Tuesday, December 4, 2007

Foreclosures & Short Sales in Charleston, SC

I have been asked a lot recently about foreclosures in the Charleston market from buyers looking to buy real estate in Charleston and have been asked from sellers to explain short sales. So here are answers to both questions.

First, foreclosures in Charleston, SC, are not what they are around the country, homes are still affordable here and the job market is booming, the economy is kicking butt, so most sellers are able to sell their homes before they run into foreclosure problems. Nonetheless, there are some foreclosures in Charleston and there are also a lot of people that did not pay much for their home that are able to discount their home and sell it at some incredible prices to move it quickly. I would recommend that you look at all homes for sale in your price range, estate sales, foreclosures, bank reo properties, handyman specials, etc, etc, and look for the best deal that you can find and buy it NOW while rates are down and the market is flooded with inventory.

Second, is about short sales, what are they and how do they work. Basically, a short sale is when a seller is in foreclosure or about to be in foreclosure and they owe too much on their home, in other words, they owe more than it is worth. The real estate agent can then communicate this to the mortgage companies and get them to take less than they are owed to get the property sold. The benefit to the seller is that they do not have a foreclosure on their credit record, true they have late payments but that is easier to overcome than a foreclosure and the stigma that goes with it. A short sale is very benefiicial to the bank as they get their money much sooner with less hassle, even if they have to lose some it is better than losing more later when the property is vacated and goes into a state of disrepair and is sold as a bank repo.

If you have specific questions or comments don't hesitate to contact me anytime, Sincerely, David "the real estate man" Wertan & The Wertan Team of Re/Max in Charleston, SC

Sunday, November 25, 2007

The Secret / Real Estate Trading Back in Style?

I was just thinking about a few deals that I closed in the past couple of weeks and how they came about. If you are familiar with the book "The Secret" than you will love this, if not you may want to check it out, it is a great book, easy to read and to apply in your daily life.

First, I decided that I wanted to get a new boat, I have always loved fishing and chartered often. I researched and determined what I could afford and what I really wanted in a boat, size, age, amenities, etc, and determined that I wanted a 1996 or so 48 foot Ocean Yacht. I pasted a photo of the new boat on my wall and made it my background on my computer, etc. People would ask if I got a new boat, and I would explain that no this is going to be my new boat, they would ask when, and I would explain that I dont' know when or how it will come about but I know that it will, maybe in a week maybe in a year or two or ??

Well shortly thereafter I ran into a friend that is a Yacht Broker at a fishing tournament and he was on the same boat at Bohicket Marina, and he gave me a tour. I told him that I was going to buy this same exact boat one day. A week or so goes by and he calls and says he found one, I explained that the only way I could buy it now was if the seller would trade for real estate. Well that boat did not work out, but through that connection I was able to locate a boat where the seller (a friend of my brother's) would trade for real estate.

We worked out a deal, all I needed to do was sell my boat, the WerTannin a 37 foot Searay that I have had for a little over 5 years. The first person I talked to about it said they would love to buy it.......but.....they would need me to take real estate for trade.

So, we worked out a deal, and in the end, last Wednesday I became the proud owner, with my friend Mike Smith of Top Pryority (thinking of changing the name) a 48 foot Ocean Yacht Sportfishing boat and also I traded my boat for a 1/2 acre of vacant land in Summerville on a main thoroughfare that I now have for sale for more than I wanted for the boat in the first place.

A win win situation. I think that this is a great way to make things happen in this market in Charleston where the homes are selling but at much slower pace. Many times people are looking to sell and buy a larger home, well maybe they should see if they can trade it to a seller that knows it is easier to sell a less expensive home (or maybe they could even rent it out until the market rebounds?), either way they would get out of that large mortgage and be able to move on with their lives and enjoy their new home in the process. Just an idea, but I think one that would and could work with open minded people.

Write your thoughts back if you have any interest of comments that are relevant, take care, David Wertan

Monday, November 19, 2007

Just Returned from National Realtors Convention in Vegas

If I learned nothing else, I learned that everyone in the US and most places around the world are in the same boat that we are in Charleston, some a little worse and a few (very few) a little better. We are all in a pretty good real estate market, for example over 10,000 homes have already sold and closed in Charleston this year and we have 2 more months of sales to post yet.

The media is making it sound like everything is doom and gloom, but it is just not true. Rates are down, our economy in Charleston is kicking butt and people are moving here from all over. I just closed a deal with a nice couple that moved here from Alabama, and had 3 of my listings sell while I was in Vegas at the convention.

and, yes I did lose some money on the blackjack table. Stay tuned for next weeks update on more specifically what I learned in Vegas. Thanks, David "the real estate man" Wertan of Re/Max