subject: South Carolina Foreclosures | Home For Sale | Home Investments | Foreclosure Listings [print this page] Foreclosure Listings is a perfect way to provide potential homebuyers and investors with a variety of options for acquiring foreclosure properties. The listings provide the interested parties or individuals with; foreclosure options, pre-foreclosure options, bank owned homes, REO foreclosures, distressed foreclosure properties and government foreclosures. The listings are presented in a systematic manner being detailed by; state, county and this simplifies to a great extent the search by potential homebuyers. To make it even much easier for the potential homebuyers each and every foreclosure listing has a photo of the property attached to it, and this contains more details of the property including its location and price.
Foreclosure Listings give homebuyers searching for their dream houses an easier time since their database gives the locations of homes located throughout the different states. They have also been designed in a way that makes it easy to search for homes even to those having little or no real estate experience. The listings also give users tips and updated information on foreclosed homes and real estate industry and getting cheap homes. Below is a selected list of a few categories of foreclosure listings;
Bank foreclosures
When a homeowner defaults in the payment of his mortgage or loan that they have been given from the bank it results to what is known as Bank Foreclosure. The moment the homeowner starts breaking the payment to the mortgage they have by not paying as regularly as indicated in their agreement and terms indicated in the agreement, the bank will have the full rights over the property unless the owner has a means of paying back to the bank the amount owed to it, it therefore becomes a bank owned property. For the bank to recover the amount owed to it by the homeowner, it will forward the property into foreclosure. The bank will then use its proceeds to pay off legal fees and the mortgage. Generally, bank owned homes are sold at better rates than non-foreclosed homes.
Pre-foreclosure
The time in between when the homeowner goes into default and when the home goes into foreclosure is known as pre-foreclosure. This time is like a grace period to the home owner and he can pay off the amount that is due for the mortgage, there is a better option for the homeowner to sell it off to another person with an aim of raising the amount required to be paid off. If the defaulter completely fails to raise the amount, the property will be auctioned.
