Short Sales, Foreclosures and REO Properties

All you need to know about Charleston, SC Short Sales, Foreclosures and REO Properties.

There are currently 7 blog entries related to this category.

Seabrook Island ForeclosureWhat an incredible home for two of our very special clients from Charlotte. They initially had wanted a 'second home' to get away from the hustle and bustle work they do out of state, and had honed in on a few different areas of consideration in Mount Pleasant, Kiawah, and Seabrook Island. Well, Seabrook Island won and they found one heck of a deal (and a foreclosure in great condition!).

Our buyers were looking in the million dollar price range, and wanted a house which they could come to, and just "unwind". Seabrook Island fit the bill in a number of ways:

  1. Seabrook Island is a beautiful location, 45 minutes to downtown Charleston, and an island community along the ocean.
  2. It is a quiet destination with golf, tennis, horseback riding, and plenty of
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Just a reminder that we are a great resource for foreclosures in Charleston, SC.  In today’s Charleston realForeclosures in Charleston, SC estate market, foreclosures and short sales comprise anywhere between 25 and 35% of the total market.  In some areas of Charleston, those numbers can even be higher.  With fall coming up, and winter right around the corner, the pressure is on for banks to unload these bank owned properties and get them sold.

On this website, you can search any foreclosure or bank-owned property in the Charleston market.  Our information is updated daily, to ensure that you’re getting the latest and most up to date information on these great deals.  We even have a breakdown of foreclosures and bank owned homes for each specific area of Charleston.

If you have any

1,867 Views, 1 Comments.

The Home Affordable Foreclosure Alternatives (HAFA) Program is a program designed for sellers that are upside down in their house.  This program is for those folks that have contemplated selling their home as a “Short Sale” rather than allowing for foreclosure.  So how does it work?

Short Sale Help Right HereThe benefit of this HAFA program is that you would no longer be responsible for the difference between what you owe on your mortgage and the amount that your home sells for.  You see, in South Carolina, most banks would order a deficiency judgment against the borrower for the difference in what the home sells for, and what is owed.  The HAFA program would be the contrary.  Sellers would also receive $3,000 at closing as an incentive to selling as a short sale, as opposed to

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This is a great piece written from someone within our business, and I thought it would be good to share:

 

foreclosure_driveThere have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.

In short, this issue came about after the discovery that many of the nation’s largest banks had cut corners in the review of foreclosure documents which resulted in self-imposed moratoriums put into place so that the banks could undertake a self review of their own internal procedures. This was not a fundamental flaw which resulted in foreclosures being

14,689 Views, 2 Comments.

Charleston Foreclosure List for July & August 2010

I am seeing a tremendous amount of foreclosures lately, with some clients being very happy, and other clients walking away from a horrifying situation.  If you plan on purchasing (or are a part of) any short sale right now, please take a look at the list and make sure that the short sale you’re after isn’t listed.  While short sales and foreclosures are often glorified, they are not to be taken lightly- you need to be prepared and have a knowledgeable agent to represent you.

For instance, did you know that even after a foreclosure is sold at the courthouse steps, a seller may still buy the house back from under you?  It's called a Right of Redemption.  Please let us know if you have any particular

1,547 Views, 1 Comments.

Is the Charleston Market getting better?The Charleston real estate market has been in a slump for the past four years...When will this trend end?

Well, there is not going to be a clear-cut, definitive turnaround if you're looking for one.  Real estate, which has traditionally been a solid investment, has been jittery (at best), right along with every other market.  There isn't going to be a solid, radical change in direction in the Charleston real estate market in the immediate future.  There are just too many foreclosures and short sales coming up on the market, which are still keeping home values down.  While home values nearly doubled from 2000 to 2006, the average has fallen somewhere around 30% in most Charleston areas.

But are things getting better?

The Charleston real estate market

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beware_of_short_salesJust a quick reminder to all of you buyers out there trying to get a steal on the next short sale deal in Charleston.  A lot of the time, there are wonderful deals (read in: steals) that can be made when purchasing real estate via short sales in Charleston.  Most of the buyers I’ve encountered fully understand that a short sale is basically a seller that is behind on mortgage payments.  They can be 2 months behind, or 7 or more months behind in their monthly mortgage payments.  A short sale is when a seller is trying to get the bank to accept a loss on the property, or for the bank to accept a contract for an amount that is less than what the seller owes on the note.  The seller basically owes more than the property is worth, or is in financial trouble and…
2,345 Views, 2 Comments.