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 31-60 of 236

4743  Ivydale Dr Charleston, SC 29405
$79,900 - 4743 Ivydale Dr Charleston, Sc 29405 @ Wando Woods
MLS#
BR1210719
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / N/A
Great investment opportunity for this ranch home in convenient location. Home features hardwood floors in great room and bedrooms and ceramic tile in large eat-in kitchen. Huge private fenced yard with 2 car attached garage. Excellent location within minutes of: Interstate, Airport, AFB, Boeing, Beaches, and downtown Charleston.

148  Grand Oaks Dr Ladson, SC 29456
$76,950 - 148 Grand Oaks Dr Ladson, Sc 29456 @ Grand Oaks Preserve
MLS#
BR1211098
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Beautiful townhouse in Grands Oaks Preserve. Very spacious layout. The subdivision has many great features and amenities that include two lagoons, a pool, play ground and amenity center nestled among grand old oak trees.

1663  Sulgrave Rd Charleston, SC 29414
$149,500 - 1663 Sulgrave Rd Charleston, Sc 29414 @ Forest Lakes
MLS#
BR1211518
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
The primary lender has already approved this sale. Price was increased to satisfy the 2nd mortgage. With a offer close to list price, this sale should go very quickly. Great Opportunity in Great Neighborhood Close to Citadel Mall, Shopping & Restaurants as well as I-526. Perfect location for Boeing client. Build instant equity by sprucing up ...

9312  Harroway Rd Summerville, SC 29485
$159,900 - 9312 Harroway Rd Summerville, Sc 29485 @ Wescott Plantation
MLS#
BR1213730
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
House located in Wescott Plantation in Dorchester II school district. Wescott has has a full golf course and club house with restaurant that has an optional golf memebership that is run by the City of North Charleston. This home is near Boeing, Bosch, Chrysler, Charleston USAF Base and Charleston Naval Weapons Station which is now called Join...

3033  Penny Ln Charleston, SC 29455
$223,000 - 3033 Penny Ln Charleston, Sc 29455 @ The Bend At River Rd
MLS#
BR1214619
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
This is a short sale that will have to move pretty quickly. The home is in great condition and is easy to show. This is a great open floor plan with a large screen porch to the rear of the home that overlooks a tidal canal. The fenced in yard,mature landscaping, patio and outside shower is great for work and play. The wood floors and fireplac...

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 ...

308  Winding Trail Ln Summerville, SC 29483
$141,900 - 308 Winding Trail Ln Summerville, Sc 29483 @ Sangaree
MLS#
BR1215795
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
Here is a Lender Owned property that is actually ready to move into. This generous 4 Bedroom, 2 Bath home has newly installed carpet and fresh paint. It also boasts a large open floor plan, hardwood floors, stainless appliances, easy to maintain fenced back yard w/storage shed and GREAT SCHOOLS, all combined make this an awesome Choice for a ...

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...

542  Holiday Dr Summerville, SC 29483
$154,990 - 542 Holiday Dr Summerville, Sc 29483 @ Weatherstone
MLS#
BR1216165
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
One of the most sought after floor plans in all of Weatherstone, the McMillan is an awesome home with four bedrooms, two and one-half bathrooms, double formals and a large great room! This home has upgrades galore, including low maintenance, scratch resistant laminate flooring, gorgeous trim detail, oil rubbed bronze fixtures and hardware thr...

1464  Fort Lamar Rd Charleston, SC 29412
$339,900 - 1464 Fort Lamar Rd Charleston, Sc 29412 @ Fort Lamar
MLS#
BR1216393
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / N/A
**NEW PRICE**This TIDAL CREEK/MARSHFRONT listing sizzling HOT just like the Charleston Summer Season! It truly offers so much that it's difficult to put into words, especially, with a limited amount of space! With that in mind, I guess we should start with the PRICING? This TURN-KEY, BANK OWNED HOME is PRICED EXTREMELY WELL but don't take my wor...

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...

118  Ellen St Goose Creek, SC 29445
$75,000 - 118 Ellen St Goose Creek, Sc 29445 @ Pineview Acres
MLS#
BR1217521
Class:
Residential
Status:
Active
Beds:
3
Baths:
1 Full / 1 Half
Nice, all brick home that would make a great starter home, project home or rental in the desirable Westview school district. Located directly across from a children's play park, this house features a full front porch, hardwood floors, a large fenced yard, a large patio and an attached one-car garage. The HVAC is only one year old and the owne...

402  Sarah St Walterboro, SC 29488
$137,000 - 402 Sarah St Walterboro, Sc 29488 @ Eagles Nest
MLS#
BR1217691
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / N/A
MAKE AN OFFER! Great home at a great price! Very close to the hospital, where walking trails are available! This home is in wonderful condition with a BRAND NEW ROOF installed in 2009! THERE IS POTENTIAL FOR ADDING A 3RD BEDROOM OVER THE GARAGE (MANY HOMES IN THIS SUBDIVISION HAVE DONE THIS!) This home features a larger than average kitchen w...

331  Ayers Cir Summerville, SC 29485
$319,000 - 331 Ayers Cir Summerville, Sc 29485 @ Salisbury Acres
MLS#
BR1218388
Class:
Residential
Status:
Active
Beds:
5
Baths:
3 Full / N/A
BANK OWNED! Quality construction for $319,000!! CUSTOM BUILT with Mother-in-Law suite, GRANITE, JENN AIR STOVE, & HARDWOOD FLOORING! This 3,200 SF home is situated on a .49 acre lot and is only minutes from downtown Summerville. The home features 5 spacious bedrooms, a large finished room over the garage, and 3 full bathrooms. Grand entrace wi...

8676  Chatuge Ct North Charleston, SC 29406
$104,900 - 8676 Chatuge Ct North Charleston, Sc 29406 @ The Lakes
MLS#
BR1218391
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Very cut home on quiet cul-de-sac lot. Tenant's lease expires 10-31-12. * THIS IS A SHORT SALE*

4541  Covington Dr North Charleston, SC 29418
$99,800 - 4541 Covington Dr North Charleston, Sc 29418 @ Covington Hills
MLS#
BR1219143
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
This is a short-sale being handled by an experienced negotiator and a single mortgage. Contract to close should be about 60 days. Excellent opportunity to negotiate a great deal in popular Covington Hills. Very good floor plan with converted garage as 4th bedroom. Lots of space, and a large back yard.

1378  Dr Evans Rd Moncks Corner, SC 29461
$88,300 - 1378 Dr Evans Rd Moncks Corner, Sc 29461 @ None
MLS#
BR1219495
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
This is a short sale. ** Guidelines from the Federal Government will not allow the seller & their Bank sell this home to a family member. Buyer and Seller will have to sign an "Arms Length" form, saying they are not kin........The sales price has been approved by the Bank. Note.. The septic system is a dual septic tank system. Seller nor agen...

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...

809  Saint Dennis Dr Charleston, SC 29407
$325,000 - 809 Saint Dennis Dr Charleston, Sc 29407 @ Moreland
MLS#
BR1219787
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / N/A
This charming all brick 2 story home is a must see located in a great location minutes from MUSC, downtown Charleston and shopping! This home has it all! Hardwood floors and crown molding throughout, plantation shutters, refurbished roof with 30 year shingles, and dual A/C systems. First floor also features formal living room with fireplace w...

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...

1138  Huger St Moncks Corner, SC 29461
$79,500 - 1138 Huger St Moncks Corner, Sc 29461 @ Limerick Woods
MLS#
BR1221329
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Owner says Sell!! Great 3 bedroom 2 bath home in a quiet cul-de-sac of the Limerick Woods Subdivision! Home has been well kept and would be a great addition to any family. Great schools and close to everything in Moncks Corner. Truly a must see home! House must be sold ASAP, send all offers!!

1735  Fiddlers Cove Seabrook Island, SC 29455
$300,000 - 1735 Fiddlers Cove Seabrook Island, Sc 29455 @ Seabrook Island
MLS#
BR1221719
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / N/A
This is your opportunity to own that million dollar view! This 3 bedroom/3 bath villa needs a little TLC, but just imagine that view of the marsh, Bohicket River, Rockville and the shrimp boats. And then there are the sunsets! Contribution to capital within PUD upon the initial sale and resale is 1/2 of 1% of the sale price. Purchase also req...

4009  Alpheretta Ct Charleston, SC 29414
$299,000 - 4009 Alpheretta Ct Charleston, Sc 29414 @ Village Green
MLS#
BR1222167
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
WELCOME HOME!! You've been looking for the perfect Charleston Home and THIS IS IT!! This exquisite one story, 4 bedroom, 3-1/2 bathroom home is nestled in the Sweetbay subsection of Village Green. This home includes everything you may desire from a 2-car garage, two master suites with spacious walk-in closets, sprawling eat-in kitchen with go...

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...

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.

1459  Old Dairy Rd Summerville, SC 29483
$275,000 - 1459 Old Dairy Rd Summerville, Sc 29483 @ Arcady Woods
MLS#
BR1222861
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / 1 Half
Large plantation-like home sitting on an acre, and just minutes from downtown Summerville, great shopping, grocery stores, restaurants. Huge front yard, circular driveway, fenced backyard with separate fenced area ideal for pets separated from the rest. Easily accessible to Jedburg Road, I-26, and Hwy 78. The first thing you notice as you approa...

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...

111  Mockernut Dr Ladson, SC 29456
$160,000 - 111 Mockernut Dr Ladson, Sc 29456 @ Summerhaven
MLS#
BR1224012
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
LOCATION, LOCATION.LOCATION This is a great opportunity. Check out the competition and see why this home offers such great value. As you enter the front foyer this leads into the family room with a generous open eat in kitchen. For more formal events guests can dine in the separate dining room. The fenced rear yard offers a very generous open...

1018  Striper Ave Moncks Corner, SC 29461
$140,000 - 1018 Striper Ave Moncks Corner, Sc 29461 @ Pimlico
MLS#
BR1224065
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Nice, one story brick home. Large front porch greets you, along with the majestic Live Oak and Willow Oak. 18x40 in-ground pool, and a privacy fence are perfect for relaxing and entertaining. Nice sized Living room boasts a cozy brick fireplace. This home is waiting for the perfect owner!

305  Kingbird Ladson, SC 29456
$95,900 - 305 Kingbird Ladson, Sc 29456 @ Plantation Ridge
MLS#
BR1224183
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Three bedroom two bath home on large fenced lot. New roof and all new windows. Above ground pool and nice family room. Home needs TLC but great starter home. Short sale.

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.

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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