Foreclosure Bidding Process

At times, bidding on a property at foreclosure can seem like a leap of faith. There are many unknowns to a potential buyer standing at the courthouse steps. For many buyers, it will require a strong constitution and a significant desire for a specific property to be able to commit to making a sizable investment without having all of the definite answers about the property. Here are some of the reasons why:

  • Typically, a buyer will not have prior access to the property for inspections or an appraisal.
  • The sale is always “as is” and must be a “cash” purchase. The sale becomes final after 10 days of the bidding date.
  • Buyer will not know the lender’s opening bid until a few days prior to the sale. For many potential buyers, this makes it difficult to plan for the necessary funds.
  • Buyer will be required to make a 5% “cash” deposit, based on the purchase price, on the actual day of the sale.
  • Buyer must pay the balance due within a couple of weeks of the sale or risk forfeiting the entire cash deposit remitted the day of the sale.

Browse Some Charleston Areas

Summerville

Positioned at the northwestern edge of Greater Charleston along the west side of I-26, Summerville is a cornerstone of the North Area of Greater Charleston, and is the purest example of “small town America” in the South Carolina lowcountry. Known best as Flowertown USA, Summerville boasts stunning public azalea gardens, rolling landscapes, atypical roadways, and… Read More

Mount Pleasant

With the third largest population among the municipalities of Greater Charleston (5th in the state), Mount Pleasant is arguably the most popular bedroom community in South Carolina. With the major container ship facility at the Wando Port and tourism providing the bulk of its industry, most Greater Charlestonians would agree that the real business of… Read More

West Ashley

The part of the city on the West bank of the Ashley River is commonly called “West Ashley,” which is the City’s largest bedroom community and retail district and is home to the historic Ashley River plantation district. The West bank of the Ashley River is also the original birthplace of Charleston, as celebrated at… Read More

Goose Creek

The City of Goose Creek is located at the southern edge of Berkeley County, slightly north of North Charleston. The City encompasses 41 square miles, reaching from the Cooper River on the east to I-26 on the west. The population in 2007 was estimated around 36,466, making Goose Creek the 10thlargest City in South Carolina. The City… Read More

See More Charleston Areas