Hot properties attract multiple buyers and real estate agents on Hilton Head Island. If you are looking to buy a bargain in real estate, you must be prepared to act fast. If you snooze, you lose! We have put together a check list to get a buyer in position to POUNCE on the next HOT property on Hilton Head Island. Keep in mind if the asking price is substantially under value, the real estate market will bid it over asking price. The only way to win the bidding war is to take aggressive steps and move fast.
This is how to BUY A HOT PROPERTY ON Hilton Head island
- Establish a trust relationship with a Realtor on Hilton Head Island
- Fill out a Hilton Head Buyer’s Shopping List with all of your criteria
- Contact a local Hilton Head lender and get pre-approved for a mortgage
- Have your agent set up a Hilton Head MLS Link using the criteria in #2
- Tweak the criteria via email with your agent
- Call your agent immediately when you recieve a HOT property via email
- Ask your agent to go see this property asap
- If it passes your agents test, go see the property immediately
- Once you have determined the property is suitable, write an offer
- Have your agent gather costs and ask the sellers agent about the process, timing and other interests
- If possible satisfy any contingencies or concerns before making an offer on a HOT property
- Write an offer and establish a strategy with your agent based on market trends.
- Have your agent stay in contact with the sellers agent until a response is made.
- Make yourself very accessible until you have a signed and sealed contract
There are variations to the above, but the key is to move fast and react fast.
Vocabulary for Hot Properties
- Foreclosure – Foreclosure is the process of the bank taking possession of a home from an owner. Once the bank has foreclosed, ownership changes from the individual to the bank.
- REO – REO stands for Real Estate Owned. It is property that a bank has foreclosed on and now owns.
- Short Sale – A short sale is where an owner sells a home for less than what they owe the bank. The bank becomes involved in the sale and the contract is contigent on the
bank accepting less in the payoff than what they are actually owned.
- Distressed Home – A distressed home is a home where the owner is at least 30 days late on a payment.
- Notice of Default (NOD) ~ A non-judicial document filed by a trustee that starts the foreclosure process.
- Lis Penden (LIS)~ Notification of pending lawsuit. A judicial document filed by an attorney or trustee that starts the foreclosure process.
- Auction / Notice of Trustee’s Sale (NTS)~A filing by notice announcing a public auction.
- Notice (Judgment) of Foreclosure Sale (NFS)~An order signed by a judge directing to sell the property at public auction.
- Real Estate Owned (REO)~The final step in foreclosure process in which property ownership returns to lender.
While there is some thought that the best deals are short sales , foreclosures, or newer listings we are now seeing purchasers move to properties on Hilton Head Island that are properly priced. We are standing by, just email us anytime at firstname.lastname@example.org call us at (843)842-0805. Thank you. Robbie Bunting and Jane Hyers