• Slideshow Image1
  • Slideshow Image2
  • Slideshow Image3
  • Slideshow Image4
  • Slideshow Image5
  • Slideshow Image6
  • Slideshow Image7

Short Sales vs. Foreclosures

As a home buyer, it is important to know the difference between a short sale and a foreclosure.

During the boom time in real estate the answers were much different than today. At the peak of the market, the definition of a short sale was a property that sold the day it was listed. The term foreclosure was almost a foreign term because sellers were able to sell their homes if they were having trouble making their payments and quite frankly, there were not many.

So what exactly is a "Short Sale"?

A short sale is the process of a seller obtaining an offer on their property and then trying to convince the bank to accept less than what is due.  For example, a seller owes $250,000 on the house, but can only get $200,000. The bank has a lien on the property and this debt must be cleared in order for the house to be sold.

The difference between a short sale and a foreclosure.When considering looking at short sales or foreclosures, you must first understand that a short sale is a much more difficult property to obtain. The two are like apples and oranges when it comes to a buyer's experience.

What Makes a Foreclosure Different Than a Short Sale?

A foreclosure is a property that has already been taken over by the bank. The seller was unable to keep up with payments and simply had to relinquish the property back to the bank. Foreclosures are fairly straight-forward sales because the banks typically do not want to be "home owners"; they want to be "home loaners".

Your Time Is Valuable

When looking at a short sale property, keep in mind that you may not be able to buy it.

Ask yourself this question, "Can I put my plans on hold and wait 4 months (or even a year) for the bank to decide to accept a short sale?"

If the answer is no, then avoid short sales. If you are okay with waiting, then a short sale may prove to be a good choice if the price seems right.

Foreclosures are More Straight Forward

With bank owned homes, you can typically close quickly and the main factor to keep in mind is that many people look for foreclosures, so if you find one you like act quickly, and secondly, they are sold as-is. The sellers generally do not make repairs on the property.

We have included all of the areas short sales and foreclosures. If you need more specific explanation or would like to know what pitfalls to watch out for when pursuing these properties, feel free to let us know.

Sort By: MLS# Price City Subdivision Beds Baths   Limit: 10 | 20 | 30 Per Page

showing 1-8 of 472

89 BEAUFAIN ST Charleston, SC 29401
$2,500,000 - 89 Beaufain St Charleston, SC @ Harleston Village
MLS#
BR1127276
Class:
Residential
Status:
Active
Beds:
5
Baths:
5 Full / 2 Half
Two houses--The William Steel House, circa 1815 and guest house built in 2005. Neo-classical main house has been totally renovated and is classified as "Valuable to City" and Category One. Elegant formal rooms open to downstairs piazza. Exquisite hand carved mantles and moldings in many rooms. Sparkling heart pine floors. Gourmet kitchen and ...
 View Listing
43 SOUTH BATTERY Charleston, SC 29401
$1,750,000 - 43 South Battery Charleston, SC @ South Of Broad
MLS#
BR1122154
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
Lender owned property. Fabulous downtown location on South Battery. This Victorian style home features 12 ft ceilings, seven fireplaces, gorgeous hardwood floors, upgraded Gourmet kitchen and an awesome rooftop deck! Enjoy relaxing views of the Charleston Harbor from the double piazzas and deck. Landscaped lawn with irrigation. Property offer...
 View Listing
5881 BEARS BLUFF RD Wadmalaw Island, SC 29487
$1,425,000 - 5881 Bears Bluff Rd Wadmalaw Island, SC @ Wadmalaw Island
MLS#
BR1119909
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
LENDER OWNED!! LARGEST RECREATIONAL TRACT CURRENTLY AVAILABLE ON WADMALAW! PROPERTY CONSISTS OF TWO ADJACENT TRACTS TOTALING 118 ACRES. TOPOGRAPHY HAS A NICE ROLL WITH SUBSTANTIAL CHANGES IN ELEVATION. BEAUTIFUL NATURAL HARDWOOD/ PINE FOREST, YOUNGER VOLUNTEER PINE, BEAUTIFUL HIGH HILL WITH MARSH VIEWS AND A 3.5 ACRE SALTWATER POND. A BIG SAL...
 View Listing
47 MONTROSE RD Mount Pleasant, SC 29464
$1,250,000 - 47 Montrose Rd Mount Pleasant, SC @ Ion
MLS#
BR1204143
Class:
Residential
Status:
Active
Beds:
6
Baths:
5 Full / 1 Half
BANK APPROVED PRICING AND SHORT SALE! Dont be afraid any longer...bring your buyers in..this deal will close! You get so much with this great house....starting with a very pleasing, bright and open floor plan which is designed for gracious and spacious family living and entertaining. Brazilian cherry flooring runs throughout the home. As you ...
 Virtual Tour View Listing
546 FAULKNER DR Mount Pleasant, SC 29466
$1,190,000 - 546 Faulkner Dr Mount Pleasant, SC @ Alston Point
MLS#
BR1205822
Class:
Residential
Status:
Active
Beds:
5
Baths:
4 Full / 1 Half
Custom Elevated Home on Alston Creek with Inground Pool, Dock and Boat Lift. Located on 1.4 Pristine acres this Beautiful home as it all. Enjoy the Panaramic Long Range views of Alston Creek and the Wando river! Large Gourmet Kitchen with Granite Counters, Hardwood Floors, Upgraded Stainless Steel Appliance, Pantry and Eat-in Area. The Spacio...
 View Listing
837 BRIDGE POINT CIR Mount Pleasant, SC 29464
$1,150,000 - 837 Bridge Point Cir Mount Pleasant, SC @ Harbour Watch
MLS#
BR1106081
Class:
Residential
Status:
Active
Beds:
6
Baths:
4 Full / 1 Half
Gorgeous home in a wonderful location. This house has it all! Large living room with fireplace, dining room, and large kitchen. There is also a beautiful library with mahogany shelving, master bedroom with fireplace and huge master bath. The downstairs has beautiful old heart-of-pine flooring. Second floor consists of four additional bedrooms...
 Virtual Tour View Listing
39 PERSEVERANCE ST Mount Pleasant, SC 29464
$1,149,000 - 39 Perseverance St Mount Pleasant, SC @ Ion
MLS#
BR1210347
Class:
Residential
Status:
Active
Beds:
6
Baths:
4 Full / 1 Half
Built by ALKA Construction in 2006, this beautiful 6 bedroom/4.5 bath home has all the bells and whistles. The first floor has a large great room with fireplace, gourmet kitchen, separate dining room, study, and wet bar. Kitchen includes granite countertops, Wolf range, subzero refrigerator, and vegetable sink. The second floor has a Master b...
 View Listing
2634 BOHICKET RD Johns Island, SC 29455
$1,121,250 - 2634 Bohicket Rd Johns Island, SC @ Fair Oaks
MLS#
BR1210807
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
***BANK OWNED*** This amazing waterfront estate affords spectacular marsh views from the kitchen, great room, master bedroom and several other rooms in this incredible renovated home. The original property was taken down to the studs and an addition was added to create a luxury waterfront retreat. The renovation was documented in several loca...
 View Listing

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Carolina One Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

Copyright 2008 Charleston Trident Multiple Listing Service, Inc. All rights reserved.

showing 1-8 of 472

Full MLS Access









Search Advanced Search Reset Search

Area Information

Find homes for sale and explore any area of Charleston by using the links below.

Active Homes for Sale

Downtown Charleston 1010
Daniel Island 267
Mt. Pleasant 1561
West Ashley 884
James Island 473
Folly Beach 228
Johns Island 574
Sullivans Island 64
Edisto Island 370
Isle of Palms 165
North Charleston 1860
Goose Creek 647
Ravenel & Hollywood 415
Hanahan 180
Summerville 1221
Wadmalaw Island 127
Wild Dunes 242
Kiawah & Seabrook 478

Buying a home from you was like buying from a family member. You were honest, straight-forward and I could tell you were really looking out for my best interests at every turn. Beth Epstein

Well your low key approach worked. Not only did you sell our house in this challenged market in 23 days, you found us a great new home and the transition was seamless! We are really happy in our new home. Brian and Wendy Rollings

You were very honest, direct and I knew you were genuine when you talked us out of buying a house because of the location. Thanks for everything!. Kirk Matenaer

I commend you particularly for politely putting up with my sometimes cantankerous, if not outright offensive, goading for results; I now realize I was in excellent hands all along, and I could not have asked for better or more courteous direction in the whole process. Dr. Adam Smolka

Your research and explanation of the entire process left us feeling confident in your abilities to follow through and get the deal done like it should be. Bill Chakos

Your experience, your calming demeanor and your ability to consult us in such a streamlined fashion was invaluable. Tonya Chakos

We sincerely believe Nat's competence, hard work, attention to detail, and most important his immediate action were the reasons our home sold in one day. We are now able to make plans to relocate. Victoria and Daniel Doyle