Investor · Florence, SC · Member since 2015 · 27 posts · 2 votes
I have been investing in commercial (historic) buildings for about 6 years now. I am thinking about getting into the foreclosure market. Do I have to go through a licensed realtor to buy these properties? Is there any way I can buy them directly?
The foreclosure market and the foreclosed property market are two different things. In both NC and SC, foreclosed property 99% of the time should be called REO (real estate owned) and is sold (almost always) via a licensed brokerage firm. In SC, buying a foreclosure requires you know about Master in Equity laws for your state as implemented in you county. In NC, buying a foreclosure requires knowing about trustee power of sale per NC General Statutes Chapter 45, specifically Article 2A.
You can buy directly from the Master inequity (SC) or a trustee sale (NC) without a realtor or broker.
Chris Martin hit the nail on the head but if you have to ask that questions (no offense intended - it was a good question) there are probably other questions you should ask or maybe have not thought to ask. You can still hire a real estate broker, at a reasonable fee, to help you through the process. There are some major and costly mistakes that can easily be made by a new investor that are likely to be avoided working with an experienced agent. Feel free to contact me if you'd like to discuss further.
Greg
Gregory Walter, CPA, Realtor Greg Walter Realty www.GregWalterRealty.com