Secure Pre-foreclosures from South Carolina Foreclosed Homes with Good Bargains

It is common knowledge now that the foreclosure fiasco has rendered millions of homes in the country, to be listed under distress sale through foreclosures, and South Carolina foreclosed homes are also no exception. Mortgage lenders, to retrieve their money from the defaulted barrowers, initiate foreclosure process and this is governed by the State foreclosure laws. There are two types of foreclosure processes – one is to go through the judicial process that is to file a law suite before a Court, obtain Court Order to sell of the defaulted property, through public auction by the Sheriff Sale.

The process will be a long drawn one and it takes months to finish the whole transaction, to bring the concerned property for sale and get back the money.
The other type is to include a specific clause in the mortgage deed, which empowers the mortgage lender to dispose off the defaulted property through a Trustee Sale. This is comparatively quicker one and normally would not take more than two months for the mortgage lenders to conduct public auction of the property.
While individual States enact foreclosure laws – some permit only judicial foreclosures; others only permit non-judicial foreclosures; and most of the States permit both of the modes of foreclosure processes. As far as South Carolina is concerned, the State’s foreclosure laws are stringent and permit only judicial foreclosure process.

A typical foreclosure process takes minimum 6 months to complete – starting from the legal notice of “lis pendence” being served to the barrower and conduction of the trial in the Court to order Sheriff Sale for public auction.
During this pre-foreclosure period, the distressed home owners have enough time to either mobilize funds to pay off the mortgage loan and stop foreclosure or to find a home buyer to effect a short-sale of the property with bargains and clear the mortgage to escape the black mark in their credit history due to foreclosure. Here lies the best opportunity for prospective home buyers, to approach the distressed home owners directly and get the best bargains by negotiation of the closing price of the property concerned.
South Carolina foreclosed homes are therefore coming under this category.

As many as12, 299 properties have been listed for distress sale in South Carolina foreclosed homes. Most of them are beautiful country homes, custom built with traditional features to suit South American life-styles, for living a happy and contended life in the suburban atmosphere, in the most populated counties of – Greenville; Richland; Charleston; Spartanburg; Horry; Lexington; and York.
The 21 largest cities of South Carolina, including the State Capital Columbia, have also contributed foreclosure filings largely in South Carolina foreclosed homes, giving the home buyers a very wide choice to select their dream properties from the list. According to official Real Estate records, the average price of these South Carolina foreclosed homes, at which they were sold in January this year is $220,027 and have a saving of a cool 49% in the sale price, when compared to market values of the properties.
So prospective home buyers can do well to select an amicable property from South Carolina foreclosed homes and secure pre-foreclosure properties with good bargains running to thousands of dollars.

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