NOTE: Distress sales resulting from pre-foreclosures (short sales) and post-foreclosures (lender-owned or REOs) can represent great opportunities for the savvy (or well advised) buyer. For the average buyer it is not very simple to find these opportunities, unless they devote considerable time and effort to scour the papers and county court records.

See Foreclosure Property Lists:

Foreclosures, Bank-Owned and Short Sale Homes in Mount Pleasant

Foreclosures, Bank-Owned and Short Sale Homes on Daniel Island

Foreclosures, Bank-Owned and Short Sale Homes in Charleston Peninsula

Foreclosures, Bank-Owned and Short Sale Homes in Folly Beach

Foreclosures, Bank-Owned and Short Sale Homes in Goose Creek

Foreclosures, Bank-Owned and Short Sale Homes in Hanahan

Foreclosures, Bank-Owned and Short Sale Homes in North Charleston

Foreclosures, Bank-Owned and Short Sale Homes in Ravenel & Hollywood

Foreclosures, Bank-Owned and Short Sale Homes in Summerville

Foreclosures, Bank-Owned and Short Sale Homes in West Ashley

Foreclosures, Bank-Owned and Short Sale Homes on Johns Island

Foreclosures, Bank-Owned and Short Sale Homes on Kiawah/Seabrook Islands 

Foreclosures, Bank-Owned and Short Sale Homes on Isle of Palms

Foreclosures, Bank-Owned and Short Sale Homes on James Island

Foreclosures, Bank-Owned and Short Sale Homes on Sullivans Island

*** Fortunately there is a way to get short sale and lender-owned property listings emailed directly to you  for free.  If you are interested in receiving distressed property listings as soon as they are listed, please fill out the form below.

EXPLANATION OF PRE-FORECLOSURES, BANK-OWNED (REOs) and SHORT SALES

When a homeowner stops paying the mortgage on time, the lender first sends a NOD (notice of default) letter telling the homeowners that if they does not become current with the loan within a specified period, the lender will recall the loan immediately and initiate foreclosure proceedings against them.

Next, the lender will hire an attorney, who will place a lis pendens on the property at the county courthouse. At this stage it becomes public knowledge that the homeowners are in distress and that the lender intends to foreclose. 

If the homeowners want to avoid foreclosure, they may try to sell their home on their own or using a REALTOR. If the value of the home in the current market is not enough to cover the mortgage plus selling expenses (common occurrence in this market, where home values have decreased), homeowners have to request a "short sale" with the lenders, once they receive an offer.

The lenders then determine if it is worth their while to sell the property at this price, or go to foreclosure. Short sales represent great opportunities for buyers with patience, who do not have a deadline to move, or who are flexible on their moving dates. There is no set timing or certainty for the lender to respond to a short sale request, or whether the lender will approve a short sale offer. 

If the foreclosure process continues its course (most lenders do not stop foreclosure proceedings because they are negotiating a short sale), the judge will assign a date for the property to be offered for sale by public auction on the courthouse steps. These auctioned properties are offered "as-is, where-is", with a no-contingency contract, 10% down the day of the auction, closing 30 days after. Often these properties have to be purchased "site unseen" because the seller may still be living in the home and may be reluctant to let potential buyers conduct their due diligence inspections. 

Normally, properties that are auctioned are "bought back" by the first mortgagee, for whatever amount they are owed. Whoever buys the property may need to evict the former homeowner to take possession of the property. 

If purchased by the lender, normally the property will be placed back on the market as an REO (real estate owned, lender-owned) property, through the MLS. These properties also may represent excellent opportunities for buyers, since their list price is normally very aggressive - the lender wants to minimize their holding costs and wants to sell ASAP!

There are advantages and disadvantages of buying short sales, foreclosures and lender-owned properties. If you want to learn more about these, please contact us, we will be happy to help you decide if these types of properties are suitable for your particular situation or not.

$130,000 - 1318 Addykay Place North Charleston, SC @ Runnymeade Farm

MLS#

1207133

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / N/A

FORECLOSURE!! BANK OWNED!! Smooth ceilings throughout. The kitchen has stainless appliances, refrigerator, built-in microwave, stove, and dishwasher. Hardwood floors, ceramic tile, fireplace, crown molding, and rear deck. Runnymeade neighborhood is 1 mile from Interstate 526 convenient to everything including the Weapon Station, Boeing, hospi...

 View Listing

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$142,000 - 1319 Addykay Place North Charleston, SC @ Runnymeade Farm

MLS#

1207136

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / N/A

FORECLOSURE!! BANK OWNED!!

 View Listing

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$137,000 - 1330 Addykay Place North Charleston, SC @ Runnymeade Farm

MLS#

1207138

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / 1 Half

FORECLOSURE!! BANK OWNED!!

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$48,000 - 217 Dean Dr Summerville, SC @ Pinehill Acres

MLS#

1211222

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / N/A

FORECLOSURE, NOT A SHORT SALE, CAN CLOSE QUICKLY! HOME IS CONVENIENTLY LOCATED CLOSE TO SUMMERVILLE SHOPPING, SCHOOLS, RESTAURANTS AND THE LIKE. ENJOY THE SCREENED IN PORCH, DECK AND POOL ON THE HOT SUMMER DAYS. LAMINATE FLOORING, JETTED TUB IN MASTER BATH,

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$109,900 - 221 Barnwell St Summerville, SC @ Weatherstone

MLS#

1211335

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / 1 Half

FORECLOSURE NOT A SHORT SALE CAN CLOSE QUICKLY, THE PARKER IS AN EXTRAORDINARY NEW CENTEX PLAN. HUGE GREATROOM AND SPACIOUS EAT-IN KITCHEN WITH SEPERATE LAUNDRY ROOM AND PANTRY. OVERSIZED OWNER'S SUITE HAS VAULTED CEILINGS AND GARDEN TUB. 10X12 SCREEN PORCH. WEATHERSTONE IS IN A WONDERFUL LOCATION DIRECTLY OFF THE INTERSTATE AND WITHIN WALKIN...

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$52,000 - 7629 Oldridge Rd North Charleston, SC @ Forest Hills

MLS#

1211513

Class:

Residential

Status:

Active

Beds:

3

Baths:

2 Full / 1 Half

FORECLOSURE, NOT A SHORT SALE, CAN CLOSE QUICKLY. DUPLEX WITH GREAT RM WITH F/P, LG FRONT PORCH, EAT IN KITCHEN, 3 BR, 2.5 BATHS IN FOREST HILLS SUBDIVISION, CONVENIENT TO THE AIRPORT AND TO SHOPPING AND RESTAURANTS! HANDYMAN SPECIAL, BUILD GREAT SWEAT EQUITY!

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