Housing data showed that the number of foreclosed properties, including single family foreclosure, has been rising in Charleston County, South Carolina since 2006. According to housing market observers, this number has multiplied by as much as six times since the start of the real estate crisis four years ago.
Most of the foreclosed homes in Charleston are auctioned off every two weeks at the Charleston County Judicial Center. Local reports reveal that auctions of foreclosures used to be held at the steps of the courthouse, but the increase in number necessitated moving the auction inside one of the county's court rooms.
According to local officials, the continuous rise in the number of foreclosures in South Carolina is a sad occurrence, but borrowers are always given a chance to plead their cases in court and find alternatives to foreclosures. They stated that lenders do not declare a mortgage in default until the borrower is three months behind, but once the loan has been deemed delinquent, the process to foreclosure will be quick.
Area housing data showed that foreclosed properties, including single family foreclosure, numbered around 550 in 2006. In the current year, analysts are expecting that number to reach as high as 3,000. They reveal that most of these homes will not be sold to third party buyers but will revert back to lenders. This is so because the state of South Carolina follows the judicial method of processing foreclosures, which means that every case will have to be addressed by the courts.
Properties from foreclosure listings are usually auctioned off at the Judicial Center every Tuesday of the first and third week. Bidders have reported that the auction process is a good way to sell off the properties, with the process almost similar to that of eBay bidding. One home buyer reported winning a residential property for a bid of a little over $330,000, with the actual worth of the house estimated at $450,000. Five percent of the winning bid amount was required right after the bidding.
Auction officials have advised people who wish to bid for single family foreclosure or any other type of foreclosed property to do their homework properly before making any bid. Finding out everything they can about the property will help them get better bargains, officials have added.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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