What is a Foreclosure Sale?

This type of sale typically occurs on the county courthouse steps and is an attempt by the lender to sell the property to the public. The appropriate Master-in-Equity office facilitates a foreclosure sale by a bidding process. The lender determines a minimum bid based on the current market value less some type of discount. The lender will usually make the “opening” bid only, thereafter, other potential buyers can join in the bidding process.

Please consider some of the drawbacks and obstacles when attempting to purchase a property at foreclosure. As with short sales, research and due diligence by a buyer are critical to that buyer having a good experience with this type of purchase!

Browse Some Charleston Areas

Seabrook Island

Seabrook Island has got to be Greater Charleston’s most enigmatic community. It is a true resort community known best for being Kiawah Island’s next door neighbor and is one of the most internationally recognized Islands in South Carolina, yet it’s not even an island, and though it’s a fully guarded and gated community, it’s also… Read More

Sullivan’s Island

In a region where coastal living and American history are the hallmarks, Sullivan’s Island is easily the compelling of all the islands of Greater Charleston. For locals, there are no finer beaches than those on Sullivan’s (aka Sully’s or Sully’s I). The views and angles are spectacular, the sands are white and broad, and the… 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

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

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