We in the real estate community get asked often about the difference
between a "short sale" and a "foreclosure," two terms used frequently
these days in real estate discussions. Beaufort, SC, like most areas of
the country, has seen its share of foreclosures and short sales in
recent years.
A foreclosure involves the sale of a property which is owned by the bank, which seizes the bank because the previous owner defaulted on the loan. After the bank completes the foreclosure process, it will put the property on the market, either through an auction, or by listing the property with a real estate agent.
A short sale involves the sale of a property which is not bank-owned. But although short sales are not bank-owned properties, they will
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