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 231-239 of 239

228  Lakeside Dr Walterboro, SC 29488
$215,000 - 228 Lakeside Dr Walterboro, Sc 29488 @ Forest Hills
MLS#
BR1307302
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
Welcome Home to Forest Hills!! One of the Most Desirable Subdivisions in Walterboro. This Brick home has 4 bedrooms, 2 baths with over 2300 square foot, over looking Gladys Whidden Park. The yard has mature azeales, dog woods, and oaks. This home features hardwood floors through-out, granite counter tops, tile floors, large open kitchen, plen...

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...

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.

319  Teakwood Dr Walterboro, SC 29488
$139,900 - 319 Teakwood Dr Walterboro, Sc 29488 @ Silver Hill
MLS#
BR1301190
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
PRICE DROP!!! The sellers are giving a $3,000 allowance for new carpet. This 4 bedroom 2.5 bath home is located in the desirable neighborhood of Silver Hill's on a large corner lot. You could have a nice little garden with fresh vegetables and still have lots of room to run and play in this good size yard. The home offers a nice Formal Dining...

75  Chrysler Ln Walterboro, SC 29488
$59,900 - 75 Chrysler Ln Walterboro, Sc 29488 @ None
MLS#
BR1303352
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
Nice 1997 DW Home with attached 2 car garage, on 1.90 Acres, 3 Bedrooms and 2 Bathrooms, Brick skirting. Seller put in FHA foundation for his loan. Newer carpeting and vinyl. Dishwasher is staying, but bring your stove & refrigerator. Just a little paint and make this home! Kitchen has nice cabinets,counter tops and an Peninsula Island Bar. M...

4  Fairway Ct Walterboro, SC 29488
$159,900 - 4 Fairway Ct Walterboro, Sc 29488 @ Dogwood Hills
MLS#
BR1309777
Class:
Residential
Status:
Active
Beds:
5
Baths:
3 Full / N/A
Great Opportunity to purchase in Dogwood Hills Country Club. This is a well built traditional style 2 story home. Built in the early 80's, this home feautres a spacious floor plan that would be great for any family! Currently the home is in need of some maintenance and repairs, but once completed any buyer would have a remarkable showcase hom...

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.

108  Blue Crab Ln Wando, SC 29492
$795,000 - 108 Blue Crab Ln Wando, Sc 29492 @ Yellow House
MLS#
BR1305964
Class:
Residential
Status:
Active
Beds:
6
Baths:
5 Full / 1 Half
***LENDER OWNED*** Southern Estate Style home sits well off Clements ferry Road on 3.13 acres with unobstructed views of the Cooper River. Lot Close to Daniel Island Marina, Beresford Hall etc...House sits on a bluff...First level is finished- could be used as separate living space, nanny suite office, game/media room etc. Elevator goes to al...

124  Memes Way Wando, SC 29492
$890,000 - 124 Memes Way Wando, Sc 29492 @ Cainhoy
MLS#
BR1029980
Class:
Residential
Status:
Active
Beds:
5
Baths:
5 Full / 1 Half
This home will take your breath away! The exterior is accented with stone, surrounded by massive porches and balconies. Enter to the marble foyer, detail molding on the ceiling (see picture), formal dining room is on your right and living room with grand fireplace on your left. The open floor plan leads you to the spectacular great room with ...

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 231-239 of 239

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