HILTON HEAD REAL ESTATE UPDATE---SHORT SALES, FORECLOSURES-IS YOUR HEAD SPINNING?

GREETINGS FROM SUNNY HILTON HEAD--IT'S BEEN A FABULOUS SUMMER SO FAR WITH MANY VISITORS FROM ALL OVER THE WORLD----LET ME ASSURE YOU, FOLKS ARE STILL BUYING REAL ESTATE IN PARADISE (AND HILTON HEAD EPITOMIZES THE MEANING OF PARADISE!)

SHORT SALE? FORECLOSURE? WHAT'S ALL THE HOOPLA ABOUT THESE DAYS? IS YOUR HEAD SPINNING FROM ALL OF THESE NEW TERMS?

In the past few weeks, I've had many of my customers and clients ask me about SHORT SALES for the Hilton Head and Bluffton market. A short sale essentially means that a bank agrees to accept less than is owed on the mortgage when a seller has a hardship or cannot pay on their mortgage. The question is whether this type of sale is for you? Surely, I know you want to strike the best deal possible when purchasing real estate in the Hilton Head or Bluffton area.

But think before you leap into a short sale purchase as they come with their own set of issues. For instance:

BANKS ARE NOTORIOUSLY ILL EQUIPPED TO DEAL WITH SHORT SALES SO A DECISION CAN TAKE WEEKS OR MONTHS FOR APPROVAL

LENDERS HOLDING SECOND MORTGAGES CAN DERAIL THE APPROVAL PROCESS

PERHAPS A LISTING ADVERTISES THAT IT IS A SHORT SALE BUT CHANCES ARE THAT IT HASN'T BEEN APPROVED WITH THE BANK---ONE MORE ISSUE FOR A BUYER TO DEAL WITH

WHAT ABOUT OUTSTANDING LIENS, REGIME FEES OR POA FEES? HAVE THEY BEEN RECORDED AS LIENS? IF NOT, A BUYER MAY BE RESONSIBLE FOR PAYING THESE. AND YOU DON'T WANT TO FIND THIS OUT "AFTER THE FACT."

AND WHAT IS THE CONDITION OF THAT HOME? DID YOU EVER THINK THAT YOU MAY FIND A VERY MOTIVATED SELLER THAT ISN'T IN A SHORT SALE OR FORECLOSURE WHO MAY BE EASIER TO DEAL WITH PLUS HAVE A HOME IN BETTER CONDITION?

IF YOU FIND YOURSELF MOTIVATED TO PURCHASE A SHORT SALE OR FORECLOSURE, CONSULT A TRUSTED AND EXPERIENCD REAL ESTATE AGENT AND ATTORNEY---YOU NEED THE BEST TEAM ON YOUR SIDE!

I'm currently navigating the foreclosure waters with several clients..........If you are interested in joining us, please visit my website or phone me @ 843-247-5419. I have a list of all foreclosures in the Hilton Head and Bluffton area that will be helpful to you.

As always, I welcome your calls and questions........I'm always available to chat with you and answer your inquires about the local real estate market.