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Greenville SC Foreclosure Search

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Foreclosures in Greenville SCGreenville 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

333 Arlington Avenue, Greenville image
333 Arlington Avenue, Greenville $268,000

Follow your dreams to downtown Greenville. This is your dream home. It’s a perfect location, walk to everything. Enjoy the parks, restaurants, shopping and all the oppo...

  • 2 Beds
  • 2.5 Baths
104 Granary Drive, Simpsonville image
104 Granary Drive, Simpsonville $155,000

Bring all your buyers looking for a great deal at an AWESOME PRICE. This lovely home is offering top notch schools and easy access to Spartanburg, Greenville, Simpsonvill...

  • 3 Beds
  • 2 Baths
2442 Fews Bridge Road, Greer image
2442 Fews Bridge Road, Greer $143,900 ▼

classic brick ranch with full basement near Lake Robinson in Blue Ridge area. total sq ft approx 3000. Main level features 3br 2 baths plus a formal living room, formal ...

  • 4 Beds
  • 3 Baths
1 Joshuas Place, Simpsonville image
1 Joshuas Place, Simpsonville $700,000

This lovely traditional style home offers a nice floor plan with 5 bedrooms, 5.5 bathrooms, approximately 5,294 square feet of living space, built in 1993, a lot size of ...

  • 5 Beds
  • 5.5 Baths
323 Foggy Cut Lane, Landrum image
323 Foggy Cut Lane, Landrum $629,900

Amazing Mountain Views in desirable Cliffs at Glassy East! Spacious four bedroom home with so many qualities! Main level offers an open floor plan with hardwood floors, m...

  • 4 Beds
  • 4.5 Baths
101 Banner Street, Mauldin image
101 Banner Street, Mauldin $150,000

Rare find, large brick ranch in Mauldin, 2800 sq ft, fireplace, fence, screen porch situated on over 1/2 acre lot. Home also features several large rooms that would be a ...

  • 3 Beds
  • 2 Baths
103 Old Mill Road, Taylors image
103 Old Mill Road, Taylors $195,000

Beautiful 4 bedroom 3 bath brick ranch with full basement and 2 car garage. Home Also has 2 fireplaces and deck. What more can you ask for? All it needs is a little updat...

  • 4 Beds
  • 3 Baths
2906 Old Easley Bridge Road, Greenville image
2906 Old Easley Bridge Road, Greenville $134,900 ▼

Rare basement home available! Home needs some updates but has the potential to be an awesome home with some sweat equity. Home is sold AS IS WHERE IS. Call today for your...

  • 3 Beds
  • 2.5 Baths
14 S Mckinney Road, Travelers Rest image
14 S Mckinney Road, Travelers Rest $172,500 ▼

BLUE RIDGE SCHOOLS!! MODULAR three bedroom, 2 full bath one level home situated on .59 acre lot in a quiet country setting but convenient to Travelers Rest area with uniq...

  • 3 Beds
  • 2 Baths
42 Angleblade Road, Landrum image
42 Angleblade Road, Landrum $260,900 ▼

Welcome to the Cliffs At Glassy. This 5 bedroom 2.5 bath home is located in this prestige neighborhood that has many amenities that everyone can enjoy ranging to golf to ...

  • 5 Beds
  • 2.5 Baths

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. © 2019 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated

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