Some Charleston short sales [Are / Are NOT] a good deal
You would think that when you look at a Charleston short sale for sale that you should be able to get a good deal. But surprisingly, sometimes the price is not all that great but if you happen to really like the home, you might think one of two things, can I buy it for even less than the offering price or should I just pass and keep looking.
Recently I saw two similar homes for sale in the same neighborhood, one was a short sale and one was being offered by a traditional home seller. Interestingly, the prices of both homes were both being offered at the same price per square foot which would be OK if both were in equal condition.
Unfortunately, the short sale was not exactly in very good condition.
But here is where it gets a little more interesting. The short sale is indicated to be an approved negotiated price with the bank. Now there really isn't any such thing as a preapproved short sale and the only time a short sale is actually approved is when you leave the closing with the keys and the attorney is sending in the sale paperwork to be recorded at the county.
So if you want to offer a little less, be prepared for the bank to not necessarily approve that price because somehow they seem to be convinced that they are offering it at what they believe is market value for the home in the condition it's in (and they know that the condition is poor because the listing indicates that is why the price was reduced).
Oh, by the way, it's been on the market for about a year now. Good luck.