Check Out The Foreclosure List In The Columbia SC Area January 2014

Check Out The Foreclosure List In The Columbia SC Area January 2014

Everyone is always looking for a deal, And most people look into the Foreclosure Market for those deals. A foreclosure is the process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments. The foreclosure process involves three stages:

  1. Pre-foreclosure: the bank filed a notice of default saying that the owner has fallen two months behind on the mortgage payments. At this point, the owner still has two to three months to try and refinance the loan or attempt to sell the home as a short sale.
  2. Auction: the owners can't make the mortgage payments and the bank schedules an auction to sell the home "as-is" (meaning what you see is what you get) to the highest bidder. If the owner comes up with money at the last minute to begin making the mortgage payments, the bank will cancel the auction.
  3. Bank Owned: the home failed to sell at an auction, and the lien holders of the home are paid off through private mortgage insurance or end up taking a loss on the investment. These homes are also known as REOs (real estate owned). The bank with the primary mortgage on the home is now the owner and will usually list the home with a real estate agent in the local MLS.
Make sure you take a property tour before you think your getting a great deal, as most Foreclosure Properties have condition Issue's, some due to angry homeowner's or that it has been sitting vacant for an extended period of time!

Now that you have the information you need on Foreclosure's. Take a look at all the Foreclosures in the Columbia SC Area!

Check out this App!  Text "markb" to 803-753-4961.

Chapin, Irmo, Columbia, Lexington, Blythewood Homes for Sale Mark Baatz, Real Estate Agent with Exit Midlands Realty. If you would like information about any reduced listings in the Midlands, call me direct at 803-354-6821


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Phone: 803-354-6821
Dated: January 30th 2014
Views: 1,088
About Mark: Mark Baatz has real estate in his blood. His mother was a successful agent for 25 years, and taught ...

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