Last week, right here at www.lowcountryproperties.com, I blogged about a condo listing in the Beaufort, SC community of Azalea Square for $38,900. In the same blog, I very sagely predicted the listing was such a steal that it wouldn't last a week. It lasted a day.
This condo was a no-brainer. There are currently 12 condo homes listed in Azalea Square, from $75,000 to just over $136,000. So, to be able to pick up a condo home -- in excellent condition I might add -- for under $40,000 is an opportunity which may not come available again for a while.
Folks, there is a moral to this real estate story. Mr. and Mrs. Real Estate Buyer, don't think you can waltz in and lowball these foreclosures.
Banks and their Realtors here in Beaufort have had plenty of time to…
Short sales and foreclosures are on everyone's minds these days. As we mentioned in a recent blog, a foreclosure involves the sale of a property which is owned by the bank, which took back the property after the owner defaulted on the mortgage, while a short sale involves the sale of a property which is still owned by an individual, but is subject to approval by the owner's lending institution because there is a gap between what the property is worth and the outstanding mortgage on the property.