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
Hilton Head Island Ocean Side 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
Hilton Head MLS

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
Hilton Head Island North Forest Beach 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,
Hilton Head MLS

List Price: $2,949,000
MLS: 314991
Bedrooms: 8
Bath: 9
Sq. Ft. 5122 approx.
Short Sale: Yes
More Info...
Listing 3 of 457
Hilton Head Island North Forest Beach 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,
Hilton Head MLS

List Price: $2,849,000
MLS: 314366
Bedrooms: 8
Bath: 9
Sq. Ft. 5000 approx.
Short Sale: Yes
More Info...
Listing 4 of 457
Hilton Head Island Mariners Side 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
Hilton Head MLS

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
Bluffton w/in 1/2 mile of Country Club 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
Hilton Head MLS

List Price: $2,500,000
MLS: 313421
Acreage: approx.
Zoning: Residential
Short Sale: Yes
More Info...
Listing 6 of 457
Hilton Head Island Spanish Wells 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.
Hilton Head MLS

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
Hilton Head Island Mariners Side 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
Hilton Head MLS

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
Hilton Head Island Mariners Side 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
Hilton Head MLS

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
Hilton Head Island Harbour Town 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
Hilton Head MLS

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
Hilton Head Island Spanish Wells Road 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
Hilton Head MLS

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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