Charleston SC Foreclosure & Short Sales

When it comes to selling or buying distressed real estate, like a short sale home or foreclosed home, you need the right Realtor®. There are a few things to consider as you make your choice. Before that though, it’s imperative to understand a few important facts about the procedures.

Foreclosure & Short Sales for Buyers

If you’re looking for Charleston SC real estate then pre-foreclosures (also known as short sales) and foreclosures could make a solid choice. Short sales are often more appealing because buyers, in some small way, are helping the homeowner. Here are a few other differences to consider:

• Buyers can sometimes save over 40% of the house's market value on a short sale or foreclosure.
• They’re ideal for investors with access to fast money. Often inspections, or other requirements, need to be paid and conducted within days (or even hours) to ensure a smooth transaction. Having a Realtor who can offer a team of vendors for such expenditures can be of great importance.
• Since most foreclosure and short sale buyers want a good investment, having a Realtor® who is a loss mitigation specialist is helpful. They can point out potential issues or costs of ownership, like flood insurance, HOA, etc.

In short, there can be stumbling blocks to home ownership since these kinds of transactions can be complicated and incredibly time sensitive. Having the right agent can make a significant difference.   Obtain an agent who’s able to answer questions like: 

• What terms are generally found acceptable in a purchase agreement to the lender?  
• What can you expect in terms of a timeline with your purchase or sale?  
• What specific costs can you expect to incur when making this type of purchase?  
• What does it mean that the REO (real estate owned) seller doesn’t provide a disclosure?  

Foreclosure & Short Sales for Sellers

If you’re a home owner trying to sell a home via a short sale there’s often a short time frame of months, weeks or even days to get a deal done. That’s why it’s vital you make the right Realtor® choice. I am a loss mitigation specialist. The same is true of financial institutes looking to sell an acquired property. Banks are money lenders; not landlords. Banks want their REO properties sold quickly. It’s important to note that:

• If you can manage it, a short sale is ideal since it’s not on a person’s credit record as long as a foreclosure. 
• Since a short sale is not as financially severe, you might qualify for a new loan in 2-3 years, rather than 7 years, like a bankruptcy.
• In a short sale, the process is similar to a traditional sale, as opposed to a litigious and stressful foreclosure proceeding with a multitude of attorneys.
• Finding the right agent to handle your short sale is crucial since these sales are time sensitive.  One possessing in-depth knowledge of things like neighborhoods, home owners’ associations, flood zones & insurance, and ordinances is imperative to circumvent the loss of a buyer.

Whether you’re a bank or private seller, a quick sale is important. So is having an agent who can explain possible sale options. A Realtor®, one with the proper connections to handle all the processes in a timely fashion, is essential.

Why Pick Charleston / Folly Beach Real Estate Agent Ulf Hartwig?

I’m Ulf Hartwig and I’m the Realtor® who can get things done. For over a decade I’ve helped people around Charleston and Folly Beach with all their real estate needs – including foreclosures and short sales. Whether you’re seeking a residence for yourself, or a real estate investment, let me find that short sale or foreclosure that’s perfect for you. The only initial cost is a few moments of your time. Just email or call me today at 843.442.2459 to get started.>