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Bidding on Foreclosures

If you are interested in bidding on a property being foreclosed upon in Charleston County which is scheduled to be auctioned for sale in the near future, you may find the following helpful to know:

What is the Master in Equity?

When real property is ordered to be foreclosed in Charleston County, a judge called the Master in Equity will issue an order directing the mortgaged premises (or a part thereof as required to satisfy the claims established) be sold by or under the direction of the Master.

The judgment (often called a Master's Order of Foreclosure & Sale) will contain a legal description of the property being sold, a provision for the necessary legal advertisement, the time and location of the sale, and notice of any liens, taxes or other rights to which the property to be sold is subject.

All Master's Order of Foreclosure & Sale and related documents can be viewed on the county's home page, www.charlestoncounty.org.

Where is the legal advertisement?

All legal ads in the newspaper also will have the terms of the sale and are run for three consecutive weeks in a local newspaper.

Can I attend the foreclosure sale?

A foreclosure sale is a public auction, and anyone may bid on any property for sale. If you plan to bid on a property at the auction, you should make sure you understand the bidding requirements.

How do I register?

All bidders and spectators are required to fill out a Charleston County Foreclosure Auction Bidder Registration Form (click here) and submit a copy of your valid Government-issued photo ID this must done by Monday by 12:00 pm prior to the sale. Please forward to cyarborough@charlestoncounty.org or mail to: Bidder registration, Master in Equity, 100 Broad Street, Suite 266, Charleston, SC 29401. THERE WILL BE NO REGISTERING OF BIDDERS ON THE DAY OF THE SALES.

What should I do in preparation for the auction?

The Master's Office has NO knowledge of the physical condition of any of the properties listed. We do not have keys, nor do we guarantee the title. The Master's Deed is not a Warranty Deed. Interested bidders should satisfy themselves as to the quality of title to be conveyed by obtaining a title search before bidding on a property. If any property taxes are due, they will be the responsibility of the successful bidder.

What happens if I am the winning bid on a property?

If you are the successful bidder, you have until 4:00 pm the day of the sale to pay 5% of your bid in cash or certified funds made payable to the Charleston County Master in Equity. You have 30 days from the date of the sale to fully comply with the Terms of the Sale. Failure to comply will result in the forfeiture of your deposit, loss of your right to bid at future auctions, and the responsibility for the associated cost for the re-sale of the property.

When are auctions held?

Sales are held on the 1st Tuesday of each month at 11 am. If a deficiency judgment has been demanded (also referred to as Reopens), the bidding remains open for (30) days, at which time the property again goes up for sale.

Where are the auctions held?

Sales are held in the County Council Chambers, Public Services Building (PSB) located at 4045 Bridge View Drive, North Charleston, SC.

Deficiency judgment sales a/k/a reopen sales are held in the 2nd floor Master in Equity courtroom (2A), 100 Broad Street, Charleston, SC.

Where can I get a list of the properties going to be auctioned?

The Master's Auction List is continuously updated online. The most current list can be found at https://www.charlestoncounty.org/foreclosure/runninglist.html.

What are deficiency sales (Reopens)?

Some Plaintiffs seek a deficiency judgment against the Defendant. This means the Plaintiff is not only foreclosing its mortgage but also seeks a personal money judgment against the Defendant. The Plaintiff has the right to waive its demand for a deficiency judgment up until 7 days before the original sale. If a deficiency judgment has been demanded, the bidding remains open for (30) days. On the 30th day after the initial sale, the property is again auctioned, and the highest bid is accepted. The Plaintiff makes only one bid at the initial sale and is not allowed to bid again. If no higher bid is made at the second sale, then the Plaintiff's bid prevails. If a Third Party bids at this sale, they are also not allowed to bid at the second sale but are required to put the 5% deposit at the first sale. These sales are held in the 2nd floor Master in Equity courtroom (2A), 100 Broad Street, Charleston, SC.

Why did the property I want to bid on not go to sale?

There are many reasons why the property may not go to sale. The Defendant may have filed bankruptcy, or entered into a loan modification, forbearance agreement, short sale, deed in lieu of foreclosure with their lender, etc. Also the court retains the authority to pull the sale.

Haven't found the answer to your question?

Thank you for your interest in foreclosure sales. This page was prepared in an effort to answer the most frequently asked questions about this process. If you have further questions, please contact the Master-in-Equity Office at (843) 958-5070.