Buying A Million Dollar Home In Hilton Head
Imagine a 8,100 -square-foot beachfront mansion in Hilton Head,
SC with six bedrooms, an in ground pool and an illustrious
landscape available for purchase at a meager one million
dollars. Sound impossible? Not if you look into foreclosure
properties. Homes like these million dollar mansions can be
found all over Hilton Head through local banks after the owners
have defaulted on their mortgage. Buying Hilton Head real estate
that is in the foreclosure process will not only save a great
amount of money, but some investors agree that buying a home in
foreclosure is a much easier process than a normal home sale.
This way there are no prices to haggle over or move in dates to
set. When you buy it, it's yours.
With foreclosures running up to 1.27% of all mortgage loans,
according to the Mortgage Bankers Association, the best place to
look for a Hilton Head real estate may be a bank or on the court
house steps. In the first five months of 2004, over 113,000
million dollar mansions came onto the market as foreclosures
nationwide. This is an increase of 37% from the previous year.
There are also disadvantages of buying a Hilton Head foreclosure
property as well, because most of these homes come onto the
market due to a financial hardship. Sometimes the former owners
become bitter from the loss of their home and sabotage the home
by damaging or removing doors, appliances or light fixtures.
Some of these homeowners may go as far as pouring concrete down
the toilets or punching holes into the walls of these million
dollar homes. Sometimes the financially strapped homeowners
allow the homes to fall into disrepair, because the basic
foreclosure can take about four months. This allows ample time
for the lawn to become seriously overgrown and a slimy green
pool to grow.
There are many ways to buy a Hilton Head mansion in foreclosure.
Most of these mansions are actually sold in a pre-foreclosure
sale to buyers who search legal postings for Notices of Default.
All buyers will need to be financially prepared to make an offer
on the pre-foreclosure home immediately and have the down
payment already in hand. These buyers also need to be prepared
to deal with the emotional property owners who are losing their
homes and who may not want to leave willingly. There may also be
furious tenants to evict, which the buyer should be readily
prepared to do.
A Hilton Head mansion foreclosure can happen to the best of
people, in the best neighborhoods, in any price range. These
foreclosures can and do occur in the same proportions as do
other homes. A mansion foreclosure can sometimes be a surprising
steal, mostly because some lenders don't want to price their
properties to move fast. There are deals out there for those
that are patient enough to look for them.