Unfortunately, the foreclosure wave has hit Savannah, along with other areas of the country.

 

The best way to buy a foreclosure is to buy it BEFORE it hits the Courthouse steps.  One of our associates specializes in foreclosures so I know of property headed to the porch.  The seller will usually take the pay-off price for his/her home just to avoid the foreclosure.  And, if the pay-off is too high for the down-low market, I can arrange a 'short sale' with the bank.  (A lender would rather allow the seller to sell the property for less than what is owed than to foreclose on the home.)

 

There are many homes available and the prices are all over the map.  Call me if you'd like to be made aware of foreclosure properties available for purchase.  (By the way, when a Purchase and Sale agreement is presented to the Lender, the Lender will remove the property from the foreclosure list and allow it to close normally - which means you have time to obtain financing.)

 

Or, you can buy from the Courthouse steps - just make sure you take cash or a certified check!  

 

Here's how it works -

 

Notices are placed in the paper advising the public of foreclosures proceedings against a property.  In Savannah, foreclosures take place on the first Tuesday of each month.  If a person is interested in the property, he/she can go to the Courthouse and join the bidding process when the house is called.  The opening bid is the balance on the loan.  The successful bidder must pay the full amount of the bid, in cash or by cashier's check, immediately upon winning the bid.

 

The secret to a good investment is having a thorough knowledge of the property before bidding on it.  This includes knowing its current condition and about how much it will cost to bring the property into an acceptable condition.  If you plan on flipping the house, you need to know what a reasonable selling price is for the home.  Or, if you plan to rent out the house, know the rent required to produce your desired payback.  After you know the rent you'll need to charge, you need to know if you can attract renters to the home at your required price.

 

If you're interested in investment buying but don't have the money, knowledge or time to do it on your own, there are investors you can join.

 

If you'd like more information, contact me and I'll be happy to help.