Tuesday, December 4, 2007

Foreclosures & Short Sales in Charleston, SC

I have been asked a lot recently about foreclosures in the Charleston market from buyers looking to buy real estate in Charleston and have been asked from sellers to explain short sales. So here are answers to both questions.

First, foreclosures in Charleston, SC, are not what they are around the country, homes are still affordable here and the job market is booming, the economy is kicking butt, so most sellers are able to sell their homes before they run into foreclosure problems. Nonetheless, there are some foreclosures in Charleston and there are also a lot of people that did not pay much for their home that are able to discount their home and sell it at some incredible prices to move it quickly. I would recommend that you look at all homes for sale in your price range, estate sales, foreclosures, bank reo properties, handyman specials, etc, etc, and look for the best deal that you can find and buy it NOW while rates are down and the market is flooded with inventory.

Second, is about short sales, what are they and how do they work. Basically, a short sale is when a seller is in foreclosure or about to be in foreclosure and they owe too much on their home, in other words, they owe more than it is worth. The real estate agent can then communicate this to the mortgage companies and get them to take less than they are owed to get the property sold. The benefit to the seller is that they do not have a foreclosure on their credit record, true they have late payments but that is easier to overcome than a foreclosure and the stigma that goes with it. A short sale is very benefiicial to the bank as they get their money much sooner with less hassle, even if they have to lose some it is better than losing more later when the property is vacated and goes into a state of disrepair and is sold as a bank repo.

If you have specific questions or comments don't hesitate to contact me anytime, Sincerely, David "the real estate man" Wertan & The Wertan Team of Re/Max in Charleston, SC