1,000 Homes for Sale

Many potential home buyers envision the process of buying a home as a simple one: Talk to a real estate agent, make a loan application, find a house, sign a contract and wait for closing.

Most experienced buyers will tell you these steps are critical to the process, but there are many more which must be taken before you take residence in the home of your dreams.

CENTURY 21 Oglethorpe Realty Company can guide you through this complicated process, making sure you don't stumble on any one step. You can help your own cause as well by doing your homework in preparation for what could be the largest purchase of your lifetime. Here are some issues that if addressed could greatly expedite your transaction:

Find out beforehand what's on your credit report so you can clear up any smudges or errors long before you're negotiating for a loan. You don't want to be in the middle of buying a home when you find out your credit report contains errors that can take months to clear up. You can find out how your credit report looks by contacting any one of the three national credit repositories: Equifax at 1-800-685-1111; Experian (formerly know as TRW) at 1-800-392-1122; and Trans Union at 1-800-916-8800. There will likely be a minimal charge, but it will be worth it.

Know the difference between being pre-qualified for a loan and being pre-approved for one. Being pre-qualified simply means that the lender has told you how much of a mortgage you can afford, based on your current income and debts. Being pre-approved, on the other hand, means that the lender has underwritten and approved your loan request, generally speaking, subject to appraisal of the property being purchased.

These are but a few of the areas where you can help your own cause. All in all, the best thing you can do is acquire the assistance of CENTURY 21 Oglethorpe Realty Company when searching for a home.

About Contracts

Since the purchase of a home is usually the biggest single investment most people make in a lifetime, it does make sense to understand a document, which legally binds you to make that investment. And certainly sellers need to understand this document as well.

The purchase contract, which is continually revised by the board with the advice of legal counsel, is comprehensive, clearly written and specific. Without going line-by-line through all 88 lines of the contract, you can expect to see the following subject matter outlined within the DABR Contract To Purchase Real Estate:

• Date, name and address of seller(s); name and address of buyer(s).
  
  
• Stipulation that the seller provides the title, free and clear of all liens and encumbrances (except those which are agreed to in the contract), and that if the title is found to be unmarketable, it is the seller's responsibility to correct the problem.
  
  
• Purchase price and how the purchase will be financed; the amount of discount points/origination costs/closings costs, if any, that will be paid by the seller; and the right to cancel the contract without penalty if the buyer can't obtain the said type of mortgage financing.
  
  
• Length of time the seller and buyer have to accept the offer if the contract is to be valid.
  
  
• Closing and possession/occupancy dates (if different).
  
  
• Fixtures and equipment that will be included in the sale such as appliances and furniture.
  
  
• Pro ration agreement outlining the division of property taxes.
  
  
• Provisions concerning earnest money deposits. (Earnest money is a financial pledge from the buyer to fulfill the terms of the contract offer presented to the seller "in earnest.")

In addition to these items, signature lines are also provided for the purchaser(s), the seller(s) and witnesses to each party. A final section is signed by the buyer's REALTOR®, acknowledging receipt of the earnest money deposit in the broker's trust account.

The advantage of this standardized form is that all members of the Savannah Area Board are familiar with the contract and the provisions it contains. Thus, this familiarity leads to our agents being able to clearly and accurately explain each provision to you.CENTURY 21 Oglethorpe Realty Company will take the time to thoroughly go over the entire contract with you, making sure you understand and agree with what is being presented.

The ultimate result of the use of this standardized form: Sellers and buyers being able to concentrate on things that are more important to them, such as preparing to move!

Contracts can be scary, especially if they are thrown at you without any guidance. CENTURY 21 Oglethorpe Realty Company will not only serve you throughout your real estate transaction, but we will also ease those fears and make the sale or purchase of your home a most pleasurable one.

About Condos

A condominium or planned unit development is like a cross-section between owning and renting. When you own a condominium, you actually own the interior wall space of your individual unit as well as a percentage of the complex as a whole. With a planned unit development, or PUD, you own your own building and the land it is on, but are in an association to maintain the whole development.

In the past, condominiums were regarded as housing strictly for retirees and as second homes at resorts, in the mountains or at the beachfront. The reason -- they offer its residents a carefree lifestyle by freeing up time that would normally be spent on lawn work and exterior maintenance, leaving more time to enjoy the complex's swimming pool, tennis courts and/or recreational areas. In other words, they are a retiree or vacationer's dream home!   It is for these same reasons that condos are growing in popularity today. In fact, many singles, professional couples and families with children are opting to purchase condos and take advantage of their amenities.

When purchasing a condo or PUD, special considerations should be examined.

In addition to the mortgage payment, there is generally a monthly condominium fee to cover maintenance costs for these areas. Prospective buyers should find out if the condo fee includes utilities, and if it does not, check how high the utilities run on a monthly basis. Determine whether the building is cable-ready and has adequate security.

Check the association's bylaws and the master deed for restrictions on how you can use the property before you buy. The bylaws are written to serve the interests of all owners and the community. Be sure you understand how the condominium documents may affect your lifestyle and your ability to resell the unit in the future.

Make note of the condition of the surrounding property. If it looks as if the roof next door might need to be replaced, keep in mind that all owners share in replacement costs for common elements. For this reason, it's important to look at the finances of the condominium. For example, if there is no budget to cover roof replacements, you may be affected by a special assessment placed on all unit owners to cover the costs for a new roof.

A well-managed condominium association budgets for major repairs and has reserves for emergency replacements. When reviewing the financial status of the association, check to see if the maintenance fees are current for the unit you are buying. Otherwise, unpaid fees may become your responsibility.

Some condominium developments lease their common facilities instead of owning them. If this is the case, future increases in lease payments could affect your monthly condominium fee.

Make a point of visiting the complex on your own and ask residents how they feel about their home, the neighborhood, the condominium fee and the responsiveness of the condominium association to meeting their individual needs.

The majority of condominium associations are well run, but you should review all of the condo documents before you sign a purchase agreement. If you decide to buy, you may wish to become actively involved in the activities of the association by attending meetings or by becoming a member of the board of directors to better protect your interests.

Does a condo or PUD sound good to you? If so, don't hesitate in contacting CENTURY 21 Oglethorpe Realty.   With CENTURY 21 Oglethorpe Realty Company's assistance, you could soon be relaxing in a condo that is just right for you and your lifestyle!

About Historic Property

A grand opportunity awaits you in the City of Savannah and its surrounding areas -- an opportunity to take hold of a piece of history and restore it to its former beauty. It's an opportunity that will bring deep satisfaction to anyone who wishes to take it - the restoration of a historic home.

Historic district zoning was established to protect significant architectural resources without compromising the rights of owners. The regulations seek to encourage compatible, sensitive modifications that will enhance the unique character and heritage of the historic areas.

Before making an investment in history, though, we recommend that potential homebuyers consider these questions:

• What are the particular regulations governing the property you are looking to purchase?
  
  
• Does the house need extensive restoration?
  
  
• Are original or substitute materials available for repairs?
  
  
• Are craftsmen who are knowledgeable about historical materials and building systems available?
  
  
• How will the house be appraised?

Knowing what to look for is an important first step. Potential buyers should understand that there are significant differences between a historic house and a new one. Before purchasing a historic home, consumers will want to research just how much restoration is needed and how much the restoration will cost. That includes, of course, uncovering any possible environmental problems not typically found in new construction, such as the presence of asbestos or lead-based paint.

Knowledge of any structural problem and the time and money needed to fix it should not only influence the decision of whether to buy, but also how much to offer. In some cases, the seller may be required to undertake some of the work as part of the purchase agreement.

Yet, the advantages of owning a historic house often outweigh the work that goes into finding and securing one. There is a rewarding sense of history in the unique detailing and meticulous craftsmanship found in historic homes as well as the satisfaction of restoration.

Remember that not every old home is historic. A historic home is an example of the cultural or physical development of a community, state or nation due to its architecture or association with an important historical figure or event.

If a home does qualify as a historic property, then it may be listed individually or as part of a historic district. The listing of a building or district in the National Park Service's National Register of Historic Places provides public recognition of its importance but will not interfere with an owner's right to alter, sell or determine how an individual property may be used.

For more information on historical properties, contact the National Conference of State Historic Preservation Officers at 444 North Capitol Street, NW, Suite 342, Washington DC 20001-1512 .

For a list of historic real estate specialists, contact the National Trust for Historic Preservation at 1785 Massachusetts Avenue, NW, Washington DC 20038.