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 21-30 of 231

6017  Ridgecrest Ave Hanahan, SC 29410
$169,000 - 6017 Ridgecrest Ave Hanahan, Sc 29410 @ Belvedere Estates
MLS#
BR1302847
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / N/A
This home is a traditional ranch with an addition. Three bedrooms and 2 full baths +one out by the pool). The original living room has been converted into a small media/sitting room and laundry room. The kitchen has no appliances. Breakfast bar and dining area opens to the addition of a large family room with brick fireplace and ceramic floor...

1006  Benton Bend Rd Charleston, SC 29412
$277,000 - 1006 Benton Bend Rd Charleston, Sc 29412 @ Benton Bend
MLS#
BR1201574
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Great home on .5 acre private lot in quiet subdivision. Kitchen features updated cabinets and granite countertops, gas stove and beverage cooler. Cathedral ceilings give that spacious elegant feeling. Gas fireplace brings coziness to the large family room. Walk thru the double French doors onto the expansive screen porch, with hot tub, and ru...

110  Bryce Ct Charleston, SC 29492
$166,500 - 110 Bryce Ct Charleston, Sc 29492 @ Beresford Commons
MLS#
BR1306465
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Be close to I-526, Daniel Island and so much more. Beresford Commons 3 bedroom 2.5 bath plus garage home in move-in condition. Great room open to the kitchen with breakfast bar, black appliances including refrigerator, smooth top range and built-in microwave. Separate dining room is large and two story with a wall of windows to let in the sun...

426  Doane Way Charleston, SC 29492
$130,000 - 426 Doane Way Charleston, Sc 29492 @ Beresford Commons
MLS#
BR1226647
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
This home is the most popular Fairfax floor plan, featuring a Master Bedroom on the first floor with Large Bathroom including separate door for Laundry! Upon entering you will see the cathedral ceiling drawing your attention to the second floor and Dramatic Staircase. Spacious Living Area in front of home with Eat-In Kitchen in the back overl...

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...

2660  Leeds Ave Charleston, SC 29406
$67,000 - 2660 Leeds Ave Charleston, Sc 29406 @ Brentwood
MLS#
BR1309404
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
Great opportunity to own a home on a great, large lot ready for you to customize to your needs. This house sits on a high lot, convenient to all areas of greater Charleston market. This is not a short sale, nor bank owned, this home can sell.

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...

300  Brickhope Ln Goose Creek, SC 29445
$170,000 - 300 Brickhope Ln Goose Creek, Sc 29445 @ Brickhope Greens
MLS#
BR1309410
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
Graceful, open plan with 4 BR, (including huge Bonus Room as 4th Bedroom), brick front and Colonial style gives this home stately curb appeal! Large kitchen with stainless steel appliances and large breakfast area, a formal dining room that provides perfect setting for holiday family dinners and entertaining, the dining and kitchen open up to...

114  Cedar Mill Dr Goose Creek, SC 29445
$249,900 - 114 Cedar Mill Dr Goose Creek, Sc 29445 @ Brickhope Plantation
MLS#
BR1312777
Class:
Residential
Status:
Active
Beds:
4
Baths:
3 Full / N/A
YOU WILL LOVE THIS LARGE, LOVELY HOME, CLOSE TO SHOPPING, RESTAURANTS AND ENTERTAINMENT!! WALK INTO THE FRONT DOOR INTO THE FOYER. TO THE RIGHT IS A FORMAL DINING ROOM AND TO THE LEFT A FORMAL LIVING ROOM. STRAIGHT AHEAD IS A HUGE FAMILY ROOM WITH A FANTASTIC KITCHEN BOASTS OF A BREAKFAST BAR, FAMILY DINING AREA, GRANITE COUNTER TOPS, STAINLE...

238  Two Pond Loop Ladson, SC 29456
$115,000 - 238 Two Pond Loop Ladson, Sc 29456 @ Brookhaven
MLS#
BR1312827
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Character!!! This charming 3 bedroom/2 Full Bath home in the well-established subdivision of Brookhaven is just breathtaking. As you enter the home you are greeted with laminate floors, charming fireplace in the living area that leads to the eat-in kitchen with like new appliances. The laminate flooring flows down the hallway where you are th...

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 231

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 164

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