If you pay attention, you may be able to buy a foreclosure on Hilton Head Island. These ”Bank Owned, Real Estate Owned(REO) or sometimes “Corporate owned” properties can often offer buyers an opportunity in price, location and sometimes even condition, below fair market value. If you want to get the jump on these REO properties, we can hook you up on a real time link as they are listed for sale. Noted below are several important notes for buyers if they decide to purchase an REO on Hilton Head Island.
- Over 50% of all REO closings have some delay, so plan accordingly.
- The bank does not have to provide a Property Condition Disclosure
- Offers should include a contingency “subject to an inspection x days after acceptance.
- Buyers should change the locks and hook up the utilities asap after closing.
- Read all bank addendums as they can take away things that the contracts states.
- Pay cash if you can. Lenders often will accept a lower, reasonable cash offer over a financed one.
Foreclosures on Hilton Head
Currently REO listings on Hilton Head Island are selling very quickly so you need to act fast. If you are interested in a particular property, set up a viewing and decide on making an offer soon after the viewing. If you would like to subscribe to our automatic REO list or our call list for new REO’s that we know about before they hit the MLS, please send us an email at firstname.lastname@example.org and note “Foreclosures” in the subject line. Thank you.