“How do I buy a foreclosed home in Charleston, SC?”, is a question I am 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! I specialize in selling foreclosure and short sale properties, and handle 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.
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 area, please give me a call or email. I look forward to hearing from you!
Showing properties
1 - 25 of 25.
See more Foreclosure Properties Bank Owned For Sale.
(all data current as of
5/24/2013)
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$94,900 : 1499 Fiddlers Lake Ct, Mount Pleasant0 beds, 0 baths
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$84,900 : 20 Orrs Ct, Charleston0 beds, 0 baths
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$225,900 : 1697 Babington Way, Mount Pleasant3 beds, 2 full baths
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$212,900 : 1569 Hutton Place, Charleston4 beds, 3 full baths
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$119,900 : 1491 Seacroft Rd, Charleston3 beds, 2 full baths
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$519,900 : 6075 Grand Council St, Charleston6 beds, 5 full, 1 part baths
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$84,900 : 128 Sheppard St, Charleston0 beds, 0 baths
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$235,995 : 974 Harbortowne Rd, Charleston3 beds, 2 full, 1 part baths
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$290,000 : 1300 Dogpatch Ln, Johns Island6 beds, 3 full baths
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$319,900 : 414 Morrison St, Mount Pleasant3 beds, 2 full baths
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$125,000 : 1378 Tidal Creek Cove, Charleston0 beds, 0 baths
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$399,900 : 2 Gadsden St, Unit D, Charleston3 beds, 2 full, 1 part baths
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$871,900 : 5108 Sea Forest Dr, Johns Island3 beds, 3 full baths
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$740,000 : 3229 Cottonfield Dr, Mount Pleasant5 beds, 4 full, 1 part baths
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$749,900 : 2100 Fiddler Island Ln, Charleston4 beds, 4 full, 1 part baths
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1 bed, 1 full bath
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$139,900 : 3604 Morse Ave, Charleston3 beds, 2 full baths
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$94,900 : 1681 Durkee St, Charleston3 beds, 2 full baths
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$930,000 : 189 N Shelmore Blvd, Mount Pleasant5 beds, 4 full, 1 part baths
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$599,900 : 918 Casseque Province, Mount Pleasant5 beds, 4 full, 1 part baths
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$294,900 : 8 Mariners Cay, Folly Beach0 beds, 0 baths
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$339,900 : 1464 Fort Lamar Rd, Charleston4 beds, 3 full baths
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$379,000 : 12 Greenmeadow Dr, Johns Island0 beds, 0 baths
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$499,000 : 5 Chaplins Landing Rd, Hollywood0 beds, 0 baths
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$290,000 : 1560 Brownswood Rd, Johns Island0 beds, 0 baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
