Foreclosures Heat Up In SC!
Due partially to the fact that the Supreme Court of SC determined at the beginning of the year that lenders MUST PROVE that they tried working a loan modification or deed en lieu with homeowners BEFORE they file for foreclosure, our foreclosure rates have been relatively low since May.
However, lenders have now figured out the necessary steps and paperwork to prove to the courts their efforts, and as a result we are going to see many more foreclosures (that should have happened 6-8 months before) coming our way. RealtyTrac (see map below) shows South Carolina as a one of the "high density" areas for foreclosures.
While this is not good news for the market in general, it could be great news for investors and first-time home buyers, who may buy properties at a deep discount (either as, short sales, at foreclosure auctions or as lender-owned properties) because of the spike in foreclosures.
Have questions? Need help? Our team is experienced assisting foreclosure and short sale buyers and sellers. Call us at 843-416-1434 today or send us an email.