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It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.
When prices are rapidly accelerating during a real estate “bonanza”, many people go to any lengths available to get into the market through investments in vacation homes, rental housing and trading up to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home prices will continue to escalate. It is possible that neither will occur and borrowers may be faced with large balloon payments becoming due. When payments cannot be met, the foreclosure process looms on the horizon.
In the foreclosure process, one thing should be kept in mind: as a general rule, a lender would rather receive payments than receive a home due to a foreclosure. Lenders are not in the business of selling real estate and will often try to accommodate property owners who are having payment problems. The best plan is to contact the lender before payment problems arise. If monthly payments are too hefty, it may be that a lender will be able to make some alternative payment arrangements until the owner’s financial situation improves.
Let’s say, however, that a property owner has missed payments and has not made any alternate arrangements with the lender. In this case, the lender may decide to begin the foreclosure process. Under such circumstances, the lender, whether a bank, savings and loan or private party, will request that the trustee, often a title company, file a notice of default with the county recorder’s office. A copy of the notice is mailed to the property owner.
If the default is due to a balloon payment not being made when due, the lender can require full payment on the entire outstanding loan as the only way to cure the default. If the default is not cured, the lender may direct the trustee to sell the property at a public sale.
In cases of a public sale, a notice of sale must be published in a local newspaper and posted in a public place, usually the courthouse, for three consecutive weeks. Once the notice of sale has been recorded, the property owner has until 5 days prior to the published sale date to bring the loan current. If the owner cures the default by making up the payments, the deed of trust will be reinstated and regular monthly payments will continue as before.
After this time, it may still be possible for the property owner to work out a postponement on the sale with the lender. However, if no postponement is reached, the property goes on the block. At the sale, buyers must pay the amount of their bid in cash, cashier’s check or other instrument acceptable to the trustee. A lender may “credit bid” up to the amount of the obligation being foreclosed upon.
With the recent attention given to foreclosure, there also has been corresponding interest in buying foreclosed properties. However, caveat emptor: buyer beware. Foreclosed properties are very likely to be burdened with overdue taxes, liens and clouded titles. A buyer should do his homework and ask a local title company for information concerning these outstanding liens and encumbrances. Title insurance may or may not be available following a foreclosure sale and various exceptions may be included in any title insurance policy issued to a buyer of a foreclosed property.
Your local title company will be happy to provide additional information.
Back to Table of Contents1. Beaufort Homes for Sale
2. Mossy Oaks Homes for Sale
3. Port Royal Homes for Sale
4. Burton Homes for Sale
5. Lady's Island Homes for Sale
6. St. Helena Island Homes for Sale
7a. Fripp Island Homes for Sale
7b. Harbor Island Homes for Sale
8. Northern Beaufort County for Sale
9. South of the Broad River for Sale
After moving to three states and six houses, we've worked with many real estate brokers. Greg Bennet is by far and above the Best! Greg has time to listen. Meeting in our home of 20 years on Harbor Island, Greg spent several hours discussing our plans and options. Greg was always available to promptly answer questions as they arose. Greg is a terrific problem solver. During a roof inspection issue, Greg found a roofing contractor who was able to resolve the issue in two quick days. When we mistakenly left some things behind in our move from SC, Greg kindly mailed them to our new home in Virginia. Greg is a broker who goes beyond the sale! As a professional Greg’s honesty and integrity are to be admired. We are grateful to have had Greg Bennett , an outstanding real estate broker, sell our home on Harbor Island. We are blessed to know Greg, an exceptional, remarkable man.
Ellen Roberts & Steve Kotowicz, Farmville, VAAs a property owner on Harbor Island since 1993, I had known Greg since 1998 . He has always been the "GO TO" Realtor on the island .
Greg had a wonderful online Marketing Plan , he made the showing process very easy and relatively stress free. When I started getting offers on my Condo he did everything in his power to get me the highest possible price. I am deeply grateful to him for being so kind and patient while guiding me through the sale of a place that was a huge piece of my heart. He understood how distraught I was and went above and beyond to make the process as easy as possible. I am fortunate to have had a person I consider a friend as well as an excellent realtor.
If you want a Realtor that will look out for your best interest throughout the entire process, work to get you the highest price possible, keep you well informed, and negotiate on your behalf then call Greg today.
Sandy Stewart"Early last fall my husband and I relocated to Beaufort from Massachusetts. Initially, we rented an apartment to allow us time to ensure that Beaufort was, in fact, where we wanted to live. We spent the next six months touring all of the surrounding area and quickly decided that our choice to call Beaufort home was the right choice for us.
But, our truly good fortune occurred when we contacted Beaufort Realty Consultants.
We had the good fortune to speak with Abbigail "Abbi" Moeller.
We discussed with her a few properties we were interested in as well as what our "wishes and desires" for a new home. She immediately set up showings for us.
Upon meeting Abbi we were both struck by her charming, pleasant and calm demeanor, something essential in today's "crazy real estate market".
Within short order we came to realize how tremendously knowledgeable with the area, especially Beaufort, Abbi was. Her subtle advice and recommendations made our search so much easier.
In no time flat Abbi found us the perfect home!
Immediately she connected us with the "perfect mortgage lender", perfect inspectors, and excellent contractors for any and all of our needs. Through all of this, Abbi always remained calm and supportive.
And to this day she is still assisting with recommendations on local service providers!!!
Abbi was more than our real estate agent, she is someone who we think of as a friend."
THINKING OF SELLING? REQUEST YOUR FREE QUICK OVER-THE-NET HOME VALUATION - or Call: (843) 521-2022
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