Travelers Rest, SC asked in Foreclosure and Real Estate Law for South Carolina

Q: Can you put a down payment on a foreclosure house or does it have to be paid all cash ?

I have 3/4 of the money they are ask for the house.

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1 Lawyer Answer
D. Nathan Davis
D. Nathan Davis
  • Consumer Law Lawyer
  • Licensed in South Carolina

A: Your question is unclear about the status of the foreclosure. If the property has been sold at a foreclosure sale and the lender has purchased the property, the lender can agree to any terms it wishes to accept. On the other hand, if the property is going to be sold at foreclosure sale, the normal rule that you pay 5% of the purchase price on the day of sale with the balance due 30 days later in cash. The Order for Sale of the property will set forth the terms for bidding and for how and when all payments must be made.

The lender cannot sell the property unless and until the property goes through the foreclosure sale process unless the borrower agrees to deed the property back to the lender. There are many title issues that need to be reviewed before you try to purchase a property at a foreclosure sale. Also, you usually cannot inspect the property to determine its true condition until after the sale which means you are buying the property "as is".

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