Friday, December 18, 2009
Thursday, December 17, 2009
Basic Facts about Foreclosure Sales in Greenville County
Basic Facts about Foreclosure Sales
Generally
Sales are usually the first Monday of each month at 11:00 A.M. held in Courtroom 5, Third Floor, County Courthouse, Judicial Wing. When the first Monday is a legal holiday, then the sale will be the next day, Tuesday.
Public Notices are published in The Greenville News classified ads section and published for three (3) Friday prior to the sale.
A Master's deed is not a general warranty deed. It is suggested that you obtain a title opinion from a licensed attorney prior to bidding on any property.
Each property is usually sold subject to any past due or accruing property taxes, assessments, existing easements and restrictions of record. That means if you purchase the property, you pay current year and any back taxes. You can check this amount at the County Tax Office at County Square on 301 University Ridge, Greenville, SC. It also means you purchase the property subject to any senior items of record.
At the Sale
If you are the successful bidder at our sale, you are required to deposit five (5%) percent of your bid in cash or certified check at the time your bid is accepted. Please make certified checks payable to Master in Equity. You cannot leave the sale and come back with your funds. As a general rule of thumb, you know how much money you are willing to pay for a property. It is suggested that you bring 5% of that amount with you. In other words, IF YOU DON'T HAVE THE FIVE (5%) PERCENT WITH YOU, DO NOT BID.
Generally, you have twenty (20) days from the sale to bring in the balance of your bid and pick up your deed. The Foreclosure Order and advertisement covers the terms of sale for each case. READ IT. We ask that you call our office at least one (1) day in advance so we can have the deed ready. Deed preparation cost is $25.00 in addition to your bid. The successful bidder also must pay interim interest on the bid from the date of sale through the day of compliance. Call (864) 467-8770 and ask for that calculation. There is a cost of $10.00 to the County Treasurer to record the deed and the purchaser must also pay deed documentary stamps. The cost for recording the deed and the cost of stamps are paid to the Treasurer and not collected by the Equity Court.
Unusual Terms of Sale
Sometimes the property is sold subject to a mortgage(s) or judgment(s) or other types of lien(s). That means you not only purchase the property, but you are also buying the obligation and terms of the mortgage(s), judgment(s) or lien(s). The Court will attempt to announce at the sale the balance due on the mortgage(s), judgment(s) or lien(s) as of the sales day.
Some properties are sold subject to the 120 day or one (1) year right-of-redemption of the United States of America or other governmental agencies. That means the Government has a tax lien or some other lien against the property and has the right to redeem the property during the stated time period. If this occurs, you would be reimbursed your sales price with interest by the Government.
Some Plaintiffs seek a deficiency judgment against the Defendant(s). That means the Plaintiff is not only foreclosing its mortgage but is also seeking a money judgment. The bidding remains open for (30) days after the original sales date. On that 30th day, the property is offered for sale again and the highest bid is accepted. The Plaintiff and/or highest bidder at the first sale can only bid one time.
The Foreclosure Order and ad covers all the terms of sale, unless specifically amended by the Court at the time of sale. You may obtain a copy of the order through the Clerk of Court's Officer for Greenville County. Properties can be pulled from sale for any number of reasons up until the moment they are offered for sale.
Attention is drawn to the Court Order on file with the Clerk of Court for Greenville County. The terms and conditions of the actual Court Order, to the extent of any inconsistencies, control over any terms or conditions contained in the Notice of Sale.
Please note, property on the sales docket is not necessarily vacant. The property, until such time as a deed is issued to the purchaser at the Foreclosure Sale, is owned by the current titleholder. You will not have access to inspect the property in question, unless granted by the current titleholder. There is no representation whatsoever, relative to the condition or value of any property sold, and all sales are "as is". Please be aware of this before you bid on a piece of property.
Thank you for you interest in our sales. This fact sheet is prepared in an effort to answer the most frequently asked questions. As always, we are happy to help you understand our process.
This web site is in no way a representation or warranty nor intended to be relied upon concerning any aspect of Equity Court Sales.