Buy Foreclosed Houses Cheap In South Carolina

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.

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