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Charleston median home prices rise 3% in March from last year

Posted by Janine Mabe | on Monday, April 15th, 2013 at 8:18 pm
Category: Apartments, Appraisal, Builders, Buy a House, Commercial Real Estate, Community, Condos, Estate, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Janine Mabe, MLS, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes, Uncategorized, Vacations.
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The Charleston Trident Association of Realtors reported 1,045 homes were sold at a median price of $202,210 in the Charleston region last month. The area hasn’t experienced that level of sales in March since 2007, the organization said.

Median home prices in the Charleston area rose more than 3% in March, according to data released Wednesday by the Charleston Trident Association of Realtors comparing last month to 2012.

CTAR reported 1,045 homes were sold at a median price of $202,210 in the Charleston region last month. The area hasn’t experienced that level of sales in March since 2007, the organization said.

CTAR President Owen Tyler said in a news release that it’s more common to see sales surpass 1,000 in late spring and early summer. Last year, May, June and August were high-volume months, he said.

“It’s unusual to see this many closed transactions this early in the season, but we know that market activity is being bolstered by increased interest from investors who recognize the benefits of investing in property in the Charleston area,” Tyler said. “While we do expect sales levels to remain higher than they were in previous years, we do not expect sales to sustain at this level through the spring.”

The Charleston area has been averaging more than 800 home sales per month this year, with 2,424 homes sold year-to-date with a median price of $182,500 across the region. CTAR said the sales volume shows a 16% increase from last year with a 3% increase in median price.

At this time in 2012, 2,088 homes had sold at a median price of $176,816. The region has an active inventory of 5,745 homes listed in the Charleston Trident Multiple Listing Service, CTAR said.

Tyler said a 3% year-over-year increase in median price was in line with what the association expected for this time of year.

“Our market is healthier than it has been in a long time, however with inventory low and demand high, artificial price inflation can start to occur, which we do not want to see,” Tyler said. “Market conditions need to be understood from a hyper-local perspective.”

County-specific numbers for residential real estate in March

Berkeley County
CTAR reported that 191 homes sold at a median price of $166,400 in Berkeley County last month. The area bordered by Jedburg Road, U.S. Highway 17A and College Park was the most active, with 55 sales at a median price of $166,400.

Charleston County
More than half of the homes sold in March across the region were sold in Charleston County, where 635 transactions resulted in a median price of $245,037. Of those, 210 sales were in Mount Pleasant and sold at a median price of $342,500. West Ashley, outside of Interstate 526, was the next most active area, with 77 sales at a median price of $189,295, CTAR said.

Dorchester County
CTAR reported that 184 homes sold at a median price of $162,500 in Dorchester County in March. The Summerville/Ladson area was the most active area, with 72 sales at a median price of $181,950.

Charleston median home prices rise 3% in March from last year

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Charleston, SC Real Estate Update

Posted by Janine Mabe | on Thursday, March 14th, 2013 at 8:23 pm
Category: Apartments, Appraisal, Builders, Buy a House, Commercial Real Estate, Community, Condos, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes, Uncategorized, Vacations.

Residential Real Estate Sales 18.7% Ahead of 2012 Levels

Sales are booming, prices are steadily trending upward in a robust Charleston-area market according to the Charleston Trident Association of REALTORS which published this update.

CHARLESTON, SC—(March 11, 2013) 722 homes sold at a median price of $181,334 in the Charleston region in February, according to data released today by the Charleston Trident Association of REALTORS®. February’s sales figures are most comparable to pre-recession market activity seen in February 2008, when 733 homes sold. Pricing figures are trending closer to February 2009 levels, when the median price for our area was $183,322 but only 448 homes sold.

Year-to-date, 1,367 homes have sold at a median price of $181,917 in the region. The number of homes for sale in the multiple listing service (MLS) has declined by about 1,000 when compared to this time last year—there are currently 5,632 homes available in the Charleston MLS. Sales are pacing almost 19% ahead of this time last year, while prices show healthy and maintainable 4% growth.

“When you look at the last decade of market activity, you can see how well our market is performing following the economic downturn” said 2013 CTAR President, Owen Tyler. “More importantly, you can clearly see that the activity in 2005 and 2006, particularly the sales activity, was abnormal and that the sales and pricing activity we’re seeing now is indicative of a more balanced and sustainable market” Tyler said.

The expectation from the Association and MLS executives is that sales and pricing will be stable and trend positively in 2013, but the trend of minimal inventory may spur more growth on the pricing side than previously anticipated. “Many areas of our region are squarely in seller’s market territory” said Dave Sansom, 2013 President of the Charleston MLS. “That doesn’t mean that sellers can start overpricing their homes and expect them to sell, but it does mean that they have a bit more room to negotiate for the price they want than they have in recent years” said Sansom. Tyler concurs, “Some buyers are having a tough time finding the home they want in the area they want because there are half as many homes on the market today.”

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Charleston-area home sales, prices continue rebound in 2012

Posted by Janine Mabe | on Tuesday, January 15th, 2013 at 7:48 pm
Category: Buy a House, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Property, Real Estate, Real Estate Agent, Relocation, Uncategorized.
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Home sales have risen for three consecutive years in the tri-county region. Prices increased over 2011, and the Charleston Trident Association of Realtors hopes the price stabilization will continue.

More than 10,000 homes sold during 2012, the first year since 2007 when sales figures have crossed that threshold. In total, 10,574 homes sold at a median price of $190,065. These figures represent an 11.6% growth in sales volume and a 4.6% increase in prices over 2011.

Inventory for the region declined 21% from 2011 making buyers compete for available homes.

“Our region’s market activity exceeded our expectations in 2012,” said Owen Tyler, 2013 CTAR president. “We were cautiously optimistic that 2012 would be the year that our market regained its stability and made significant, but sustainable, gains.”
Tyler said the growth observed in 2012 is healthy and can be continued as the local, national and global economies recover.

In the fiscal cliff deal, the real estate industry dodged cuts to the mortgage interest deduction and the Mortgage Forgiveness Debt Relief Act and Debt Cancellation. Tyler and Dave Sansom, president of Charleston Trident Multiple Listing Service, said they think those extensions will help the coming year be another positive one.

“We were pleased to see that Washington understands that real estate is an integral part of our nation’s economic success and preserved key incentives for current and future homeowners,” Tyler said.

Reposted from the Charleston Business Journal by Lauren Ratcliffe

December County by County Results

In Dorchester County, 159 homes sold at a median price of $178,680 in December. Year-to-date sales increased 8% and prices increased 4.7%

In Berkeley County, 195 homes sold at a median price of $168,000 in December. Year-to-date sales and pricing increased by 3%

In Charleston County, 515 homes sold at a median price of $235,254 in December. Year-to-date sales volume increased 20% and pricing increased 3.6%.

Source: Charleston Trident Association of Realtors

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Home Sales UP in Charleston!

Posted by Janine Mabe | on Monday, December 17th, 2012 at 1:27 pm
Category: Apartments, Appraisal, Builders, Buy a House, Community, Condos, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes, Uncategorized, Vacations.
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Source: Post and Courier
Home sales usually taper off in the final months of the year as buyers shift focus to other obligations, like the holidays. Not this year.

The Charleston Trident Association of Realtors said Monday that 845 homes changed hands at a median price of $192,500 in November, nearly 200 more than the same month a year ago. The median price was up less than 1 percent. The last such busy November was in 2009 when a federal tax credit gave sales an extra boost.

“This fall has been noticeably busier than years past,” said Owen Tyler, the association’s president, in a written statement. “The market is seeing a great deal of activity from investors, as well as from traditional buyers who were waiting for security to return to the market,”

Sell Your House Today

The group’s latest preliminary sales report marks the 13th consecutive month of climbing home sales in the region, which includes Charleston, Berkeley and Dorchester counties. Lower home prices and mortgage rates compared to years ago continue to push buyers to the closing table. The group’s data shows that 9,662 homes have changed hands at a median price of $190,081 from January through November. Charleston County continues to lead the region’s activity with sales growth topping 20 percent compared to a year ago, according to the new numbers.

Tyler said the county will likely approach 6,000 transactions this year. “It clearly shows how much consumer confidence in our market has improved in the last 36 months,” he said. The uptick in sales activity has chiseled inventory down to a six-month supply, which is what experts consider an ideal balance of demand between sellers and buyers. Some area agents have said the dwindling inventory has pushed control back to sellers who may be less willing to come off their asking prices.

The region’s lowered home supply has also jump-started several once-stalled new homes developments throughout the region, including the 4,300-acre Carnes Crossroads in Goose Creek and Carolina Park near the north end of Mount Pleasant.

Also Monday, the association revised its sales data slightly higher for October to show 910 homes sold at a median price of $185,112.

County numbers – Source: Charleston Trident Association of Realtors Multiple Listing Service.
CHARLESTON COUNTY
458 homes sold at a median price of $232,000
BERKELEY COUNTY
193 homes sold at a median price of $179,190
DORCHESTER COUNTY
170 homes sold at a median price of $160,000

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Now is the time to buy Real Estate!

Posted by Janine Mabe | on Thursday, July 12th, 2012 at 1:22 am
Category: Buy a House, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Mortgages, Neighborhood, Property, Property Investment, Real Estate, Real Estate Agent, Relocation, Uncategorized.
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It’s taken half a decade, but the all signs are pointing towards a real estate market that is finally starting to show signs of life. If you were thinking about making a move on a piece of property, right now may be the best time to buy. In most places around the country you can still take advantage of low prices, and mortgage rates are at once-in-a-lifetime record lows.

Although median prices are still near 2003 levels, the signs of a resurgence are everywhere you look. Not to mention that every news source is reporting up ticks in almost all markets. The number of people signing contracts to buy houses rose by around 4% in March, according to the National Association of Realtors, and is the highest it’s been in nearly two years.

Many would-be homebuyers are surprised to find that one fixture of the bubble era is back: the bidding war. According to a recent survey of 28 housing markets conducted by the Wall Street Journal, there are fewer houses for sale in every single one of those places than there were last quarter. This relatively tight inventory in markets as varied as Sacramento, Phoenix and Washington, D.C., dictate that the law of supply and demand is going to kick in.

If you have been waiting for the market to show signs of recovery, your wait is over. For those who want to wait just a little bit longer, you may find yourself in a bidding war over the perfect house. Trust me – that is one adventure best avoided.

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Charleston housing market showing signs of rebound!

Posted by Janine Mabe | on Tuesday, June 12th, 2012 at 8:55 pm
Category: Apartments, Appraisal, Builders, Buy a House, Commercial Real Estate, Condos, Estate, First Time Home Buyers, Foreclosures, Home Improvement, Homes, Homes for Sale, Housing Market, MLS, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes, Uncategorized, Vacations.
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By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published June 12, 2012

With nearly 1,000 closings in May, the Charleston-area housing market is showing signs of recovery, according to data from theCharleston Trident Association of Realtors.

Sales volumes last reached this level in June 2010 when the homebuyer tax credit was in place to encourage market activity. The last time volumes were this high in a non-incentivized market was August 2007.

“Sales are closing at a faster pace than we anticipated this early in the season and showings continue to rise,” said Herb Koger, 2012 CTAR president. “There is a lot of pent-up demand in the market and those choosing to buy now are benefiting from incredibly low rates and affordable pricing.”

Showings in the Lowcountry also increased during May — 2,000 more thanlast month. There were 26,040 showings recorded by the Multiple Listing Service.

Beyond increased showings and closings, inventory levels have CTAR Realtors excited about the returning health of the market.

A widely accepted benchmark of a healthy market is inventory within the six-month range. Charleston currently has 6.4 months of inventory with 6,314 homes listed as actively for sale.

“The measure of a local real estate recovery is not a return to 2005 sales and pricing levels, but a balanced supply and demand as well as sustainable growth,” said Chip Reeves, 2012 Charleston Trident MLS president. “We’re finally seeing that absorption rate rise and a recovery take shape in our market.”

The overall economy of the region is strongly contributing to the rebound of the housing market as new jobs are created.

“Our local economy is growing and thriving, thanks to solid activity at the State Ports Authority, Boeing, growth in the technology sector and other major manufacturers entering the market,” Koger said.

One year ago, May’s preliminary figures showed 804 closings at a median price of $179,945 with year-to-date figures at 3,594 closings and a price of $177,000.

In 2012, closings rose 9% and median price is up 3%. Year-to-date, the area market has seen 3,910 closings at a median price of $182,000.

County-by-county figures

Berkeley County saw 205 homes sell at a median price of $175,375 in May. The most active area of the county was Goose Creek/Moncks Corner bordering the Cooper River with 50 sales at a median price of $174,495. The most affordable area of the county is Cross/St. Stephen, where the median sale price was $62,500.

Charleston County accounted for more than half of the area’s total sales, with 563 homes sold at a median price of $239,500. In Mount Pleasant, the county’s largest geographic area, 185 homes sold at a median price of $341,625.

Outside of Mount Pleasant, the county’s most active area was West Ashley with 74 sales at a median price of $185,652. The most affordable area was North Charleston, where the median sale price was $83,000 in May.

Dorchester County saw 188 homes sold at a median price of $167,450. The most active area was Summerville/Ridgeville, with 92 sales at a median price of $180,470. The Summerville/Ladson area was the most affordable, where the median sale price was $135,000.

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Relocation Hints

Posted by Janine Mabe | on Thursday, November 10th, 2011 at 12:58 am
Category: Apartments, Buy a House, Community, Estate, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Neighborhood, Property, Property Investment, Real Estate, Real Estate Agent, Relocation.
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When relocating to a new town within the same state involves slightly less planning. That’s not to say it’s easy. Just that an inner state move usually only involves a period of adjustment to settle into schools, navigate to the local grocery store, and the best local contractors who are the trustworthy and can tackle things when your new house needs some work. Many things will already be familiar to you. In the end, from one neighborhood to another or even from one side of a state to the other there are adjustments but they are minor.

An interstate relocation, on the other hand, is much more of a challenge. Considerable research is required to choose the state, city, town and area that will best suit your family’s needs. When you have lived in the same town for many years it’s natural to accumulate memberships and licensure. An interstate move necessitates reapplication for these: driver’s license, voter registration, updating insurance, teaching license, real estate license, gym membership, and library card to name a few of the more common ones.

And we haven’t even touched on the very move itself, which can be consuming. Let’s see there’s packing, kids, moving companies, schedules, travel plans, cancelling utilities, arrangements for pets, etc. With all this going on it’s no wonder why so many arrive to their new home in a new state and land in a “state of confusion.” In an effort to alleviate some of the stress many experts recommend compiling information that you will need in order to take care of many of life’s details before you move. Place a hard copy of everything in a folder.

Here’s a list of some things you may need:

• Address and hours of the local Department of Motor Vehicles
• Name and phone number of all utility companies
• Name and phone number of phone service provider
• Name, phone number and website of cable and internet provider
• Name, address and directions to an Urgent Care Facility
• Registration information for appropriate schools
• Name and phone number of Real Estate Agent

As wonderful as technology may be. Don’t rely on your smartphone or computer to store information. When you need critical information at your fingertips is the most likely time that technology will fail you – be ready! The more items you handle or gather information on before your move, the less stressed you will be upon arrival.

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Looking Beyond a Home’s Sale Price

Posted by Janine Mabe | on Wednesday, October 5th, 2011 at 8:17 pm
Category: Buy a House, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Real Estate, Real Estate Agent, Relocation, Townhomes, Uncategorized.
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As a prospective home buyer you may fall into the trap of focusing too much on a home’s sale price. What you may not realize are the other considerations that can also have a major impact on you financially, which can make life more difficult after a purchase.

To avoid this problem, consider the effect other factors may have on your buying power. According to MSNBC, paying off outstanding loans and reducing debt before beginning the process of searching for a new home can significantly impact whether you , as a home buyer, can qualify for a loan and what interest rate you will get. For couples, be sure to check both credit scores, and if needed, take steps to increase your credit rating six to twelve months before you start the home search process.

Cost of a home may be more than money

Mortgages themselves commonly involve additional costs many home buyers forget to account for, such as mortgage insurance. As a general rule of thumb, in order to avoid this fee you will need a minimum 20% down payment on the home. On a modest $100k home, that would be $20k and it does not take into account the many other fees associated with a mortgage loan.

Property size, location and condition are also important. These are among the factors which determine property taxes and maintenance expenses for the upkeep of the home. While a home in good condition may have few repair costs at first, any home is a sufficiently large and complex structure that will need general upkeep and with time something will need fixing sooner vs. later.

Focusing too much on price can also cause you to jump on a good deal just because it’s there, without determining whether the home in question suits your current needs, as well as your anticipated needs in the next three to five years. A growing family, for example, may need more space in the near future.

The opposite can also occur if you purchase a home larger than they can really use.

This larger home can feel like a great deal… that is until you factor in the cost of heating/cooling, yard maintenance, and other costs associated with the extended upkeep of your expanded square footage.

Investigation and closing

When looking at home prices, one expert told Bankrate.com that home buyers might want to consider having their agent show them homes within their specified price range but avoid knowing each individual property’s list price. Not knowing the price before seeing a home in person can help you avoid being influenced either for or against a property by the number. This will allow you to more clearly determine the positive or negative attributes of the property based on your specific needs. Once you have narrowed your choices then it would be a better time to look at the numbers.

When it comes time to negotiate and close a deal, don’t fail to take into account the closing costs and the cost of moving into a new home. According to MSNBC, this is one of the top things home buyers fail to budget for in their pre-purchase planning. Moving costs might include purchasing boxes and other supplies, renting a van, hiring movers, buying new furniture, replacing old items and limited repairs to rooms like the kitchen or bathroom. Closing costs cover administrative fees, title searches and in some cases initial homeowners’ association fees or inspection costs.

When you choose the right real estate agent to assist you with your search process, they should also work with you to provide an estimated cost of closing worksheet to help you anticipate the cash needed at closing. A good agent can be invaluable tool that is there to help each step of the way.

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The Right Time to Buy Real Estate… may be NOW!

Posted by Janine Mabe | on Friday, August 12th, 2011 at 2:25 pm
Category: Buy a House, Community, Condos, Estate, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Mortgages, Property, Real Estate, Relocation, Uncategorized.
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Negative news about the housing market may seem like it will never end. The most recent national housing data shows home prices continuing to drop as did the number of homes sold. Foreclosures remain one of the biggest factors dragging us down, and there’s also the huge number of distressed homes creating supply overflow. If you peel back the layers and really look at all the bad news, you may in fact see some compelling reasons for getting serious about buying right now. For example, home prices have dropped so low in many areas that it now makes the cost of buying a better financial deal than renting.

Crazy or Crazy Smart?
Given what is still unfolding, waiting on the sidelines to make your move after the last of the ugliness is played out seems like a pretty smart strategy. But while you’re laser focused on the idea that home prices will be lower in the coming months — which you may well be right about – the question remains how much lower are they going, and what other important home-buying factors are going to be as advantageous a two months or year from now.

If you are pondering a home purchase, you might want to make a move sooner versus later. Here are six reasons why now just might be a smart time to make your move:

1. Renting isn’t always a great deal. This is all about Econ 101: Demand for rentals the past few years has increased — a function of foreclosures and fewer existing renters making the decision to buy – and supply hasn’t kept pace as there has been little new construction since the financial crisis hit. That’s pushing up rental prices. Mark Zandi, Moody’s Analytics chief economist expects rents to increase an average of 5 percent over the next year and some economists are predicting increases in major metro areas of more than 5 percent. That’s likely going to exacerbate an already interesting trend playing out in many markets.

2. The worst of the price declines is likely over. From the market peak in 2006, the S&P/Case-Shiller index of 20 housing markets is down 32 percent. Scary, indeed. Let’s stop looking in the rear view mirror because what’s important is what comes next, not what we’ve just come through. And no one is suggesting we have an additional 30 percent to go in price declines. Many economists are predicting about another 5 percent slide in home prices. And let’s be clear, I have not heard anyone suggest roaring price gains are on the horizon either. The takeaway is that we’re potentially at an important pivot point where we’re moving from steeply falling home prices to an extended period of stabilizing prices.

3. Historically LOW Mortgage Rates. Right now the 4.5 percent interest rate on a 30-year fixed rate mortgage is amazingly cheap. Most economists predict that rates will rise through the end of the year, with some thinking the 30-year fixed-rate mortgage could be 5.5 percent by the 2012. Higher rates can affect loan eligibility by increasing the monthly mortgage payments and your ability to qualify for a loan.

4. Qualifying for a mortgage is likely to get harder, not easier. In the past 18 months, massive legislative changes have affected the mortgage landscape. Anyone seeking a mortgage can expect to do more paperwork when planning to purchase or refinance a home. Borrowers are also being asked to provide even more documentation, including proof of identity and residency. Add to these the higher credit scores required before you will even be considered as an applicant.

5. Scary national statistics are especially deceptive right now. RealtyTrac reported that 28 percent of home sales in the first quarter of 2011 were foreclosures, and the average foreclosure sale price was 27 percent less than what a non-distressed home sold for. But peel back from that ominous headline statistic and there is a more nuanced story playing out that goes to the heart of the old maxim: All real estate is local. The Charleston tri-county area is not experiencing the same level of declines as most major metropolitan areas.

6. Less competition. There may be plenty people dropping by at open houses these days, but the anemic sales pace is proof that there are few serious buyers. That makes it less likely that you will wind up in a bidding war for your dream home. It also means you may have more room to negotiate with eager sellers. Waiting to dive in could mean that you find yourself in a more crowded pool of buyers. It’s just common senses that once there are clear signals of recovery, demand will pick up. So, bottom in is you may not have much time to wait or you’ll find yourself telling your friends “if only I had purchased 3 months ago – I would have scooped up a bigger house on a larger lot.”

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Charleston SC Foreclosures

Posted by Janine Mabe | on Wednesday, July 20th, 2011 at 1:46 am
Category: Buy a House, Community, Estate, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Property, Property Investment, Real Estate, Uncategorized.
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Charleston SC Foreclosures – A Buying Guide

 Are you considering buying a Charleston bank-owned / lender owned property? These distressed properties are increasingly available in the Charleston Tri-County area and can present a terrific opportunity to purchase a home at a greatly reduced cost. However these transactions are more complex than a typical residential resale purchase and you must do your homework if you want to avoid buying the proverbial “ Money Pit” … Believe me this is no joke!

First, let’s define and categorize Foreclosures as this nomenclature is used broadly and you need to understand the differences.

Foreclosure – A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.  The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of reak property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage  or lien”.

Foreclosed Auction Homes – Homes offered for sale at the Courthouse will be sold to the highest bidder provided minimum requirements are met. The three Tri-county Counties; Berkeley, Charleston and Dorchester have set foreclosure auction dates and provide a list of properties in advance that will be available for sale. Frequently the bank acquires the property due to lack of bidders or bid amounts that do not meet their minimum purchase requirement which typically is the amount of the existing mortgage plus a minimal fee. These purchases can offer the best opportunity for Charleston area home buyers to acquire a property at a bargain price, however they also present the most risk.

Disadvantages of Courthouse Auction Purchases

  1. Most buyers do not have an opportunity to inspect the home in advance of the sale. Imagine your surprise when you open the door only to find the walls covered in toxic mold because the utilities have been disconnected for months… or you go to update the bathroom and under the floor are colonies of termites that have eaten through entire sections of structural beams.
  2. Buyers frequently must contend with owner occupants… You now own a home that has unwanted guests… Are you prepared to evict owners or tenants? Are you prepared to contend with the damage that may occur to your asset?
  3. Title issues … How many liens are secured by this property? I RECOMMEND THAT YOU DO NOT PURCHASE AN AUCTION PROPERTY WITHOUT AN INDEPENDENT TITLE SEARCH WELL IN ADVANCE… Unpleasant surprises could include unpaid taxes, mechanics liens, HOA dues or other liabilities.
  4. Earnest money requirement is typically 5% and is due in certified funds by 4:00 pm on the day of the foreclosure sale. The balance of the successful bid price is due 20 – 30 days following the sale date; most often 30 days. EARNEST MONEY IS NON-REFUNDABLE.
  5. There are no contingencies accepted based on financing so you must be confident of your ability to secure a mortgage.

Charleston County* – Master in Equity – Monthly Foreclosure Sale – 1st and 3rd Tuesday at 11am, Charleston County Judicial Center, 100 Broad Street, Charleston, SC

Berkeley County*  – Master in Equity -Monthly Foreclosure Sales – 1st Wednesday at 11am, Berkeley County Courthouse, 300-B California Avenue, Moncks Corner, SC

Dorcester County* – Master in Equity – Monthly Foreclosure Sale – 1st Tuesday at 11am, Dorchester County Courthouse, 5200 East Jim Bilton Blvd., St.George, SC 29477

* These dates may change in accordance with the courthouse schedule, please verify on the appropriate county website for accuracy.

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