Foreclosure homes in South Carolina comprises of both government and bank foreclosures. These properties are sold through the process of auction and enable the lien holder to get back his money. However, bank owned foreclosure is more prevalent compared to government ones. 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. This huge difference is attracting both home buyers and realty investors towards these properties. In this article we will focus on the foreclosure process and ways to buy these properties.
South Carolina is free from power of sale foreclosure. 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 week prior to the auction, sale notice appears at court room, local newspaper and public places. All information related to a bank owned foreclosure can be found from real estate websites too.
As a standing rule in South Carolina, notices related to the sale of a bank owned foreclosure 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. However, unlike other states, one can place his bid even after 30 days of auction date.
Foreclosed homes for sale in South Carolina are increasing in numbers. 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. Global economic crisis and job market instability are the major reasons behind this growth. However, it is a blessing in disguise for home buyers and real estate investors by offering them a better investment option.
