I am a first time home buyer. I am interested in knowing about "forclosed properties"

Asked by millerhomer, Charleston, SC Sat Dec 21, 2013

what more would it take to own a "forclosed property" vs. a regular sale?

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6
nickolas.gab…, , Charleston, SC
Sun Mar 9, 2014
I have a feeling I may be able to be of assistance to you. Could you please call me at 843.817.4446 and I will be more than happy to Chat with you in regards to purchasing a potential home.
0 votes
Ed Marill, Agent, Manhattan Beach, CA
Mon Jan 6, 2014
We have a lot of information about the foreclosure process and homes in Charleston that are bank owned. We'd be glad to help you. I've included a link below if you would like to read more information about the process specific to Charleston.

Thanks!

http://www.findacharlestonhome.com/blog/foreclosures/
0 votes
Stuffyouneed, Home Buyer, Charleston, SC
Mon Dec 23, 2013
As an individual we have bought four properties at the Charleston County Masters In Equity Sale. There is a running PDF list continuously updated at: http://www.charlestoncounty.org/foreclosure/runninglist.html

We purchased our primary home valued at 2.4 mil for $ 590k which as the deal of the century. However since then banks are more flush with capitol we see fewer deals and as money has become more available there is also greater competition at the auctions from investors. If you are buying it for yourself you are more likely to be able to pay a bit more since you are not looking to profit by flipping the house. The downsides are: Unless the house is abandoned and you can walk through it inspections are a drive by at best. Don't trust internet images, drive by the property at least a week before the auction. Also do your due diligence looking up information about the owners through CharlestonCounty.org in the circuit court search as well as the RMC for lien, deeds and records. There is no magic or substitute for research which you have all the tools available online for the Charleston and Berkley Counties.

The other downsides are: you pay 5% of the winning bid by 4pm that day in certified funds and must be able to close in 30 days or forfeit your 5% deposit. Property Taxes ARE NOT WAIVED. Verify any property taxes due and any mechanic liens. One last item is if the house is occupied by a tenant with a valid arm's length lease and your are buying the property as your primary residence it can still take 90 days + to get them out.

Good Luck.
0 votes
Gentry Todd, Agent, Charleston, SC
Sat Dec 21, 2013
Foreclosures are becoming a bit more of a rarity in Charleston area. All the most up to date listed on MLS can be found here:

http://gentrytodd.com/steals/

If you have questions about the difference or what the process is like, feel free to call me directly.

Cheers!

Gentry Todd
0 votes
Mikki Ramey, Agent, Daniel Island, SC
Sat Dec 21, 2013
We would be glad to help. It is getting more and more difficult to find a foreclosure in certain areas of Charleston. What price range are you looking at and what areas of town? Our team is in the top 3% of sales for the Charleston area. Please check out our reviews on Trulia.
0 votes
Spence & The…, Agent, Daniel Island, SC
Sat Dec 21, 2013
We would be more than happy to help you purchase your first home, if you would like just call us with the details, price, etc. and we will be more than happy to walk you through.

Team Reese
Spence & Theresa Reese
Harbourtowne RE/Charleston
842-478-3104/843-478-3106
team.reese@yahoo.com
0 votes
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