South Carolina Foreclosures and Foreclosed Homes for Sale

Although South Carolina requires all foreclosures to be approved by a court, the process is not a lengthy one. The average length of the foreclosure process in South Carolina is six months, which includes all time spent filing paperwork and in court. Compared to many states with judicial processes, which can take up to 18 months, South Carolina has a relatively quick system.

Once a borrower is in default of a loan payment, the lender can file a lawsuit to obtain the full amount of the loan. Notice of the pending lawsuit must be given to the borrower in person, within 20 days of the filing. If the lender cannot successfully notify the borrower, the court will allow the lender to publish the notice in a local newspaper for three weeks as a substitute. Once the borrower has been notified, they have 30 days to respond to the complaint. After this time, if the loan amount still has not been paid, the court will usually authorize the foreclosure of the home.

Bidding on a foreclosed home at auction in South Carolina can be difficult. For this reason, it is beneficial to consult with a real estate agent prior to the auction date. South Carolina law requires a five percent deposit on a winning bid immediately after purchase, with the full amount due no later than 30 days after the auction. A qualified Realtor can facilitate this process by assisting you in obtaining a loan for the amount due, if necessary.

In addition, South Carolina allows lenders to claim a deficiency judgment if there is remaining debt which is not paid off by the sale of the property. If the lender pursues this claim, the sale of the home is not considered complete until 30 days after the end of the auction. The available options during this time period are confusing to many bidders, which can make the services of a real estate agent a necessity.

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