Buying a foreclosed home or a bank owned reo property can offer some great great opportunities. Anyone that is interested in buying one of theses homes must do the necessary homework to make sure that they make a great investment. If you are interested in bank foreclosures in Greenville South Carolina, here are some ways you can purchase one these homes in Greenville County. This may vary if you live in another state.
Buying at County Courthouse
When a home owner defaults on a mortgage and the property goes into foreclosure, it first goes to the auction on the County courthouse steps. At this auction, the bank is trying to recover the outstanding balance on the loan. In most cases the mortgage holder will normally place a reserve on the auction for a minimum amount. In some cases the bidding may be opened up early for first-time home buyers. If they receive a high enough offer during this pre-auction sale, the bank will cancel the auction. Savvy home buyers who purchase a home at the courthouse can usually a get a great deal on a home. However, 100% of the winning bid may be due when you win the bid. Since you may not have the opportunity to inspect the home prior to the auction, you will most certainly want to do your research beforehand. Keep in mind that you may also have to evict the previous owners if they are still staying in the home. Since most of these homes have a mortgage balance that is higher than a home buyer is willing to pay for the home at the auction, most of these homes do not sell at the courthouse auction. The homes that don’t sell at the auction will now be listed with a real estate broker to be marketed in the local Listing System.
Buying a foreclosure listing
If a Greenville SC foreclosure does not sell at the Greenville County courthouse auction, the mortgage holder (the bank) will now evict the home owners, and list the home with a real estate broker. Prior to listing the home on the MLS, the bank will request a Broker Price Opinion(BPO) to find out how much the home is worth based on the condition and comparable sales in the area. Greenville SC bank foreclosures that are in good condition, in a good location, and are priced right usually sell fast. In some cases, the bank might receive multiple offers on a property. Some banks may decide to make some minor updates to a home in-order to secure a quick sale at closer to market value. Keep in mind that foreclosed homes are sold as-is, and most of them are in-need of repairs. So, you will definitely need to do your homework, and get a home inspection. When buying a Greenville SC foreclosed home, you will usually have a time period to inspect the home and terminate the contract, or move forward to closing. For help with making an offer, read my post about Tips to Making an Offer to Purchase a home. Of course, the longer these homes sit on the market, the more motivated the bank becomes.
One of the advantages of purchasing a Greenville County bank foreclosure that is listed with a real estate agent is that you will have the opportunity to view the property prior to submitting an offer. This way you can consider the cost of repairs when making an offer to purchase the home. Remember to look closely at the comparable homes that have sold recently in the neighborhood. This will help you avoid paying too much or over-improving the home for the neighborhood.
Home owners who wish to avoid foreclosure, can ask their lender for a mortgage modification, ask for short sale or deed in lieu of foreclosure.
If you need further help with purchasing a Greenville SC foreclosed home or for a free list of foreclosed homes for sale, contact me at 864-642-1645 extension 102 for free consultation. You can also search other available Greenville SC homes for sale.
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VIEW SOME GREENVILLE SC BANK OWNED LISTINGS & HOMES FOR SALE
Victor Amadi (Producer Realty LLC) – Greenville SC Real Estate – Buying Foreclosures
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