At the Beaufort County bank foreclosure sale on Monday there were approximately 150 properties that were foreclosed on – some in Beaufort, some in Bluffton and some on Hilton Head Island. 

We went through a 15-year time period where we had no foreclosures on Hilton Head.  There is an old saying that says “a rising tide lifts all boats” and when people’s property values are going up 10%-25% per year there are not going to be any foreclosures because they can sell the property at any time they want. 

When the reverse of that happens, people who purchased in 2004, 2005 and 2006 are left in trouble and due to financial difficulties, some lose their home to foreclosure.

In a slow real estate market, buyers are always looking for the best deals out there and they are often interested in foreclosures.  This would have a negative effect on someone who is not a foreclosure because you have to deal with these properties. 

Many times people think that foreclosures don’t have any effect on their property value.  Buyers don’t look at it that way.  A buyer is looking for the best deal available – whether it is a foreclosure or not.  It is important to realize that any and every seller has to compete with foreclosures.

There are some great deals out there.  If you as a buyer, are interested in getting a list of the foreclosures please let me know.  We can set you up so that you will be notified of new foreclosures – it is fast, easy and harmless. 

Click here to view my Hilton Head and Bluffton foreclosure properties.