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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

1745 Jones Mill Road, Simpsonville SC 29681

$294,500

1745 Jones Mill Road, Simpsonville

This property is eligible under the Freddie Mac First Look Initiative through 10/07/14.

  • Beds 3
  • Baths 4.0

708 Pineapple Pointe, Greenville SC 29607

$173,840

708 Pineapple Pointe, Greenville

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

  • Beds 3
  • Baths 2.0

302 Florence  Drive, Simpsonville SC 29681

$104,500

302 Florence Drive, Simpsonville

3 BR 2 bath ranch with double garage in established area near downtown Simpsonville. Split bedroom plan.Fresh paint.New carpet & vinyl.New appliances.Large level fenced y...

  • Beds 3
  • Baths 2.0

110 Waterbury Court, Simpsonville SC 29680

$99,900

110 Waterbury Court, Simpsonville

Don't miss out on this three bedroom two bath home in Ambergate Subdivision! Features include laminate wood floors, living room with wood burning fireplace, kitchen with ...

  • Beds 3
  • Baths 2.0

208 Apa Way, Greenville SC 29611

$138,500

208 Apa Way, Greenville

Located in Lenhardt Village off of White Horse Road in the Berea area, this is the last home on the last street in a cul de sac. Well placed this home features 4 bedroo...

  • Beds 5
  • Baths 2.5

4 Mariscat Place, Greenville SC 29605

$189,900

4 Mariscat Place, Greenville

Large, two story home that has recently been updated with new carpet, interior paint, light fixtures, etc. Please review interior photos. Appliances to be put in prior to...

  • Beds 4
  • Baths 2.5

219 Spring Crossing Circle, Greer SC 29650

$114,900

219 Spring Crossing Circle, Greer

Spring Crossing is a collection of town homes built by a national builder in approximately 2002. The community is outstanding with the way it is managed and has a lovely...

  • Beds 2
  • Baths 2.5

841 Altamont Road, Greenville SC 29609

$125,000

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

210 E Shefford Street, Greer SC 29650

$248,500

210 E Shefford Street, Greer

Beautiful four bedroom, three bath home located in the well-established neighborhood of Silverleaf. This is a one-owner home that has been extremely well-maintained and c...

  • Beds 4
  • Baths 3.0

412 Woodruff Lake Way, Simpsonville SC 29681

$174,900

412 Woodruff Lake Way, Simpsonville

Great Location!! Home at end of street cul-de-sac lot, with pond access, large front porch, rear deck, hardwood floors on much of first floor, formal living rm/office, di...

  • Beds 4
  • Baths 2.5

429 Log Shoals Road, Greenville SC 29607

$269,900

429 Log Shoals Road, Greenville

This is a Fannie Mae HomePath property. Purchase this property for as little as 5 percent down. Nature's best. Privacy with a view, 4BR/2.5BA surrounded with woods and wa...

  • Beds 4
  • Baths 2.5

15 Starsdale Circle, Greenville SC 29609

$184,900

15 Starsdale Circle, Greenville

Nice ranch plan with hardwoods in living, dining, and secondary bedrooms. Rec room and large storage rooms in basement. Screened porch, in-ground pool! Huge master wi...

  • Beds 4
  • Baths 2.5

2 Saint Mark Road, Taylors SC 29687

$147,900

2 Saint Mark Road, Taylors

This is a Home Path Fannie Mae property - You can own this home with 5% down and have no Mortgage Insurance Premium! It is eligible for a home path or a home path renov...

  • Beds 3
  • Baths 2.5

986 East Lakeshore Drive, Landrum SC 29356

$329,000

986 East Lakeshore Drive, Landrum

LAKE LANIER WATERFRONT MOUNTAIN LAKE HOME on DEEP WATER with Private Dock and 222 feet of Water frontage on a double lot- Home has Mother in-Law Suite and around 3,400 sq...

  • Beds 5
  • Baths 3.0

104 Pueblo Drive, Greenville SC 29617

$103,900

104 Pueblo Drive, Greenville

Brick ranch with some updating completed. Large fenced back yard for kids to play. Only minutes to Furman or downtown. Owner will consider financing with any job, any cr...

  • Beds 3
  • Baths 2.0

212 Chestnut Avenue, Greer SC 29651

$99,900

212 Chestnut Avenue, Greer

This is a Fannie Mae Home Path Property. Please visit www.homepath.com for more details. This is a brick ranch house, with an attached single car carport, in Burgiss Hil...

  • Beds 2
  • Baths 1.5

248 Highgate Circle, Greer SC 29650

$159,900

248 Highgate Circle, Greer

This is a Fannie Mae Home Path Property. It is eligible for Home Path or Home Path Renovation Mortgage financing. You can own this home with as little as 5% down payment ...

  • Beds 3
  • Baths 2.5

220 Loraine Drive, Simpsonville SC 29680

$354,900

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...

  • Beds 4
  • Baths 3.5

46 Arbutus Trail, Greenville SC 29607

$154,995

46 Arbutus Trail, Greenville

Price DROP on this awesome 5 BEDROOM home so close to downtown. This 5 BR 3 BA traditional home is in a quiet neighborhood and is part of the Overbrook Neighborhood Assoc...

  • Beds 5
  • Baths 3.0

1603 Memorial Drive Extension, Greer SC 29651

$105,000

1603 Memorial Drive Extension, Greer

This is a Fannie Mae Home Path property. It is eligible for a Home Path Renovation Mortgage. You can own this home with as little as 5% downpayment. Please visit www.ho...

  • Beds 3
  • Baths 2.0

1 LILLIANS LANE, Greer SC 29651

$125,000

1 LILLIANS LANE, Greer

HUD OWNED PROPERTY HUD case number :461-406482 Property sold as is condition. Please go to HUDHOMESTORE.COM for additional information and bidding instructions. FHA Fin...

  • Beds 3
  • Baths 2.0

8 Waterton  Way, Simpsonville SC 29680

$154,900

8 Waterton Way, Simpsonville

4 bedroom + bonus + big sun room + large master addition. Home needs full cosmetic overhaul but has tons of space, screened porch, fireplace, formal living room and dinin...

  • Beds 4
  • Baths 2.5

909 Strange Road, Taylors SC 29687

$101,800

909 Strange Road, Taylors

Make an offer on this charming ranch home! It features hardwood floors throughout, huge open kitchen with plenty of cabinet space and it has a large fenced backyard! REO ...

  • Beds 3
  • Baths 2.0

35 Buck Trail, Fountain Inn SC 29644

$139,900

35 Buck Trail, Fountain Inn

Leave the hustle and bustle of the city behind and come home every evening to the peace and tranquility of southern Greenville County. This home is a melding of the trad...

  • Beds 3
  • Baths 2.5

17 Fox Den Lane, Simpsonville SC 29681

$215,000

17 Fox Den Lane, Simpsonville

Large , newer home convenient to I-385. Formal living and dining rooms, fireplace, huge master with sitting room and enormous closet, fenced backyard. To be sold as-is; a...

  • Beds 4
  • 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 September 18, 2014

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