How to Buy South Carolina Foreclosures

A judicial process of mortgage foreclosure is generally followed by the State of South Carolina. Consequently, after the owner of the property is given the notice of default; it could take more than five months before the public auction of foreclosure sale takes place.

To wait till the foreclosure property becomes Real Estate Owned is not advised, because it would, more often than not, sell for more than it would have during preforeclosure.

If the amount that the property sells for at the public foreclosure auction sale is less than what is remaining on the primary mortgage then a deficiency judgment is provided to the lender.