Sears and Partners monitors foreclosures, short sales, and bank-owned residential real estate for the barrier islands, historic neighborhoods, and gentrifying communities. Only registered users have access to this information. To access this information, login using the form on the right.
Buying properties in each of these categories requires knowledge of the process, the ability to identify good buys, and establishing the optimum offer.
Below is some basic information along with timeline for the process as well as a short glossary of terms.
Basic Information
Prior to a home going into county auction, the owner--in collaboration with the mortgager--may list the property as a "short sale" or "possible short sale," indicating the property may be sold for less than is currently owed by the homeowner. These provide opportunities to the savvy investor.
At county auction, the mortgager, as the principal lien holder, has first option for buying back the property. If this option is not chosen, then others may bid at auction.
Once the foreclosure process is complete, these now bank-owned (REO) properties often go for considerably less than market value and listing price.
Properties in each of these three categories are identified by Sears & Partners and made accessible to registered users. We also can assist registered users in the process of purchasing such properties.
Foreclosure Timeline
Day 1: Notice of Default (NOD) recorded. The defaulting property owner has 3 calendar months to cure, or payback the default amount, either by paying off the lien, or by negotiating a payment plan
Within 10 Days: Notice of Default mailed.
Within 1 Month: Notice of Default mailed.
3 Months Later: Trustee schedules a Trustee's Sale (auction).
21 Days Later: On the date of sale, trustee sells the property to the highest bidder. This sale is usually held at the Charleston County Judicial Center. If the property is picked up by the lender, then it becomes an REO property; if the property is auctioned to another party, that party has title to it but the owner has a one year right of redemption.
Foreclosure Status Glossary
Notice of Default (NOD): The initial document (non-judicial) filed by a trustee that starts the foreclosure process, usually after the occurrence of a default under the deed of trust, or mortgage. Both LIS and NOD are part of the PRE-foreclosure process.
Lis Penden (LIS): Notification of pending lawsuit. The initial document (judicial) filed by an attorney or trustee that starts the foreclosure process after the occurrence of default under the deed of trust or mortgage. Both LIS and NOD are part of the PRE-foreclosure process.
Notice of Trustee’s Sale (NTS): A filing by notice announcing a public auction.
Notice (Judgment) of Foreclosure Sale (NFS): An order signed by a judge, directing a “Notice of Sale” be published and that a referee (trustee) sell the property at public auction.
Real Estate Owned (REO): “Real Estate Owned” by the lender; the final step in foreclosure process. This document conveys property ownership back to lender.
