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 41-50 of 221

4007  Braemar Ct Summerville, SC 29483
$180,000 - 4007 Braemar Ct Summerville, Sc 29483 @ The Glen At Summerset
MLS#
BR1117726
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / 1 Half
APPROVED SHORT SALE AT $180,000. Must see this home! . Please bring your buyers and investors. Large 4 bed 2.5 bath. In nice condition.

118  Foxglove Ave Summerville, SC 29483
$147,500 - 118 Foxglove Ave Summerville, Sc 29483 @ White Gables
MLS#
BR1309985
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
This home is situated in Beautiful White Gables with Sidewalks throughout the community, Green spaces, ponds where you will see hopeful fishermen, Community Pool, tennis courts, and Playground! Spacious floor plan with open living & kitchen space including upgraded appliances! 3 bedrooms and 2 baths with laundry room & detached garage..perfec...

107  Ewell Ct Summerville, SC 29483
$95,000 - 107 Ewell Ct Summerville, Sc 29483 @ Sangaree
MLS#
BR1312959
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / N/A
This is a short sale. This home is located a few houses from the culdesac on a terrific street with great neighbors who are very friendly. The owner hates to sell!!! Roof is made of architechural shingles. Ceramic tiled flooring throughout den and kitchen. Terrific large screened in porch. Gutters added by owner right after he purchased. Larg...

104  Lake Jogassee Summerville, SC 29485
$90,000 - 104 Lake Jogassee Summerville, Sc 29485 @ Lakes Of Summerville
MLS#
BR1313926
Class:
Residential
Status:
Active
Beds:
2
Baths:
2 Full / 1 Half
BANK OWNED! Priced To Sell! Lovely home on the pond. Great floor plan in this spacious townhouse in the Lakes of Summerville. This home has dual master bedrooms with large walk-in closets. Living room and dining room combination. Separate eat-in kitchen with ceramic tile. The sunroom off the kitchen is a great place to relax and enjoy the vie...

316  Pimpernell St Summerville, SC 29483
$174,900 - 316 Pimpernell St Summerville, Sc 29483 @ White Gables
MLS#
BR1314919
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
YOU WILL LOVE LIVING IN THIS 3 BEDROOM 2.5 BATH CHARLESTON SINGLE STYLE HOME THAT BACKS UP TO WOODED AREA WITH FENCED YARD AND DETACHED 2-CAR GARAGE - WITH ACCESS FROM ALLY BEHIND PROPERTY. OPEN FLOOR PLAN WITH KITCHEN AND EAT-IN AREA OVERLOOKING GREATROOM WITH GAS FIREPLACE. KITCHEN FEATURES NEW WHIRLPOOL DISHWASHER, RANGE, MICROWAVE /HOOD. ...

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...

1201  Bradley Daniel Blvd Summerville, SC 29483
$94,500 - 1201 Bradley Daniel Blvd Summerville, Sc 29483 @ Ashley Plantation
MLS#
BR1310352
Class:
Residential
Status:
Active
Beds:
3
Baths:
2 Full / 1 Half
This is a short sale. Home is being sold as-is. This 2-story home sits on a corner lot w/easy back yard access that is enclosed w/a privacy fence. Enter the front entry via the front porch. The layout is open downstairs w/the BRs upstairs. Exterior has vinyl siding, a single-car garage, inside offers wall-to-wall Berber carpet w/an upstairs r...

111  Garden Hill Rd Summerville, SC 29483
$189,900 - 111 Garden Hill Rd Summerville, Sc 29483 @ Garden Hill
MLS#
BR1312824
Class:
Residential
Status:
Active
Beds:
4
Baths:
2 Full / N/A
Possible Short Sale. Pulling up you will notice the nice yard that borders 5 acres of DOT woods! Mature trees and nice yard. In the heart of Summerville this home has 2 down stairs bedrooms. The upper Master is spacious, there is a large loft area overlooking the Great room with a vaulted ceiling. There is another large room upstairs being us...

574  Orangeburg Rd Summerville, SC 29483
$67,500 - 574 Orangeburg Rd Summerville, Sc 29483 @ Flowertown
MLS#
BR1314470
Class:
Residential
Status:
Active
Beds:
4
Baths:
1 Full / N/A
Great Opportunity! Bank Owned. Adorable 4BDRM 1 Bath brick ranch in Flowertown Village. Large kitchen with ceramic tile flooring. Updated oak kitchen cabinets. Laminate wood flooring throughout. Large fenced in backyard with patio. Beautiful mature trees. Side-walks. Convenient location. Dorchester District II Schools. Great starter or invest...

103  Beatrice Ln Summerville, SC 29485
$82,000 - 103 Beatrice Ln Summerville, Sc 29485 @ Greenhurst
MLS#
BR1312076
Class:
Residential
Status:
Active
Beds:
4
Baths:
1 Full / 1 Half
Four bedrooms, 1-1/2 bath home with large fenced in backyard. Home features large kitchen with separate dining area, separate laundry room, formal living room, storage unit in backyard. Garage has been converted to a large family room. Home is being sold in strictly "As-Is" condition.

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 41-50 of 221

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