Foreclosures Heat Up In SC!

Due partially to the fact that the Supreme Court of SC determined at the beginning of the year that lenders MUST PROVE that they tried working a loan modification or deed en lieu with homeowners BEFORE they file for foreclosure, our foreclosure rates have been relatively low since May.

However, lenders have now figured out the necessary steps and paperwork to prove to the courts their efforts, and as a result we are going to see many more foreclosures (that should have happened 6-8 months before) coming our way. RealtyTrac (see map below) shows South Carolina as a one of the "high density" areas for foreclosures.

While this is not good news for the market in...

Charleston Real Estate Market Shows Strength and Stability in 2011

Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low

According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale.

Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level.  “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in th...

Distressed properties normally go through 3 stages. Each has different advantages and disadvantages. 

CHARLESTON, SC NAMED SECOND BEST CITY IN AMERICA – ACHIEVING ITS HIGHEST RANKING IN 16 YEARS OF TRAVEL + LEISURE WORLD’S BEST AWARDS READERS’ POLL

Copied from the Charleston Convention and Visitors Bureau

"Charleston rises to No. 2 on the Travel + Leisure 2011 World’s Best Awards list of Top Cities in the United States and Canada, based on the 16th annual readers’ survey, from its third place ranking last year. Displacing last year’s No. 2-ranked city, San Francisco, Charleston achieves its highest ranking ever in this survey. The top-ranked city in the U.S. and Canada is New York City for the eleventh consecutive year. Four South Carolina hotels and resorts are recognized among the top...

Today I listed this great 3 bedroom, 1.5 bath townhome that was extensively renovated 2 years ago, including new siding upstairs, new roof, new windows and exterior doors, engineered hardwood floors downstairs and complete kitchen re-do including new cabinets, stainless steel appliances and granite countertops.

Nestled in a group of quaint townhomes and single family homes, this home is located centrally, with very easy access to I-526, schools, restaurants and Town Center Shopping. A 15-minute drive will take you to Downtown Charleston or to the Airport, Charleston AFB and Boeing. 

Real lane access provides 3 spaces to store your vehicles or boat. A fenced backyard provides privacy and...

The Charleston Battery, our local soccer team, is playing against the Richmond Kickers this Saturday, August 28 at Blackbaud Stadium on Daniel Island for the USL-2 league championship!

Tickets are priced from $10-$18 and can be purchased online or by calling 843-971-4625. Gates open at 4:30 p.m. and kickoff is slated for 6 p.m.

We hope the Battery takes the home field advantage and gets a victory - let's go and support our local team - Go Battery!

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POST GAME NOTE: The Charleston Battery defeated the Richmond Kickers 2-1 and became the USL-2 League Champions! 

Tips for Buying Lender-Owned Properties (REOs)

by Alan Donald, Team Leader, BuyHomesInCharleston.com

Every buyer in this market wants a bargain! And while you may want to hit the jackpot by buying foreclosed properties – those homes that are offered as real estate-owned (REO), lender-owned or corporate-owned properties - it is essential to understand the differences between buying a “regular” listing and buying an REO.

Lenders are not in the business of owning real estate. Once they decide to foreclose on a home and on-sell it, they are looking for:

In addition, you should know that:

This new SHORT SALE listing is a 3 bedroom, 2 bath Duplex in The Gates @ Wescott Plantation, Summerville. It just needs a little TLC (paint, cleaning) and you could buy this home and end up paying less than rent! Dorchester II schools, easy access to Charleston International Airport and Boeing. 

Great for investor or owner-occupier with patience - short sale may take some time...

More details...

Are Lender-Owned Properties (REOs) Smart Options for Buyers?

By Alan Donald, BuyHomesInCharleston.com

It seems that one out of three properties in the Charleston Metro Area is either a SHORT SALE or an REO (*)

(*) An REO (Real Estate Owned) is a lender-owned property - a property that has already been through foreclosure and is being offered for sale directly by the lender after taking control of it. 

Normally these properties are offered at very attractive list prices, so many of those properties offer terrific buying opportunities. But, like the old saying says: "Don't judge a book by its cover", there may also be challenges associated with buying REOs. Here is a list of potential p...