South Carolina foreclosures are foreclosed properties by either bank or government. The reason behind the foreclosure might be to recover unpaid part of home equity loans or property tax. In South Carolina, the process of foreclosure is a bit different when compared to other states of US. The only process of foreclosure here is judicial foreclosure. It means, the lenders cannot sell the property through power of sale. They are bound to initiate foreclosure process at the court of law. However, pre foreclosure sales are legal here. In this article, we will discuss the processes related to foreclosure in South Carolina and bank foreclosure list in detail.
Pre foreclosure can be defined as the interim time period between the initiation of foreclosure process and the court approval. During this time, the homeowner can sell the property and pay back the lender. The popularity of pre foreclosure is increasing due to a number of reasons. Once the court approves foreclosure, the interest of the lender is given utmost priority. To have relief from this bias, more homeowners are now selling at pre foreclosure stage. They take the pain to arrange buyers without intervention or guidance of court. However, this stage catalyses the bargaining power of the buyer. Here, the homeowner is at a distressed financial state and the buyer takes the opportunity.
Sale of foreclosure properties in South Carolina is done through the process of auction. The auction takes place at court room in the presence of sheriff. Date of auction, place and all other relevant information are publicized at court room, local newspapers and other public places three weeks prior to sale. Unlike other states, people can bid within thirty days even after the auction date. After it, the highest bidder is privileged with the sale deed. However, to confirm the purchase, the buyer needs to obtain no objection certificate from the sheriff within three months.
Local newspaper ads and real estate websites are the perfect places to find all relevant information related to bank foreclosure list. You can scan through them to have a better deal. Estimates have shown that South Carolina foreclosures cost up to 35% lower compared to fresh properties. Hence, they are rewarding options for both real state investors and home buyers. Finance facility is also available to purchase these properties.
