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Hilton Head Island Foreclosures and Short Sales

Posted by Randy Smith on Thursday, November 18th, 2010 at 10:21am.

Many of the calls I receive today are clients looking for Hilton Head Island Foreclosures and Short Sales. Most of these clients come through my website and use the “Short Sale and Foreclosure” button just under the others on my Quick Search dashboard. They like my website because it is linked to the Hilton Head MLS and receives daily IDX feeds.

Right now, there are many good foreclosures and short sales available on Hilton Head and in the Bluffton Area. While both a short sale and a foreclosure can be great buys, you should know the difference between the two.

forclosureForeclosures (REO – Real Estate Owned) happen when a property owner stops making their mortgage payment for a pre-determined length of time. This length of time varies with different lending institutions. At that time, the lender purchases the property on the courthouse steps. After the closing the lender usually brings the property into good shape and offers a lien free property for sale. If the home is not in good condition, the lender may offer the property considerably below market to get it off their books.

short saleShort Sales occur when the property owner owes more that the home is worth AND they don’t have the cash to make up the difference. The owner completes a short sale package for the lender and then, with their permission, lists the home for sale with a Realtor. When an offer comes in, it has to be approved by the lender. Since there are so many short sales today, the lenders are backed up and it may take up to 6 months to get and answer and close on the property. This is the biggest drawback and why some purchasers prefer to purchase a foreclosure.

If you are looking for Hilton Head Foreclosures and Short Sales, why not visit Randy’s Hilton Head Real Estate, where the listing data is updated on a daily basis. We’ll both be glad you did.

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