Why you need agents to buy South Carolina foreclosures?

As the price of South Carolina foreclosures are very low with people making 45% savings (figures as on April 19, 2009) in comparison to conventional properties, several home buyers are interested in buying foreclosed homes. Foreclosure auctions are commonly conducted at the courthouse and you can find many people competing for the same house. At the public sale, you have to bid on a house and wait for thirty days to confirm the sale. This process is generally daunting particularly, if you are a first time homebuyer.

Need for an agent in South Carolina

The foreclosure proceedings are complex in South Carolina, as only judicial proceedings are allowed. As a result, a lot of paperwork is involved. As a first-time homebuyer, it will be difficult for you to go through the entire paperwork. With the help of an agent, you can easily clear judicial proceedings without any hassle.

Contact homeowner directly for cheaper properties

Rather than competing with others in the public sale, you can directly contact the homeowner and help him prevent foreclosure completely. At this point, you can strike a better deal with the homeowner as there is no bidding on the house. Without a local agent, you cannot successfully talk with the homeowner directly. The agent will convince the homeowner to sell the house for you at a price you are ready to afford. It is quick and the only way for the homeowner to prevent his house being put up for a public sale.

When the home for sale receives no bid during public sale, it will be re-owned by banks for sale in the future. Most of the banks hire real estate agents to sell those homes. With the right agent, you can deal with real estate firms easily and buy the home at a much lower price.

Cost of hiring an agent

The real estate agent will charge a percentage of the price of the home to close the deal for you. On the other hand, if you are expecting consultation alone, you may be charged a fixed price. The service you need from an agent depends on your experience in buying foreclosure homes. Several websites on the internet provide you access to local real estate agents, who have experience in dealing with South Carolina foreclosures.