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HILTON HEAD FORECLOSURES & SHORT SALES
SEARCH FORECLOSURES AND SHORT SALES BELOW
(contact your resource provider for purchaser representation if you are not
currently working with a Realtor)
HILTON
HEAD ISLAND FORECLOSURES AND SHORT SALES
(CLICK NAMES TO FIND PROPERTIES) |
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| BLUFFTON
FORECLOSURES AND SHORT SALES |
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Hilton Head Foreclosures and Short Sale inquiries
have become increasingly common and there are many things that I can help
clarify to save you time and energy.
1) YES, foreclosures and short
sales are great opportunities buyers to take advantage of the market and get a
great deal.
2) YES, purchasing a property from a motivated seller, who can
close on their property, is highly recommended when they are priced
competitively to your foreclosure and short sale options.
3) YES, foreclosures and short sales are great avenues to
headaches and frustrations that might make them worthwhile.
4) YES, a foreclosure is typically more direct avenue to
obtaining title on a property without the hassle and frustration generally
experienced in
5) YES, you can avoid the unknown and protect yourself from
these headaches and frustrations by working with a Realtor and an attorney who
have experience in these transactions.
What is it about Short Sales that people keep
complaining about?
I'll begin with a bold personal opinion and say if you are an
impatient individual, stop reading, go ahead and begin your search for
foreclosures or other listings. Short sales are not for the impatient
buyer. A short sale occurs when a seller lacks the funds they must bring
to closing because their mortgage or other funds owed exceed the sales price of
the property. At this time, the ability for the seller to complete the
transaction becomes a battle of communication and motivation between the banks
and other vendors that the seller may owe funds. This communication can
sometimes extend weeks, months and occasionally exceed a year. The other
funds outside of the mortgage generally appear as liens from home owners
associations or regimes that the seller has been unable to pay. There is
some homework your Realtor can do to help predict the likelihood of an expedient
short sale; however, there are never any guarantees. On average, I find
short sales take 60-90 days to get a response from the banks and another 30-60
to be able to close. Typically problems result from a lack of formalities
in conducting short sales and poor communication between parties involved.
Sound negative? Well, I'll finish this up by saying that those who are
patient are generally rewarded with a phenomenal deal!
What keeps people from purchasing
foreclosures?
If it is priced aggressively, that is
because the bank wants to relieve itself of the asset and naturally people want
to get a great deal. Remember, properties are assets of value and when you
get to buy it 20-50% off of market value, you are stealing the property.
When you are alerted of one of these steals, trust your Realtor or look at the
comps and trust yourself to make a strong offer. Trying to steal something
that is stolen generally does not have a positive outcome. Remember, you
are likely not the only prospective buyer in this market and if it is a great
opportunity, you can expect multiple offers. On Hilton Head Island, we are
fortunate to have an international audience, which differentiates our market
from much of rural and suburban America.
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HILTON HEAD REAL ESTATE | 3 Executive Park Rd
29928 | 843 422 5234 |
daniel@danielmoskowitzrealty.com

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The real estate data on this web site comes, in part, from the Listing Exchange program
of the Multiple Listing Service of Hilton Head Island.
Real estate listings held by brokerage firms other than Daniel Moskowitz are indicated with the Listing Exchange logo and the detailed information about those properties includes the names of the listing brokers.
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