Despite this morning headlines regarding the amount of homes on the market in the I’On neighborhood, home sales from the first seven months of 2007 versus 2008 tell a different story about the pace of sales and how I’On is holding up against its competitors and the Charleston area home sales as a whole.

·         Charleston County Sales – Down 37%

·         West Ashley Sales – Down 40%

·         Peninsula Charleston – Down 18%

·         Isle of Palms – Down 65%

·         Sullivan’s Island – Down 18%

·         Daniel Island – Down 19%

·         Old Village  - Up 11%

·         I’On – 0% Change

While the market is certainly not what its was, prospective buyers are still seeking out quality-oriented neighborhoods, like I’On, Daniel Island, Downtown, and the Old Village, which offer a convenient location, quality construction, strong schools, and superior area amenities, like shopping, dining, and entertainment.

Interested in Selling your Home in Charleston but owe the bank more than it’s worth? Interested in Buying a Home that’s in distress? It’s time to get your ducks in a row first.  Here’s some of the information, in addition to your attorney’s and accountant’s advice, that you need to pull together:

·         Contact the Lender - it will take time but find the right supervisor and who makes the decision regarding your mortgage.

·         Submit Letter of Authorization– allows for your Realtor to gather the information required to facilitate the transaction.

·         Preliminary Net Sheet  - an estimated closing statement, which can be prepared by your Realtor or your attorney.

·         Hardship Letter – detailing how you got into this financial bind and makes a plea to the lender to accept less than full payment.

·         Proof of Income and Assets – don’t leave anything out…savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value.

·         Copies of Bank Statements – your lender may ask for verification of all deposits and withdrawals.

·         Copies of Two Years of Tax Returns

·         Comparative Market Analysis – which can be prepared by you or your Realtor.

·         Copy of your Listing Agreement with the Realtor’s Agency

·         Purchase Agreement  - the lender may not agree to all the items requested by the potential Buyer.  Be prepared.

Easy?  No.  Get advice early and stay diligent in your pursuit of the short sale.  Obtain advice from your lawyer, accountant, and Real Estate agent.  Need help in Charleston?  Need a report on short sale opportunities in Charleston, Mount Pleasant, Isle of Palms, Sullivan’s Island, West Ashley, and Kiawah?  Contact me at Places Real Estate today and I’ll email you a report based on your criteria.

Related Short Sale Posts.

Charleston, South Carolina, like the rest of the country, has seen a dramatic change in the real estate market. Foreclosures are nearing an all time high and homeowners that are behind on their mortgages are looking for the best way out of an uncomfortable position – owing more to the bank than their home is worth in today’s market.

This tenuous situation creates a buying opportunity for those looking to relocate to Charleston and providing a service to the seller by negotiating with the mortgage company to accept a payoff which is less than they are owed on the property (a short sale)– potentially avoiding foreclosure.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are interested in buying a short sale, it can be difficult and patience-testing. But, it can be done for those who are prepared and have the patience to wait for the paperwork to be reviewed and decisions made by the Seller and the mortgage companies.

Whether a Seller or Buyer, I would strongly recommend working with:

· A competent real estate lawyer

· Your accountant to discuss any tax ramifications.

· A professional real estate agent who understands the market and the process of short sales.

Contact me if you would like assistance finding short sale opportunities in Charleston, Mount Pleasant, Isle of Palms, Sullivan’s Island, or West Ashley. Interested in the items to have in hand when presenting an offer on a short sale? Click here and send me a message.

Foreclosure Rescue Bill Enacted - Will it Help You?  CNNMoney.com

http://www.britescade.com/blog/?p=1004

pictures can be attached

1. 21 King Street - The Patrick O’Donnell House circa 1852 – A grand 9,700 sf Charleston Single big enough for a king – or the owner of the Boston Celtics. Locale: Downtown Peninsula. The Toll: $7.2M.
2. 19 Legare Street – Circa 1802, 4 BR, 5,200 sf downtown charmer in the thick of things. Locale: Downtown Peninsula. The Toll: $4.575M.
3. 17 Legare Street – The Toomer-Purse House hails from 1797 (yes, that’s 210 years ago) and boasts Anthony Toomer – Charles Towne’s Master Builder - as its general contractor. Wonder if he still provides a warranty. Locale: Downtown Peninsula. The Toll: $3.955M.
4. 2624 Bayonne Avenue - New 5,142 sf oceanview home sports 4 bedrooms and a swimming pool. Locale: Sullivan’s Island. The Toll: $3.72M.
5. 41 Meeting Street - The Joseph Maybank House - only 101 years old – features 6 BR and 6,635 sf. Locale: Downtown Peninsula. The Toll: $3.415M.
6. 101 New Street - 4,130 sf waterfront 5 BR home overlooking Charleston and Fort Sumter – man the cannons and raise the flag! Locale: Historic Old Village in Mt. Pleasant. The Toll: $3.25M.
7. 17 Meeting Street - Recently renovated 5,396 sf Charleston Single built in 1760. Locale: Downtown Peninsula. The Toll: $3.187M.
8. 54 Tradd Street – The William Vandorhorst House and hails from 1740. 5 BR and they threw in the walled garden for the price. Locale: Downtown Peninsula. The Toll: $3.175M.
9. 3031 Ion Avenue – Stunning, new 5,200 beach house with 5 bedrooms and a pool. Sold for $550K less than asking price – ouch! Locale: Sullivan’s Island. The Toll: $2.825M.
10. 1757 Atlantic Avenue - 4,000 sf new beach home with private walk to the ocean. Locale: Sullivan’s Island. The Toll: $2.7M.

Looking to impress the in-laws or your significant other and need to find a home where you can raise a family AND keep up with the Joneses...

The Skinny on Mount P:

Recently connected to downtown Charleston by a new 8-lane bridge, this fast growing burb of Charleston and 4th largest city in SC is the place to be for yuppies, suburbanites, and those wanting to live close to it all without the hassles of carriage rides and the cruise ship traffic of the historic district.

Where You Want to Be:

• Old Village - Historic waterfront homes overlooking Fort Sumter and downtown Charleston, charming streets, live oaks, and Pitt Street Pharmacy - where you can still get a real milkshake and a tasty BLT or egg salad sandwich. Or stay the night and have dinner at the Post House.

  

• I'On - Neotraditional neighborhood selected as one of the best in America for its quality of life, pedestrian, friendly nature, and mixed-use components. Don't miss the Square Onion for lunch or grab a beer at O'Brions Pub in the Square; the adventurous can walk the Rookery and look for alligators napping in the sun.

  

• Olde Park - Moving from Atlanta or Charlotte and have a need for bigger yards and a luxury home, visit this neighborhood off Mathis Ferry Road featuring nice architectural details in a new home community that shares amenities (deepwater access, tennis and swim club) with its neighbor - I'On. Hit nearby Langdon's Restaurant on Shelmore Boulevard for a great dinner in a surprising location.

  

What's Sold Lately:

• New construction 4 Bedroom, 4,400 sf harborview home with views of Fort Sumter and downtown Charleston - $3.1 million. (Old Village)
• Classic 5,200 sf home on a double lot overlooking a large lake - $2.2 million (I'On)
• New French Country Stucco home with 5,500 sf, 5 bedrooms and all the extras - $2.65 million (Olde Park)

Want to Learn More or Get a Custom Report for Available Homes in Mount Pleasant? Contact Places.