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.

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showing 1-10 of 231

1120  Old Camp Rd Bonneau, SC 29431
$529,500 - 1120 Old Camp Rd Bonneau, Sc 29431 @ Macedonia
MLS#
BR1310833
Class:
Residential
Status:
Active
Beds:
10
Baths:
6 Full / 2 Half
BANK OWNED, NOT A SHORT SALE- CAN CLOSE QUICKLY! UNBELIEVABLE 10 BEDROOM, 6319 SQ FT HOME LOCATED IN THE HEART OF THE COUNTRY BORDERING THE FRANCIS MARION NATIONAL FORREST, ON 16.59 ACRES. THIS MASSIVE ESTATE IS PERFECT FOR A LARGE FAMILY, A 2ND HOME RETREAT, OR EVEN A HORSE FARM, COMPLETE WITH A 2000 SQFT STORAGE BUILDING THAT COULD BE HORSE...

1755  Central Park Rd Charleston, SC 29412
$139,900 - 1755 Central Park Rd Charleston, Sc 29412 @ Regatta On James Island
MLS#
BR1306334
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
** First Floor Unit in Great Condition ** Ready to Move in to Now ** Fantastic Location Just Minutes to Downtown Charleston or Folly Beach ** Nice Resort Style Amenities w/ Onsite Management ** Granite Countertops, Maple Cabinets & Stainless Steel Appliances ** Built-in Desk ** Special Financing Available **

210  Shipwatch Villa Isle Of Palms, SC 29451
$475,000 - 210 Shipwatch Villa Isle Of Palms, Sc 29451 @ Wild Dunes
MLS#
BR1216633
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
A must see!!! Great ocean views and views of the pool and landscaped grounds. Shipwatch is one of the best managed complexes in Wild Dunes and has an onsite manager. It features two pools (separate adult and kiddie pools) surrounded by travertine tile, a beach gazebo, wi-fi service, manicured lawns, and one of only two playgrounds in the reso...

329  Reagan Drive Summerville, SC 29483
$95,900 - 329 Reagan Drive Summerville, Sc 29483 @ Cedar Springs
MLS#
BR1309205
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
Minutes from I-26, Boeing, Summerville and Goose Creek shopping. Seller purchased from builder, one owner of this very well maintained single story with 2 bedrooms and 2 full baths and sunroom or use as 3rd bedroom. Spacious master bedroom 12x16 with large walk in closet. Kitchen has large breakfast bar,dining area and pantry. Great room with...

269  Alexandra Dr Mount Pleasant, SC 29464
$125,000 - 269 Alexandra Dr Mount Pleasant, Sc 29464 @ East Bridge Town Lofts
MLS#
BR1308885
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
Alexandra: This charming upstairs 2 bedroom 2 bath condo has been updated in the last few years with new cabinets and wood flooring in living room. It is in walking distance to Waterfront Park and the Ravenel Bridge. Wood burning fireplace in the living room and extra storage is located on the private patio. This complex has a multitude of am...

201  Briarwood St Walterboro, SC 29488
$32,500 - 201 Briarwood St Walterboro, Sc 29488 @ Sherwood Forest
MLS#
BR1300953
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
This home is a fixer-upper and is priced to sell. It features 2 bedrooms, 1 bath, Living Room, Kitchen and Separate Dining Room. Both bedroom, living room, dining room have hardwood floors. The front porch and garage has been enclosed for more square footage, central heat and air. If sq. ft. is important please measure.

1003  Basildon Rd Mount Pleasant, SC 29466
$149,900 - 1003 Basildon Rd Mount Pleasant, Sc 29466 @ Park West
MLS#
BR1309983
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
** Nice First Floor Unit Freshly Painted Throughout and New Carpet Installed ** Great Location in Park West w/ All the Amenities and Award Winning Schools ** Screened Porch ** Nine Foot Ceilings ** Corian Countertops and Maple Cabinets ** Special Financing Available **

292  Sea Cloud Cir Edisto Island, SC 29438
$139,000 - 292 Sea Cloud Cir Edisto Island, Sc 29438 @ Wyndham Ocean Ridge
MLS#
BR1227639
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
Lovely 2BR condo on Edisto Island. Spacious living area with a wood burning fireplace. Nice sized kitchen opens to the LR/DR combo. Balcony overlooks the 18th hole of the Plantation Course. Relax and enjoy the gorgeous Charleston weather on the screened porch! This is a great opportunity to live close to the beach and have resort amenities th...

5725  Dewsbury Ln North Charleston, SC 29418
$50,000 - 5725 Dewsbury Ln North Charleston, Sc 29418 @ Collins Park Villas
MLS#
BR1202169
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / 1 Half
VALUE, VALUE, VALUE. Check out the competition and see why this home offers such great value. As you access the property the functionality of the floor plan is most compelling. The generous family room opens into a spacious dining room which leads into the kitchen area served by a breakfast bar. The kitchen offers plenty of counter space and ...

711  Temple Rd Ladson, SC 29456
$49,000 - 711 Temple Rd Ladson, Sc 29456 @ Crowfield Village
MLS#
BR1300899
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
Hurry for this one! All low price condo or townhome gone quickly. This 2 BR 2BA duplex won't last long. Brick exterior built in 1986 need a little tlc. This is a short sale. There is a fireplace in the living room. Very open floor plan. Has huge back yard and faceing wood. Great rental and convenient location. House selling as is and subject ...

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 2013 Charleston Trident Multiple Listing Service, Inc. All rights reserved.

showing 1-10 of 231

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