After a Hilton Head Island home foreclosure is unsuccessful obtaining a satisfactory bid at auction, the property is considered an R.E.O. (real estate owned). REO means that the lender retains the asset and the mortgage no longer exists. Lenders are motivated to sell the asset to minimize any future losses. Prior to putting the REO on the market for sale, the lender will handle any evictions, if necessary, and may do some repairs. They negotiate with the IRS for removal of tax liens and will pay off any homeowner's association dues.

Hilton Head home foreclosures for sale should be prepared as to what to expect when purchasing an REO. Most REO properties are sold "as is" and often will need some repairs made to the property. Most lenders will not give seller concessions. Prior to putting in a bid on an REO, the buyer will need to pre-approved for financing and include this information along with their contract. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to inspect the property.

Below you will find a complete and up-to-date list of all Hilton Head foreclosure "REO" properties. Each of these property listings will include a detailed description, photographs, virtual tour (on many), a location tool and a mortgage calculator for your convenience. REO properties are typically listed at or below market value and representing some of the islands "best buys". Thus far, in 2010, the average days on the market for REO listings have been 66 DOM with an average list price to sales price ratio of 95%. This is compared to non-REO transactions that are averaging 197 DOM with a 92% list price to sales price ratio in 2010.