Marian Mercer

Hello Rocio,

There are so many sources for information about lots for sale - of course I'm partial but I believe the best source is a Realtor. Realtors cooperate with one-another in a database known as the multi-listing service. This database includes all active properties for sale and can be searched with your specific parameters - for instance, do you want a wooded lot, a specific neighborhood, acreage or waterfront? All of these preferences can be specified to help you find exactly what you're looking for.

In addition, you can peruse your local classified ads as well as search internet listings such as EBay and Craig's List. Use caution with these searches though, and make sure that you do your research. And prior to purchasing from an un-listed source, make sure that you have your attorney thoroughly review everything that is related to the purchase so that your interests are protected.

If I can help you in any way, please feel free to give me a call or email and I will do what I can to help. I am very familiar with the Island area and think that I could help you if you needed it. Thanks!

Marian Mercer, Realtor
Southern Homes and Land Real Estate
Marian@SouthernHomesandLand.com
(912) 536-8945 - Wed May 14 2008, 08:11

Hello Lupita. The term "low-ball offer" is subjective - anything less than a full-price offer could be considered "low-ball". A better reasoning to determine whether or not your offer is appropriate would be to do the following:

- Consult with a buyer's agent (not the same thing as the agent listing the house for sale). Have them do a "comparative market analysis" for the home in which you're interested. Remember that most agents will do this as a courtesy with no fee involved and it is the best way to determine the "market price" for any potential purchases.
- Take a look at the surrounding area. Are homes typically moving quickly or slowly in the immediate areas? If they're moving slowly - ask yourself why. Sometimes the speed of which a home sells (or doesn't sell) is directly related to conditions around it. For instance, a home that is surrounded by road improvement construction or located near a landfill could have its marketability affected by those circumstances. It is typical to offer "below-market-value" on these homes and most agents will prepare their sellers for this event.
- How long has this home been on the market? Typically, sellers are more motivated to negotiate the longer their home has been up for sale.

I hope this helps address your concerns. If I can help you further, please email or call me. Thank you!

Marian Mercer, Realtor
Southern Homes and Land Real Estate
Marian@southernhomesandland.com
(912) 536-8945 - Wed May 14 2008, 07:59

Hi Jill - two words: HOME INSPECTION. When a bank forecloses on a property, they usually do not have access to the maintenance history of that home, which translates to no seller's disclosure. Without a seller's disclosure (which is a signed and acknowledged document from the seller advising any maintenance issues or repairs that had occurred during their period of homeownership), a buyer is rolling the dice as to the adequacy of the maintenance on the property. And a word of warning: If a person can't make their house payment, they probably aren't keeping the property maintenance up to par either.

Foreclosed homes come with a special warranty deed and not a general warranty deed. This may or may not affect your ability to get title insurance, it just depends on the property and it's individual history. Keep that in mind during your negotiations.

With that being said, speak to your lender and keep in mind that if you are not buying a home as a primary residence, it's considered investment property. Most banks or mortgage companies require a minimum 10% investment, but under certain circumstances (particularly if you finance with the bank that had foreclosed) they may waive that.

As an agent, YES! You need an agent - only if you are interested in a foreclosed property that has been listed through a real estate brokerage. If you are purchasing a foreclosed property on the courthouse steps, a buyer's agent will cost you and not the bank.

While it is unfortunate, typically renters who are in a property that is foreclosed on are evicted (through no fault of their own). So while it may not be hard to get renters out, beware of the damage that an angry tenant (or owner for that matter) may cause before leaving. Again, we've come full circle to the home inspection - things like cut electrical wires and cement in plumbing are becoming more and more commonplace and you need to know of these headaches prior to purchasing.

If you have any more questions, or if I can help you with anything please feel free to contact me. I have successfully sold foreclosed properties and protected the interests of my clients simultaneously. I can provide references if needed.

Thank you,

Marian Mercer, Realtor
Southern Homes and Land Real Estate
(912) 772-6683
(912) 536-8945 - cell
marian@southernhomesandland.com - Fri May 9 2008, 07:30

Good morning, Scott. Desperate sellers aren't too hard to find these days given our current market conditions. I have some more questions that will help me help you:

When you say wood floors, do you mean with a crawlspace foundation or hardwood flooring?
The price range $150,000 and below - is this the offering price range or the listed price range?
Are you looking for a primary residence or a rental property? This will affect which areas of Savannah to begin searching.

Answering these questions would be the first step towards your investment. Please feel free to call me if you need clarification of any of the questions, I look foward to the opportunity to help you.

Marian Mercer, Realtor
Southern Homes and Land Real Estate
(912) 772-6683
(912) 536-8945
marian@southernhomesandland.com - Wed May 7 2008, 07:35

I know of JUST the property - it's in the Bloomingdale area and it's a foreclosure. It definitely needs cosmetic repairs but the price is great for the square footage and the size of the yard. As a buyer, you should always use a real estate broker - it's free for you as the commission is paid for by the seller (even though the buyer's agent works directly for you unless in the case of dual agency). I just spoke to one of my regular lenders, Samantha Joseph - broker and owner of Affinity Mortgage Company ( telephone 912-728-9163) - there are some great loan programs out there for investments but they typically require 10% down. She will be happy to review your options with you if you'd like to call her. I hope this helps!

Marian Mercer
Southern Homes and Land Real Estate
(912) 536-8945
Marian@SouthernHomesandLand.com - Fri Apr 4 2008, 09:43