Columbia, South Carolina is a large city with plenty of foreclosures for hunting down good real estate bargains. Columbia lenders of homes in mortgage default can give notice to the owner and the public of an intent to foreclose. Buyers of homes and land can then use the notices to find Columbia foreclosures. The highest bidder at an auction then pays the bid to buy a foreclosed home in Columbia.
Use county newspapers to find Columbia foreclosure listings. Each listing mus appear for three weeks. Because the notice might appear only once each week, you should check daily for at least one week out of every three-week period. This will ensure that you catch all foreclosed homes in Columbia. In the case of this particular capital city, you have two counties involved — Richland and Lexington. Check in newspapers originating in both counties to find the largest number of foreclosure listings for the Columbia area.
Search through the listings to find properties that you may be interested in buying. One way to narrow down your list is to look at the amount due on each property. Pick the foreclosures that fit within your budget. Make sure you include the time, date and place of the foreclosure auction on your list. Of course, you can also get the address of each Columbia foreclosed property in each notice.
Pay a visit to each of the homes on your list. Remember that virtually all foreclosures come on an “as is” basis. This means there is no guarantee of anything, and you bear all responsibility. Therefore, you should do a little homework before you bid to buy a Columbia foreclosure. Such homework should include estimating the fair market value of each property. This is necessary to come up with a maximum bid that is profitable from a value standpoint.
Figure out the payment terms (by looking at the property’s notice) and prepare the money for bidding at Columbia-area foreclosure sales. Pay up according to the payment terms when you win an auction to buy a foreclosed home or land.
Obtain a South Carolina property deed from the lender’s trustee after completion of the sale. You need to file this deed in the recording office in the same county as the Columbia foreclosure. This will be either Richland or Lexington County, depending on each foreclosed property’s location.
South Carolina Foreclosure Law: Foreclosure.com