View the Video version of this Episode at: https://www.jenniferobrienhomes.com/2022/02/25/pre-foreclosure-what-does-that-mean/
Hi y’all my name is Jennifer O’Brien and I am a real estate agent with Dunes Properties in the Charleston area.
I want to talk about Pre-Foreclosure and what that means.
Often buyers reach out to me about a home they saw on the internet listed as Pre-Foreclosure.
In South Carolina, pre-foreclosure is inaccurate and misleading. Because, Foreclosures in South Carolina are judicial, which means a court handles the process. The lender must file a lawsuit to foreclose the home. Which is a LONG process.
Pre-foreclosure could mean a few things, the owners have missed a payment, or made a late payment and the lender has started the foreclosure process, of filing paperwork and reporting them to the credit bureaus. It could also mean the owner has missed an HOA payment or has a construction lien against the home.
Generally, these properties are not for sale and typically the owner has already corrected the missed payments and the pre-foreclosure on the internet is no longer accurate.
If you are interested in a home listed as pre-foreclosure, reach out to your real estate professional.
