Randy's Hilton Head Real Estate Blog - Hilton Head Short Sales

Are there any Oceanfront Foreclosures on Hilton Head Island?

Mon, 23 Aug 2010 14:25:00 -0400

Are there any Oceanfront foreclosures on Hilton Head Island? Hilton Head Island has many attractive foreclosure properties on the market right now, including oceanfront homes and villas (condos are known as villas on Hilton Head Island). Foreclosures can even be found in exclusive communities including Sea Pines, Palmetto Dunes and Shipyard. Real estate owned properties (REO) is a real estate industry terms for homes, lots and villas that are owned by a bank. Some, but not all, REO and foreclosure properties are bargains.

One advantage of buying a foreclosure versus a short sale property is the lender will have to pay off any homeowners association dues and any liens, including tax liens. As a purchaser of an REO property, you will receive a title insurance policy.

Foreclosure properties are usually sold "as is", so a home inspection is very important. Usually banks will respond to an offer to purchase a foreclosure more quickly than with a short sale. Also, remember that banks want get the best price possible and will usually present a counter offer; I will help you negotiate the best purchase price possible. Please contact me at 843-785-9500 or by email at Randy@RandysRealEstate.com

Quick Search Hilton Head Island Foreclosures & Short Sales

Fri, 06 Aug 2010 12:43:00 -0400

If you're at home or even here now on vacation and dreaming of buying Hilton Head Island real estate, browsing through listings on RandysRealEstate.com is a stress-free way to view everything that's currently for sale. My list of Hilton Head homes and villas, including Hilton Head foreclosures and short sales, is updated every morning. This information comes to me directly from the Hilton Head area Multiple Listing Service, and includes all real estate for sale on Hilton Head Island.

To search for Oceanfront homes or condos for sale on Hilton Head Island, it helps to have a few neighborhoods in mind that interest you. For example, say you're interested in Sea Pines oceanfront villas or Palmetto Dunes homes for sale, I have conveniently placed Quick Search buttons on RandysRealEstate.com homepage. Click on a community tab like Forest Beach or Shipyard and you'll see a short description of that community, and the homes and villas for sale with information about each property including photos.

If you're specifically interested in Hilton Head short sales and Hilton Head foreclosures, go to the Quick Search Foreclosure/Short Sale button to see some of the best bargains on our gorgeous Island.

RandysRealEstate.com is Hilton Head Island's Best Real Estate Website.

Hilton Head Island Short Sales

Sat, 27 Mar 2010 09:08:00 -0400

When searching , you may come across the term "Short Sale" and wonder what exactly does that mean. A short sale does not have to do with the time it takes to close (purchase a home). A short sale is the when the asking or "list price" is lower than what is owed to the lender. For example, there may be a home on Hilton Head Island that is listed for $400,000. The seller may have purchased the home for $550,000 and now owes $440,000. There is now a difference, or shortage, of $40,000 from what the home is listed at and what is owed to the bank ($440,000 owed less the list price of $400,000 = $40,000).

With the $40,000 shortage, the seller can either pay the difference OR, like in most cases, asks for the difference to be forgiven or waived (this could become a deficiancy judgment against the seller). This requires approval from the bank/lender. When an offer comes in on a Hilton Head Island SC home or villa noted as a short sale, the seller first negoitates the offer. After there is a contract signed by the seller and purchaser, the contract is then given to the bank/lender to approve the shortage.

Depending on who the lender is, waiting on their decision could take several weeks and even months. The waiting time is usually the biggest drawback with purchasing short sales on Hilton Head Island. Randy Smith is a Certified Short Sales specialist and can offer both experience and guidance throughout the Hilton Head Island short sale process.

Hilton Head Short Sales

Thu, 23 Jul 2009 09:42:00 -0400

In today’s blog I would like to define Short Sales and go over the pros and cons of purchasing one. A Short Sale is a real estate transaction where the seller’s proceeds are not enough to cover the mortgage, liens and closing costs. In addition, the seller does not have the necessary funds to cover these expenses themselves. This is an important difference in that sales close everyday where the seller has to come “out of pocket” to cover these costs and these sales do not fall under the definition of Short Sale.

Obviously, the number one draw for a buyer to a short sale is getting a good price. When viewing Hilton Head MLS statistics, I see that some buyers are able to get a deal by purchasing a short sale – at least on purchase price. What the MLS statistics don’t show, and what you may not hear about, are all of the unexpected costs associated with a short sale. They can include, appliances (disgruntled sellers often remove them) repairs, termite damage, tax liens, mold and a host of other problems that can arise because the seller does not have the money to “make things right”. In a short sale, the lending institution has no repair or tax lien obligations either.

Another Short Sale hurdle is dealing with the lenders. Many times, the lenders won’t recognize your offer, even when it is full price! This indifference stems from many factors including the fact that they are overwhelmed with volume, they have no emotional involvement in the sale and PMI is paying the mortgage while you are on hold. Additionally, they do not want to put negotiations in writing so they can switch buyers in mid-transaction.

Wow! It sounds like short sales are more problems than they are worth. While there is some truth to this, there are some good deals on Short Sales. My advice is to seek out a good Realtor that can look at the whole picture to advise you on whether the property is indeed a bargain and assist you in negotiating the many hurdles that may come up. You can start by reviewing all Hilton Head Short Sales and Foreclosures by Clicking Here: Randys Short Sales.