Court, Greer

What a great buy for this three bedroom two bath home in Hampton Ridge! Features include open living room with wood burning fireplace, kitchen with separate dining area, ...

  • Beds3
  • Baths2.0

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$150,000

203 Oakboro Lane, Simpsonville

Great 3bd/2ba with Bonus. Nice open floor plan, hardwood laminate floors throughout entry, living, and dining room. Large and open eatin kitchen with access to florida ro...

  • Beds3
  • Baths2.0

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$139,900

505 Foxhound Road, Simpsonville

Home has another 400-500 sq ft in unfinished basement. Needs updates but features 2 fireplaces, large master bath, full laundry room, formal dining room, and partially fe...

  • Beds3
  • Baths2.5

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$183,900

505 Fieldgate Court, Mauldin

Established neighborhood where every season is beautiful. Large open foyer leads to main and upper levels. The living room is set apart for formal entertaining, the cozy ...

  • Beds3
  • Baths2.5

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$87,900

203 Great Oaks Way, Simpsonville

This is a Fannie Mae HomePath Property. This 3BR/2BA home has the kitchen open to the family room and the backyard is private. Located in an established neighborhood just...

  • Beds3
  • Baths2.0

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$89,900

22 Delray Circle, Greenville

Solid brick ranch, 3Br/2Ba, that's a diamond in the rough with teriffic potential. Inside you'll find a traditional floor plan with a formal living room, a huge family r...

  • Beds3
  • Baths2.0

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$119,900

202 Riverside Chase Circle, Greer

Traditional, 3Br/2.5Ba, home in popular Riverside Chase at a fantastic price. Inside you'll find a big living room with a fireplace, a formal dining room, an eat-in kitc...

  • Beds3
  • Baths2.5

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$204,900

315 Quail Run Circle, Fountain Inn

Nice looking cape cod style home on corner lot with approx. 2/3 acre, fenced yard and nice trees. Big front porch and even bigger rear deck with a lower level off the ba...

  • Beds4
  • Baths2.5

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$339,900

7 Amsterdam Lane, Simpsonville

Gorgeous home just updated in popular Holland Place. Hardwood floors refinished, new paint, carpet, deck stained, appliances included. This one shows like new and is re...

  • Beds6
  • Baths3.5

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$282,800

1209 E Washington Street Unit Unit #202, Greenville

Beautifully located across from Cleveland Park and the Greenville Zoo that offers tons of amenities such as walking/biking trails, 4 playgrounds, nature trails, picnic sh...

  • Beds2
  • Baths2.5

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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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$186,000

700 Butler Springs Road, Greenville

Great location, great space on one floor, great livable floor plan -- Home is a classic ranch with large living room, dining room, eat-in kitchen, great room with firepla...

  • Beds3
  • Baths2.0

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$109,900

107 Woodglen Drive, Simpsonville

Beautiful 2br 2ba home with all new paint, carpet, vinyl flooring, new kitchen appliances (except fridge) make this one move in ready today! Great room has a vaulted cei...

  • Beds2
  • Baths2.0

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$139,400

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

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$104,800

1002 Brentwood Way, Simpsonville

Traditional home ready for full overhaul. Features include covered front porch, screened porch, two car garage, fenced backyard, and storage building. Great room has fire...

  • Beds4
  • Baths2.5

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$624,900

100 Meilland Drive, Greer

Stunning home in popular Thornblade! This stately brick home sits on a very useable, level .7 acre lot and has had many recent updates finished up right before listing. ...

  • Beds4
  • Baths3.5

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$154,760

121 Sprouse Lane, Fountain Inn

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

  • Beds3
  • Baths2.5

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$575,000

207 Upper View Court, Greer

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 ceilings with F...

  • Beds3
  • Baths4.0

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$94,900

4 Queensbury Drive, Greenville

Foreclosure, Bank Owned, Corporate Owned, Investment Property, Fixer Upper: However you wish to call it, this property is a 3 bedroom 2.5 bath with plenty of room to turn...

  • Beds3
  • Baths2.5

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$269,900

209 Worchester Place, Simpsonville

This is a Fannie Mae HomePath property. $1000 Selling Agent Bonus with broker approval may be available on this property ! Ask listing agent. Eligibility restrictions app...

  • Beds4
  • Baths3.5

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$89,725

2909 E North Street, Greenville

This home needs repairs and is a perfect opportunity for someone that wants sweat equity. Great location that is convenient to all major highways for commuting.

  • Beds3
  • Baths2.0

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$329,900

220 Loraine Drive, Simpsonville

Up to $1000 Selling Agent bonus with broker approval may be available on this property. Ask the Listing Agent, Eligibility restrictions apply. This is a Fannie Mae HomePa...

  • Beds4
  • Baths3.5

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$90,200

104 Woodburn Drive, Taylors

Must see 2 story home with 4 bedrooms. This home is located on a corner lot with large rear deck. Hardwood floors and wood burning fireplace. Close to Wade Hampton B...

  • Beds4
  • 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. © 2014 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated December 19, 2014

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