Greenville SC Real Estate is still very desirable. Homes are still selling here, but like so many other places around the country, there is a higher level of foreclosed homes and pre-foreclosure (Short Sales) homes for sale on the Greenville real estate market. Purchasing Greenville County Foreclosures can be a great investment, and can yield great returns for the home buyer. However, when purchasing one of these homes, there are important actions that you should take to ensure that you make a wise investment decision. Savvy buyers and investors have been using these steps to buying a foreclosed home for years to make the best investment decisions when purchasing Greenville South Carolina foreclosures.
If you are considering purchasing a Greenville area foreclosure home, this guide will help you make a smart home buying decision.
Find a Home:
Most foreclosure home buyers find their home through a qualified Greenville REALTOR or through an internet website. If you need help finding a home, I can provide you a list of Foreclosures and Bank Owned homes for sale in Greater Greenville, which includes foreclosed homes for sale in Simpsonville, Greer, Taylors, Mauldin, Travelers Rest, Fountain Inn and other surrounding Greater Greenville cities. You may choose to find and purchase your home from the Greenville County courthouse auction. This can be great way to purchase one of these foreclosure homes before it is listed in the Multiple Listing System (MLS). However, you may not have a chance to tour the home, so you should be very careful not to pay too much. If you need to find other homes for sale in Greenville real estate market, use our Greenville Property Search tool to find your dream home now.
Verify the Price:
Just because a Greenville area for sale is a foreclosure does not mean that it is priced right. There are Greenville foreclosed homes for sale listed in the Greater Greenville MLS that are priced comparable to non-foreclosed homes for sale in the same neighborhood. Be sure to do a comparative market analysis on your subject property even if you think that the home is priced too low. If you are armed with the neighborhood comparable sales data, you might be able to negotiate a bigger discount if you find that the home is priced too high. On the other hand, if the home is priced below the average sales, then you will know how much equity you will be walking in with when you close. This will also help you determine how much you can spend on repairs (if needed) to bring the value up to the other homes in the neighborhood. The last thing you want to do is over-improve a home for the neighborhood just because you thought you were getting a great deal.
Verify the condition:
Most Greenville SC foreclosure homes are sold in as-is condition, but the selling bank will give you a set number of days to have the home inspected. Unless you are a licensed builder, I strongly suggest that you have the home inspected by a professional home inspector. A professional home inspector will thoroughly check the home for any problems and uncover any hidden defects that you may not be able to see. There is no better feeling than knowing exactly what is wrong with a home before you close on it. You do not want to end up paying too much on repair costs simply because you were surprised with defects that a professional home inspector would have uncovered for you. If you know the defects up front, you can have a contractor give you an estimate for the repairs before you even close on the house. And if the repairs are too much for you to handle, you can either try to re-negotiate with the selling bank for a lower sales price or you can terminate the contract as long as you are still within your inspection period.
Verify the Title:
Some homes may have two or more mortgage liens. Greenville Foreclosure properties may also have mechanics liens and encumbrances that can affect the title to the home. You must do a title search to determine if the deed is clear from any secondary liens. You would not want to have the inconvenience of having to deal with creditors or explain the said encumbrance to interested buyers if you decide to flip the property. A good Greenville attorney can produce an abstract of title which shows all liens so that you can have the seller clear them up before you close on your home. Even if it is all cleared, you should still get title insurance. This will help protect you against financial loss from defects or encumbrances.
Hire a REALTOR:
A good Greenville REALTOR like Victor Amadi will guide you through the process of purchasing a Greenville foreclosed home, and make sure that your interests are protected throughout the transaction. A good REALTOR can save you a lot of the stress and heartache that is associated with purchasing a bank owned home, and the best part is, a REALTOR’s services are free to you – the buyer. The seller pays our fee. Contact Victor at 864-525-0201 to discuss your needs.
It is clear to see how taking these actions and doing some due diligence when buying Greenville SC bank foreclosure homes could pay off at the end of the day and save you some heartache. Since buying real estate is the biggest investment that most people make, you should be sure to take the right steps to ensure that your investment is both smart and profitable.