Foreclosure Sales

STANDARD TERMS OF SALE

         A foreclosure sale is a judicial proceeding.  Anyone attempting to interfere with, disrupt, or chill the bidding in any sale is subject to penalties for contempt of court, which include possible fines and/or incarceration as determined by the Master in Equity or Special Referee who ordered the sale.  
          A sale will be withdrawn from the sale if a bidding agent from the Plaintiff is not present.
      Successful 3^rd party bidder MUST POST 5% in cash or certified funds with the sales officer at the conclusion of the sale.  Personal checks are not acceptable.  A bidder shall have 20 or 30 days as stated in the Notice of Sale (NOS) to comply with the balance of the bid.  Please read the NOS.  The winning bidder is responsible for deed stamps, deed preparation, and recording fees.  The cost for recording the deed and the cost of stamps is paid to the Pickens County Treasurer and not collected by the Equity Court.  A bidder must pay interest from the sale to the date of compliance at the rate outlined in the NOS or the Court order.
       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 the current year and any back taxes.
       Sometimes the property is sold subject to a mortgage(s), 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 will 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 monetary 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. Properties can be pulled from sale for many reasons up until the moment they are offered for sale.
      A foreclosure deed is not a warranty deed, and all sales are subject to any matters which would be disclosed by an independent title search.  All bidders are advised to satisfy themselves as to the status and quality of the title by an independent title search.
     Thank you for your interest in our sales. This fact sheet is prepared to answer the most frequently asked questions. As always, we are happy to help you understand our process.
     This fact sheet is in no way a representation or warranty nor intended to be relied upon concerning any aspect of Equity Court Sales. Any questions should be directed to a licensed attorney.