Savannah, Georgia and the surrounding area known as Coastal Georgia is a great place to call home. Savannah is home to one of the largest Container Ports in the US, there are approximately 10-plus import distribution centers in the region. Savannah also has a vibrant economy with various manufacturing companies located in our region such as Gulfstream, JC Bamford, International Paper plus we have three major hospitals, Candler, St. Joseph and Memorial which are major employers for the area.
The first thing a buyer needs to do is to be pre-qualified for a loan if you are not a cash buyer. Typically banks/mortgage companies do not usually take "contingency offers" such as the buyer has to sell another home. Banks typically require a letter from a bank/mortgage company regarding your ability to purchase the property. Banks are searching for a ready and willing buyer who can close within a relatively short period of time.
If you are interested in purchasing a bank-owned, foreclosed home, I would advise an "inspection period" and based on the condition of the home I would get a home inspection, termite inspection, potentially mold inspection, structural inspection and a property/lot survey. The type of inspections required may depend on the structual status and condition of the home.
It is also important to know what flood zone the property is located in according to FEMA. If a home is located in a high-velocity zone, flood insurance could be costly, so you need to get a price quote for Flood Insurance from a licensed insurance company. They will let you know what Flood Zone the property is located and your premiums. Some homes may not be in a Flood Zone but your insurance provider may advise you to investigate the cost of insuring your home. You may also want to investigate if the neighborhood has a homeowner's association, the financial condition of the association, required HOA fees and potential "special assessments", it there are any law suits against the HOA which could be a negative for a lending instiution or a buyer.
The type of information you may require or need to gather may be based on the condition of the property, home, structure as well as other conditions.
You also need to make sure the home has electricity, water or gas turned on so you may test the HVAC, Water Heater, Dishwasher, Stove, Refridgerator, Fireplace, etc. Sometimes, banks are ready to move a home and has the electrical services to the property. At times, some bank-foreclosed home may not have air conditioners, heating systems, working sewage and water systems so you need to be cautious.
Since most of the bank-owned properties are "As-Is" you need to be sure to have the property inspected by licensed inspectors, engineers, specialists. In certain cases, you may wish to have a licensed appraiser appraise the property or have a licensed realtor perform a comparable marketing analysis for you for the home.
With the various concerns that an inexperienced buyer or invester may have when trying to purchase a bank-owned and/or foreclosed property, it is advisable to seek the assistance of an experienced licensed real estate agent. Most of the bank-owned properties are "Buyer Beware" properties for typically there are no home warranties or guarantees of what expenses you may have in the future.
Sometimes, a foreclosed property may need so many repairs that it may be less expensive to purchase an home on the market or potentially a new home.
Bank foreclosed properties can be a good investment or they could be a bad investment. If you need assistance with previewing bank-owned, foreclosed properties in Savannah, Richmond Hill, Pooler, Rincon, Guyton, Hinesville or Tybee Island (Georgia), please contact me for assistance.
Cell: (912) 429-1093
Office: (912) 756-5888 X 149
To Preview Bank Foreclosed Property Listings - Visit:
Information is subject to errors and omissions. No warranties or guarantees. Information and pricing subject to change without notice.