Foreclosure listings in South Carolina comprise of properties foreclosed both by Banks and Government. Banks foreclose properties when there is a default in repayment of home equity loans and government foreclosure occurs when there is property tax due. However, Government foreclosures are rarer compared to bank foreclosure listings. All these properties are sold through the process of auction under the strict supervision of South Carolina county Court. Real estate websites and local newspaper ads provide the relevant information related to these properties. In this article we will focus on the foreclosure process and dynamics in South Carolina.
Judicial foreclosure is the single prevalent foreclosure process in South Carolina. This process requires banks and government to file foreclosure pleas at court of law during the instances of default in payment of borrowed amount or tax. After the plea is filed in court, interim time is offered to the borrower (homeowner) to repay the owed amount. Any failure in this regard leads to auction of the said property in the court room in presence of Sheriff. However, 3 weeks prior to the auction, sale notice appears at court room, local newspapers and public places.
Government and bank foreclosure listings in South Carolina are sold through the process of auction. Here, people bid and the property goes to the highest bidder. However, there is a significant difference between auctions at South Carolina and other states. In South Carolina, any one can place a bid after the ending of auction in the court room. It means, if you have missed the auction date, you can still have a chance to place a higher bid within 30 days of auction. After the end of the process, the sheriff has to give no objection on the sold property within three months. No objection leads to the confirmation of sale.
Foreclosure listings in South Carolina are increasing phenomenally. In September 2009, 3,231 new foreclosures were enlisted making the total number a whooping 16,587. These properties are sold at an average price of $ 185,263. It means they are 35% cheaper compared to fresh properties. However, government foreclosures are cheaper compared to bank foreclosure listings. Lower price, hassle free procedure and instant possession are some of the factors that are instigating prospective home buyers and real estate investors to buy these properties.
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