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 1-30 of 239

89  Beaufain St Charleston, SC 29401
$1,995,000 - 89 Beaufain St Charleston, Sc 29401 @ 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 ...

238  Beauty Berry Ct Kiawah Island, SC 29455
$1,699,000 - 238 Beauty Berry Ct Kiawah Island, Sc 29455 @ Kiawah Island
MLS#
BR1309517
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
This beautiful, sophisticated, stucco home with slate roof is located within Cassique, a Kiawah Island Club neighborhood and is conveniently located to the Cassique Club House and Sports Pavilion. Wonderful, bright, open indoor living area, featuring exposed beams, elevated ceilings and stone fireplace - all opening onto private courtyard wit...

61  Tradd St Charleston, SC 29401
$1,650,000 - 61 Tradd St Charleston, Sc 29401 @ South Of Broad
MLS#
BR1306615
Class:
Residential
Status:
Active
Beds:
5
Baths:
3 Full / N/A
This is a short sale and an excellent opportunity to purchase a pre-revolutionary masonry home in the heart of downtown Charleston at a very reasonable price. A true historical gem located South of Broad, the Carolopolis Award winning Jacob Motte House is one of the earliest residences built in the city on the land originally bought from Robe...

47  Iron Bottom Ln Charleston, SC 29492
$1,499,000 - 47 Iron Bottom Ln Charleston, Sc 29492 @ Daniel Island
MLS#
BR1223444
Class:
Residential
Status:
Active
Beds:
6
Baths:
6 Full / 1 Half
As your tour 47 Iron Bottom you will enjoy spectacular views for almost every window. This is one of the few homes on Daniel Island with panoramic views of the golf course from the front AND back of the home. The windows are big and the home is filled with natural light. What a beautiful environment! There is a large pond just off the tiered rea...

5881  Bears Bluff Rd Wadmalaw Island, SC 29487
$1,275,000 - 5881 Bears Bluff Rd Wadmalaw Island, Sc 29487 @ 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...

243  Delahow St Charleston, SC 29492
$1,099,000 - 243 Delahow St Charleston, Sc 29492 @ Daniel Island
MLS#
BR1312575
Class:
Residential
Status:
Active
Beds:
5
Baths:
4 Full / 1 Half
This is a possible short sale. Owner's paid 1,290,000 for this beautiful Brick Charleston Single Style Home with 5 large bedrooms and a possible 6th bedroom by simply adding a closet to a large room on the 3rd floor! Walk into the large open foyer and you will immediately notice the pristine brazilian cherry floors! Large separate dining room l...

837  Bridge Point Cir Mount Pleasant, SC 29464
$995,000 - 837 Bridge Point Cir Mount Pleasant, Sc 29464 @ 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...

546  Faulkner Dr Mount Pleasant, SC 29466
$895,000 - 546 Faulkner Dr Mount Pleasant, Sc 29466 @ 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...

124  Memes Way Wando, SC 29492
$890,000 - 124 Memes Way Wando, Sc 29492 @ Cainhoy
MLS#
BR1029980
Class:
Residential
Status:
Active
Beds:
5
Baths:
5 Full / 1 Half
This home will take your breath away! The exterior is accented with stone, surrounded by massive porches and balconies. Enter to the marble foyer, detail molding on the ceiling (see picture), formal dining room is on your right and living room with grand fireplace on your left. The open floor plan leads you to the spectacular great room with ...

3104 South Shore Dr Charleston, SC 29407
$824,900 - 3104 South Shore Dr Charleston, Sc 29407 @ Battery Haig On The Stono
MLS#
BR1307515
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / 2 Half
This home located in historical Battery Haig is a MUST SEE for the most discriminating Buyer! Launch your boat from your own private dock and access the Inter Costal Waterway and Stono River. Enjoy breathtaking views and awesome sunsets from the deck and screen porch. This is a Signature Home with upgraded construction. The home boasts so man...

108  Blue Crab Ln Wando, SC 29492
$795,000 - 108 Blue Crab Ln Wando, Sc 29492 @ Yellow House
MLS#
BR1305964
Class:
Residential
Status:
Active
Beds:
6
Baths:
5 Full / 1 Half
***LENDER OWNED*** Southern Estate Style home sits well off Clements ferry Road on 3.13 acres with unobstructed views of the Cooper River. Lot Close to Daniel Island Marina, Beresford Hall etc...House sits on a bluff...First level is finished- could be used as separate living space, nanny suite office, game/media room etc. Elevator goes to al...

73  Woodford St Charleston, SC 29492
$765,000 - 73 Woodford St Charleston, Sc 29492 @ Daniel Island
MLS#
BR1215738
Class:
Residential
Status:
Active
Beds:
5
Baths:
4 Full / 1 Half
Approved Short Sale Price $765,000! You?ll love this backyard Oasis! Lushly landscaped tropical setting with an in-ground PeppleTec swimming pool, water fountain, Jacuzzi, slate stone patio, step up grilling deck & outdoor fireplace? This exquisite home is nestled in the prestigious country club neighborhood of Daniel Island Park & located on a ...

5581  Hyde Park Rd Ravenel, SC 29470
$750,000 - 5581 Hyde Park Rd Ravenel, Sc 29470 @ None
MLS#
BR1224941
Class:
Residential
Status:
Active
Beds:
6
Baths:
5 Full / N/A
19.38 Acres Equestrian Training Center, Ravenel, Charleston Country, SC. The improvements include a 6,834 square foot 21 stall barn, a 1,089 square foot attached apartment, an 80 x 220 riding arena as well as a 2,473 square foot building which includes a 732 square foot garage as well as two apartments located on opposite ends of the building...

2100  Fiddler Island Ln Charleston, SC 29412
$749,900 - 2100 Fiddler Island Ln Charleston, Sc 29412 @ Battery Island
MLS#
BR1305944
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
Foreclosure- not a short sale, can close quickly! Private Stono River deep water estate! 25 min to the Ocean, Charleston Harbor, Bird key, Kiawah by boat. Every bedroom has the most spectacular panoramic views! Home has an abundance of windows, high vaulted ceilings, huge back porch and lots of privacy. Home has additional square footage down...

24  Fairway Village Ln Isle Of Palms, SC 29451
$749,000 - 24 Fairway Village Ln Isle Of Palms, Sc 29451 @ Wild Dunes
MLS#
BR1303305
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
Welcome to 24 Fairway Village Lane, located on Wild Dunes on the Isle of Palms. 24 Fairway Village Lane has some water and golf views of the 3rd and 15th Fairways of the Harbor Course. This 3000 SqFt home has over 30 palm trees of various shapes and sizes and glorious sunsets. There is a large covered porch on the first floor and off the livi...

3229  Cottonfield Dr Mount Pleasant, SC 29466
$740,000 - 3229 Cottonfield Dr Mount Pleasant, Sc 29466 @ Dunes West
MLS#
BR1306474
Class:
Residential
Status:
Active
Beds:
5
Baths:
4 Full / 1 Half
Spacious home situated on 1.1 acre lot on Toomer Creek. Dock with floater and in ground pool. Large living room with fireplace and 18 foot ceilings. There is a formal dining room and study. Spacious kitchen with breakfast area. Spacious family area off kitchen. Spacious deck off living room and family area. Screen porch off kitchen. Lender ow...

4  9Th Ave Isle Of Palms, SC 29451
$699,000 - 4 9th Ave Isle Of Palms, Sc 29451 @ Isle Of Palms
MLS#
BR1201957
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / N/A
Location, location, location! Wonderful lot with view of the ocean! Less than a block to the beach and comfortably close to the beach front pavillion area. Large corner lot. Home was previously a duplex prior to conversion. The sunroom is heated and cooled through door openings and is included in the sq. ft.

422  Pelican Flight Drive Dewees Island, SC 29451
$695,000 - 422 Pelican Flight Drive Dewees Island, Sc 29451 @ Dewees Island
MLS#
BR1304490
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
HUGE PRICE REDUCTION. WAS $795,000. NOW $695,000 Prime location with views over Lake Timicau to the Atlantic Ocean as well as over the lake to the Intracoastal. From the Widows Walk , unsurpassed wrap around views of the island are yours to enjoy. Guest suite with full bath connected to the house by a breezeway. Square footage includes the se...

10  Battery Park Edisto Beach, SC 29438
$569,000 - 10 Battery Park Edisto Beach, Sc 29438 @ Wyndham Ocean Ridge
MLS#
BR1304743
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
Custom 4 bedroom, 3 bath, coastal home overlooking the #14 green and #15 tee box on the Plantation Golf Course with expansive views of lagoons on the golf course, Big Bay Creek and the marshes beyond. This custom home was built by one of Edisto?s Premier builders for his own residence! Spacious 2700 sq ft home features hardwoodOak floors through...

112  Mary Ellen Dr Charleston, SC 29403
$549,000 - 112 Mary Ellen Dr Charleston, Sc 29403 @ Longborough
MLS#
BR1300447
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
Open floor plan, lots of natural light, gleaming pine floors, all Jenn-Air stainless appliances, granite counter tops in the kitchen and in all three full bathrooms (pedestal sink in downstairs powder room). This house has dual master bedrooms. The first floor master opens to a generously sized screened porch, has double closets, and bathroom...

27  28Th Ave Isle Of Palms, SC 29451
$530,000 - 27 28th Ave Isle Of Palms, Sc 29451 @ Isle Of Palms
MLS#
BR1227661
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Perfect island bungalow located on quiet cul-de-sac, makes this home a great primary residence, second home or vacation rental. Beautiful large lot with palm trees, your own tangerine tree and Potacarpus hedges along the house, between the fireplace and bluestone and bordering the property create a wonderful oasis. The open floor plan maximiz...

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...

4251  Jacobs Point Ravenel, SC 29470
$500,000 - 4251 Jacobs Point Ravenel, Sc 29470 @ Jacobs Point
MLS#
BR1309557
Class:
Residential
Status:
Active
Beds:
4
Baths:
4 Full / 1 Half
Gorgeous elevated home overlooking Wallace Creek. This home looks brand new with beautiful wood floors, 4 bedrooms, 4 full baths and 1 half bath. There are dual master bedrooms, 1 up and 1 down. There is also a guest room on each floor. The elevator takes you from garage level to the top floor. This spacious open floor plan has lots of natura...

127  Island Park Dr Charleston, SC 29492
$499,000 - 127 Island Park Dr Charleston, Sc 29492 @ Daniel Island
MLS#
BR1313188
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
*INVESTOR ALERT/HANDYMAN SPECIAL!! Home in need of work and being sold "AS IS"* -Located in prestigious Daniel Island Park, this elegant custom home overlooks the emerald fairways of the acclaimed Ralston Creek Course. -The large front porch opens into a beautiful foyer accented with wainscoting and with a soaring ceiling that opens up to the se...

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...

121  Oak Turn Rd Charleston, SC 29412
$450,000 - 121 Oak Turn Rd Charleston, Sc 29412 @ Seaside Plantation
MLS#
BR1303233
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / 1 Half
Remarkable raised two story home on the marsh in Seaside Estates! Beautiful views of the marsh from both the front and back! This like new Charleston Single home is exceptionally well built and boasts extensive landscaping. It features 9 foot smooth ceilings on both the first and second floors, and beautiful hardwood floors on the first floor...

123  Pine Valley Dr Summerville, SC 29483
$449,950 - 123 Pine Valley Dr Summerville, Sc 29483 @ Pine Forest Country Club
MLS#
BR1220926
Class:
Residential
Status:
Active
Beds:
5
Baths:
4 Full / 1 Half
Visit this lovely Pine Forest Home located on hole #4 of the prestigious Pine Forest Country Club Golf Course. Greeted by Lush Landscaping this Spacious Floor Plan of 4,070 sqft was designed for Comfort yet offers Style and Class Second to None Allowing the Perfect Spot for Entertaining Guests or Creating A Quiet Retreat for Yourself. Very fu...

3125  Grass Marsh Dr Mount Pleasant, SC 29466
$445,000 - 3125 Grass Marsh Dr Mount Pleasant, Sc 29466 @ Dunes West
MLS#
BR1209342
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
Popular open floor plan with a large kitchen and great room. Formal dining and living room. Screen porch opens to an expansive deck overlooking the private fenced backyard. All 4 bedrooms are upstairs as well as a large bonus/playroom. Great space and neighborhood for a family.

971  Cedar Grove Dr Cross, SC 29436
$445,000 - 971 Cedar Grove Dr Cross, Sc 29436 @ Cross
MLS#
BR1025063
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Situated on two large lots, this waterfront home is ideal for entertaining indoors and out. Lakeside revelry is a breeze with an in-ground pool, patio, decks, sun room, boat dock and many other outstanding features. Brazilian cherry floors throughout the main floor create a very warm atmosphere for this lovely home. The main entrance foyer op...

2365 North Highway 17 N Mount Pleasant, SC 29466
$435,000 - 2365 North Highway 17 N Mount Pleasant, Sc 29466 @ Brick Church
MLS#
BR1219661
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
Talk About Location! Approx 100 Ft. of Frontage on Hwy 17 North in Mt. Pleasant, right across from Boone Hall, just minutes away from beaches and shopping (Towne Centre)! This property boasts a large 3,298 sq ft 4 bedroom, 2 1/2 Bath home on .42 Acres! The original home was built in 1957 and the addition was completed in the late 80's! Plent...

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.

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Hanahan 162

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