Reduced Probability of Closing

Expect at least three months, but could be as long as 12 months, from the date contract is written to an actual closing date. There are no dates guaranteed with a short sale, including a closing date. Most “date specific” areas in a purchase contract must reflect “X days from 3rd party approval”.

Majority of short sale contracts must state property is being sold “as is” or lender will not consider offer.

Lender will typically not pay for inspections, repairs, deed stamps (to record the deed) as well as other typical seller paid closing costs items. Buyer will very likely incur these costs.

Lender will require at least one and more likely two or three Broker Price Opinions (BPO’s) to determine the value of the home.

After a buyer plays the waiting game for months, the seller’s financial situation may not allow the seller to qualify for a short sale on the property (i.e. the lender feels the seller can actually afford to make the payments). The buyer has now incurred costs for inspections, loan commitment, etc. and wasted valuable time finding another home.

Browse Some Charleston Areas

Sullivan’s Island

In a region where coastal living and American history are the hallmarks, Sullivan’s Island is easily the compelling of all the islands of Greater Charleston. For locals, there are no finer beaches than those on Sullivan’s (aka Sully’s or Sully’s I). The views and angles are spectacular, the sands are white and broad, and the… Read More

Kiawah Island

Both a town and a private resort community, Kiawah Island is quite simply the most highly regarded of all the resort islands of the South Carolina coast, and by offering 5 different award winning golf courses across the pristine island – an island that boasts the largest stretch of ocean front of all the Greater… Read More

Isle of Palms

The slender barrier island that is the Isle of Palms (IOP) is best known as Greater Charleston’s most popular public beach for tourists and families with small children, but it is also home to the Wild Dunes Resort, Marina, and its amazing golf courses. Sitting off the Mt. Pleasant coastline just north of its Sullivan’s… Read More

James Island

Many would argue that James Island is quite possibly the truest representation of mainstream Charleston culture, which is no surprise considering it is just a few minutes from downtown and forms most of the southern shore of Charleston harbor. James Island is bordered by the harbor to the east, Wappoo Creek (Intracoastal Waterway) to the… Read More

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