Announcing Greenville Foreclosure and Short Sale Lists
Greenville is a great city we all love to call home. Unfortunately, Greenville has not been immune to the national crisis of foreclosures and short sales. As we’ll explain below, the short sale and foreclosure epidemic may not be over yet, and we’re releasing tools to help buyers sort through the coming wave of additional foreclosures and short sales.
Let’s make this very clear: we do not revel in the pain caused by uprooting innocent families when the foreclosure process takes place. Displaced children may be forced to attend new schools, and general familial tumult can create repercussions that reverberate for years. Having said that, foreclosure is a process that, while painful, we must go through as a free market society. As real estate brokers, we believe marketing foreclosure properties to willing and able investors and buyers is our way of helping move along the process of foreclosures.
Robo Signing & Foreclosures
The “robo signing” debacle of 2011 & 2012 means that there was a delay in foreclosures from many banks that is starting to pick back up. Forbes cites an economist who says it quite clearly:
Todd J. Zywicki fears that the “robo-signing” agreement will lead to further efforts to bleed the banks, all the while delaying the necessary clearing of the housing market.
Clearing of the housing market means finding the painful bottom with regard to pricing, selling the houses that need to be sold there, and then working our way back to a healthy real estate market.
South Carolina: A Judicial State
The 150-day average wait…
In South Carolina, before a bank can foreclose on a house, the lender must sue the borrower and prove the lender is entitled to foreclose. As one can imagine, the process of suing is not fast, and states that are Judicial States with regards to foreclosures are going to have a slower healing process. A great resource points out that, in South Carolina, there’s a 150-day average wait between when the foreclosure process starts and stops.
Net Result: 2013 Will Have More Greenville Foreclosures
The bottom line is that, while Greenville’s market is booming in many areas, we predict that there is going to be an uptick in foreclosures and other distressed properties in South Carolina as we enter the first quarter of 2013.
Conveniently View All Foreclosures & Short Sales
We’ve created a single page, called a “Hot Sheet,” which elegantly displays the twenty latest Greenville Foreclosures and Greenville Short Sales listed over $150,000. We chose to limit properties to price ranges over $150k for several reasons.
More Profit: First off, investors have more profit opportunity in the higher price ranges. Flipping a $200k house for $250k nets at $50,000 profit, while flipping a $35k house for $50k is a larger proportional increase, but less dollars in the investor’s pocket.
More Focused: Our analysis of the foreclosure market was that they sub-$150k market is self served by investor groups in the upstate. While there are houses listed for as little as $20k, as real estate brokers we cannot profitable serve this market. We focus on the more sophisticated transactions that fall into the $150k and up price range.