Check Out the Latest Foreclosures

Foreclosures are getting harder and harder to find, but we’re here to help you in your search. If you are in the market for a short sale, foreclosed or REO property, please contact us to get the latest list. Though we display the most recent foreclosures listed in our MLS, not all properties make it online. They sell too quickly!

To be in the know when it comes to foreclosures, you need a licensed real estate agent working for you on the inside. We’d love to help you keep track of the latest opportunities in Charleston Tri-County Area. If you want to view properties today, please don’t wait for an email reply, call us at (843) 628-8910 for the fastest service.

Active Foreclosures

5 Orangeburg Road, Summerville image
5 Orangeburg Road, Summerville $349,500 ▼

Look for the lot across the street from the 639 and 640 Orangeburg Rd Mailboxes. Palm tree in the dead center of the lot. Excellent opportunity to buy 2.76 ac of commerci...

  • 21017303 MLS
  • Active Status

I have found that most business situations can be understood by a handful of numbers. Here are the ones to follow related to the REO Market. They show that a surge in REO is in the future due to the Coronavirus.

The first number to watch - Seriously Delinquent Loans:

  • March.......554,000
  • April..........547,000
  • May..........691.000
  • June.........748,000
  • July........1,738,000

An Increase of 320 % over 5 months

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The second number is Foreclosure Starts:

  • March...... 27,100
  • April......... 27.800
  • May............8,600
  • June...........4,400
  • July............4,800

Delinquencies are soaring and foreclosure starts have plummeted by 84%. This situation is creating a bubble of epic proportions.

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The third number is Foreclosure Completions:

  • March....... 15,000
  • April............ 9,100
  • May.......... ..2,800
  • June........... 2,600
  • July..............2,500

Let's call 15,000 Foreclosure Completions a normal monthly level. There were 6,000 fewer in April. There were 12,000 fewer in May and June and July. That's 3o,000 REOS stuck in the process after only five months. And that's not factoring in the increase in delinquencies. =====================================

The final number is REO Sales:

  • March....... 15,100
  • April...........11,000
  • May.............8,300
  • June............7,600
  • July.............5,000

Simply put, the existing REO inventory is selling off and it is not being replenished at this time.

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Conclusion: Assuming that the number of Foreclosure Completions remains at current levels for a year, a backlog of 144,000 REOs will be created during that period. If they remain low for 18 months, which I believe possible, the backlog could be 216,000. The backlog is being created. The Surge will come

Source: HUD

The Modansky Homes Team is a is a Real Estate Team that specializes in Bank Owned REOs. If you are interested in learning more about foreclosures please call Brian at 843-628-8910 or email him at REO@modanskyhomes.com 

Today we talk a little about Foreclosures & Bank Owned Properties also known as REOS

We go over:

  • Where can I find foreclosures?
  • How soon will the Seller respond?
  • Multiple Offers.
  • The REO Contract Addendums
  • Can I renegotiate after my offer has been accepted?
  • Where can I get a property disclosure form?
  • What if there is evidence of infestation on the Pest report?
  • Can I do Inspections?
  • Will the Seller pay for repairs?
  • Contingency Periods?
  • Will the Seller accept Contingent Sales?

The Modansky Homes Team is a is a Real Estate Team that specializes in Bank Owned REOs. If you are interested in learning more about foreclosures please call Brian at 843-628-8910 or email him at REO@modanskyhomes.com