South Carolina foreclosures which are on the rise offer an excellent opportunity to home buyers and investors to buy properties at rock bottom prices. So if you are on a limited budget and wish to buy a home in a city with a good quality of life or you are an investor who wishes to repair and resell property for a profit, South Carolina foreclosures are the right choice.
Investing in South Carolina foreclosures is attractive for many reasons. This state is located by the side of the Savannah River and bordered to the East by the Atlantic Ocean. It has several major lakes covering 683 square miles. It has a humid sub tropical climate.
South Carolina developed a thriving cotton textile industry, at the beginning of the 20th century. It also converted agriculture from cotton to more profitable crops, encouraged a booming tourism sector and invited large military bases. GSP of the state in 2007 was $153 billion. Per capita income was 76% of national average.
South Carolina has a diverse collection of institutions of higher education. They range from large universities that are state funded to small colleges promoting liberal arts, military or religious traditions. College sports are very popular in the state. The state hosts many water sporting activities like surfing, deep sea fishing, shrimping and boogie boarding. Bass fishing tournaments are popular and water based activities abound in Lakes Marion and Murray and rivers like Congaree, Broad, Edisto and Saluda.
South Carolina is a judicial foreclosure state which requires the lender to sue the borrower in the county where the property is located. If the court finds the home owner is in default it will declare a period in which the latter can cure his default. If the borrower fails to do so, the court orders for the resale of the property or issues notice to implement Foreclosures.
A notice of sale must be published for 3 weeks before the sale and posted at the court house and 2 other public mediums (like local newspapers). The sale will be conducted on the first Monday of the month between 11 am and 5 p.m. in the form of a public auction by the Sheriff at the local courthouse in the county. The sheriff will provide the deed to the highest bidder.
Lenders can sue for any deficiency balance and the borrower loses his right of redemption. When lender sues for deficiency judgment, the court may order a second sale (30 days after first sale) in which the borrower or any third party may bid for the property.
This is the procedure for South Carolina foreclosures as they are taken for auction in the County courthouse. By taking the assistance of local lawyers and getting familiar with local laws, one can bid successfully for South Carolina foreclosures.