What to expect when buying foreclosed homes in South Carolina
If you are looking for good deals, buying South Carolina foreclosed homes can appear to be a good option. While it is certainly possible to purchase a home at a price lower than market value when buying a foreclosure, you must understand what is involved.
If you are interested in buying foreclosed South Carolina homes, you must first understand how the foreclosure process works in South Carolina. When borrowers fall behind on their mortgages, lenders in South Carolina may go to court and obtain a judicial foreclosure. After the court has ordered a final judgment of foreclosure, the property can then be sold in a public sale.
For prospective buyers interested in buying South Carolina foreclosed homes, one of the best places to search for possible properties is through county listings. A Notice of Sale (NOS) will typically be posted at the courthouse of the county where the property is located. This notice will be published a minimum of three weeks before the sale date. Local newspapers may also contain foreclosure Notices of Sale (NOS). In most instances, the sale will take place at the courthouse on the first Monday of the month.
When buying South Carolina foreclosed homes, buyers must to submit a bid for the properties they wish to purchase. In South Carolina, foreclosure auctions actually remain open for 30 days following the public sale. During this time, it is possible for other interested buyers to submit bids. If another buyer submits a bid higher than the previous highest submitted bid, that bidder will be awarded the property.
Although the right of redemption is granted in other states, this is not the case in South Carolina. This means that the original homeowner is not granted the right to reclaim the property in question by paying off the loan during a specified time period following the foreclosure. Keep in mind that even though you do not need to be concerned about a right of redemption, you should conduct due diligence to ensure there are no other liens on the property. When a homeowner is unable to pay their mortgage, he may find it difficult to pay other expenses. This can sometimes result in a second lien on their home. Examples of such liens include:
- Property tax liens
- Income tax liens
- Contractor liens
- Homeowner’s association
If you want to buy a foreclosure in South Carolina, check with the courthouse to ensure that there are no second liens attached to the property. Otherwise, you may find yourself in a situation in which you are responsible for additional expenses for the foreclosed property you purchase.
Buying South Carolina foreclosed homes can be an excellent way to purchase a home at less than market value. By educating yourself about the process, you can be well informed about what you should expect. Use RealtyNow to shop for foreclosed homes today.