A short sale is a transaction in which the Lien Holder releases its lien on real property and accepts less than the balance owed. Before a short sale can be concluded each Lien Holder who will not be satisfied in full, must agree to the terms of the sale. In general, Lien holders will discount the loan only if they believe it will result in a smaller financial loss than foreclosure and/or auction. All proceeds of the sale go to the Lien Holder(s). If the loan balance is not satisfied, the Lien Holder(s) still have the option to file a deficiency judgment against the mortgagor(borrower) whom, unless specifically released by Lien holder(s), is still liable for the deficiency. This is a very brief explanation, so please contact me if the reader has any questions about the short sale and foreclosure process
Below are MLS listings that are stated short sales or foreclosures. In all cases; lien holder approval is necessary for all offers, a lender prequalification form is required, buyer may be expected to pay what usually would be seller expenses, no sellers disclosure is mandated, and approval time is uncertain and could take weeks or, more likely, months. In the meantime other offers that come in could replace your initial offer. You also can count on these homes being sold "as-is".
On the up side, the average square foot price is usually lower than the market as a whole and there is a real possibility, even in this market, of starting out with some equity. There are actually hundreds of short sales and foreclosures on the Charleston MLS. Here are just some of the homes that are listed as short sales, foreclosures or bank owned. Let me run a market evaluation on those homes of interest to insure they are competitive against sold comparable homes in the area.
If you have any questions, want a personalized search, a home evaluation, want me to preview and inspect any homes or want to set up a showing appointment, please contact me. At your request, I can also send you the home's market history, county tax info, parcel map or any other information you may require.
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Information deemed reliable but not guaranteed--Copyright: 2011 by the Charleston Trident MLS Association of REALTORS CELL:(843)813-4624 OFFICE:(843)559-2051 FAX: 1-866-517-2617 EMAIL: CDIPAOLO@CHARLESTONPROPERTYSALES.COM URL: CHARLESTONPROPERTYSALES.COM Prepared by CHARLES DIPAOLO of CHARLESTON PROPERTY SALES LLC
Above are just a few of the current foreclosures and short sales available. For a personalized search, more info or to answer any questions, please do not hesitate to email me, or call me direct.