Hilton Head Island Foreclosures and Short Sales
In our current real estate market, many of my clients are looking for Hilton Head Island Short Sales or Hilton Head Island Foreclosures. While the opportunity doesn’t arise often, there are and will continue to be ocean oriented foreclosures and short sales in Palmetto Dunes, Sea Pines, Forest Beach and Shipyard.
There are many good deals to be found on Hilton Head Island and in the Bluffton Area. However, before choosing a Realtor, make sure you understand the differences….and pitfalls.
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| Description | Listing Information | |
| Listing 1 of 457 | ||
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21 Painted Bunting Rd City: Hilton Head Island Area: Sea Pines
Short Sale. On 1 1/2 lots. 135' fronts the ocean. Much larger lot than almost all other lots PLUS on |
List Price: $4,200,000 MLS: 306730 Bedrooms: 4 Bath: 5 / Half Baths: 1 Sq. Ft. 5310 approx. Short Sale: Yes More Info... |
| Listing 2 of 457 | ||
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26 Carters Mnr City: Hilton Head Island Area: Forest Beach
A newer 10,000+ square foot oceanfront tribute to the beautiful architecture of the Mediterranean brings a total of 8 bedrooms, |
List Price: $2,949,000 MLS: 314991 Bedrooms: 8 Bath: 9 Sq. Ft. 5122 approx. Short Sale: Yes More Info... |
| Listing 3 of 457 | ||
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28 Carters Mnr City: Hilton Head Island Area: Forest Beach
BeA newer 10,000+ square foot oceanfront tribute to the beautiful architecture of the Mediterranean brings a total of 8 bedrooms, |
List Price: $2,849,000 MLS: 314366 Bedrooms: 8 Bath: 9 Sq. Ft. 5000 approx. Short Sale: Yes More Info... |
| Listing 4 of 457 | ||
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6 Man O War City: Hilton Head Island Area: Palmetto Dunes/shelter Cove
This 4 bedroom/ 3 full and 2 half bath oceanfront home is situated on a private,oversized lot at the end |
List Price: $2,750,000 MLS: 312899 Bedrooms: 4 Bath: 3 / Half Baths: 2 Sq. Ft. 4120 approx. Short Sale: Yes More Info... |
| Listing 5 of 457 | ||
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2 Grand View Ct City: Bluffton Area: Hilton Head Plantation
1.3 ACRES at Grandview Area of Skull Creek. 12 Townhome lots already approved. All |
List Price: $2,500,000 MLS: 313421 Acreage: approx. Zoning: Residential Short Sale: Yes More Info... |
| Listing 6 of 457 | ||
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34 Widewater Rd City: Hilton Head Island Area: Spanish Wells
This stunning home, inspired by a stately Louisiana plantation home, is blessed with the perfect Southeastern exposure with afternoon breezes. |
List Price: $2,495,000 MLS: 304708 Bedrooms: 5 Bath: 5 / Half Baths: 2 Sq. Ft. 7000 approx. Short Sale: Yes More Info... |
| Listing 7 of 457 | ||
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7 Brigantine City: Hilton Head Island Area: Palmetto Dunes/shelter Cove
Located 2nd row from the Ocean in Palmetto Dunes, a circle drive leads you to the iron gates of this |
List Price: $2,249,000 MLS: 314479 Bedrooms: 6 Bath: 6 / Half Baths: 1 Sq. Ft. 5606 approx. Short Sale: Yes More Info... |
| Listing 8 of 457 | ||
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3 Brigantine City: Hilton Head Island Area: Palmetto Dunes/shelter Cove
This custom designed beach home is located 2nd row from the ocean directly across from the beach walk on a |
List Price: $2,049,000 MLS: 314525 Bedrooms: 6 Bath: 6 / Half Baths: 1 Sq. Ft. 4642 approx. Short Sale: Yes More Info... |
| Listing 9 of 457 | ||
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102 Baynard Cove City: Hilton Head Island Area: Sea Pines
Sophisticated & elegant 6 BR,5 BA,2 HBA home located on a premier Harbour Town lot with views of the 11th |
List Price: $1,974,999 MLS: 306283 Bedrooms: 6 Bath: 5 / Half Baths: 2 Sq. Ft. 5917 approx. Short Sale: Yes More Info... |
| Listing 10 of 457 | ||
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0 Jarvis Creek City: Hilton Head Island Area: Hh/off Plantation
Great developer oppertunity! Bulk Sale, 43 lots total in Jarvis Creek, offering all of |
List Price: $1,950,000 MLS: 315143 Acreage: approx. Zoning: Foreclosure: Yes More Info... |
Hilton Head Foreclosures or REO (Real Estate Owned)...
Foreclosures on Hilton Head take place when homeowners stop making payments for various reasons. It is a process in which the home will eventually become the absolute property of the bank or lender.
In the search for foreclosures, you will come across the acronym REO. This stands for "Real Estate Owned." REO properties are foreclosure properties that have been returned to the lender that originated the mortgage.
These bank owned properties can be the great deals you are looking for. These are managed through each lenders' loss mitigation departments. Almost all banks will have the homes listed through real estate professionals to make the process smoother.
This type of sale can be very appealing to the buyer. The bank will have had the existing liens removed in order to sell the property. Buyers should be prepared to counter with the bank. If the property requires substantial repairs, with documentation these can be used in the negotiation process. In some cases banks will adjust the sale price to offset repairs.
In the past few years, there have been an overabundance of homes going into foreclosure. Now is a great time to do your research and find if there is one right for you.
Hilton Head Short Sales...
In a Hilton Head short sale, the homeowner owes more than the current market value of the home. This is an alternative for the distressed homeowner not to have their home foreclosed on. The lender allows the homeowner to put it on the market and will accept a discounted pay off to release the existing mortgage.
When a home is listed as a short sale, the homeowner negotiates and accepts the contract initially. The terms of the accepted contract are subject to bank approval. This can make the process more time consuming than usual transactions. Short sale closings can take up to 6 months. However, banks are becoming better equipped to deal with them and the process is becoming more streamlined and can take less time.
To make the process go smoothly, check with the real estate agents and make sure the appropriate paperwork has been completed. In order for a short sale to be approved, the homeowner is responsible for making sure they are qualified. They have to provide the bank with a short sale package consisting of their all of their financial information including a letter of hardship. If these have not submitted to the bank, this will also hold up the process.
As a purchaser, you also need to be aware if the homeowner owes more than one mortgage on the property. If so all lenders involved must agree on the contracted price. The banks are only going to accept prices near market value.
As in every large purchase, do your homework. There are great deals to be had through short sales and foreclosures, but do not discount non-distressed homes that are on the market. In today's market, deals can be found everywhere. Shop around. You may find that perfect home or investment in a regular transaction.
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