HILTON HEAD FORECLOSURES & SHORT SALES
 

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(contact your resource provider for purchaser representation if you are not currently working with a Realtor)

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.