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Foreclosures and Shortsales - Page 46
Foreclosures and Short Sales in the Charleston Area
SC Property Pros are fully equipped and ready to help you with finding a foreclosure or short sale in the greater Charleston Area. Call us and ask about receiving Your FREE list of Short Sales and Foreclosures in the Lowcountry!! 843-296-5006
How Do Foreclosures Work?
In today's real estate market, home buyers who are hunting a good deal in real estate almost always think about pursuing foreclosures first. These buyers have a mental picture of a quaint little house, with the quintessential "white picket fence" that is currently owned by a widow or widower who recently fell on hard times. Unfortunately that scenario is in general quite far from reality. When you purchase a foreclosed home, you're cashing in on a property which someone was no longer able to pay for. Foreclosures are anything but easy- they are difficult both to locate and to execute the transactions in a timely manner. Nevertheless, the potential to turn a foreclosure over for a hefty profit may still be there-you just have to either know what you are doing or work with someone who does. Let's look a little deeper at a Foreclosure-the reality version:
Why Do Sellers Go Into Foreclosure?
Sellers go into foreclosure when they stop making payments for any number of reasons. News Flash-Very few actually choose to go into foreclosure voluntarily. With that said, it's often an unpredictable result from one or more of the following snowballing affects:
- Arguments which can't be resolved with co-owner, ie. divorce
- Some member of household's job is transferred to another state
- Owner of Property gets Laid-off, fired or just quits their job
- Accident causing inability to work or medical conditions
- Mountains of debt and further mounting bill obligations
Some Helpful Foreclosure Tips to Chew On
As I said before, foreclosures are never easy. Here are a few things to keep in mind:
There will inevitably be more paperwork involved than any other type of conventional real estate deal, especially if the government is involved.
If the seller will allow you to have the property inspected, do so as soon as time permits. Some sellers may actually include this as a part of the sales agreement, but in the end, the buyer still pays for it.
Always check to see if there are any existing liens on the property because if there are-Guess What?-you are buying those too. At times, there will be liens due to unpaid property taxes. Make sure you get in writing who will be liable for those debts.
Is the foreclosure in a desirable or less than desirable neighborhood? Have us run you some comparables in the area and check whether or not the property purchase is in fact a good deal.
What kind of shape is the property in? Keep in mind that some foreclosures,unlike so called "fixer-uppers"can be found in fairly descent shape. Others however may be behind in maintenance. Remember just because a person finds themselves unable to pay a mortgage, doesn't always mean that they are neglectful.
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