People always ask me what a bank will take on a foreclosure.  Unfortunately I do not know because every bank is different.  One of the agents in my office ran some numbers yesterday and he shared these numbers with me.

We have had 16 homes sell on Hilton Head Island that were foreclosure homes.  These homes sold for 94.9% of list price and were on the market for an average of 66 days. 

He ran the same statistics for the year.  During 2009, we had 50 homes on Hilton Head Island that were foreclosure homes.  These homes sold for 95.6% of list price and were on the market for an average of 69 days. 

Several of the homes actually sold for more than they were listed for because banks usually put such an attractive list price on them that sometimes people will get in a bidding battle.

Are foreclosures the best buys?  A lot of times they are.  It depends on the price, the motivation of the bank and how long they have held the property.

Click here to view Hilton Head Island foreclosures or click here to learn all the steps in how to buy a foreclosure on Hilton Head Island.