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 21-30 of 238

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.

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 ...

1484  Coopers Hawk Dr Hanahan, SC 29410
$173,500 - 1484 Coopers Hawk Dr Hanahan, Sc 29410 @ Tanner Plantation
MLS#
BR1202624
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Fantastic Opportunity to purchase in sought after Ibis Glade section of Tanner Plantation! Lakefront 2 Story 3BR/2.5BA home in turn-key condition ready for its new owner! Located in the upscale IBIS GLADE section of Tanner Plantation, this home offers generous living spaces and spacious backyard overlooking the lake. Don't let the square foot...

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...

2173  Spoleto Ln North Charleston, SC 29406
$83,000 - 2173 Spoleto Ln North Charleston, Sc 29406 @ Otranto Club Villas
MLS#
BR1204906
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / 1 Half
Cozy town home with 2 master suites. The living area boasts laminate wood floors, fire place and eat in kitchen. Nicely painted! Both bedrooms have two full bathrooms with cathedral ceilings. Sky lights can be found in both bathrooms as well. Separate laundry room is out side in utility storage unit. This unit is the end unit which allows for...

6832  Amberlake Dr North Charleston, SC 29418
$76,000 - 6832 Amberlake Dr North Charleston, Sc 29418 @ Amberwood
MLS#
BR1204940
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / N/A
THIS SPLIT LEVEL HOME IS ON A CORNER LOT AND FEATURES NICE SPLIT LEVEL FLOOR PLAN WITH THE LIVING RM, EAT-IN KITCHEN, 3 BEDROOMS AND 2 FULL BATHS ON THE UPPER LEVEL. THERE IS ALSO A DECK LEADING OUT FROM THE DINING AREA, OVERLOOKING THE YARD WITH A VIEW TO THE ASHLEY RIVER. THE FAMILY RM, LAUNDRY, FULL BATH AND GARAGE ARE ON THE GROUND FLOOR....

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...

101 North Gateshead Xing Goose Creek, SC 29445
$199,000 - 101 North Gateshead Xing Goose Creek, Sc 29445 @ Crowfield Plantation
MLS#
BR1207589
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 2 Half
This is the opportunity you have been waiting for.....3 bedrooms located on the greens in The Hamlets. The home features a formal living room and dining room along with a family room off the eat-in kitchen. The master bedroom has access to the screened porch and boasts a jetted tub and separate shower. The walk-in closet and large vanity are ...

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!!

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.

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 21-30 of 238

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