Labor Day Activites

Labor Day weekend is upon us again, they seem to come faster every year! I usually feel pressure from my peers and society in general to have some fantastic plans for the weekend. My plans generally vary from home projects to doing something fun with friends. These weekend the office still filled with boxes of papers calls to me, it's time to finally sort through and either chuck or find room for storing. That leaves some time for fun with friends, but what to do? I've been scouring the internet and local papers to see what is up this weekend. Here are some activities that I can share with everyone. I’m sure there are more and of course there is always the beach and a backyard barbecue. Enjoy the long weekend everyone!

• Tybee Island Labor Day Art Festival: FRI: 6-9, SAT 10-6, SUN 10-5 #7 Cedarwood Dr, by the Lighthouse. Original Art & DIY tie dye for charity, organic food bar, fruit smoothies Savannah Riverfront, The Ultimate Tailgate Party: Multiple games will be playing on three large inflatable screens.
• Relax with a brew: Savannah Craft Brew Fest, 150 different craft brews available for sampling. The Brew Fest will include educational sessions, a corn hole tournament, live music and a brand new cider garden. At The Esplanade at the Savannah International Trade & Convention Center Saturday 12:00 5:00 pm
  
• A day at Tybee Island Beach: Free live entertainment featuring the Swingin' Medallions will be playing at the pier pavilion with fireworks in the evening. Sunday 10 am – 7 pm
• Take in a Show: Savannah Live at the Savannah Theatre, 2 hours of high-energy, song and dance.
• Expand Your Knowledge at the Wormsloe Sate Historic Site: Craft demonstrations from the 18th century including woodworking, blacksmithing, cooking, colonial games, candle making and more!
• Take in a game at Grayson Stadium; Saturday first pitch at 6:05 pm with post game
  
  fireworks.
• Oatland Island: Alligator Wetlands is now open, with a brand new resident!
• Humane Society; Last chance to adopt a pet and help the society reach their goal of 787 adoptions to qualify for a grant.
• Enjoy the weather and scenic landscape, participate in a Ranger program at Skidaway Island

Mortgages 101

Buying a home will likely be the biggest purchase you’ll ever make and the biggest debt load you’ll ever carry. Unfortunately, almost 75% of buyers admit they never truly understood all the ins and outs of their mortgage before signing on the dotted line. Most people think a mortgage is like a promissory note, where you owe the bank money that is paid back over an agreed upon period of time. Technically speaking, a mortgage isn't a loan. It’s a document that you actually give a bank that says they have the right to use your home as collateral in the event you don’t repay the loan. Given that there is so much at stake it’s highly recommended to know what type of mortgage to use in the purchase of your new home. Two of the most popular are a fixed rate and adjustable rate mortgages but there is a wide variety of other mortgage products available. Here is a description of six broad categories of mortgages.

• Fixed Rate: The interest rate and monthly payments stay the same for the life of the loan.
  
• Adjustable Rate: The interest rate changes every year with the market, and payments may go up or down accordingly. They usually come with ‘caps’. A periodic cap limits how much the interest rate can be increased each time it is adjusted. A lifetime cap is the total amount an interest rate can increase over the lifetime of the loan.
• FHA (Federal Housing Administration) loan - Allows buyers who may not qualify for a home loan to obtain one Low down payment. The size of the loan may be limited.
• VA Loan - Guaranteed loans for eligible veterans, active duty personnel and surviving spouses Offers competitive rates, low or no down payments. The size of the loan may be limited.
• Balloon - Usually a fixed rate loan with relatively low payments for a fixed period. After an initial period, the entire balance of the loan is due immediately.
• Interest Only – the borrower pays only the interest on the loan in monthly payments for a fixed term. After an initial period the balance of the loan is due.

FHA and many other banks have programs or loans that allow you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan. You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage. The government offers a free downloadable brochure to help buyers learn how to shop, compare and negotiate mortgages. The brochure has a Mortgage Shopping Worksheet and a glossary of terms in the back. The brochure is a great tool that any buyer should have as they begin the process of home shopping.

Service Unites

We like to write a little something once a week or so about someone or an organization that is making a difference in the world we live in. This is a strong thread that weaves its way through all of Keller Williams marketplaces, teams, and agents. These days there is plenty of material to choose from, and yet is it really something most of us include (volunteering to help others) in our daily lives? Do we really know who are role models are for uniting us as citizens into volunteering to address critical needs and improving our community? Here are a few quotes and thoughts on volunteerism from some well-known people.

Role Models

• “We understand that we have a fundamental responsibility to use our scale, global reach, and yes, even our capital to support and invest in our community.” Peter Scher, Executive VP, Head of Corporate Responsibility, JP Morgan Chase & Company

• “Volunteerism is the optimum” -Bill O’Reilly, FOX News

• “How can we mobilize volunteers the way we mobilize voters?”Karl Rove and David Plouffe share tactics from both sides of the aisle: it’s about speed, authenticity, and efficacy. “respect, empower, include.”

• "Be of service. Whether you make yourself available to a friend or co-worker, or you make time every month to do volunteer work, there is nothing that harvests more of a feeling of empowerment than being of service to someone in need." - Gillian Anderson  actress

Finding Your Volunteer Niche

If you are wondering about what might be of interest to volunteer with than go to the United Way HandsOn of Savannah a direct service of the United Way of the Coastal Empire. “United Way HandsOn Savannah (HOS) helps individuals, families and corporate and community groups find

flexible volunteer opportunities at more than 200 service organizations and schools in our four county area.” At the HandsOn website one can browse by Partner Organizations that you might be interested in helping, or by opportunities. If you are thinking of volunteering but are not sure how to get started? It’s best to do some research first. Look for an organization that deals with issues about which you feel strongly. Then consider the skills you have to offer. Some opportunities involve some training, this can provide one with a great learning experience. Make sure you don’t over commit yourself, these organizations depend heavily on their volunteers. Finally some wise advice from the HandsOn organization: “Bring your heart and your sense of humor to your volunteer service, along with the enthusiastic spirit which is, in itself, a priceless gift. What you'll get back will be immeasurable!”

 Just Do It!

The Don Callahan Real Estate Group will be volunteering on Sept. 7^th at the Surfers for Autism fundraising event at Tybee beach.  The Surfers for Autism mission is to unlock the potential of people with developmental delays, support advocacy for autism issues and scientific research. Don and the team feel strongly about giving back to our community, and this is an annual event that the team participates in. The Don Callahan Real Estate Group also gives a percentage from each transaction of the year to Surfers for Autism.  

“Research has shown that people who volunteer often live longer.” - Allen Klein (author)

Short Sale! Renovated Townhome

Listing Details

406 Selier Ave, Savannah, GA

Bedrooms: 2
Baths: 1
Year Built: 1900
Living Area 1242 Sq. ft
Offered at: $100,000
MLS Number: 113332

Renovated With Hardwood Flooring Throughout

Short sale! This beautifully renovated end-unit townhome is located in desirable Baldwin Park. The charming living room with fireplace and refinished hardwood floors creates a cozy room to relax or entertain in. Off the living room and through the arched doorway is a separate dining room with plenty of room for dinner guests. The bright kitchen is fully equipped, with ample cabinetry a small breakfast bar and access to the rear porch and courtyard.

Master Bedroom Has Special Features

The two bedrooms and one full bath with separate shower and tub are located upstairs. The Master bedroom has a fireplace and its own private second floor porch. The bathroom retains its early century charm with wainscoting, hardwood flooring, pedestal sink and old style tub.

Location Is The Best

The large courtyard is well landscaped with mature plantings beautiful garden and brick patio. Lots of charm! This property is also walking distance to local favorites like Al Salaam deli, the Starlander café, Green Truck burger joint and Blowing Smoke. An easy jaunt to red-hot Habersham Village and all that it has to offer. Convenient to Victory Drive, 37th Street and Abercorn. Less than ten minutes to Downtown Savannah.

To see more photos of this property click here.

Savannah, GA an Accessible City

Historic Savannah is an extremely beautiful southern city, with its famous squares, 19th century architecture, and oak tree 

lined streets dripping with Spanish moss. An unpublished fact about Savannah is what a bicycle and walking friendly city it is. 

A Very Accessible City

Every street has a sidewalk creating easy accessibility to shops, hotels, restaurants, galleries and down to River Street on the waterfront. Tourists love the fact that it is a wonderful walking city, Savannah is small enough that one can walk to just about anywhere. The infamous Savannah College of Art and Design (SCAD) has the city as its campus. SCAD buildings are sprawled throughout the city inhabiting some of the older historic buildings. Students either bike, walk, ride scooters or take the local city buses to get around to their classes. Most students use bikes, so it’s a very bike friendly city. In fact many of the more narrow streets have bicycle lanes. Many residents also bike to their destinations. With biking being so popular in Savannah there are several thriving bicycle shops located downtown.

Bicycling Advantages

Bicycling has so many advantages; healthier than driving, saving on gas for the environment and the pocketbook. Plus parking

is much easier with biking, just lock it to a parking meter that some else will be putting money into. But there are some other hidden advantages for the residential community where there are lots of bikers, and bicycle lanes. Atlanta is putting in bicycle lanes and in so doing is taking a look at the community advantages of spending to do this. Rebecca Serna, Atlanta Bicycle Coalition executive director says both avid cyclists and casual bikers are increasingly likely to pay upwards of $5,000 more for a home if it means more space — on the street, that is. Also the Atlanta Bicycle Coalition is currently conducting a study on the commercial business effects and economic benefits of local bike infrastructure, due to be released this fall. "Those looking to sell will certainly benefit from the qualitative selling points — greater mobility, access to popular city hubs, shorter commutes to work. So even if you don’t bike yourself, you can still benefit from those that do in your community.  

The Economic Benefits of Bicycling

Here are some facts from the National Bikes Belong organization (sponsored by the U.S. bicycle industry). The average bicycle shop has 6 full-time employees. With approximately 4,200 specialty bicycle retailers in the U.S., this totals 25,620 people employed full-time by these retailers. A 20-year study of efforts to make streets less convenient for autos and better for pedestrians and cyclists found that after changes are implemented, businesses in these areas show stronger growth than auto-friendly shopping centers. Bicycle and pedestrian infrastructure projects create up to double the jobs (11-14) of road infrastructure projects (7) per $1 million spent. Homes located on a bike boulevard are worth $5,757 more than homes not on one. Houses located in areas with above-average levels of walk-ability [or bike-ability] are worth up to $34,000 more than similar houses in areas with average walk-ability levels.

Wisdom 2.0; Wisdom and Compassion in a Digital Age

Want to learn about something that is totally uplifting and will bring you hope? Well wander on over to wisdom2conference.com and learn about a unique conference, Wisdom 2.0, that will be taking place this February. No it’s not a conference on how to be successful in business. Haven’t we had enough of those? This annual conference which is in its third year is about how ‘to live connected to one another through technology, but do so in ways that are beneficial to our own well-being, effective in our work, and useful to the world.’  The conference brings together people from all over the world and through workshops, social media conversations, and think tank style gatherings they strive to ‘to bring this conversation to the world in an accessible, innovative, and inclusive way.’  Wisdom 2.0 is ‘about exploring living with awareness, wisdom and compassion in modern life.’

They bring speakers from different sectors together including technology, wisdom traditions, neuroscience, game development, and more. Past speakers have included the founders of Facebook, Twitter, PayPal and wisdom teachers from different spiritual traditions such as Eckhart Tolle and Mindfulness teacher Jon Kabar-Zinn. The goal is to learn how to live with greater presence, purpose, and wisdom in the digital age.  Jack Kornfield was one of the speakers at the 2013 conference his definition of wisdom is “bringing body heart world mind together in the wholeness that it is.” Biz Stone, founder of Twitter, defines wisdom as: “understanding plus experience and the ability to use that understanding and experience to make a difference, to action to do something real …”  Thupten Jinpa, Center for Compassion defines wisdom as: “global, wisdom also is more of an understanding, … wisdom is experiential, … it gives rise to understanding interconnections come into the picture.”

"Where the technology and contemplative communities ... hash out the best ways to incorporate these tools into our lives—and keep them from taking over." - Wired Magazine

Watch this video for some inspiration on wisdom.

2013 Wisdom 2.0 Conference from rishio on Vimeo.

Two Charming New Listings

509 East 56^th Street 

Listing Details:

Bedrooms: 3

Baths: 2
Living Area: 1591 Sq. ft
MLS Number: 113335

This completely renovated midtown bungalow sits on a quiet, dead end street in a great neighborhood! The quaint front porch overlooks a garden waiting for your personal touch. There is new paint and refinished hardwood floors throughout. The living room has plenty of light and a fireplace sandwich between two large windows. A wide arched doorway leads to the separate dining room. The dining room is open to a new kitchen with granite counters, quality cabinetry and stainless steel appliances.  Beyond the dining room is a massive family room with a large fireplace, and entry to the backyard. The master bath with ceiling fan includes an en-suite bathroom with well thought out updates creating a sleek and clean feel. Two other bedrooms also with ceiling fans have ample light and access to the second bath with pedestal sink and tub/shower.

The back has a covered rear patio and fenced yard with a shed for yard accessories. From the yard there is access to the car carport. The property is located in a great central midtown location.  It’s close to red-hot Habersham Village with restaurants and shops including; Barberito's burrito bar, Tails Spin pet store, Bikram yoga studio, Red and White Market and many more. It’s also convenient to two hospitals as well as Abercorn St, Derenne St and the Truman Parkway.  It’s an easy jaunt to Abercorn Walk and Twelve Oaks shopping centers.

626 East 56^th Street 

Listing Details:

Bedrooms: 2
Baths: 1
Living Area: 1313 Sq. ft
MLS Number: 113339

This really is a super-charming cottage with great details! There is a spacious living room with a wall of windows for plenty of light to show off the beautifully refinished hardwood floors. The room is anchored with built-ins, and a fireplace with marble surround. Of the living room as a large laundry room that has access to the backyard. A unique archway feature separates the living and dining room. Off the dining is a sweet built-in banquet breakfast nook that is surrounded by bay windows and a padded bench large enough to seat at least four.

The fully equipped kitchen features stainless steel appliances plenty of windows and entry to the back yard. The two good sized bedrooms have ample light and ceiling fans. The bathroom retains its original charm with tile throughout. There is a fenced back yard with a garage, fire pit, multiple patio areas, workshop and beautiful oak tree. Great south Ardsley location that is close to Habersham Village and all it has to offer. About a mile to the bustling Skidaway/Victory corridor it’s an easy jaunt to the new Whole Foods, Chipotle Grill and Petsmart, and many other large national stores and restaurants. There is also easy access to the Truman Parkway and only its ten minutes to Downtown Savannah!

Many New Business Open in Savannah GA

We are extremely fortunate to have several grand openings for new business here in Savannah this week. Whole Foods, which opened on Tuesday the 13^th has gotten a lot of press of course. (Review my July 23rd article Retail Establishments Increasing Property Values  here.) However also in the new Victory Station shopping plaza is a Zoës kitchen that will open on Thursday the 15^th.  Zoës describes themselves as having Mediterranean style menu with southern origins.  In fact the kitchen founder’s name sake, Zoe, is from the south and used her Greek heritage for inspiration on the restaurant’s menu. They offer lunch and dinner items for eat in, or take out. The take out can be individual meals, tubs, or for a family of four. If you are having guests in for the upcoming holiday call them for catering. They have four menus or ‘party packs’ that serve up to 10 people. This is another wonderful addition to the already bustling area at Victory Dr, the Truman Pkwy and Skidaway Rd.

More at Victory Station

Also staged to open within the next weeks at Victory Station is the Chipotle Grill and Pet Smart.

Chipotle Grill Mexican Grill is a different kind of fast food chain as their tag line is: Food with Integrity. That means they source organic and local produce when practical, and that they use dairy from cows raised without the use of synthetic hormones. Chipotle also, whenever possible, uses meat from animals raised without the use of antibiotics or added hormones. This is good news for the growing community of local natural and organic farmers that sell to other Savannah food retailers. As for Pet Smart, this will be their second store in Savannah. There is one located on Abercorn St in the south side of the city.

Grand Opening Sandfly

Just on the outskirts of midtown Savannah lies the charming community of Sandfly, home to the historic site of Wormslow.  In Sandfly at the intersection of Skidaway and Norwood Rd sits Norwood plaza which has been undergoing a facelift this past year. The plaza has attracted to some great new business to the delight of residents in the area. There is a Power Yoga studio, a new Pizza place called Your Pie, and the well-established Cutters Point coffee shop. This Friday the 16^th the plaza will be the location of another grand opening for the store Great Harvest Bread Co., a national Freedom Franchise.  The ‘Freedom’ part means that the local owners get to run their business in a way that meets their community’s unique needs. You can read about the two women owners Janet and LeeAnn here. The Great Harvest Bread Company also has a unique approach to their business. Each morning they fresh-grind premium whole wheat in each bakery and blend it with wholesome ingredients, like yeast, salt and honey. They offer highly nutrient dense breads and sandwiches on a daily basis and each day different breads and sweets. Sounds like a great place to have lunch with a friend.

All of these recent new business can only mean that Savannah is growing, and keeping up with national trends. 

Short Sale – a Good Deal?

Thinking of purchasing a short sale because you think you can get a good deal? It can be a very complicated process filled with many possible pitfalls.  A short sale means the seller is about to go into foreclosure, they owe more than the home’s current worth.  The seller’s lender must agree to accept less than the amount owed to pay off the loan now, rather than taking the property back by foreclosure and trying to sell it later. Lenders agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process. This means when purchasing a short sale property you are actually negotiating with a bank – not the seller. Given this it is important when making an offer you consider things from the banks point of view. It is also helpful to be aware of what is going on in the market at the time. Banks are not settling with prices as low as they were a few years ago.

Should My Offer Be Low?

Among the key issues you must consider before making a bid on a short sale property is how any repair or upgrade work will be handled. Not all properties that are put up for sale as short sales’ will have any work done. Many properties are sold as is, which of course means you will be doing the repairs. So using needed repairs as a negotiating tool for a lower price may not be an option. If however after seeing what obvious repair work is needed you are still willing to proceed with a bid there are few things that would be helpful to know. Before writing a short sale offer, a buyer should ask his or her agent for a list of comparable sales. Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to the current market value. The short sale price may be much lower than comparable sales, or what the lender may accept. If the comparable sales don't support the sales price, it's unlikely the bank will accept your offer. So your offer may have to be equal to or higher than the short sale price, especially if there are other offers on the table.  If there are certain closing costs that the seller typically pays, the bank will most likely pay those fees. However, if you agree to pay part of those fees, even if the bank receives an offer identical to yours, your offer will net the bank more money. A big question on the short sale seller's mind is whether the buyer is financially capable of closing the transaction.

So make sure to include a pre-qualification letter from your lender. Here is a list of the paperwork your agent/broker should be sending:

• Listing agreement
• Executed purchase offer
• Buyer's pre-approval letter and copy of earnest money check
• Seller's short sale package – make sure your agent/broker assures this is complete

If the package is incomplete, the short sale process will be delayed. In this event, the bank might even shred the package. So make sure your agent/broker has some experience with short sales. As a buyer you may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process. The key to a successful sort sale is careful documentation of every piece of paper, every record, and every lender interaction. Some short sales get approval in 2 to 8 weeks. Others can take 90 to 120 days, on average. If you're running past 120 days, it's possible that the listing agent or a third-party negotiator is not on the ball and is lax about calling the bank. Calling the bank means waiting on hold anywhere from 10 minutes to an hour or longer. Or, a lengthy short sale period can also mean the bank has internal problems, not enough staff or has lost the file a few times, prompting the listing agent to resend the package over and over. It can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser.

Patience is key. You'll most likely eventually get short sale approval. 

New Listings For The Week

225  East 63rd St.

Listing Details:
Year Built: 1950
Bedrooms: 4
Baths: 2.5
Living Area 2568 Sq. ft.
Lot Size: .25  Acre

Luxury Living

This sharp Mid-Century Modern home designed by well-known Savannah architect John Lebey, has open an living/dining room space with parquet floors, hexagonal skylight and asymmetrical fireplace. A remarkable gourmet kitchen with six burner stove, stainless appliances, double ovens, granite counters, wine storage, butler's pantry, trash compactor and more! The breakfast bar overlooks the family room which has French doors to rear patio. Massive, screened lanai. Four generous bedrooms, two full baths, one half bath and almost 2600 square feet make for a significant home with great livability.
There is an open house with this property this Sunday August 11th from 3- 5 pm, hosted by Buyer Specialist Jonathan Kenyon. Stop by and say hello and see this magnificent home. Contact Johnathan at johnathan@doncallahan.com or 912-665-2941 for any questions. To view the video of this property click here.

301 Lafayette Circle

Listing Details:
Year Built: 1950
Bedrooms: 4
Baths: 2.5
Living Area 2568 Sq. ft.
Lot Size: .25  Acre

Awesome Mid-Century

Come check out this awesome mid-century modern ranch house. A spacious living room and dining room combination boasts brilliant hardwood floors. The large dinning room is anchored with built in shelves for storage and displaying of special china. The most outstanding feature of the home is its large, separate family room with vaulted ceilings and a floor to ceiling stone fireplace. The open and airy kitchen has quality cabinetry and updated appliances. Three generous bedrooms, all with large closets - - two with sharp bathrooms with granite counter tops and updates. Superbly located on a quiet street behind red-hot Habersham Village. To view the video of this property click here.

2314 Fort Argyle Rd

Listing Details:
Year Built: 1983
Bedrooms: 3
Baths: 2
Living Area 1570 Sq. ft.
Lot Size: .25  Acres

Lots Of Home For The Price

Located in Bloomingdale, a quiet country-like setting, this charming home is just minutes from Downtown Savannah. Large living room with vaulted ceiling & fireplace. Separate Dining Room. Fully equipped kitchen with quality cabinets and a breakfast area. A spacious family room with direct access to the rear deck that has an above ground pool attached to it. Three bedrooms and two full baths including master suite with trey ceiling and en-suite bath. Large well landscaped and manicured back yard with mature plantings. To view the video of this property click here.

Buying A Foreclosed Property

What's the best advice when searching for foreclosed houses? I'm a first time buyer but looking to stay within my budget.

I recently fielded this question on a popular real estate listing website. It’s a good question. Most people are looking for a "good value. While foreclosures can offer value, one should know that they are sold "as is”. Buying a foreclosed home is a little different from buying a typical resale.  Some loan programs require that repairs done in order for them to loan money on the property. The seller usually wants a pre-approval letter from a lender before accepting an offer. It is for this reason that you know what type of loan you are qualified for before even looking. There often is little, if any, room for negotiation. On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

In looking specifically for foreclosed properties the first step should be to talk with your local lender to find out how much you can afford. Next is to meet with a Realtor about your wants & needs. I would not only focus on foreclosed properties, but other typical resale properties. Sometimes the repair issues & expenses can out weight\ the list price. Banks aren't necessarily selling foreclosures at fire-sale prices; most are listed at market value.

Check Your Credit Rating

To save yourself some time before going to you lender check your credit score. Credit scores range between 400 and 800. 620 + is considered “good”, 680 + is considered “premium” and may possibly help get you a lower interest rate. Make a list of your current debts, see which ones can easily be eliminated. A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! If there’s one essential ingredient for every successful REO, it’s having proof of funds in hand.  All cash is still the preferred option, but loans for REO purchases are on the rise, mostly from hard-money lenders like hedge funds and private investors instead of more conventional sources.

Do Your Homework

You need to know that a bank-owned foreclosure home may be vandalized or stripped by the angry home

owners so it will be sold 'as is'. If something breaks or malfunctions, the current owners will not fix it. Buying a foreclosed home is not for the faint of heart. They often require major repairs. Definitely have an inspection and consult a contractor. A lot of people underestimate how much work the home needs and the cost involved. For properties that have been left vacant for any amount of time, it’s important to check for any plumbing or electrical issues, vandalism, foundation problems, and mold.  Ensure the title is clear and check for any liens — such as builder liens and taxes — that need to be paid off. Don’t expect complete property records. Lenders usually don’t have them and won't work to obtain them. This is public information and usually can be found at a county’s recorder’s office.  Find out how much is owed on the home and make a list of everything that needs to be repaired, with an estimate of costs (add 10 to 20 percent to pad it). Now, you’re ready to make an offer.

Remember the early bird definitely gets the worm in the foreclosure market, if it looks like a great deal, other buyers are undoubtedly looking too.

The 5 Essential Tips For Buying a Foreclosure

1. Get pre-approved for a mortgage.
2. Find an agent who is knowledge about foreclosures.
3. Know how long it takes to sell a home in your price bracket.
4. Study the sale prices of comparable homes in your area.
5. Remember the sale is for the home as is, figure in repair costs.