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 1-10 of 236

5267  Highway 174 Adams Run, SC 29426
$55,000 - 5267 Highway 174 Adams Run, Sc 29426 @ Adams Run
MLS#
BR1300792
Class:
Residential
Status:
Active
Beds:
4
Baths:
1 Full / N/A
Motivated Seller!!! This is a 4 bedroom 1 bath home located in the Mist of Adams Run. Owner recently replaced old flooring and updated the kitchen cabinets. Stainless steel appliances - Refrigerator, dishwasher, microwave, and gas range/cooktop stays. The backyard is large with storage shed and privacy fence with movable gate for driveway. On...

6415  The Home Place Awendaw, SC 29429
$399,000 - 6415 The Home Place Awendaw, Sc 29429 @ Awendaw
MLS#
BR1120032
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / N/A
Secluded four acre estate just minutes from Mount Pleasant with 6-Stable HORSE BARN, inground pool, pool house with excercise room, and an exceptional LOWCOUNTRY-Style home with big wrap around front porch and all the Southern Charm you could ask for! Host that family reunion or just spread your wings on this estate you've been dreaming of. E...

3815  Tim Ascue Ln Awendaw, SC 29429
$198,500 - 3815 Tim Ascue Ln Awendaw, Sc 29429 @ Bee Hive Plantation
MLS#
BR1312695
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Beautiful home with granite counter tops, back splash, stainless steal appliances, high end engineered wood floors, and a must see walk in closet (one of the largest you will find in this price range). Fenced in backyard, and Mount Pleasant schools. It doesn't get much better than this in this price range. This neighborhood lays adjacent to t...

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...

107  Hidden Creek Ln Bonneau, SC 29431
$118,750 - 107 Hidden Creek Ln Bonneau, Sc 29431 @ Spring Grove Place
MLS#
BR1309353
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Make an offer! REO PROPERTY - BANK OWNED. PROPERTY SOLD "AS IS" WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE. The Listing Broker and Seller assume no responsibility and make no guarantees, warranties or representations as to the availability or accuracy of the property information, photographs, or other information depicted or described herein.

158  Dawsey Dr Bonneau, SC 29431
$99,900 - 158 Dawsey Dr Bonneau, Sc 29431 @ Bonneau Village
MLS#
BR1312257
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / 1 Half
BRICK HOME IN BONNEAU BEACH! On a double lot-close to boat landing, park, community center. there is a LARGE screened room which also walks thru to back screened room. Yard fully enclosed w/chainlink on 3 sides and wooden on backside. Dbl gated entrance. this home is being sold as is and needs some tlc. but try to find a brik home on 2 lots u...

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...

33  Three Pence Charleston, SC 29414
$155,000 - 33 Three Pence Charleston, Sc 29414 @ Shadowmoss Plantation
MLS#
BR1226987
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
This is a great 3 bedroom 2.5 bath home located in a golf course community. This home has a newer roof, HVAC, and water heater. There is a large eat in kitchen with a huge pantry. There are sliding glass doors that lead out from the dining area onto a deck in the back yard. The family room has built in bookshelves and a fireplace. The upstair...

123  Toura Ln Charleston, SC 29414
$144,500 - 123 Toura Ln Charleston, Sc 29414 @ Shadowmoss
MLS#
BR1207983
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Three bedrooms, 2 full baths. Great room has vaulted smooth ceilings and a wood burning fireplace....space to add a bonus room over the garage. Wood fence around private back yard has double gates, If square footage is important - MEASURE!!

871  Tripe St Charleston, SC 29407
$90,000 - 871 Tripe St Charleston, Sc 29407 @ Maryville
MLS#
BR1222428
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Close to downtown Charleston, VA Hospital and MUSC this home is centrally located in West Ashley just off St. Andrews Blvd! Charleston single with a large garage/work area on the first level and convenient living area on the 2nd level. Living area features hardwood floors, 9 ft. ceilings, and a large master bedroom with porch access. The gara...

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 236

Full MLS Access









Search Advanced Search Reset Search Jump to Area Search

Area Information

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

Search Active Homes for Sale Below

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