Every Month, we provide detailed and organized information that allows you to find the foreclosure properties that you are looking for.  

We provide 2 Greenville Foreclosure reports in pdf and excel format:

 

  1. “Before the Sale Report” with all the information for the upcoming Master in Equity Sale.
  2. “After the Sale Report” that includes the results of the sale

NO OTHER SERVICES OFFER THIS VALUABLE INFORMATION

 

MAKE SURE TO CHECK OUT OUR SPARTANBURG FORECLOSURE SITE SEND ME AN EMAIL IF YOU WANT A DISCOUNT ON BOTH REPORTS

Add to Cart

Click Above to Purchase
1 Month's Report
$25.00

Add to Cart

Click Above to Purchase
12 Months of the report
$260.00

Deficiency Sales Explained

 One of the best ways to buy foreclosure Properties in Spartanburg and Greenville areas that is often overlooked are the Deficiency Sales. This post will cover what they are, how they work, and why they are a great investment option, especially for the new investor.

 

The Deficiency Sale is a separate auction held every month by the Master-in-Equity.  These properties appear in the regular foreclosure sale first.  At the regular sale, they are the properties that are announced as " Not Final Sale" and are typically about 10% to 20% of the properties in the sale.  

 

When the property comes up at the regular foreclosure sale, the judge announces that it is "Not a Final Sale".  The Lender's representative will then state a bid number.  This is the only bid number taken at the sale and represents the Lender's maximum bid at the deficiency sale.  

 

The Deficiency Sale is always 30 days from the date of the regular foreclosure sale that the property appeared in.  At that time, a potential buyer (you) can purchase the property for $1 more than the Lender's maximum bid.  The only exception to this rule is if there is another interested buyer for the same property at the sale.  If that occurs, then it is a regular auction between the two or more new potential buyers. 

 

The Deficiency Sale is an excellent starting point for the new investor/buyer for the following reasons.

  • It is typically a much smaller crowd and there is less chance of getting caught in the energy of the moment and overpaying
  • Usually the investor can go to the sale with a strong idea of what the property will transact for and can coordinate their finances or at least get a head start on the transaction.

Some of the best foreclosure deals in Greenville and Spartanburg can be purchased at the Deficiency Sale and first time investors can benefit from starting at these sales.

 

The reports we sell at www.ForeclosureSpartanburg.com and www.ForeclosureGreenville.com have all the information on the Deficiency sales as well.  We shade them a pale yellow so you will know which one they are beforehand.  NOTE: Sometimes the Lender's counsel will waive Deficiency at the sale and it will be auctioned like a regular property.  Therefore, an interested investor needs to be prepared to bid and buy at the regular sale as well.

 

Also, ForeclosureGreenville.com and ForeclosureSpartanburg.com provide "After the Sale" reports that show:

  • When the deficiency sale is
  • Which properties are in the sale
  • The Lender's maximum bid number

This information, along with all of our custom property information provides the investor/buyer with everything that they need to find the best Deficiency Property that meets their needs.

 

Feel free to contact us if you have any questions.