Short sales and foreclosures have many differences, but for buyers both can offer compelling prices on properties and both require negotiating with a bank.  To get  a handle on the differences for our buyers from a Hilton Head Realtors point of view, we have listed the pros and cons of each below.  If you are a seller and have not yet reviewed your options regarding a short sale, send us an email at robbie@robbiebunting.com or call me at (843)842-0805.  Included are links to the most recent short sales and foreclosures on Hilton Head Island. 

Short Sales on Hilton Head offer a buyer the following pros and cons:

  • +Usually sell below fair market value
  • -Typically sell in as is condition
  • +Usually room for negotiation of price
  • The buyer is usually the only bidder
  • +Typically the furnishings can be purchased from the seller at below cost
  • They take longer to close(120 +/-days)
  • They are subject to the banks final approval
  • The first offer is sometimes countered by the bank
  • +Typically the appliances convey with the property
  • +Typically they are in better condition than a foreclosure as the seller still has ownership
  • +The bank will sometimes pay for some of the buyers closing costs

Please click here for the most recent list of short sales on Hilton Head Island

Foreclosures on Hilton Head offer a buyer the following pros and cons:

  • +Usually sell below fair market value
  • -Typically sell in as is condition
  • Typically less room for negotiation
  • Sometimes the bank may bump out a buyer for a better offer
  • Bidding wars occur as the bank usually holds it out for bid in the beginning
  • Furnishing, appliances and other improvements(kitchen sinks!) are sometimes removed by the seller
  • +They close within a normal time frame(60 days)
  • – They can sell for more than asking price if there are multiple bids

Please click here for the most recent list of foreclosures on Hilton Head Island

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