South Carolina allows mortgage lenders to foreclose when their borrowers default on home loans. Lenders go to court and get an order to sell the property. The court then appoints an officer to sell the foreclosed property at public auction. Buyers should look for foreclosure listings in each South Carolina county to keep apprised of upcoming foreclosure sales. They can then prepare bids and buy South Carolina foreclosures by placing the highest bid on foreclosed homes and other real estate.
Find county foreclosure auctions by looking in newspapers. When the court orders a sale, the lender must advertise the South Carolina foreclosures sale in a newspaper of general circulation. This foreclosure notice must run for three weeks. Therefore, you can check daily at least one week out of every three weeks to make sure you find out about all foreclosure auctions in a particular county.
Look at individual listings to determine the following information: the time and date of the sale, the location of the sale, the address of the foreclosed property, the bidding and buying process and requirements and the amount due on the South Carolina foreclosed property.
Use the listings information to find and visit foreclosed homes in South Carolina. What you want to do is get some idea of the fair market value of the property so you can formulate a maximum bid. This is how you can possibly get some good deals through South Carolina foreclosure auctions. You do not have a right to inspect a foreclosure on the actual premises, but you can get information from neighbors or real estate agents to come up with an estimated value for the home and land.
Bring the money necessary to bid and buy properties at the foreclosure sale. Bid and pay up with the seller if you win an auction. You may or may not have to pay the entire amount on the day of the sale. This is why it is important to read each listing and plan according to the seller’s terms.
Get a deed from the seller. A property deed is the document that proves your purchase and ownership interest in the foreclosure. You must also file this deed in the county recording office for real property records to give the public notice of your rights in the property.
South Carolina Foreclosure Law: Foreclosure.com