There are a number of different types of distressed properties that become available in the Charleston market area. Primarily Foreclosed and Short Sale properties are the predominant classifications. Foreclosed properties are those that a lender has taken back from a home owner because the home owner failed to make mortgage payments. Once the property has been taken back by the bank it is considered an REO property or a Real Estate Owned (by lender). There are times when these properties can provide significant value to an investor or buyer seeking to occupy the home. Our site provides full and immediate visibility to all the foreclosed properties in the Charleston area.
The other class of distressed properties that can provide purchase and investment opportunities are known as Short Sales. In this situation a homeowner has either already started falling behind on their mortgage payments, or they anticipate doing so due to a hardship situation (ex., job loss, illness, financial emergency etc.) In this case the owner hires a Realtor to market the property for sale and initiates a discussion with the lender to get the lenders agreement to sell the property for less than is currently owned on the mortgage. Short sales can present attractive opportunities, but require patience on the part of the Buyer as lenders can take a long time to provide approvals for the deal to be closed.
There are other distressed property scenarios (tax liens, purchasing mortgage notes etc.), however the foreclosure and short sale is where most of the volume occurs.
If you are interested in purchasing a distressed property in the Charleston, South Carolina area as a primary residence, or have interest as an investor, we can help. Please contact us directly for a confidential discussion regarding your requirements.
