Everyone knows the real estate market is seeing some difficult times.  Homes are just not selling as fast as owners would like and certainly not for the price they want to see.  Homeowners that are trying to sell a home because they want to sell it (trying to downsize, can't travel the way they used to or other reasons) are recognizing the fact that this is not an optimal time to place their property on the market and usually have reconciled themselves to the fact that they will have to be very flexible in their expectations.

However, what about those that really have to sell?  Homeowners that have to sell because of a job move or job loss or someone whose health requires them to relocate or has placed them in difficult financial straits are feeling the stress even more.

Here in the Hilton Head area, we have been fortunate that we have had a low percentage of homes going into foreclosure.  However, this area is not immune to the market fluctuations and homeowners feeling the pinch of these difficult financial times.  The biggest mistake I see desperate homeowners make right now, is waiting too late to talk to a professional Realtor that is familiar with working with distressed properties.

Many times, a Realtor that is knowledgeable concerning short sales and foreclosures and the steps in each process, can help a homeowner in trouble.  They can often be the best asset a distressed homeowner can have! 

A common scenario for this market, is the one in which a homeowner can not sell their home for what is owed.  Maybe they purchased the home at the height of the market and now property values have fallen significantly.  Maybe they purchased the home using an adjustable rate mortgage that has adjusted to the point that they can no longer afford the payments and for one reason or another, refinancing is not an option.  The first question the homeowner should ask a potential listing agent is "Are you familiar with distressed property sales?"  An agent familiar with the processes should be able to advise the homeowner and work with them and the lenders to work out a sale that is equitable for all involved.

Once a Realtor familiar with distressed property sales has been hired, it is essential that the homeowner be as homest and forthcoming about their situation as possible.  Too often a homeowner is embarrassed to admit they are behind on their payments or worse, they have ignored the repeated calls and letters from the mortgage holder until they receive a foreclosure letter.  A Realtor is working for you and needs all the information the homeowner can give them to do the best job they can do.

As you might guess, I do work with distressed properties.  It is heart breaking to see people lose their homes, particularly when the situation could have been helped by finding the right person early in the process.  A good Realtor, familiar with distressed properties can not stop a foreclosure or work financial miracles, but they can significantly reduce the stress of the process.  They can also, possibly, help reduce the damage to a clients credit.  Again, the key is early contact and honest information.

If you have any questions, please email or call! Or to view properties in the Hilton Head Island area, please view www.KatGardner.com.  All information is available without sign in.