South Carolina, which had managed to more or less save itself from the tsunami of foreclosures ravaging the country, has finally surrendered to the inevitable. The state, which had managed to keep a high rate of foreclosures at bay till date, today has an inventory of thousands of foreclosure properties. While this has not really pushed South Carolina to the top of the list of states with the highest number of foreclosures, it has definitely created a buyer friendly real estate market.
The main reason behind the rising number of South Carolina foreclosures has been the provision of loans to those who could not afford to pay them back in the first place. Sub prime loans and adjustable rate mortgages on homes were doled out to people who either had bad credit histories or who did not have the required monthly income to keep their loan repayments current. Steeply fluctuating interest rates made people with the best of intentions default on their loans because of their inability to pay. This sorry state of affairs has managed to raise the level of bankruptcies and lower the rates of real estate like never before.
While the whole situation has proved to be disastrous for home owners, it has opened up a wide window of opportunity for investors and home buyers who could not afford to buy real estate at previously high prices. South Carolina foreclosures can be bought at discounts ranging from 10% to 40% based upon the location and condition of a particular property. Discounts are certain in a market where the buyer currently has an upper hand, providing an opportunity to savvy investors who are buying for less now in order to be able to make huge profits on resale of the same properties once the market turns.
If you have the resources to invest in a South Carolina foreclosure, then you should definitely do so in order to earn an ROI in the range of a hundred to two hundred per cent within the next two to three years. South Carolina foreclosures are available all over the state, from Columbia to Rock Hill and Spartanburg to Greenville. Check out reputed foreclosure listings to find foreclosure properties for sale in your area.
The main reason behind the rising number of South Carolina foreclosures has been the provision of loans to those who could not afford to pay them back in the first place. Sub prime loans and adjustable rate mortgages on homes were doled out to people who either had bad credit histories or who did not have the required monthly income to keep their loan repayments current. Steeply fluctuating interest rates made people with the best of intentions default on their loans because of their inability to pay. This sorry state of affairs has managed to raise the level of bankruptcies and lower the rates of real estate like never before.
While the whole situation has proved to be disastrous for home owners, it has opened up a wide window of opportunity for investors and home buyers who could not afford to buy real estate at previously high prices. South Carolina foreclosures can be bought at discounts ranging from 10% to 40% based upon the location and condition of a particular property. Discounts are certain in a market where the buyer currently has an upper hand, providing an opportunity to savvy investors who are buying for less now in order to be able to make huge profits on resale of the same properties once the market turns.
If you have the resources to invest in a South Carolina foreclosure, then you should definitely do so in order to earn an ROI in the range of a hundred to two hundred per cent within the next two to three years. South Carolina foreclosures are available all over the state, from Columbia to Rock Hill and Spartanburg to Greenville. Check out reputed foreclosure listings to find foreclosure properties for sale in your area.
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