Free South Carolina foreclosure listings comprise of properties foreclosed through judicial intervention. According to estimates, 16,587 foreclosed properties are available at South Carolina for sale. In September, 3,231 properties witnessed initiation of foreclosure process. The average cost of these properties is $ 185,263 which is 35% lower compared to price of fresh properties. In this article, we will focus on the process of foreclosure in South Carolina, advantages of buying these properties and tips to buy bank owned foreclosures in a hassle free manner.
Mortgage is the primary debt instrument in South Carolina. It means, lenders approve home equity loans through deed of trust. This deed makes lenders an equal lien holder on the property pledged as security and gives the right to repossess while the borrower defaults in repayment. To begin this process, the lender needs to file a foreclosure plea in the county court to obtain a decree of sale on the said property. As a standing rule, court offers some time to the borrower to repay the borrowed amount with interest. When, the borrower fails to pay with in this time period, court ceases the borrower’s equal right of redemption and orders the sale of bank owned foreclosures through auction.
The beginning of auction sale is marked by the process of publicizing notice of sale at courthouse door, local newspapers and two other public places. This notice comprises of all information related to the foreclosed property, time and place of sale, deposit amount and the grace period with in which the rest amount will be paid. As a standing rule in South Carolina, these notices appear three weeks prior to the sale. Generally the auction takes place at court house in the presence of Sheriff. Auction of foreclosed properties in South Carolina is held on First Monday of every month. When Monday is a holiday, the auction takes place the following Tuesday. Here, the property belongs to the person who makes the highest bid.
Free South Carolina foreclosure listings comprise of cheap properties for both home buyers and real estate investors. These listings are available on real estate websites. Properties placed in these listings are generally unoccupied. You can easily move to the property after the auction. However, limited bank finances are available to purchase these properties. Hence, it is better to arrange the required money on your own.
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