South Carolina Foreclosure Listings
Scroll down to find South Carolina foreclosure listings of foreclosure homes for sale. Our South Carolina homes for sale database will also include listings of bank owned homes, short sales, sheriff sales and pre-foreclosures. All our South Carolina foreclosure listings are pre-screened for accuracy by our team of professionals on a daily basis. All of our foreclosed properties for sale will also include the contact information, number of bedrooms and baths, square footage and price.
Pros & Cons Of Preforeclosure Leads
Homes in foreclosure often cost less than market value, which presents an incredible opportunity for savvy real estate investors or agents. This profit potential is the most obvious reason to search for preforeclosures, but there are also many hurdles that come with foreclosures. Before investing your time and resources, consider all the pros and cons of preforeclosure listings.
Real Estate Agents Brokers And Property Services
Respres/flickr via Wikimedia Commons
The age of property agents being secretive about foreclosures, preforeclosures, distressed properties, and REOs is long gone. Nowadays, listing these types of properties is just another way to attract buyers. That’s why most real estate services now offer easy access to their databases of distressed properties, such as these:
- Realtor.comThe officially licensed home for the National Association of Realtors provides free access to its property search engine. Predefined filters pull out foreclosures, properties that have seen price reductions, and affordable homes in communities you search. You’ll also find recent news and insights about distressed properties.
- TruliaOffers a well-designed search system that includes a predefined filter for finding foreclosures in communities you search. To find foreclosures using Trulia, perform a basic search by town, then use the More search filter and select Foreclosures for the type of sales listing.
- ZillowHere, you’ll find a foreclosure center with access to advanced search capabilities using a number of criteria, including by cost , neighborhood, and more. Buying guides, FAQs, and even a guide for those who may be facing foreclosure round out Zillow’s offerings.
Get the Latest Tech News Delivered Every Day
Recommended Reading: Will Filing Bankruptcy Stop Foreclosure On My Home
Foreclosure Listings Government Sites
HUD.gov. Potential investors and other home buyers can find one-to-four unit residential properties that the Department of Housing and Urban Development acquired from foreclosure actions on FHA-insured mortgages.
HomeSales.gov. Another federal government website for hunting down foreclosures is HomeSales.gov. These, of course, are previously owned single-family homes that landed in the federal governments hands by public auction or other method. Purchasers must work with a real estate agent, broker or servicing representative to submit an offer or bid, according to the website.
FHA Single Family Real Estate Owned Properties. This site is for the U.S, Department of Housing and Urban Development and includes real estate owned properties. These single family homes land on the site when the Federal Housing Administration pays a claim to a bank or other lending institution on a foreclosed property that was originally financed with an FHA insured mortgage.
Working With Real Estate Agents
Not every foreclosure is a bargain, and some can morph into unexpected nightmares. There are drawbacks to buying foreclosures. Still, some foreclosed homes are diamonds waiting to be polished. Inexperienced foreclosure buyers may want to hire a real estate agent for guidance and assistance.
Agents have direct access to tools consumers dont, such as the Multiple Listing Service , which they use to share information about properties.
You also can ask your buyers agent to search for real estate owned by lenders, known as REOs. If you see a listing agents name over and over, pull up their profile and look at their listings. You will probably find a ton of foreclosures at your fingertips.
You May Like: How Much Debt Does The Us Have
Read Also: How Find Foreclosed Homes For Sale
Preforeclosure Leads: 8 Ways To Find Preforeclosure Listings
REVIEWED BY:Gina Baker
Gina is a licensed real estate salesperson, experienced trainer, and former high school educator of 1,000+ learners. She writes for Fit Small Business with a focus on real estate content.
Kaylee specializes in real estate, B2B, and SaaS companies. You can find her expertise in sales and real estate content on Fit Small Business.
This article is part of a larger series on Real Estate Lead Generation and Marketing.
When homeowners default on their mortgage payments, their property goes into preforeclosure. At this stage, they have a choice to keep the property, sell it, or conduct a short sale. This makes preforeclosures a valuable opportunity for real estate agents to gain a listing or for buyers and investors to purchase a home below market value. To find preforeclosure listings, you can purchase leads, search through the MLS and local directories, or generate referrals.
One of the most effective and time-saving ways to find preforeclosure leads , and expired leads) is with REDX. For $39.99 per month, REDX provides up-to-date preforeclosure property information in your county. It will include difficult to attain homeowner contact information and organize it in a database to give you a head start on the competition.
To start finding preforeclosure homes, try these eight methods:
How To Find Foreclosures And Government
Elizabeth Weintraub is a nationally recognized expert in real estate, titles, and escrow. She is a licensed Realtor and broker with more than 40 years of experience in titles and escrow. Her expertise has appeared in the New York Times, Washington Post, CBS Evening News, and HGTVs House Hunters.
Finding foreclosures is easy in depressed markets, but its also possible in strong real estate markets. Youll find a greater number of foreclosures in falling real estate markets.
Many pre-foreclosure homes that previously were offered as short sales end up as foreclosures, which eventually are deeded to a bank. The reason why purchasers may refuse to buy a short-sale home could be any of the following:
- Sellers stripped the foreclosure homes assets and/or vandalized the property.
- The bank refused to accept less than its present mortgage balance.
- Buyers passed over the short sale in favor of a hassle-free purchase.
- The location of the home and/or neighborhood was undesirable.
- The listing was overpriced at its mortgaged amount.
- The seller did not qualify for a short sale.
Read Also: How To Declare Bankruptcy In California
You May Like: Can You File Bankruptcy Without Tax Returns
Where Can I Find Listings For Bank
There are several ways to find bank-owned properties:
- MLS: Most lenders list their REO properties on the Multiple Listing Service , so any agent can help you identify REO offerings in your area.
- Bank websites: Some banks have an entire department set up to sell REOs, and sections of their websites are dedicated to their listings.
- Online specialists: Zillow has foreclosure listings for free. You can find foreclosure properties by using search filters on Zillows search and maps page. To find listings for bank-owned properties, enter your search area on Zillow, then click Listing Type and choose Foreclosures under the For Sale heading. Full foreclosure listing information is free after you register with a free account.
Foreclosure Listings Subscription Sites
RealtyTrac. Theres a free 7-day trial after that, its $49.95 a month, with discounts on multi-month packages. Members get access to RealtyTracs proprietary information, including auctions dates and locations, pre-foreclosure addresses, owner information, bank loan amounts and more.
Foreclosure.com. After the free 7-day trial, its $39.80 per month. Subscribers receive detailed information on the listed properties, tax roll data, files provided by the lender, local school districts and other listing details.
Also Check: How Many Times Can You File Bankruptcy In Tn
Can People Make Money Investing In Foreclosures
Definitely! People like you are drawn to the opportunity afforded by dealing with foreclosures because they can frequently purchase the properties at rates far below market value. Purchasing homes at bargain prices is the most certain and quickest approach to make money in real estate. Furthermore, many landlords can buy and rent foreclosures, resulting in positive cash flow and long-term capital building.
Related Article
Ohio Foreclosures For Sale
Ohio’s most notable cities include: Columbus, Cincinnati, Cleveland, Akron and Toledo. Besides cities, Ohio’s major counties include: Franklin County , Wayne County, Hamilton County and Allen County. Columbus features a lively metropolitan area and is full of exciting events, peaceful suburban streets and a lively shopping district in the city’s central region. The shopping district includes areas such as the Short North Arts District, a number of outlets at Jeffersonville and the North Market, providing an exciting array of places to explore. Any young family looking to relocate to an exciting area full of rich culture would benefit greatly from the purchase of a foreclosure home in any of Ohio’s great cities.
Besides its rich cultural life, the state’s economy is also highly valued due to it’s prominent industrial sector, which generates a great amount revenue on an annual basis. Ohio’s manufacturing industry is widely recognized as one of America’s most productive and profitable, with its main focus being the transport sector. Parts, models and equipment are all manufactured across Ohio, with cars and trucks being the most commonly produced types of vehicles. Ohio also has a very strong presence in the mining industry, producing materials such as clay, salt, sand, and gravel and, most importantly, coal. The most common services in the service industry are that of law firms, private health care centers, hotels and insurance companies, just to name a few.
Recommended Reading: Does Bankruptcy Fall Off After 7 Years
What Is The Best Way To Find Foreclosures
The best strategy for finding foreclosure properties is to look in various places. A variety of search methods will open up more avenues to find good deals. Each investor has a different plan in mind for their journey, and its important to take this into account.
If youre looking for free foreclosures, the methods above are a good place to start. Youre likely to have more success by starting on websites that have more foreclosed properties available and moving onto less popular platforms thereafter.
For investors whod prefer not to have serious competition, their strategy could be to use the less common avenues to find foreclosed homes first. It all comes down to each investors strategy and budget, which determines the best way to find foreclosures.
Where Can I Find Pre
To find possible pre-foreclosures in your area, enter your search area on Zillow, then click Listing Type and choose Pre-Foreclosure under the Potential Listings heading. Pre-foreclosure information is free after you register with a free account.
Be aware that a home listed under the pre-foreclosure category is a home that is not necessarily for sale. But, since the homeowner is in default on his loan, he may welcome an opportunity to find a qualified buyer who can help him avoid possible foreclosure. Also, the home could be scheduled for foreclosure auction under this category.
Read Also: How To Claim Bankruptcy In Nh
The Best Free Websites To Find Foreclosed Houses
About 15 years ago, I became interested in real estate investment. It was just after I’d started my first job in Connecticut and was able to save up a bit of cash. I was looking for a good investment for some of that money. Searching the Internet for free websites for foreclosed homes in the United States, using the form that the Internet existed in 15 years ago, resulted in nothing more than a long list of real estate investment scams or websites looking for membership dues. Very little on the Internet was free back then.
Discovering Free Websites for Foreclosed Homes
Back then, I gave up my search and instead chose to put my money into a retirement fund. Sure, I probably could have gone to the courthouse and dug up the property addresses of homeowners who were served with a legal notice of foreclosure, but my normal job didn’t allow for the time it would take to do that.
The Department of Housing and Urban Development
If there’s only one place you go for information on properties for sale that are either in foreclosure, bank owned or government owned, that place should be the U.S. Department of Housing and Urban Development . By far, it’s the most comprehensive source of listings for all properties for sale from government agencies such as:
- Department of Agriculture
Free Foreclosure Database
WatchForeclosure Won’t Try Selling a “Trial Membership”
REO Source for Bank Owned Properties
Foreclosure Searches – Try the Do it Yourself Approach
What Are The Benefits Of Foreclosure
The benefit of foreclosure for buyers is primarily the chance to buy a house at a reduced cost. It is also a faster process to close the transaction. These are compelling reasons why many buyers are interested in purchasing foreclosed properties.
There are also potential downsides to buying foreclosed properties. A large downside is that foreclosed properties usually do not get inspected, unlike a typical property sale. This means there could be unforeseen expenses that might be immediate or may be required further down the road. It also means there could be issues for VA borrowers.
It is important to consider that a loan might not be an option in purchasing a foreclosed property. This creates the possible drawback that a property might require a cash-only sale. It is not a viable option for many people to purchase a house outright in cash.
Recommended Reading: How To File Your Own Bankruptcy In Illinois
You Don’t Have To Be A Real Estate Agent To Find A Foreclosure To Buy
Tom Nelson is an engineer, programmer, network manager, and computer network and systems designer who has written for Other World Computing,and others. Tom is also president of Coyote Moon, Inc., a Macintosh and Windows consulting firm.
Real estate agents are not the only ones that can suss out a great deal on foreclosed or distressed homes. Using this list of free, searchable online databases, you can find homes that are in foreclosure, in preforeclosure, REO , seized, and distressed, too. Most of these services are offered for free or with a small subscription that usually includes a free trial period. Here’s where to point your browser to find the right property for you.
Best Foreclosure Sites For Finding Properties
You may remember that foreclosures were a big part of the Great Recession. As the economy cratered, foreclosure filings soared. In the first half of 2010 alone, 1.65 million U.S. homes spun into foreclosure, according to data from ATTOM Data Solutions, a property database provider.
10 years later, will the COVID-19 pandemic lead to a rash of foreclosures? That could spell a lot of hardship, but also an opportunity for investors to flip homes for profit as more American workers switch to full-time remote work, often in less-expensive cities and towns.
Ongoing efforts to ease the pandemics economic impact including the CARES Act have slowed the foreclosure process, particularly for properties where mortgages were federally backed. But that stay doesnt apply to lenders or servicers of loans not backed by the government .
Buying and flipping foreclosed homes might be a path to consider if you are building a home-selling business.It follows the maxim of buy low, sell high: buy a foreclosed home on the cheap, make the needed improvements, and sell at or above the market value.
Nearly 11,700 American properties received a foreclosure filing default notices, bank repossessions or scheduled auctions in October, up 20% from September. The states with the highest foreclosure rates in October were South Carolina, Nebraska, Alabama, Louisiana, and Florida, according to ATTOM Data Solutions.
Read Also: Help With Credit Card Debt
How To Find Foreclosures In My Area For Free
Foreclosed properties that are owned by banks are often listed by the applicable bank on their websites, so this is a good place to start looking for foreclosures by filtering the search according to your area. Listings can be limited on these websites, so bear that in mind. If this is the case, you could also check Fannie Mae and Freddy Mac websites, as these websites often purchase mortgages from the banks.
The Department of Housing and Urban Development has foreclosed homes listed on their website, and this is another way to look for foreclosed homes in your area at no cost. These foreclosed homes are owned by the HUD. Real estate investors can find properties in distress on this website and make an offer via the agent listed on the property. The catch here is that homes are sold as is, and there will be no repairs or fixes made to any homes on the website.
Your county will have information on record for the houses that are foreclosed and some of this is also posted online. You can usually search for these using the applicable ZIP code, or provide the county office with the ZIP code and find further information there. There will usually be some sort of bidding procedure which youll need to follow for these properties.
Additional Ways To Find Foreclosed Homes
- The MLS is a go-to for many real estate investors and home buyers and sellers to find listed homes. Finding foreclosed homes is no different, and you can easily do this through the MLS or other real estate websites.
- Asset management companies are another resource for finding foreclosed homes. Some banks and lenders sell their foreclosed properties via asset management companies instead of doing it themselves. Companies like Keystone Asset Management, TREO and Bankers Asset Management.
- Trusty real estate agents are another way to find foreclosed properties. They may have some homes in mind already, and theyre likely to point you in the right direction.
Read Also: Can You Rent An Apartment After Filing Bankruptcy