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DISCLAIMER: These listings are offered to our clients in an effort to provide the most up to date and relevant information for Spartanburg County real estate. The information has been obtained from the Spartanburg Multiple Listing Service. However, the method used to retrieve these lists may display some non-bank owned or HUD owned homes. If you have additional questions about the information obtained in this website, please contact Rob Turchetta at 864-621-7900 to further assist you with your home search. The Spartanburg Multiple Listing Service is a live database that is updated in real time. Check back often to find what you are looking for.
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Short Sale Definition
As defined by Wikipedia, the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss.
A short sale is a situation where a lender agrees to take less money than what is owed to them due to a financial hardship of the borrower. A lender can be anybody who loans money, from a large bank like Bank Of America to a small individual investor owner financing a home. This process occurs through a negotiation between the home owner or their representative and the lender’s work out department, called a loss mitigation department. The home owner enters into a real estate contract with a buyer to sell the home “short” of what is owed to the lender. The required documents are sent to the lender for their approval or disapproval of the agreed loan payoff. While short sales are most often used to avoid a pending foreclosure, lenders will consider them any time the process might be the best way for them to recoup the money invested in the property.
Short sales can often be less expensive then completing the entire foreclosure process thereby making them attractive to a lender. When placing an offer on a property in a short sale status, be pre-pared for the process to take up to 3 months. If you do not have the time to wait for the process to unfold consider buying a foreclosure or any other home on the market.
Our team has negotiated literally hundreds of short sales with lenders both large and small. Contact us if you know someone who needs experienced help.
As defined by Wikipedia, foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. …
The reason why real estate ends up in foreclosure is many. An example of some reasons that Spartanburg area homes and land enter into foreclosure are: divorce, loss of employment, poor management of household finances, substance abuse problems, variable rate mortgage payments increasing, loan fraud, death, career change, and the list goes on.
Property that has been foreclosed on has been referred to by many different names: foreclosed property, lender owned property, REO (Real Estate Owned), bank owned property, etc. However, referring to it as just plain old “foreclosed property” has a universal understanding to anyone in the real estate industry.
Sellers of a property will often use some form of owner financing to make their property more marketable and facilitate a sale. In housing, owner financing is used when the buyer cannot currently qualify for an institutional type loan (bank loan). Common reasons can range anywhere from bad or no credit, to low income, to a high debt to income ratio. Seller financing can range from 100% of the purchase price down to 1%. Most often the seller will require a “good” size down payment starting in the 10% or so range to make sure the buyer is serious in their interest to complete the sale. All terms are negotiated on an individual basis including: price, time of loan, interest rate, amount required down, etc. Our team has considerable experience with owner financed property in the Spartanburg and Boiling Springs surrounding areas. Please suggest our services to anybody you know considering owner financing property.
Owner Financing Definition
As defined by Wikipedia, seller financing is a loan provided by the seller of a property to the buyer, to cover part or the entire sale price. This process, also known as owner carry back or owner financing, is used in a variety of situations as a creative financing option.
Lease Purchase Definition
As defined by Wikipedia, a lease purchase contract (or lease option contract) is the abbreviated form of the appropriate term lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home.
The lease with purchase option is most often used when a tenant buyer would like to purchase a property but due to credit issues can’t obtain financing to complete the purchase. The tenant buyer and property owner agree to a lease period where the tenant buyer has the exclusive right to purchase the home at an agreed upon price. The tenant buyer is required to put down a non-refundable option deposit that is applied to the purchase of the home when they complete the sale during the contract period. Each month a rental payment is made to the seller. It is a matter of negotiation in the contract whether part of the monthly payment is applied to the purchase price or not. Our team is very experience with lease option contracts. It is very prudent to have experienced professional representation when entering into a lease option contract. Please suggest our services if someone you know is considering entering into a lease purchase contract.
Multi-Family Commercial Property, and Small to Medium Businesses
With over 30 years of business experience and having owned our own businesses, we have experienced the financial benchmarks needed to evaluate the worth of a business. We are also consultants with our clients in a confidential environment to assist them in the sale or the purchase of a business. No one works harder to assist clients with business plan development, financial analysis, financing, or other needed information and services needed to make an educated business investment.
Most “Real Estate” companies can tell you the value of the real estate, but very few can tell you the value of the business. We are in touch with banks, investors, and others who lend money and know their requirements for lending. This can save a lot of time and worry.