how to buy a foreclosure in sc

Many South Carolina properties are bought at public auction sales, but the competition may be strong and the prices are higher than during preforeclosure to cover the lender’s legal costs.
A deficiency judgment is available to a lender if a property in foreclosure is sold at a public foreclosure auction sale for less than the loan amount that the underlying mortgage secures.
Because of this, it could take five (5) months or more from the time a property owner receives a notice of default until the property is sold at a public foreclosure auction sale.
If you wait until the public foreclosure auction sale – or afterwards – the competition may be stronger and the prices will be higher to cover the lender’s legal costs.
To find these sales, read newspaper notices prior to the auction date, look for public notice posted – when required – on the property, or search other public places in the county where the is located.
So lets begin with a definition of the acronym REO – it stands for real estate owned by the bank ( or other entity) … Banks own real estate because they acquire homes through foreclosure and because no one shows up on the courthouse steps to bid the minimum amount of the existing mortgage (s).
Begin your Charleston Home Search here! Featuring: Historic Charleston Homes, Luxury Waterfront Condos, Golf Course Homes, Charleston Area New Homes for Sale, and NOW Charleston Foreclosures & Bank Owned Properties.
So you are considering buying a Charleston bank-owned / lender owned property ? These distressed properties are increasingly available in the Charleston Tri-County area and can represent a terrific opportunity to purchase a home with instant equity.
Frequently you must close with the bank appointed attorney … some banks will allow you to use your own closing attorney but this may require approval on a separate addendum and you may forfeit bank offered incentives such as paying for your Title Insurance Premium, reduced attorney fees etc.
For an email list of all Bank-Owned ( REO) properties in Charleston SC as well as the surrounding areas of Mt.Pleasant, Daniel Island, Isle of Palm, James Island, Johns Island, Folly Beach, West Ashley, Summerville, Goose Creek, and Moncks Corner SC please email me at hlord@HeatherLord.com or call me anytime at 843 810-9414.
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Find a Real Estate Agent in your area that can help you with the purchase of a foreclosure or any other property you’re interested in buying.
Either way, USHUD.com has what you are looking for from HUD homes South Carolina to South Carolina foreclosures we can help you find what you want.
USHUD.com makes it easy with free South Carolina foreclosure listings.
We have teamed up with them to help you get into the South Carolina foreclosure of your choice.
Start searching homes by choosing an area in South Carolina from the list below.
From there you will be able to narrow down your choices of HUD homes in South Carolina.
505 Glebe Street in Beaufort, SC shows foreclosed and my agent says it’s not on the market.
Get e-mail alerts when similar conversations in South Carolina are started.
This is higher than the national unemployment rate which is 6.1%. The state of South Carolina has a median household income of $43,939 which is lower than the national average rate of $51,914.
The state of South Carolina has an average foreclosure rate of 0.09%. The South Carolina foreclosure rate is higher than the national average of 0.08%. The state of South Carolina has a population of approximately 4,511,428 with an average income of $43,939.
Search for foreclosures in South Carolina by selecting one of the top foreclosure markets listed or find specific South Carolina counties by clicking on a letter in the bar above the list.
The weather annually sunshine for the state of South Carolina is 59 degrees and the average high for South Carolina is 74 degrees and the average low for South Carolina is 51 degrees.
Compiled from over 650 MLS listing services, as well as other foreclosure data sources, our extensive database of South Carolina foreclosure properties for sale includes pre-foreclosure homes, defaulted properties, short-sales, foreclosure auctions, and more.
Search for homes due to be sold in foreclosure auctions, REO (real estate owned) homes in South Carolina, as well as bank-owned properties for sale.
Bank Foreclosures Sale offers a huge database of South Carolina foreclosed homes for sale including South Carolina bank foreclosures, government foreclosures, HUD and VA repo homes, preforeclosures, bankruptcies, foreclosure auctions, tax liens, distressed properties and South Carolina bank owned homes.
Find South Carolina foreclosures for sale through our foreclosure listings service including South Carolina foreclosed homes, government foreclosed properties and South Carolina bank foreclosures.
Bank Foreclosures Sale offers the most reliable and up-to-date listings of bank foreclosures, including some great opportunities on foreclosures in Fort Mill and foreclosures in Rock Hill, as well as other major cities in South Carolina.
The Court will attempt to announce at the sale the balance due on the mortgage(s), judgment(s) or (s) as of the sales day.
If you are the successful bidder at our sale, you are required to deposit five (5%) percent of your bid in cash or certified check at the time your bid is accepted.
The Foreclosure Order and ad covers all the terms of sale, unless specifically amended by the Court at the time of sale.
On that 30th day, the property is offered for sale again and the highest bid is accepted.
Generally, you have twenty (20) days from the sale to bring in the balance of your bid and pick up your deed.
The Plaintiff and/or highest bidder at the first sale can only bid one time.
The successful bidder also must pay interim interest on the bid from the date of sale through the day of compliance.
Public Notices are published in The Greenville News classified ads section and published for three (3) Friday’s prior to the sale.
That means you not only purchase the property, but you are also buying the obligation and terms of the mortgage(s), judgment(s) or lien(s).
Sometimes the property is sold subject to a mortgage(s) or judgment(s) or other types of lien(s).
That means the Government has a or some other lien against the property and has the right to redeem the property during the stated time period.
No search for cheap homes for sale in South Carolina is complete without investigating REO bank owned foreclosures.
Banks own repossessed homes in all states, so a search of South Carolina foreclosures will provide a wide variety of homes to choose from.
Search RealtyStore’s REO bank owned foreclosures in South Carolina now.
Our website features Real Estate information for the entire Charleston South Carolina tri-county area including, Summerville SC homes for sale, land for sale and other real estate for sale in the Charleston, Summerville, Goose Creek, North Charleston, Mt Pleasant, Hanahan, Ladson, Isle of Palms, James Island, Johns Island and, neighboring communities.
A notice of sale, containing a description of the property, the time and place of sale, the borrowers name and the lenders name, must be published at the courthouse door and two other public places at least three weeks prior to the date of sale.
The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin.
Whether you are looking for homes for sale in Summerville, sc or new construction, a resale home, The Mulligan Team can help you buy or sell a house, condo,, townhouse, townhome, building lot, land, or other real estate, throughout the entire Summerville, sc area.
Visit the South Carolina details below to learn about how South Carolina foreclosure handles aspects of judicial or non-judicial availability, primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in South Carolina, and application of deficiency judgments.
Because foreclosure laws vary from state to state, it is important to understand how the South Carolina.foreclosure process works.
You may or may not need to navigate through South Carolina’s laws in great detail during your purchase process, but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
In South Carolina, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Despite the fact that the bidding at the public sale has ended, in South Carolina, the auction actually stays open for a full 30 days after the date of the public sale.
While South Carolina law doesn’t permit foreclosed homeowners to repurchase or "redeem" the home after a foreclosure, in some situations, the homeowners or another party can place an "upset bid" and thereby take the home away from you after you’ve bought it at the sale.
In South Carolina, in some situations, the bidding period remains open for 30 days after the foreclosure sale and another party may enter an upset bid (S.C. Code Ann.
To find the statutes that discuss upset bids after a foreclosure sale in South Carolina, go to Title 15, Chapter 39 of the South Carolina code of Laws.
To find out whether the lender is demanding or waiving a deficiency judgment, check the notice of foreclosure sale that was published in the local newspaper as part of the foreclosure process.
What is a deficiency judgment? When a lender forecloses on a mortgage, the total debt owed by the homeowners to the lender frequently exceeds the foreclosure sale price.
Under South Carolina law, if the lender waives (gives up) the right to a deficiency judgment, then there is no upset-bid period and the original sale is final.
This means that in the majority of South Carolina foreclosures, the winning bidder at the original foreclosure sale gets the house.
South Carolina law requires that the notice of sale include information about the deficiency (S.C. Code Ann.
I live in Greenville, South Carolina, and I’m planning to purchase a home at a foreclosure sale.
When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the lender to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.
In South Carolina, if the lender asks for a deficiency judgment in the foreclosure action, you get a 30-day upset bid period after the sale.
South Carolina allows the lender to recover a deficiency judgment as part of a foreclosure.
(Learn more about the difference between a foreclosure summons and complaint.) In South Carolina, the borrower generally has 30 days to file an answer with the court.
For example, it’s important to understand that because South Carolina foreclosures go through the state court system, you’ll get notice of the foreclosure by way of a summons and complaint.
In South Carolina, the lender (who is usually the purchaser at the sale) may include an eviction as part of the foreclosure action or initiate a separate eviction action after the foreclosure.
Here’s what to expect in a South Carolina foreclosure, including notice of the foreclosure, deficiency after foreclosure, and your opportunity to get the home back.
When the foreclosure date is set, notice is sent to owner that they will have to vacate the house on the specified date.  The public is also notified that the property will be auctioned on this date, which is traditionally the first Monday of each month.  Interested parties can find the public notice in the local newspapers.  The property might sell at the auction, but more likely it wont because the bank themselves will bid a value which reflects the mortgage amount but is over market value.  If the property is not actually sold, the title transfers to the bank, becoming inventory that is known as real estate owned (REO).  An REO property is then marketed and sold through traditional real estate channels, and assigned to a real estate broker that generally specializes in REO properties.
If the homeowner gets behind in payments, the bank begins a series of actions designed to encourage the owner to catch up on their payments, and will include some penalties.  Its in the best interest of the bank for the payments to continue on schedule and will often work with the owner to get back on track.  However, the penalties accrue quickly and the new schedule of payments is often impossible for the owner.  If, after a period of time, the bank is not satisfied with the performance of the owner, notice is sent informing the owner that the foreclosure process has begun and there is an initial court hearing for the owner.  At this stage, the owner has between three and six months before the bank seizes the property, but if the owner attends the hearing and tells the judge the house is now for sale with a real estate agent, the foreclosure deadline is often extended for 3 months but sometimes it takes the bank a year to take action.  There is possibility of a short sale during this period of time click the "short sale" link for more details on them.

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