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 211-236 of 236

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 ...

2740  Constitution Ave North Charleston, SC 249405
$48,800 - 2740 Constitution Ave North Charleston, Sc 249405 @ Waylyn
MLS#
BR1010379
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
Lender owned property with current rent of $650/mo. with stable tenant. That is a 16% gross return at this list price! Hardwood floors throughout and under carpet in bedrooms. Central HVAC, storm windows and nicely insulated attic makes this a cozy home. Come check it out. Monthly rental income $650.00

110 South Bluebell Ave Summerville, SC 29483
$48,500 - 110 South Bluebell Ave Summerville, Sc 29483 @ Robynwyn
MLS#
BR1313189
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / 1 Half
LARGE CORNER LOT WITH CHAIN LINK FENCED BACK YARD-ONE CAR GARAGE-PATIO-SECURITY SYSTEM-OUTSIDE SHED CONVEYS-THIS IS A SHORT SALE AND OWNER SAYS SELL---IF SIZE IS IMPORTANT MEASURE--

4190  Big Ben Ct North Charleston, SC 29418
$48,000 - 4190 Big Ben Ct North Charleston, Sc 29418 @ Collins Park Villas
MLS#
BR1204142
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / 1 Half
Back on the market!!! Valuation has been completed. Could be the best opportunity in a while! 3 bedroom 1.5 bath townhome located just outside of the airport and Boeing facility. Home was owner-occupied until just over a year ago and the owner took very good care of it. The roof and HVAC were all replaced in recent years. Property has been te...

1480  Brittlebank Rd Walterboro, SC 29488
$47,000 - 1480 Brittlebank Rd Walterboro, Sc 29488 @ None
MLS#
BR1302455
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
BANK OWNED 1999 DW on a large, .70 acre lot. 4 bedrooms/2 baths, spacious kitchen, family room with fireplace and separate living room. Needs some TLC but priced to move!

1888  Sidneys Rd Walterboro, SC 29488
$47,000 - 1888 Sidneys Rd Walterboro, Sc 29488 @ Edgewater Park
MLS#
BR1305258
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
MOTIVATAED SELLERS-BRING ALL OFFERS!!! This hard-to-find 4 bedroom/2 bath home is good rental property. Very close to elementary school and Veteran's Victory House. Start building your retirement portfolio today.

9004  Cottageville Hwy Cottageville, SC 29488
$46,500 - 9004 Cottageville Hwy Cottageville, Sc 29488 @ None
MLS#
BR1301997
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
This would be a great starter home or investment property. This home offers 2 bedrooms with hardwood floors, and 2 full baths The living room is a nice size and also has hardwood floors. There is a room off of the kitchen that could be a 3rd bedroom or office space. The kitchen is spacious with a dining area. The exterior of the home is hardy...

5063  Popperdam Creek Dr North Charleston, SC 29418
$45,000 - 5063 Popperdam Creek Dr North Charleston, Sc 29418 @ Forest Hills
MLS#
BR1312569
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / 1 Half
Nice end unit on Popperdam Creek. Marsh view. Home being sold "as-is", and needs some work. See attached instructions and addenda for offers in short sale.

464  Carolina Circle Walterboro, SC 20488
$45,000 - 464 Carolina Circle Walterboro, Sc 20488 @ Carolina Terrace
MLS#
BR1303993
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
PRICED TO SELL!!!! This home is in a quiet neighborhood located on the outskirts of town. This home has 3 bedrooms, 1 bath, family room with built-in entertainment center, Kitchen and dining combination. There is a deck out back and the backyard is fenced-in. Great property for the money! Call for more details today.

52  Stratton Dr North Charleston, SC 29420
$44,900 - 52 Stratton Dr North Charleston, Sc 29420 @ Stratton Capers
MLS#
BR1300657
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
BANK OWNED! GREAT INVESTMENT OPPORTUNITY PRESENTLY RENTED FOR $550 PER MONTH! 1140 SF, 3 bedrooms, 1 bath on a corner lot. Dorchester District II Schools! Hardwood floors throughout. Kitchen and bath with ceramic tile floors. New wooden fence. *****ATTENTION INVESTORS!!*** There are 19 total properties for sale that can be sold individually o...

151  Stratton Dr North Charleston, SC 29420
$44,900 - 151 Stratton Dr North Charleston, Sc 29420 @ Stratton Capers
MLS#
BR1300661
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A

4127  Hickory Ln Ladson, SC 29456
$43,000 - 4127 Hickory Ln Ladson, Sc 29456 @ Avenue Of Oaks
MLS#
BR1225250
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
APPROVED SHORT SALE!! One Story, Ranch Style Duplex 3 Bedroom 2 Bath, Fireplace in Spacious Living Room with a Nice Size Back Yard. Great for an Investor or First-time Buyer. Rent in this Neighborhood Range from ($700-1150). This Property is being sold As-is / Where-Is. Short Sale done by Tomi Dinkins of Weeks Law Firm with all Docs submitted...

3140  Edenvale Rd Johns Island, SC 29455
$42,800 - 3140 Edenvale Rd Johns Island, Sc 29455 @ Johns Island
MLS#
BR1312554
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Manufactured home on 0.99 acres. Home is located on property line and has no driveway. Driveway will need to be installed and home will need to be moved over. Lots of potential here!

2604  Ferrara Charleston, SC 29405
$42,500 - 2604 Ferrara Charleston, Sc 29405 @ Dorchester Terrace
MLS#
BR1302851
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
The home is 3 bedroom,1 bath. Has Hardwood floors but needs refinishing. House needs a little TLC but has potential.The house has central electric heat & air. Possible Short Sale. If square footage is important - MEASURE

4186  Big Ben Ct North Charleston, SC 29418
$42,500 - 4186 Big Ben Ct North Charleston, Sc 29418 @ Collins Park Villas
MLS#
BR1215925
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / 1 Half
This is a spacious 3BR townhome, almost 1,350sf of living space. Family room is large and open, flows into den and kitchen area. The master is located upstairs and has its own private vanity area. Home is conveniently located around the corner from Jerry Zucker Middle School of Math and Science, within a mile of Boeing, Tanger Outlet, airport...

116  Farm Rd Goose Creek, SC 29445
$40,000 - 116 Farm Rd Goose Creek, Sc 29445 @ Pineview Acres
MLS#
1302844
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
Great little house for investment or as a starter home. Year built is estimated. Buyer to verify.

5721  Edison Ave Hanahan, SC 29410
$39,900 - 5721 Edison Ave Hanahan, Sc 29410 @ Charleston Farms
MLS#
BR1309773
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
** Solid Old Hanahan Home w/ Great School System and Convenient Location ** Wood Floors ** Nice Yard ** Lots of Potential ** Special Renovation Financing Available **

2013  Dalton St North Charleston, SC 29406
$39,900 - 2013 Dalton St North Charleston, Sc 29406 @ Ferndale
MLS#
BR1026289
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A

2027  Atlas St North Charleston, SC 29405
$37,500 - 2027 Atlas St North Charleston, Sc 29405 @ Happy Hill
MLS#
BR1300689
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
BANK OWNED! This 660 SF ft single family home has two bedrooms and one bath with a large fenced-in backyard. *****ATTENTION INVESTORS!!*** There are 19 total properties for sale that can be sold individually or as a package deal. Call or email for a list.

957  Raysor St St George, SC 29477
$36,000 - 957 Raysor St St George, Sc 29477 @ None
MLS#
BR1312040
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 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.

5011  Jenkins Ave North Charleston, SC 29405
$35,000 - 5011 Jenkins Ave North Charleston, Sc 29405 @ Park Circle
MLS#
BR1222559
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / 1 Half
Townhome with driveway in rear. Patio, privacy fence. Each bedroom has its on bathroom. 1/2 bathroom downstairs. New carpet, new laminate flooring. No range, HVAC does not work. Window unit in master bath. Washer/Dryer/Refrigerator convey. Sold as is.

1913  English St North Charleston, SC 29405
$34,900 - 1913 English St North Charleston, Sc 29405 @ Chicora Place
MLS#
BR1300701
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
BANK OWNED! GREAT INVESTMENT OPPORTUNITY PRESENTLY RENTED FOR $650 PER MONTH. This 1050 sf home has 3 bedroom, 1 bath. It's close to I-26 and minutes from downtown. This home has a huge backyard that is fenced-in. *****ATTENTION INVESTORS!!*** There are 19 total properties for sale that can be sold individually or as a package deal. Call or e...

1909  English St North Charleston, SC 29405
$34,900 - 1909 English St North Charleston, Sc 29405 @ Chicora Place
MLS#
BR1300705
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
BANK OWNED! GREAT INVESTMENT OPPORTUNITY. This is a nice 3 bedroom, 1 bath house. Has wheelchair access. Minutes to everywhere! *****ATTENTION INVESTORS!!*** There are 19 total properties for sale that can be sold individually or as a package deal. Call or email for a list.

5109  Willis Dr North Charleston, SC 29406
$34,900 - 5109 Willis Dr North Charleston, Sc 29406 @ Russelldale
MLS#
BR1300685
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
BANK OWNED! Attention investors! GREAT INVESTMENT OPPORTUNITY CURRENTLY RENTED. 839 SF, two bedroom, one bath, ranch with wood floors throughout house. Living room, separate dining room, efficient kitchen with laundry area inside. Would be a great first home or great for an investor. Good access, close to I-526 located behind the new Nason Me...

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.

2237  Dover St North Charleston, SC 29405
$25,000 - 2237 Dover St North Charleston, Sc 29405 @ Accabee
MLS#
BR1306483
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Great opportunity for investor. If schools are important, please verify to your satisfaction.

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 211-236 of 236

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Hanahan 163

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