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

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

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

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