Like the remainder of the country, Hilton Head Island foreclosures and short sales are still available for those looking for a great deal. However, the number is dwindling. The good news is there are many great buys on the Island that are not in foreclosure or short sale status. You just need to be a savvy hunter and discuss all of your options with your real estate agent and truly understand what foreclosures and short sales are and the ramifications of purchasing them.
Foreclosures that are listed on the market are usually Real Estate Owned property (REO) meaning the bank has called the note from the homeowner. The bank will clear the title, make minor repairs to get the home in shape and then list it to recover the unpaid loan amount. The bank has to approve the offer. A short sale is the process that the homeowner can sell the home for less than is owed on the home. After the homeowner accepts the offer it then has to be approved by the bank that holds the mortgage. This process can be a long and drawn out process and may not even be approved. Be prepared for foreclosures and short sales to take longer than a traditional purchase from the home owner.
You keep hearing that now is the time to buy. If you are looking for the foreclosure or short sale, it definitely is the time to buy. There are currently very few remaining on the market. For instance, there are only 3 Sea Pines foreclosures, 2 Palmetto Dunes foreclosures, 1 Forest Beach foreclosure, 1 Shipyard foreclosure, 3 Wexford foreclosures and 5 Hilton Head Plantation foreclosures remaining in the Hilton Head Multiple Listing Service.
Hilton Head Island has something for everyone from its white sandy beaches, championship golf and tennis to its abundance of outdoor activities. Whether you are interested in a second home, a vacation home or permanent residence Hilton Head Island is not just a good real estate investment it is a great way of life. Don't wait any longer to start your search for Hilton Head Island foreclosures. I think you will find that all of Hilton Head Island is a great value whether it be a foreclosure, short sale or traditional sale.