You will fall in love with Hilton Head Island at this time of year. The pace of the Island is relaxed, dinner reservations are easy, off-season rates apply, temperatures are wonderful and the beaches are beautiful. The bright sunny days and clear night skies make this one of the favorite months by Islanders and Visitors alike.
Do you still owe more than what your property is worth? If you have been trying to wait this out and are now just ready to move on we do have a possible solution. Our short sale negotiator is tops. He knows how to negotiate short sales and has had a high success rate. Most of the sellers that we have worked with are just ready to move on in their lives and are tired of throwing good money after bad. While it is not guaranteed that he can help you, it is worth the conversation. Read the rest of this entry
We loved 2013 and while we are sad to see it go, we are ready for 2014. In the year ahead, it is our hope to remain humble and hungry as we continue to build Hilton Head Properties, Realty and Rentals. Listed below are our some New Years Resolutions that we offer to our fellow property owners in the Hilton Head, Bluffton and Daufuskie areas. We look forward to helping you achieve your goals in 2014! Read the rest of this entry
Looking back over the past 12 months we saw about a 10% appreciation across the board in real estate pricing. Banks started loosening up their lending restrictions and there has even been a trend of buyers diversifying into homes from their stock portfolios. Christmas party chatter this year will reinforce buying real estate. With all this good cheer, what does not make sense is why a buyer today would make an offer lower than the average list to sell price when the property is priced correctly? Read the rest of this entry
If you are a seller and you owe more than your house is worth, you may not want to kick the ball down the street until next year. The debt forgiveness bill that expires in 2012 for permanent residences is something sellers should take a serious look at. For example, if I purchased a home for $200,000 and then sold it at market value for $100,000, I would not have to pay taxes on what is considered $100,000 in earnings. After December 2012, this may no longer be available to borrowers! Read the rest of this entry
Some of our short sale sellers on Hilton Head Island have included villa owners, second homes owners on the beach, permanent residences, horse farms and even large estates. These sellers went to a sales price below what they owed in order to get their property sold. My team than successfully negotiated these short sales with the sellers banks. Through these experiences, we have put together the experts, established the contacts, and gathered the tools to successfully handle short sales on Hilton Head today. Read the rest of this entry
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. Read the rest of this entry
For a while there it was like having a secret fishing hole. I would show a great property at a compelling price and WHAMM the buyer would be on the hook . The deals were too good to let go and buyers stayed on the hook as long as the value was good. We did lose some buyers due to impatience or an even better deal, but all in all 99% of the short sales we have been involved with closed. I admit that I do not know everything about short sales, but some of the things that I have learned should help other buyers, sellers or agents. Read the rest of this entry
We are now taking applications for motivated buyers on Hilton Head Island. If you think you qualify for this position, please take a minute or two and answer the following 10 questions. Please try to answer these questions as truthfully as possible. If you have more than 50% true, it is important that you contact a Hilton Head REALTOR as soon as possible. Read the rest of this entry
A note from Paul Griz, CPA about Short Sales and Taxes
Whenever a debt of a taxpayer is forgiven by a lender, whether the debt is credit card debt, home mortgage debt, or other debt, the forgiven debt, i.e., debt relief, is generally taxable to the taxpayer. With regard to short sales or foreclosures, if you have reached an agreement with your mortgage lender in which the lender has agreed to forgive your mortgage, you will be subject to income tax consequences. The lender will typically issue either Form 1099-C “Cancellation of Debt” or Form 1099-A “Acquisition or Abandonment of Secured Property” in the year of the asset sale. In other words, you should receive one of these forms from your prior lender in the year of the closing of your home. At that point, the debt forgiveness is reported to the IRS as income. Read the rest of this entry
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