I am often asked what the typical process is when buying a short sale in Charleston, SC. I have already done a video on Short Sales, but this answers the question of what you should do if you are attempting to buy a short sale. Buying a short sale is not for the faint of heart or those who can not afford to be patient.
1. Get an experienced SC agent to help you.
2. Shop for South Carolina houses as you would normally.
3. Have your agent write an offer, including a short sale addendum.
4. Your agent will submit offer to listing agent.
5. Have agent submit paperwork to the lender or lenders.
6. WAIT sometimes months for response from the lender.
7. The response may be a significantly higher counter to your original offer.
8. Agree to the lenders’ terms and proceed to closing.
9. The timeframe can vary from 3 to 18 months.