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Short Sales & Foreclosures
Short Sale and Foreclosure properties in Charleston, Mount Pleasant, Daniel Island, Sullivan's Island, South Carolina.  A short sale is a property that sells for less than the balance due on its mortgage.  A short sale can be an underwater home, apartment building or vacant land. If the mortgage balance is greater than the market value of the property, that property may be listed as a short sale.
Not every property qualifies as a potential short sale according to the bank. A bank must agree to grant a short sale and banks are under no obligation to approve a short sale. Banks will grant a short sale if the bank feels it is in the bank's best interest to approve the short sale.
It is in the bank's best interest to approve the short sale if the bank will make more money through the short sale than to foreclose. It is estimated that banks might save 25% to 30% on foreclosure costs to grant a short sale over a foreclosure, but sometimes it may be more profitable for the bank to foreclose.

It may be advantageous to a buyer to consider short sale listings.  Oftentimes, short sales may allow a buyer to save money or acquire a property at a lower selling price.  In a slower market, a buyer who acquires a property at a reduced price will then have a larger margin should that property then be sold during a hot market.  In some cases, buyers may even get instant equity.

Foreclosed properties are bank-owned properties and usually sell at a fantastic price from the buyer's perspective, and are almost always vacant.  If a buyer is willing to be patient and has identified a property that is very desirable, purchasing a short sale or foreclosure could be a very sound move.