VIII. Appraisal Rights and Statutes

• Library: South Carolina Foreclosure Law Manual (2021 Ed.)

VIII. Appraisal Rights and Statutes

A party-defendant/borrower against whom a deficiency judgment has been entered (even if she has not previously answered or appeared in the foreclosure action) has 30 days after the foreclosure sale to petition the court for an appraisal of the property.¹⁹⁰ The petitioner must first pay the costs of the action, and the court will appoint three state-certified residential real estate appraisers or state-licensed real estate appraisers.¹⁹¹ The petitioner will designate one; the deficiency judgment creditor will select the second; and the court will designate the third. The appraisers must be disinterested, and not related to any of the parties. Within 30 days of their appointment, the appraisers will decide by majority the value of the subject property as of the date of the foreclosure sale.¹⁹² If it is determined that the difference between the appraised value and the foreclosure's sale's price is less than the deficiency judgment, the appraised value will be substituted for the final foreclosure sale's purchase price for the purpose of determining the amount of the...