If you are interested in purchasing a foreclosed home, you could go to the courthouse auction and try to purchase one of the Greenville SC foreclosed homes for sale before they are listed on the market with a Realtor.
Unfortunately, most of these foreclosures do not sell at the auction because of loan balances that are much higher than the amount the bank is willing to accept on the property. When these homes do not sell at the auction, they become an REO (Real Estate Owned) by the lender. This is when the bank would evict the homeowners if they have not already moved out, and then list the property with an area Realtor.
Some of these bank owned homes are in good condition, or may only need new carpet, appliances or paint. Sometimes the lenders would make these repairs/updates and then try to sell it at market value or as close to it as possible. These REO homes are mostly sold as-is, and majority of them are in need of repairs and/or updates.
The properties that are in good condition and are priced right usually sell quickly, and some of them actually receive multiple offers. The ones that don’t sell fast just sit vacant. Since the bank has no hope of getting any mortgage payments, the longer it sits, the more motivated the bank gets.
Some homebuyers are also purchasing short sales before they are foreclosed on. Although short sales may take some time to finalize, it does allow the buyer to potentially purchase the home for less than the loan balance. Plus, the homeowner gets to avoid foreclosure.
If you are interested in buying one of the foreclosed homes for Sale in the Greater Greenville area, we have the local Greater Greenville SC real estate listing database online, which includes foreclosed homes for sale, so you can quickly find the information you need!
Our expert advisors can help make your real estate investment a smooth, enjoyable and profitable experience. Contact us now at 864-438-5050 to discuss your needs.