“How do I buy a foreclosed home in Charleston, SC?”, is a question we are asked almost daily. It’s a simple answer! You first need to find a knowledgeable real estate agent with proven experience negotiating with lenders on your behalf. Look no further! The Greater Charleston Properties team specializes in selling foreclosure and short sale properties, and handles all aspects of negotiating with lenders.
It is important to know what a foreclosed home is. A Foreclosed home, also known as a “Lender Owned” or “Bank Owned”, is a property owned by a Bank, Lender, Private Owner or corporation that has been taken back (in most cases) using a legal process by which a mortgagee obtains a court ordered termination of the mortgagor’s right of redemption on the home usually due to non payment. The borrow in default will be given a redemption period prior to the actual court ordered sale in which the borrow will have the ability to redeem the home by paying off the entire loan balance, any fees the lender is owed and out of pocket expenses. Typically the default borrow nor the junior lien holders have the ability to do this and the home is sold at the courthouse steps to the highest bidder. This foreclosure process will wipe out any junior lien holders or other individuals whom may have liens on the property. The title to the property will be conveyed free of encumbrances and liens.
There is also a process known as “deed in lieu of foreclosure” which is the second most common type of foreclosure in Charleston County. The Deed in Lieu of Foreclosure offers several advantages to both parties involved. The borrower can save their credit and also have the ability to negotiate directly with the lender in an effort to give the property back to the lender without a public auction. The lender can save a great deal of legal expense as well as have the ability to repossess the property on their terms, keeping the quality of the home intact and negotiating terms with the borrow. This process can only be entered into voluntarily and has to be accepted by the lender.
View a list of Foreclosure Homes available now in the Charleston SC area here.
Foreclosed homes, in many cases, offer a nice market discount and allow buyers to get a deal. If you are interested in finding a Foreclosed home in the Charleston SC area, please give me a call or email. We look forward to hearing from you!
Call 843.631.2463
843.631.2463 or email info@charlestonrealestate.properties today!
