Melody, anytime you would like to see what is foreclosing, they have to run it in the paper for four weeks. Look in the local paper, first, then check foreclosure websites, even bank websites to see what has come on the market daily, weekly, etc. Hope this helps.... more
When you go out to the North end of the island, people either love it or hate it. What’s great about it out there is the golf course and the deep water access. Its one of only a few places on the island that has deep water. It has beautiful large oaks and most properties have more acreage than properties on the South End of the island.
Its a further drive to “town” and restaurants, but if you come from a larger city, driving 15-20 minutes to get back to the shops and stores will not be a problem for you. The only con that we saw with the market is that it has been one of the last places to “recover” when the market start to go up. There are still some better deals in the Mid-North / North end of the island. That said, if there is a problem with the market, its the first part of the island to go down. There always seems to be more of a market for the beach / near beach properties.
Tourists mostly want to be in southern most part of the island, which is were we find property values being the highest and when the market started to recover on Saint Simons, this part recovered the quickest. The issue is that except for a few areas, the construction is mostly older. There are a couple of pockets of newer homes, but most are either older or are remodeled. Either East Beach, Island Club or near the Village is the most desired.
Mid-South and Mid-North are were many families live who live year round on the island. Its a mix of every age group. It tends to be mostly moderate priced homes. Mid-North is where most of the newer construction is happening because that’s where developers can get large land tracks / groups of lots for lower prices.
One thing that I think will become increasingly more important is whether or not the property is in FEMA flood zone x or not. Parts of North Harrington are in FEMA flood zone x (shaded) and parts of Sea Palms are in FEMA flood zone x (shaded) and EMA flood zone x (unshaded). Almost all of Hampton Plantation (north end) is in a flood zone. I cannot quantify the value of this yet because things are still too new, the flood maps are scheduled to change again in 2015 and Congress may temper the legislation; however, I can tell you that once new flood insurance came back in during due diligence, it killed a couple of sales I had under contract or it caused the Buyers to decide to lift the house in their remodel after closing to above FEMA flood elevations. If you are buying new construction everything will be built above flood elevation and you can get favorable flood insurance rates. As a result, newer homes will not be impacted as much as if you were purchasing an older house; however, its something to consider.... more
The homes in The Commons have been selling pretty well lately. There are currently seven homes available for sale and 3 of those homes have been listed for 50 days or less. All of these homes are priced between $299k and $375k. The Commons is a great neighborhood of starter homes/entry level homes on St. Simons. The lots are usually about .2 acre in size and the homes are either 3/2 or 4/3 and some of them have additional bonus rooms, offices and pools in the back yard. The neighborhood itself is a great place for kids. There are two community playgrounds and it is located close to an elementary school and several churches. I would definitely suggest this area if you are looking for investment properties to hold onto for a couple of years and flip when the market really starts coming back around. We have already picked up a little (about 4%), but we are just at the very start of the pick-up period.
Brad C. Davis
Sea Palms Coastal Realty Inc.... more
Of course you can make an offer on just the home, requesting for the seller to remove the furniture. If you are financing the home, one the sales contract, you want to make sure that it does not mention that the home is being sold furnished. If it says in the contract that the home is being sold furnished, it will create a problem with obtaining financing, because the underwriter/financer will want to assign a value to the furnishings and will want to subtract that value out of the purchase price and only finance the value of the home, not the value of the home and furnishings. If you do want to purchase a home furnished, a separate 'Bill-of-Sale' will need to be filled out. This is an agreement between the buyer and seller to transfer possession of furnishings for a stated cost, which could be $0.00. Let me know if you have any further questions about this.
Brad C. Davis
Sea Palms Coastal Realty Inc.
The majority of the homes in this area are of stucco and tabby exterior. We have some brick sided homes and some homes with hardy-boards siding. Depending on the area, the home may need to be built up to be above the flood zone. In these cases, the homes usually have a garage and additional storage on the ground floor and then have one or two floors above the ground level for living space and bedrooms. Homes in your price range will often come with elevators or be in a golf club community or close to the beach/Village. There is a bike/jogging path that runs the length of the island and goes through several of the streets near the beach as well. Since the island is about 12 miles long, you can go for quite a ride without having to turn around. Send me your email address and I will send you a sampling of what is currently available for sale in your price range.
Brad C. Davis... more
Purchasing a foreclosed home requires a significant amount of research, especially if you're not buying the home through a bank. For example, a title search should be done to find out if any outstanding debts are linked to the property, such as back taxes. You also should enlist the services of a real estate attorney because foreclosure regulations vary from state to state. Title insurance will provide some protection from any claims on a foreclosed property that could surface after the purchase. Nonetheless, buyers could still face legitimate claims from previous owners who assert there were illegalities in the foreclosure process. The previous owners may even seek the return of their properties.... more
Many people are finding themselves in this same situation, but as others have said, if you walk away at this point it could hurt you and your credit for years to come. A short sale might be feasible but only if your lender agrees. We would be happy to discuss options with you in person. You can reach me (or my managing broker, Jim Jones) at 912-280-0063, if you care to discuss this further. We are out of the office a lot, so leave a voice mail if you don't get an answer - and we'll get back to you as quickly as possible!
Alice Smith, AGR, GRI, SRES
Certified Loss Mitigation Specialist
Coastal Connection Realty