Molly Bridges

Hi Amanda,

The REO buying process can be frustrating as it can be difficult to get through the maze of processors and to the final decision maker. They are usually looking for the cleanest offer, and while offering a cash deal might remove contigency objections, it will probably not earn you a lower sales price. What it may do is offer the advantage of closing more quickly than other buyers. REO Companies are trying to unload these properties quickly, but there is a misconception that they are giving them away. Most offers must be accompanied by a qualification letter from the Mortgage Company the prospective buyer is using. If you really want the property, have your agent thouroughly research the current market and the condition of the property.

Interest rates are great right now. If you are buying this property as an investment, and the cash flow works, put down 20% and finance the rest. When you have a renter in place that you are sure will pay the rent, go out and find another deal. This is a great time for those with enough cash for at least a 20% down payment to begin a rental portfolio. Just be wise and surround yourself with professionals who can look at things from all angles. You will need a real estate agent that is experienced in investment properties, a real estate attorney that will give you their undivided attention, a great home inspector and a trusted accountant. Let others (your renters) pay for the propertes you find!

You don't know how fortunate you are to find yourself in a cash position. Just go slow and do your homework.

Molly Bridges
Savannah Quarters Realty - Tue Nov 11 2008, 19:10

Maricela,

It sounds like you did quite a bit of market research before purchasing your current home. It's just as important now for you to research the current market conditions in your immediate area. There are homes all over our area that are selling in a 60-90 day time frame, and yours may be not different.

You mentioned that your home was a good investment. What made it a good investment for you? These same factors might stimulate a potential buyer to make an offer on your property above others. Now is the time to really do some research! It is virtually impossible to make a good decision abot whether to rent or list without gathering information on market conditions, local community trends and how your home stands out among the competition.

Please let me know if I can help. Make it a great day!

Molly Bridges
REMAX Crossroads
(912) 236-5752 Savannah/Southbridge Office
(912) 748-8141 Pooler Office
(912) 655-2323 Cell
mollybridges@remax.net - Wed Jul 23 2008, 11:56

Lupita,

West Chatham Elementary and Middle schools are in walking distance of several wonderful communities in the Pooler area. Bridgewater is located just across the street from both and has homes from $179,900 to $249,500. There are nice amenities in Bridgwater, and it has a wooded buffer along Pine Barren Road. The Ashwood subdivision is also across from the schools. They don't have communtiy amenties, but it is a nice smaller community with lovely homes priced from the $160's. These are just two of a multitude of options in the area. Please let me know if you would like further information and a list of properties currently available in that area. My office is located very close to the location you inquired about.

Best Regards,
Molly Bridges
Associate Broker
(912) 655-2323
mollybridges@remax.net
REMAX Crossroads
Savannah Office
1481 Dean Forest Road
Savannah, GA 31405
(912) 236-5752
Pooler Office
432 W. Hwy 80
Pooler, GA 31322
(912) 748-8141 - Tue Jul 15 2008, 12:50

Hi Charles,

I would be happy to speak with you about the marketing of your properties. A market analysis of your properties should give you a better grasp on the current value range in the cities of Pooler and Richmond Hill.

While our local market has slowed a bit, I would not classify it as soft. We have experienced an increase in buyer traffic over the past several weeks and are fortunate not to be in the "bubble markets" other areas of the country are dealing with. It's important to examine your personal motivation for selling your investment properties. If priced properly and at a competitively, there is a good chance that your properties will sell in a reasonable market time. However, the condition of investment properties can be an issue. Have you visited your properties lately? Buyers want it all these days...from fabulous curb appeal to positive cash flow on their investments.

Another factor to consider is what you plan to do with the equity in these properties. Have you considered a 1031 Tax Deferred Exchange? A good accountant should advise you on your best strategy. If you would like additional info on exchanges, I would be happy to send it to you.

I am an Associate Broker with REMAX Crossroads and am very involved with local realtor organizations, which allows for frequent networking with other agents in Effingham, Bryan and Chatham Counties. I have found this the best way to truly get a pulse on the current market.

Thanks for your question, and if you need further assistance, please don't hesitate to contact me.

Make it a great day!

Molly Bridges
Associate Broker/ Sales Manager
REMAX Crossroads- Southbridge Office
1481 Dean Forest Road, Suite 200C
Savannah, GA 31405
(912) 236-5752 Office
(912) 655-2323 Cell
mollybridges@remax.net
RealEstateOfSavannah.com - Tue Jul 8 2008, 12:58