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Posts Tagged ‘gogated.com’

Hilton Head Foreclosures, Preforeclosures and Low Prices

A growing sub-group of Hilton Head real estate sellers are highly motivated. Some of them cannot ’hang on’ for a recovery that is anticipated to occur within the next twelve months. They want to sell now and they are offering low prices today. In addition, there are more foreclosures now than I have ever seen in my 33-year real estate career on Hilton Head Island, even though South Carolina has among the lowest foreclosure rates in the nation. For ready and qualified buyers, this is a juicy opportunity.

Let’s look at three Hilton Head bargains available now:

#31 Honey Locu st Circle in H ilton Head Plantation. This home is a preforeclosure listed @ $389,700 with Go Gated Realty®. It was under contract but just returned to the market in the last 24 hours. The house is within walking distance to Port Royal Sound and located in one of the best and most popular gated communities on Hilton Head Island. The Sound offers fabulous summer breezes and beautiful sunsets where there is a community walkway. Hilton Head Plantation has two security gated entrances, four 18-hole golf courses with optional memberships and a community swim and tennis club. This is a residential community that does not allow vacation rentals. The 3-bedroom, 2.5 bathroom house was built in 1993 and has 2,027 SF of living space at ground level with no steps and a two-car garage with automatic door opener. It has a fireplace, screened porch and ‘natural’ yard of .2 acres that requires minimal care. The house is located within Hickory Forest, one of the best Island neighborhoods within Hilton Head Plantation. The house is already at the ‘must have’ price of sale at $389,700, approximately $50,000 less than the next lowest comparable home in that neighborhood. The house is in good repair but needs new carpet and paint inside only. The owner closed his small business recently and has moved away.

#441 Admiral’s Row at the Hilton Head Beach and Tennis Resort. This villa has a motivated and eager seller who says says "Make an offer", good advice for bargain hunters who will wonder what they were waiting for if they miss this one. The 2-bedroom, 2-bath ocean view furnished vacation rental villa is listed with Go Gated Realty® @ $398,700. This is $80,000 less than the most comparable listing in the same building today! The Beach and Tennis Resort is a family oceanfront resort with a large oceanfront swimming pool and cabana bar, ten tennis courts with pro shop, convention center with on-site rental company and regime management, restaurant, sports lounge and a 24-hour manned security gate. The Hilton Head Beach and Tennis Resort is the most popular economical resort on Hilton Head Island where two-bedroom ocean view vacation rental villas cost less than half what they cost elsewhere on the Island. #441 Admiral’s Row is a top floor, end location which is decorator furnished, in top condition and already up and running in the on-site a vacation rental program.

24 Whitney Place, a rare foreclosure in Indigo Run (pictured to the right), $569,900. Indigo Run is a residential Jack Nicklaus golf community on Hilton Head Island with two 18-hole golf courses, a swim and tennis club and several security gated entrances. The house was built in 2005 and has 4 bedrooms, 3.5 bathrooms, 3,180 heated SF, a full kitchen with Corian counter tops, almost-new appliances and a two-car garage It is the has the lowest priced of a full size home for sale in Indigo Run today by $30,000. This is a bank REO (real estate owned property) and will be sold ‘as is’ but with the right of inspection. 3% earnest money is required. Contact Richard Kadesch e-mail rich@rkrealty.com for more information about this house.

Don’t assume that any property is best for you because it is a foreclosure, preforeclosure or has a low price. The selection is excellent for good properties at good prices today. Buyers should always exercise due diligence and compare properties that interest them to others. It’s a good idea to have an experienced Buyer’s Agent help you find a good property, evaluate it for your needs and represent your interests. As always, the fee for your Buyer’s Agent is already in the price of every listed property and paid at closing. Update 3/5/08: This house is now has an accepted contract of sale. Please inquire about other homes that could meet your needs.

Do you have an interest in any of these properties? Please let me know.

Richard Kadesch, Owner and Broker-in-Charge The Gated Community Specialist ® Go Gated Realty ® Hilton Head Island, South Carolina Rich@rkrealty.com www.GoGated.com 1-800-333-5025 Read Some of My Clients’ Success Stories

How To Find Hilton Head and Bluffton Foreclosures

Foreclosures can mean low purchase prices and good profits on resales. That’s something to get excited about! There are some Hilton Head foreclosures right now but how do you find them? There are foreclosure services that charge a fee to display foreclosures in your area of interest (not necessarily an up to date list) and also provide the e-mail addresses of the agents who have the foreclosures. This can be helpful but it is not necessary. It is definitely not the best way to buy real estate. In my opinion, the best way to buy real estate, including foreclosures, preforeclosures and distressed properties is to search the Hilton Head Multiple Listing Service for the property you want and work with a Buyer’s Agent. All of these properties and more are listed with the Hilton Head Multiple Listing Service. You can search all available MLS listings at any time or you can ask your Agent to do it for you. True, the MLS does not categorize listings as foreclosures, preforeclosures or distressed, but this information is given in every listing.

I have owned Hilton Head foreclosures that have been great deals but I can assure you that that just because a property is a foreclosure, it is not automatically your best buy. Price is important but so are location, quality and use. I’ll come back to this, but first let’s define the kinds of properties that can be bargains:

Distressed properties have owners who must sell for a variety of reasons. This does not mean that the property itself is ‘run down’ but it could be. The properties are listed in the Hilton Head Multiple Listing Service and priced as low as possible for a quick sale.
Preforeclosures have owners who have missed some bank payments. Many owners who bought at the ‘top’ and saw their adjustable payments increase also saw market prices fall. It’s a real problem when an owner cannot afford their payments but cannot take a loss. Preforeclosures are an urgent selling situation and they are always listed with the Hilton Head Multiple Listing Service at the lowest possible price to optimize a fast sale. The sale of a preforeclosure is often be accompanied by a negotiation with the lender to restructure or forgive the seller’s debt that exceeds the purchase price and closing costs.
Foreclosures are properties owned by banks after they have have bought them on the courthouse steps. This is because the owner defaulted on their loan and the bank has bought the property to protect their investment. Banks list their properties (called REOs for real estate owned) with agents of the Hilton Head Multiple Listing Service. A foreclosure is typically listed among the lowest prices on the market but not always. It depends on the mortgage balance the the willingness of the bank to take a loss.
Properties with eager sellers are worth noting even though they may not be distressed at all but some sellers can beat the market if they want and still make a good profit. I have been to auctions where some of the properties sold for more than listed properties with the MLS. Had the buyers checked out the listings they could have bought for less and with better terms.

Here are some reasons why foreclosures and distressed properties may not be your best deal:

1) Foreclosures and distressed properties don’t always have the lowest prices. The price is dependent on the sellers ability and willingness to take a loss and this includes banks. When a bank tries to recover a high mortgage balance, attorney fees and other closing costs, whey may not offer the lowest price on the market.

2) The location of the property may not be the best for your intended use. Compare the location of similar properties to see if what you really want is worth the premium.

3) The condition of the property may be a problem. The owners of distressed properties often don’t have the money to maintain or improve their properties. Even when they sell their properties, they may not be able to pay for needed repairs as part of the sale. Foreclosures are always sold ‘as is’. This means that you must purchase with the right of inspection and even then, you will be paying cash for the repairs unless your lender will finance them with the purchase.

4) Other concessions you want may be refused. In a standard purchase, many concessions are negotiable. With foreclosures and distressed properties, a buyer may be refused concessions that include repairs but also they can include improvements, closing costs, assessments, regime fees and taxes as negotiated and allowed by the lender.

5) Taxes go with the property so you want to make sure that they are paid at closing and that you are not buying a property and also a tax debt or some other lien that must be satisfied on sale.

For any property you want, you are wise to have an experienced Buyer’s Agent represent you. Keep in mind that the listing agent of foreclosures and distressed properties represents the seller, just like with any other property. You will benefit from an experienced agent’s opinion about the suitability of the property for your needs. Your agent can compare the subject property to similar properties on the market and others that have sold. Good agents earn their commissions with their skills and knowledge that save your time and money. They are paid at closing by a commission that is already in the price of every listed property. All things considered, it’s a no-brainer to have a good Buyer’s Agent working for you.

To search and purchase any Island property, please call on me. Remember, foreclosures are not the only good deals out there. Nobody should overpay but sometimes quality and location are worth a premium. This is a great time for a buyer to be in the Hilton Head real estate market. Foreclosures and distressed properties are among today’s opportunities.