What to be aware of when buying foreclosed South Carolina homes from state government
Investors and families alike find great deals by buying foreclosed South Carolina homes from the state government. However, if you are planning to purchase a foreclosed home from the state, be aware of possible pitfalls.
There are many foreclosed homes in South Carolina for sale. Only some of them are actually owned by the state. Foreclosed homes may be bank real estate owned (REO) properties, houses owned by the federal government or state-owned homes. No matter which entity is selling, a foreclosed home purchase has pros and cons. One disadvantage is that so many homes are in foreclosure and not being maintained by the default owner. Many are left to sit unoccupied and unkempt for extended periods of time. When a house sits for an extended length of time without being overseen, it can have problems like frozen pipes, storm damage to the roof, vandalism and even animals in the home.
It is important to keep this in mind when you consider buying foreclosed South Carolina homes from the state government or any other entity because these homes are sold as-is. It would be wise to have a home inspection before buying a foreclosed home.
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An advantage to buying foreclosed South Carolina homes from the state government, in addition to lowe prices, is that you may qualify for financing programs from the state or federal government. Federal Housing Administration (FHA) backed loans are available to people based on income, employment and the type of property. For example, you can get an FHA loan for a fixer-upper or because you are a law enforcement officer. Talk to someone from the South Carolina State Housing Finance and Development Authority about programs for you. You may also qualify for Department of Housing and Urban Development (HUD) programs to assist you with closing costs on foreclosed homes.
So, you can buy South Carolina state government foreclosed homes or other foreclosed homes below market value, which is a plus. And the disadvantages of doing so can be minimized with some research of the property before you buy as well as government loan programs. To look at foreclosure listings in your area now, go to Reply!