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 31-40 of 231

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 ...

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!!

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

3104 South Shore Dr Charleston, SC 29407
$824,900 - 3104 South Shore Dr Charleston, Sc 29407 @ Battery Haig On The Stono
MLS#
BR1307515
Class:
Residential
Status:
Active
Beds:
3
Baths:
3 Full / 2 Half
This home located in historical Battery Haig is a MUST SEE for the most discriminating Buyer! Launch your boat from your own private dock and access the Inter Costal Waterway and Stono River. Enjoy breathtaking views and awesome sunsets from the deck and screen porch. This is a Signature Home with upgraded construction. The home boasts so man...

718  Majestic Oaks Dr Charleston, SC 29412
$298,500 - 718 Majestic Oaks Dr Charleston, Sc 29412 @ Seaside Plantation
MLS#
BR1310346
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
Large home in desirable Seaside Plantation, located only minutes from the beach and Downtown Charleston. Spacious kitchen offers white cabinets, island, eat-in area with large windows, and a pantry. Family room has vaulted ceilings and a fireplace. The Master bedroom is located downstairs with a walk-in closet, and has a master bathroom with ...

1536  Inland Ave Charleston, SC 29412
$129,900 - 1536 Inland Ave Charleston, Sc 29412 @ Bayfront
MLS#
BR1306697
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / N/A
Sweet! This is truly a unique little jewel, part of a 6 unit residential complex, just off the James Island Connector, minutes from downtown Charleston and a short drive to Folly Beach. There are upgrades not usually found at this price like classic hardwood flooring in the main living area and both bedrooms, tile in the spacious kitchen and ...

2362  Parsonage Rd Charleston, SC 29414
$129,000 - 2362 Parsonage Rd Charleston, Sc 29414 @ Parsonage Point
MLS#
BR1305872
Class:
Residential
Status:
Active
Beds:
2
Baths:
1 Full / 1 Half
End unit "townhouse style" 2-story condominium. Live in this marsh and Ashley River fronting community with a deep water boat ramp, just a few minutes from schools, shopping- CVS, BiLo, Publix, Super WalMart,Citadel Mall, Great Restaurants - Gennaro's Little Italy, Back Home Restaurant, Early Bird Diner,Ladles, South of Philly, Al di La, Red ...

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...

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...

89  Beaufain St Charleston, SC 29401
$1,995,000 - 89 Beaufain St Charleston, Sc 29401 @ Harleston Village
MLS#
BR1127276
Class:
Residential
Status:
Active
Beds:
5
Baths:
5 Full / 2 Half
Two houses--The William Steel House, circa 1815 and guest house built in 2005. Neo-classical main house has been totally renovated and is classified as "Valuable to City" and Category One. Elegant formal rooms open to downstairs piazza. Exquisite hand carved mantles and moldings in many rooms. Sparkling heart pine floors. Gourmet kitchen and ...

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 31-40 of 231

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