South Carolina tax sales are unique. South Carolina is considered a redeemable deed state, but it is looked upon by some investors that invest there as a tax lien state. That’s because unlike the redeemable deed state of Texas, in SC you are not issued a deed until the redemption period is over. The interest rate earned on these SC tax liens (or redeemable deeds depending on how you look at it) is 12% per year which is actually applied as a 3% penalty every quarter. The price of the lien is bid up from the opening bid, which consists of back taxes and penalties. The penalty is paid on the full bid amount with the caveat that the penalty amount paid to the investor cannot exceed the opening bid.
To hear an example of how this works and to learn more about South Carolina tax sales, listen to my latest podcast on iTunes below. You’ll want to listen now because some South Carolina tax sales are coming up the first week in November. In this podcast I’m interviewing Jeff Frantz from Tax Title Services and you’ll also learn how you can clear the title to your tax foreclosed properties. Enjoy!
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