Hilton Head Foreclosures and Short Sales

With a foreclosure, once all avenues for repayment of debt are exhausted, the lender reclaims the property and, in turn, becomes the owner of that property. Of course, there is a legal process to which the lender must adhere, but once concluded, ownership is theirs. The new owner is usually a corporation or bank and has only financial ties to the dwelling; they have little, if any, first-hand knowledge regarding the property’s particulars.

Unlike the typical real estate transaction whereby the seller and purchaser communicate via their Realtor about the essentials and specifics of the home, a foreclosure purchase is often sterile, with little information released by the lender. While the purchaser is saving money (oftentimes a great deal of money), he is also accepting a property “as is”.

With Hilton Head foreclosures, many times the property was architecturally deficient from the start; however, during the boom, buyers were willing to overlook such defects in an attempt to get into the market. More often than not, these were the properties didn’t sell at all (hence, their being foreclosed upon). In today’s climate, with excess inventory from which to choose, purchasers are not willing to accept faulty floor plans, flawed exteriors and poor design.

It is imperative that purchasers of foreclosed property have an experienced Realtor to guide them through the process of repairs and/or renovations, as many foreclosed properties were either abandoned or neglected for significant periods due to the owner’s inability or inconsideration, once in default, to maintain the home.

Your Realtor’s experience and knowledge are imperative—as money saved in the contract price can be easily depleted during the process of bringing the property up to standards. Your Realtor must have full comprehension and a strong personal knowledge of both Town building codes and plantation ARB architectural aesthetics.

I have participated in numerous foreclosure sales, the most recent closings occurring in Forest Beach and Sea Pines. I have built numerous properties for myself, for pure investment (short-term rental), for primary use and to sell for profit. I am keenly aware of both code and of what is salable in today’s market. Call me if you are interested in pursuing the purchase opportunity of foreclosed property on Hilton Head Island.

Hilton Head Island Short Sales

A short sale occurs when the lender (mortgagee) allows the borrower (mortgagor) to sell the property for less than the outstanding balance of the mortgage loan. In turn, the borrower turns over the proceeds of the sale to the lender.

While it allows the borrower to avoid a more costly and time-consuming foreclosure, it does not, however, release the borrower from the obligation to pay the balance of the loan, also known as the deficiency. The deficiency is not extinguished (unless it is clearly indicated on the Offer of Acceptance by the lender). While lenders may forgive the deficiency, other lien-holders likely will not. Accordingly, short sales remain on a credit report for 7 years.

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	Description	Listing Information
Listing 1 of 500
	5 Roadrunner St City: Hilton Head Island Area: Forest Beach Best oceanfront views in all of North Forest Beach. Newer 7 Bedroom, 7 1/2 baths, wide-open floor plan, elevator, indoor	List Price: $3,495,000 MLS: 258456 Bedrooms: 7 Bath: 7 / Half Baths: 1 Sq. Ft. 5288 approx. More Info...
Listing 2 of 500
	City: Hilton Head Island Area: Hilton Head / Off Plantation DRASTIC $1,255,000 PRICE REDUCTION ON THIS Uncompromising Oceanfront home with breathtaking views. Open space to right and ocean out the	List Price: $2,695,000 MLS: 249920 Bedrooms: 6 Bath: 5 Sq. Ft. 4295 approx. More Info...
Listing 3 of 500
	101 Okatie Highway City: Okatie Area: Bluffton/off Plantation SHOCK & AWE SHORT SALE PRICE. Boater s dream: deep-water, 8 acre estate for $.42 on the dollar! Bank cooperating	List Price: $2,498,900 MLS: 255333 Bedrooms: 5 Bath: 5 / Half Baths: 2 Sq. Ft. 8168 approx. More Info...
Listing 4 of 500
	3 Heyward Place City: Hilton Head Island Area: Port Royal Hilton Head Island, Port Royal Plantation, 3rd row. Short Sale, subject to third party approval. New Tuscan Masterpiece, sound views,	List Price: $1,999,000 MLS: 263983 Bedrooms: 6 Bath: 6 / Half Baths: 1 Sq. Ft. 5672 approx. More Info...
Listing 5 of 500
	6 Second Street City: Hilton Head Island Area: Hilton Head / Off Plantation This is a great BRAND NEW home located centrally on the island. A spectacular home with over 9000 square feet	List Price: $1,995,000 MLS: 256864 Bedrooms: 6 Bath: 6 / Half Baths: 1 Sq. Ft. 5500 approx. More Info...
Listing 6 of 500
	110 Myrtle Island Drive City: Bluffton Area: Bluffton/off Plantation Only Deepwater property available on Myrtle Island with 15' of water at low tide. Dock includes oversized covered pierhead with	List Price: $1,879,000 MLS: 258519 Bedrooms: 4 Bath: 5 / Half Baths: 1 Sq. Ft. 6000 approx. More Info...
Listing 7 of 500
	26 Sand Dollar City: Hilton Head Island Area: Folly Field Ocean front home. Lovely old school Folly Field cottage. Wonderful ocean view. Home being sold at lot value.	List Price: $1,750,000 MLS: 262398 Bedrooms: 4 Bath: 2 Sq. Ft. 960 approx. More Info...
Listing 8 of 500
	68 Widewater Road City: Hilton Head Island Area: Spanish Wells BANK OWNED. JUST REDUCED ANOTHER $200,000. SOLD AS-IS. A BEAUTIFUL MEDITERRANEAN WATERFRONT HOME WITH LARGE LOT, BOAT LIFT, AND PRIVATE	List Price: $1,700,000 MLS: 262284 Bedrooms: 7 Bath: 6 / Half Baths: 5 Sq. Ft. 9038 approx. Foreclosure: Yes More Info...
Listing 9 of 500
	88 South Shore Drive City: Hilton Head Island Area: Palmetto Dunes / Shelter Cove Incredible new home located in Leamington's finest area. Adjacent to the Beach Club and ocean. This 5 BR/5.5 BA home	List Price: $1,599,000 MLS: 263904 Bedrooms: 5 Bath: 5 / Half Baths: 1 Sq. Ft. 4864 approx. More Info...
Listing 10 of 500
	14 Singleton Shores Manor City: Hilton Head Island Area: Hilton Head / Off Plantation No greater value on HHI...Period! Unobstructed limitless oceanfront views over the folly and still under $2 million. Detailed luxurious craftsmanship!	List Price: $1,595,000 MLS: 264067 Bedrooms: 6 Bath: 6 / Half Baths: Sq. Ft. 4830 approx. More Info...

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