Legal Question in Real Estate Law in South Carolina
Foreclosure, without attorney
I live in WA state, I own a building in SC that a person was purchasing from me. I am the loan agent, I owned the bld. free and clear. The contract was up Oct. 1st, 2006. He has not finished paying. I have given him every opportunity to pay off. Now there is no contact. I want to foreclose, atty. in SC will do it but it costs 2,000.00 min. Can I do the foreclosure myself to save on fees. Also this person that is purchasing my building lives in NY. The deed is in his name, and I have to get changed back into mine.
1 Answer from Attorneys
Re: Foreclosure, without attorney
Just as you would pay a mechanic to replace blown head gaskets in your car, or paying a dentist to fix your teeth, paying an attorney to do this foreclosure is money well spent.
In WA the law provides that when a party is forced to bring suit to enforce a real estate contract, the losing party is required to pay the attorney fees for the prevailing party.
But the attorney can't work on the presumption of fees to come in the future, he needs to have his time and costs covered now. Any money recovered from the litigation belongs to you once your attorney fees are paid, because he cannot be paid twice. $2,000.00 is eminently reasonable as a retainer for this foreclosure action - or it would be here, anyway. It could cost more. It would still be reasonable.
As part of the foreclosure action, the attorney will deal with having the property deeded in your name again.
Each state has its own rules and proceedures, and a local attorney who handles matters like this is in the best position to take care of this for you.
Hope this helps. Powell
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