You may have
seen the reports — and they are correct — that the number of new foreclosures
has dropped almost everywhere throughout the country. Although the Mortgage
Bankers Association’s report about the drop in non-seasonally adjusted
foreclosure starts might indicate otherwise, this autumn, sharp-eyed buyers can
still find any number of foreclosed homes in Charleston, SC. For those whose
goal is to find an appreciably nicer home at a lower-than-average price, a few
basics shed light on the process.
Short sales
differ from foreclosures. Although the sale price may be a good deal less than
what is still owed on a loan, it may be more or less than the actual value of
the home. A foreclosed home in Charleston, SC is one that is actually owned by
the bank holding the underlying loan — with the previous homeowners already
having moved on.
Success in
the foreclosure realm means saving money by buying Charleston foreclosed homes
— and it means being aware of the motives of the lender. First, any bank will
typically offer foreclosed homes on an as-is basis. To keep losses in check, no
repairs will have been made on the property. Some homes may be in fine
condition, but others will not. That’s why it’s so essential to be willing to
pay for an inspection on the property: it’s the only way to know exactly what
you are getting into before you sign on the dotted line.
Unless you
have prior success in buying Charleston, SC foreclosed homes, it is universally
recommended that you enlist a buyers agent to help throughout this process. An
agent can advise you whether or not the property value is in line with the
market for comparable properties in comparable condition. While you can work
with the bank on your own, it is advantageous to have an experience professional
to assist at the bargaining table.
If you are
interested in buying foreclosed homes in Charleston, SC this autumn, why not
contact me today to discuss your search parameters? The values really are
out there to reward the patient — and anyone willing to put in a dollop of
elbow grease!
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
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