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

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

North Charleston

Even long-time locals are amazed when they are told or reminded that the city of North Charleston did not even exist before 1972.  With the scenic Ashley River on its western border and the sea-going Cooper River on the right, the city has annexed or redeveloped an extraordinary amount of prime real estate to quickly… Read More

Isle of Palms

The slender barrier island that is the Isle of Palms (IOP) is best known as Greater Charleston’s most popular public beach for tourists and families with small children, but it is also home to the Wild Dunes Resort, Marina, and its amazing golf courses. Sitting off the Mt. Pleasant coastline just north of its Sullivan’s… 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

See More Charleston Areas