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

Daniel Island

The third major section of the City of Charleston is the Peninsular Island across the Copper River named Daniel Island. Thanks to the Cooper River on the west and the Wando River to the east (both shipping ports), until the Mark Clark Expressway (I-526) was constructed in the early 90’s Daniel Island was literally cut off from the rest of Charleston, and even today it has the unique distinction as the only section of the City that is not contiguous with the rest of Charleston, nor is it a part of Charleston County.

Hanahan

While Hanahan is a charming and fairly well populated bedroom community near the geographic epicenter of Greater Charleston, the City is easily the least traversed of all the municipalities, and its residents surely appreciate the distinction. Ribboned with the creeks of the pristine Goose Creek Reservoir, Hanahan is at the southernmost tip of Berkeley County,… Read More

Johns Island

Located a 15 minute drive from downtown Charleston via West Ashley and over the Stono River lies Johns Island. This island is the second largest island on the eastern seaboard next to Long Island, NY. It can be described as the least developed land mass in the Charleston area. The locals of Johns Island are passionate… 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

See More Charleston Areas