Bluffton Foreclosure Listings For Sale
When talking about foreclosures & Short Sales, Bluffton, South Carolina has been no different than any other area. We've seen Bluffton Foreclosures & Bluffton Short Sales pop up all over town. Bluffton is generally considered a more of a primary home type of community which differs from its neighboring Hilton Head that is more of a resort/second home type of community. The majority of the folks that live in Bluffton are working class/service industry families, that have been affected by the economy and lost their jobs and has led to many of the Bluffton Foreclosures. Read More
For you as a consumer there are differences between a short sale and a foreclosure. A short sale happens when the property owner owes more on the property than what he can sell the actual property for. The owner then negotiates what is called a "short sale" on the property where the bank agrees to accept less than what is owed to them on the property from a suitable buyer. A foreclosure happens when there is a stalemate between the owner and the bank. The owner typically stops making or lacks the ability to make payments to the bank. The property then goes to a court proceeding where the property is auctioned off to the highest bidder, generally the bank holding the note will try to win the bidding on the property to protect its investment. Ownership then transfers to the bank from the property owner and is called a "foreclosure sale". From this point the bank has all right to the property and will then end up on the market for sale. In either case the owner could be liable for any deficiency between the sale price and what is owed or the bank may opt to waive this deficiency in some cases.
In either case of a short sale or a foreclosure you, the buyer, must know that in order to purchase one of these types of properties there are a few requirements and a few things you should understand. In either case you MUST be preapproved from a local lender for the purchase price of the property. There is also an absolute requirement to place 3% of the purchase price down as good faith towards the purchase. You have the right to any and all inspections within a 10 day period in which you will determine if you wish to purchase the property or not. In both cases you are purchasing the property "as is where is" as the banks will not make any repairs. There may be certain instances where you could be liable for any liens on the property if it is a short sale. However in a foreclosure the bank must offer a clear title through the foreclosure proceeding.
As for the local market trend for these Bluffton, SC Foreclosures and Short Sales there hadn't been one particular area affected more than another. We've seen Bluffton Foreclosures range in price from $40,000 up to $1,299,000. The Bluffton, SC Short Sales have ranging from $60,000 up to $2,498,900. So you can see by the price differences there are properties available that can $232,375. The Average list price on the Bluffton Short Sale homes has been $299,005. We've been seeing many of these properties coming off the market. Buyers are realizing that the time to buy is now and that buying these Foreclosures and Short Sales at discounted prices won't last long.