Myrtle Beach Foreclosures

Buying Foreclosures at Auction

The mortgage holder can usually initiate foreclosure anytime after a default on the mortgage. They will normally work with the buyer in many ways to avoid court proceedings, but if the owner can't meet the mortgage payments, foreclosure is usually unavoidable.

The most important type of foreclosure is foreclosure by judicial sale. This is available in every state and is the required method in South Carolina. It involves the sale of the mortgaged property done under the supervision of a court, with the proceeds going first to satisfy the mortgage, and then to satisfy other lien holders, and finally to the mortgagor. Because it is a legal action, all the proper parties must be notified of the foreclosure, and there will be both pleadings and some sort of judicial decision, usually after a short trial. Our foreclosure hearings are held the first Monday of each month. Usually the regular attendees have viewed the various properties and know which ones they will bid one, and how much they are worth.

A property owner can also choose to try and sell before the court hearing, either outright, or by entering it into a private real estate auction. When multiple parcels are available in private auctions, prices stay low, and those that attend can often buy for far below the appraised value as well.

Local Myrtle Beach foreclosure agents attend the county real estate auctions monthly and can assist you in finding the best deals. Just ask them! We've found that many distressed sellers are using the service, and there is always a good selection of homes for sale, oceanfront lots, and all types of beachfront real estate pre-foreclosure property.