Charleston Real Estate Blog

JS, what does this have to do with Memorial Day weekend and the start of summer :)

But, here's my take on the subject.

First of all, if you want to build a spec home, it should look good and this house is a big box. And don't paint it blue, appeal to the most possible buyers to get it sold.

Having said that, what I really can't understand is how a builder can't build a 3000 square foot house that is totally loaded with luxurious appointments and finishes and not be able to do it for $300k to $350k plus the cost of the lot (and the lot cost was $154,500). There is no reason that it should still be short at $585k. It seems like poor business management skills to me.

But as I've said on previous occasions, a good builder might not be a good business person.

As to others, yep, they'll be more.

I don't care much for the lots in Planters Pointe, it's not a pretty section.

As to the spread, a builder is suppposed to make money. What I was referring to was his cost and how much he should have been borrowing to be able to build out. Unless you can build it yourself, plan on paying retail.

Buy the best lot you can.

Don't use an agent at your own risk.

Prices on lots have come down a little bit but there is a big difference between owning land sitting idle and owning a house sitting idle.

JS, you can offer whatever you like, less, list price or more and you still might not get an answer.

When the short sale can't get negotiated with the loss mitigation department of the lender, it will ultimately be foreclosed.

You can then go down to the courthouse and bid whatever you'd like, I think the minimum is approximately $2450 but and of course, it is a big BUT, the lender will not accept that bid.

If no one bids high enough, then the house is given over to one of the real estate agents that specializes in listing foreclosures and is put into the mls where you can actually get an answer to the offer you make.

By the way, they don't counter offer.

Not to be too PUNNY but the long and SHORT of it is that you aren't going to buy that house for $500k this year.

JS, I think I've been very clear that I will not work short sales. I have written on numerous occasions that short sales are bogus listings since the loss mitigation department does not bother to respond to offers and even when they do, timeliness is not part of their program. I would require a retainer for my time in addition to any commission that may or may not be paid.

Put very simply, short sales are a waste of time for both buyer and agent. One in a hundred might work.

On the other hand, I have and will be happy to show and sell a foreclosed property just as long as the buyer understands that the condition is generally (but not always) less than pristine. In a foreclosure, the bank is *now* the owner of the property and they in fact do respond and can and will sell the property in a timely manner.