What is a foreclosure sale?
A foreclosure sale is the public auction of a property at the courthouse steps (or online venue) by the sheriff or court officer after a lender has completed legal foreclosure proceedings in South Carolina.
In South Carolina, a foreclosure sale is the sheriff's auction of a property that a mortgage lender has repossessed through the court system. Once a homeowner defaults on their loan and the lender obtains a judgment, the property is sold to satisfy the debt. The auction typically takes place at the county courthouse or other designated public location in the county where the property is situated.
The sale date is set by court order and becomes part of the public record. South Carolina law requires the sheriff to advertise the sale in a newspaper of general circulation in the county for at least three consecutive weeks before the auction date. The notice must include the property address, sale date, time, and basic terms. Sales are usually conducted on the courthouse steps on a specified day, though some jurisdictions now offer online bidding platforms.
At the foreclosure sale, the property goes to the highest bidder, who typically must post a deposit on the spot. Bidders at these auctions range from investors to owner-occupants seeking property below market value. The proceeds are used first to pay the sheriff's fees and costs, then to the lender, and any remaining funds go to junior lienholders or the homeowner. Understanding the timeline and requirements of the sale process is important for anyone facing foreclosure defense options or planning a purchase at auction.