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Savannah GA Homes For Sale: Lease/purchase might be an option

I have shown quite a few homes lately in the Savannah GA market and there are quite a few deals right now. I see prices falling a little but not a whole lot. Howerver, sellers are more willing to negotiate. It's hard to say when the market will turn and prices will start rising again. It might be next summer before we see any signifcant rise in prices. I have a feeling all new listings coming on the market will be priced more reasonably than many were at the first of year.

The message is clear to sellers that their homes will sell if the price is right and the home is in good condition. One thing I have begun doing when helping buyers decide a price is check the last 3-4 sales numbers to determine an estimate of the present market value. A couple of years ago we were using comparables up to 12 months old, but that is misleading in this market. Savannah still hasn't experienced sharply falling home prices, but buyers are at an advantage in this market in that this year they will not be paying signifcantly higher than the prices from last year.

For all the buyers who have been caught in the credit crunch with lenders tightening their guidelines, lease-purchase is a good option, and private financing can be tapped into if you have the right connections to private lenders. There are several creative ways to put together a purchase if the lenders are balking on giving you a loan, either becuse you don't have the downpayment money or you have a hiccup on your credit score. These creative financing deals need to be gone over with fine-tooth comb so that you fully understand the arrangements, but they can be done where you can accomplish the goal of home-ownership.

Don't give up if you have been turned down by a lender and you abhor the idea of renting -- there may be a way out. Call me if you would like my ideas on ways to buy a home in this environment even if you've been turned down by the banks.

Published Wednesday, July 9, 2008 12:02 PM by Mike Farmer

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