Charleston short sales
A quick look at homes for sale in the Charleston MLS will show lots of homes indicated to be possible short sale opportunities. I've mentioned that short sales are never short and rarely result in a sale. Many buyers who understand the short sale process avoid short sales for those reasons. But others who are searching for homes might come across a listing that looks too good to be true because the house is priced so well and think it's a good idea to put an offer on it (after looking at it of course).
MarketWatch writer Amy Hoak offers 5 warnings to heed if you're trying to buy a short sale.
You'll wait in the dark
Banks will make you a deal but within reason
Sales are "as is"
Have a back up plan
It's not only about price
But on a positive note, banks have begun to realize that it's better to lose 20% on a short sale than 40% on a foreclosure and the wheels are at least moving forward these days.
Just slowly.