Buying Distressed Properties - Foreclosures & Short Sales
When buyers tell us they are looking for “short sales or foreclosures,” our interpretation is that they are looking for “bargains”!
While there are still distressed properties in our market, distressed inventory is trending downward and reducing. There are a few issues that buyers need to understand about different kinds of distressed properties. The most important are:
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Short Sales – A “short” sale occurs when a homeowner has an adverse financial or personal situation that has prevented him/her from paying their mortgage on time. As they fall behind in their payments, the lender will initiate the foreclosure proces...
September is a lively month for Charleston and South Carolina. The weather starts getting a little more comfortable with slightly lower humidity and some cooler evenings and mornings. There’s a lot to do in the Charleston area, including the Jazz Festival, Fall Restaurant Week, Beer Week, the Scottish Games, and the MOJA Arts Festival.
Given that Tropical Storm "Erika" is heading our way, make sure you have your insurance policy all stitched up ASAP, as it is customary for all insurance carriers to ban all new policy sales when there is an impending storm headed our way, and this could significantly delay closings, ev hit en if the storm does not come close to Charleston.
Last week the Dow Jones Industrial Average went from 17,500 to 16,500. What kind of effect does a correction like this one have on the housing and real estate markets?