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Things To Look Out For When Buying A Foreclosure In Greenville South Carolina

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In today's tough real estate market, with the economy in a slump, there are thousands of foreclosures available to buy all across the country.  But, there are things to look for when buying a foreclosure.  These are specific attributes to foreclosures and they must be looked at with a careful eye to avoid difficulties later on in the foreclosure purchase process.

For instance, when dealing with foreclosure in Greenville, SC, it could be seen to work in your favor that the people whose properties are being foreclosed upon do not have a "statutory right of redemption", which means that they can't all of a sudden, out of the blue, come up with the full amount of the unpaid debt plus whatever costs may have accrued over time and reclaim the place.  They are not allowed.  They can hold on to their property, though, if they are still waiting for a decision on a loan modification to assist them in getting caught up with their payments.

Also to be taken into consideration is the stiff competition for almost every foreclosure property available.  The regular real estate market in Greenville, SC is meeting tough competition because of all the foreclosures that are available at such low cost.  We all want a good piece of property and what is commonly called a "steal", right?  So, with the economy sinking and money in short supply for a lot of people, you not only have competition from the big whigs of the foreclosure industry--those with money to burn and virtually no financial worries--but also hard working people looking to purchase their first home or looking to purchase a place for use as a rental property.

This does not, of course, take into account "squatters".  These are the people who see a home is empty, not being lived in for a bit of time, and take it upon themselves to enter the property and set up housekeeping.  They will simply go in and act as if they own the place, then when you go to claim the property to do with as you had planned, you have a whole new problem to deal with in having the squatters removed by legal means.  This would seem to indicate the need for surveillance of the foreclosed property you have either bid on or have won.  A drive by, either by you or a trusted friend, at regular intervals, would alert you to any problem in this area.

There are many homes for sale in Greenville, SC and elsewhere across the nation.  And the list of available foreclosure properties grows exponentially every week, if not every day.  Buying a home is still considered by many to be the American dream, and the purchase of a foreclosure is one of the cheapest opportunities available to the modern home buyer.  If you just keep in mind these things to look out for when buying a foreclosure, it should make your purchase flow a little more smoothly than someone who did not do their research.

I'll Be Happy To Answer Any Questions You May Have About Purchasing or Investing In a Home in Greenville SC.  Feel Free To Call Me ANYTIME

Daniel Sprayberry - 864-444-4076


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