Cheap foreclosure listings are lurking everywhere these days in South Carolina. Foreclosed homes can be found in just about all neighborhoods and price ranges. In fact, you might even find yourself getting into a bidding war on REO’s. Ask any local real estate agent, and they will tell you that short sales and REO’s are in high demand with investors and first time home buyers.
Charleston, South Carolina and Greenville, South Carolina were named by Relocate America as two of the top 100 cities to live in. South Carolina has a multi-billion tourist industry, culture, recreation activities including golf, water sports, hunting, fishing, horseback riding and much more. There is a high demand for affordable housing and vacation homes in South Carolina. Just more reasons to invest in South Carolina foreclosure properties.
Locating Cheap Properties
Some of the best bargains on foreclosed houses can be found at foreclosure property auctions. Government foreclosures are good investments as well. Other places to find cheap foreclosed homes and pre-foreclosure short sales include:
- Internet
- Realtor
- Newspapers
- Magazines
- County recorder’s offices
- Signs in neighborhoods
- Investment clubs
- Other investors
Highest Gains
South Carolina cities with the highest gains in the last two quarters according to a recent Realtytrac report include:
Ladson with a 20% gain
Mauldin with a 15.93% gain
York with a 12.18% gain
John’s Island with an 11.69% gain
Seneca with a 10.86% gain
Darlington with a 10.07% gain
Bluffton with a 9.25% gain
Piedmont with an 8.93% gain
Mount Pleasant with an 8.19% gain
Boiling Springs with a 6.36% gain
Greatest Drops
According to the Realtytrac report, cities with the greatest drops the last two quarters include:
Anderson with a -16.71% drop
Okatie with a -12.30% drop
Columbia with a -10.23% drop
Lancaster with an -8.48% drop
Summerville with a -7.65% drop
Irmo with a -6.49% drop
Rock Hill with a -5.74 drop
Easley with a-4.82% drop
North Charleston with a -3.53% drop
West Columbia with a -3.29% drop
There are many good bargains in all cities of South Carolina, you just have to take your time and search for the right one for your financial situation. Using a local Realtor will speed up your bargain hunting process as well. REO’s are listed with local Realtors, and some short sales are as well. If you are a first time home buyer or new to real estate investing, you may want to stick with less risky property investments such as REO’s and short sales. These foreclosed homes and pre-foreclosed homes are sold at substantial discounts just like foreclosed homes at property auctions. The difference is that you don’t have to worry about having to pay to evict former owners and tenants because the properties are sold vacant. Some need repairs so make sure you do your inspections and negotiate contract contingencies so you can cancel if the property needs major repairs and you have not budgeted for that. Not all deals are for everyone. When you find a good one though, don’t hesitate, just jump right in and go for it before someone else gets there first.
