Charleston South Carolina Short-Sale Property List...
The interest in Distressed Property has become more common because of the early 2000's mortgage crisis. Terms like; REO Bank Owned, Foreclosure, Short Sale, (Foreclosure) Auction, that once only real estate agents, bankers, and attorneys knew, are now every day conversation with average homeowners. However, there is still a lot of confusion or simple misuse of these words when discussing the various stages of distressed property. All of these terms refer to the involvement of a bank in the possession or sale of real estate property.
The most common definition; "Property that is under a foreclosure order or is advertised for sale by its mortgagee". Generally it is used to refer to a property that is or was financially "under water," meaning the homeowner owes more on the mortgage than the property is worth.
Defined as "The sale of real estate that generates proceeds that are less than the amount owed on the property". When a borrower and lender mutually decide and agree that selling a property at a loss is preferable to having the borrower default on the loan and go through foreclosure. Generally these sales take much longer to complete, 60-180 days or more, and many do not ultimately get bank approval. "Pre-Approved" Short Sales have a much better chance of success, as the lender has (pre)approved a Short Sale and also pre-approved the price. This leaves less room for negotiation, but save time and is likely a good value that will go through.
Because our website represents “Real Estate for Sale", and Auction Property is not yet available for sale (until auction) we cannot publish these lists. Also these lists change almost daily. If you would like a current auction list for Charleston, Dorchester, or Berkley counties please Click Here and we will provide you with the information and some free advice. Periodically, we host free local "Buying Auction Property" sessions. If you would like to attend our next "Buying Auction Property" meeting please Contact Us regarding these events.
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