FORCLOURE, SHORT SALE & BANK OWNED

This is the most common term used to discuss distressed properties, but in reality is a "process" and not a "state of being".  One definition is "The (judicial or non-judicial) legal process by which a mortgagor’s (owner's) right to a property is terminated, due to default and the property is seized".  Foreclosure or Pre-Foreclosure has become synonymous with homes believed to be undervalued.  Even on our web site and with most all realtor associations’ this term is used to characterized and find existing Bank Owned properties (not properties currently in the foreclosure process; see Short Sale).  The Foreclosure process allows the lender to attempt to recover the debt by forcing the sale of the property of the defaulted loan.  Once the borrower/owner defaults on loan payments and the lender files a lis pendens (Latin for “lawsuit pending”) to make a public default notice and begin the process. 

Literally defined as "Real Estate Owned", but common understood to classify real estate property in the possession of a lender, but which is not directly related to its business.  Property a bank now has, once owed by the mortgagor.

This is synonymous with REO-Real Estate Owned by a lender.  The properties have already been through the entire (judicial or non-judicial) foreclosure process.  These generally are a "good deal" or lower priced than comparable homes and are often, but not always in poorer condition.  In some cases there can still be financing or priority restrictions to purchasing this real estate. 

Running a holiday sale or weekly special? Definitely promote it here to get customers excited about getting a sweet deal.

Defined as "The sale of real estate that generates proceeds that are less than the amount owed on the property".  When a borrower and lender mutually decide and agree that selling a property at a loss is preferable to having the borrower default on the loan and go through foreclosure.  Generally these sales take much longer to complete, 60-180 days or more, and many do not ultimately get bank approval.  "Pre-Approved" Short Sales have a much better chance of success, as  the lender has (pre)approved a Short Sale and also pre-approved the price.  This leaves less room for negotiation, but save time and is likely a good value that will go through.

Again there are many uses of the word "Foreclosure", and one of them is when someone believes they are getting inside information about distressed properties most other people don't know about.  You see them all the time; "Free Foreclosure List"...some businesses even charge money for these lists!  Most likely what you are after is a government run public auction list.  The state of South Carolina is a "judicial" foreclosure state.  This simply means that all foreclosures must go through the court system and in front of a judge...this is not the case in about half of the U.S. states.  These "judicial" foreclosures end with a final "public" sale of a property at the court, to the highest bidder.  Be aware, auction property is still subject to ALL law suit judgments, senior lien priority, and existing tenants leases.  A good title search and abstract goes a long way to avoiding a costly mistake.

Because our website represents “Real Estate for Sale", and Auction Property is not yet available for sale (until auction) we cannot publish these lists.  Also these lists change almost daily.