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People are now joining tog taking condemned properties and

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People are now joining tog taking condemned properties and Powered By Docstoc
					              HOMES<SIEAL ESTATE
Savannah News-Press • Sunday, August 29,1993                                                                                                                                                                                                                                                                           Section G




                               The
                               Real
                               Estate
                               Game
 Robert J. Itruss


Why Won't
Lenders Reduce
Rates on Existing
Home Loans?
   DEAR BOB: I have been following
your interesting articles about the VA
and FHA streamline refinance
programs. Unfortunately, my home loan
at 10.5 percent interest is owned by
Fannie Mae. I contacted our out-of-state
loan servicer and was told there are no
Fannie Mae streamline refinance
programs.
    My wife and I have been struggling to
make our mortgage payments. But we
have never been late, since I have been
disabled with a back injury for about
seven months. I hope to go back to work
in a few more weeks. Since we have been
able to make the mortgage payments at
lip percent interest, why can't we get a
streamKne refinanced loan at 7.5 or 8
percent, so we can easily afford the
payments? — Conrad G.
    DEAR CONRAD: Congratulations On
keeping up your mortgage payments                                                                                                                                                                                                                                                                                    JOSEPH TROTZ/Statf
despite your disability. Although you                                  RENOVATION WORK: Roy Yates talks about the work he's doing on his house. At left is a completed house.
probably can't qualify for a refinanced
mortgage now because of your limited
income, a streamline loan would be
perfect for you,
    As you probably know, Fannie Mae is
the nation's largest home loan lender.
"Fannie Mae offers a streamline
refinance program to our current
borrowers, but not all our loan servicers
choose to offer this plan." That's what
Bonnie O'Dell, Fannie Mae's public
                                                                                                                                                                                                                                         "There were many days I wondered if it was such'a
information office manager, told me. In
other words, your loan servicer gave you                              People are now                                                                                                                                                 good idea," the software developer said. During the reha-
                                                                                                                                                                                                                                     bilitation work, $700 of wiring was stolen, he added,
wrong information.
 & When I explained your disability
situation to O'Dell, she told me you
                                                                      joining tog<                                                                                                                                                       Stephanie Churchill, executive director of Historic S
                                                                                                                                                                                                                                      vannah Foundation Inc., touted Davis as one of the.be
                                                                                                                                                                                                                                     examples of current urban homesteading.
should contact your Fannie Mae loan
servicer for assistance with special plans
Fannie Mae offers its borrowers who
                                                                      taking condemned                                                                                                                                                   "When he moved there he was really a pioneer," Chu,
                                                                                                                                                                                                                                     chill said. "For a long time Fm sure he felt like he was liv-
                                                                                                                                                                                                                                     ing on the moon. But now, all of the sudden, thanks to him
have difficulty making loan payments.
     Unfortunately, she said, if a Joan
servicer chooses not to offer Fannie
                                                                      properties and                                                                                                                                                 and his perseverance, it's beginning to spread."
                                                                                                                                                                                                                                         Now, on either side of Davis at 203 W. Gwinnett, other
                                                                                                                                                                                                                                     "pioneers" are restoring hideously dilapidated homes.
Mae's streamline refinance plan which
speeds loan processing by usually
eliminating the need for a new appraisal,
                                                                      returning them to                                                                                                                                                 Roy Yates, 45, of Washington , is piecing back together
                                                                                                                                                                                                                                     townhomes at 205 and 207 W. Gwinnett that were damaged
                                                                                                                                                                                                                                     by fire, leaking roofs and vandalism. The property, with
credit report, etc., there isn't much that
Can be done. She invites you and other                                their former grandeur.                                                                                                                                         condemnation notices still on the door, cost him $15,000,
                                                                                                                                                                                                                                     and will cost thousands more to restore, he said,
Fannie Mae borrowers to write her at                                                                                                                                                                                                     "The rnain emphasis is trying to get it to look better/'
3900 Wisconsin Ave. N.W., Washington,                                  By ELISABETH L. VIELE                                                                                                                                         Yates said. "Right now it's the blight of the neighbor-
 D.C. 20016 for Fannie Mae streamline                                  Staff Writer                                                                                                                                                  hood."
 refinance information.                                                                                                                                                                                                                 He plans to tear off the existing porch, a later addition,
     DEAR BOB: Thanks for sending me                                     Less than three years ago, John Davis was dragging                                                                                                          he said, and the back rooms of the house, also additions.
your special report about how to fix up                               prostitutes from under his house at 203 West Gwinnett                                                                                                          The interior needs everything from a stair bannister ty
 run-down houses and sell them for                                    Street.                                                                                                                                                        new bathrooms, but still has what appears to be real plas*
 profits. Last February I bought a fixer-                                Davis, 29, is one of many natives and newcomers that                                                                                                        ter moldings around light fixtures in the ceiling.              >
 upper house from a bank for just $6,000                              reclaim the urban frontier from decay and despair by pur-                                                                                                         Yates said he and his wife, Gloria, plan to live in oradTiflif
 down. My buddy and I spent about $8,000                              chasing and renovating a home in hopes that more will                                                                                                          the townhomes and rent the other. He said he expected the;
 for materials fixing it up. We sold it in                            come and do likewise, thus restoring an area.                                                                                                                  project to take about two years to complete.               f 7
 June and made a net profit of almost                                    His home, a rotting, 2,900 square foot Victorian pur-                                                                                                          As Yates surveyed the decay, including a missing up-
 $18,000. Not bad for a few months of our                             chased for $14,000, was an oasis of rehabilitation efforts                                                                                                     stairs wall, another renovator two doors down the street
 spare time work. There are many                                      among ruined homes on that block of the street between                                                                                                         hollered out through a window, "At least I have walls."
 similar fixer-upper houses in our town,                              Barnard and Tattnall Street in 1991.                                                                                                                              Churchill said adventuresome investors such as these
 but some are in slum areas. What do you                                 Today, after $80,000 worth of renovations, the home is                                                                                                      are needed to save the natural resources of the city.
 think about buying and fixing up houses                              restored. Neighbors on either side have joined in the ur-                                                                                                         "Our office receives lots of notices from the city about
 in slum areas? — Joel R.                                             ban pioneer spirit, taking condemned properties and re-                                                                                                        houses that need to be boarded up or are so deteriorated
   DEAR JOEL: Congratulations on your                                 turning them to their former grandeur.                                                                                                                         that they need to be torn down," she said. "At the same
                                                                         Davis said he worried at times if the rehabilitation
• See BRUSS, Page 2G                                                  domino effect was ever going to kick in.                                 PIONEERS: Davises in garden of their restored home                                    • See PIONEERS, Page2G




           CENTURY 21 • CENTURY 21                                                              CENTURY 21
                                                                                                                               \\1ii) In The \\ord Sc is M< >iv 11< >nK\''                     CENTURY 21                                            CENTURY 21                                     CENTURY 21
         Hart of the South • Unchurch & Assoc.                                                  First Real'                                                                                    First Realty                                          First Realty                                 Lamas & Assoc.
        BEACH FROWT LOCATION •
        Panoramic vtaw. On a ctaar day -
        youTJ saa fotavar. 4BR, 3BA, 2
        flrapiaoaa. pnVata aooata to baaoh.
        Prioad to aat. Cal Batty 234-5371.
                                                very good condition. 36R, CHAA,
                                                range A refrigerator. Sailer pays ., OEOROeTOWH -42 BEAVER RUN
                                                dosing. Faya Hodges 234-4807
                                                Century 21 Upchurch A Assoc 354-
                                                0004(466)
                                                                                                 OPEN HOUSES M

                                                                                                    13BR 2BA, formal dMng
                                                                                        room, fireplece, vaulted ceiling,
                                                                                        garden window in kitchen. In
                                                                                                                                 Talk To The                                          diningAltchen combo, family room
                                                                                                                                                                                      wfth fireplace, nice carpet central
                                                                                                                                                                                      beet A air. petto, fence, double
                                                                                                                                                                                      garaga, oomer tot priced In Vie SO*.
                                                                                                                                                                                      Hoetaes Ctaudine Hendricks 354-
                                                                                                                                                                                                                                          (IJBOOOPfN) Century 21, But Reefy
                                                                                                                                                                                                                                          364-2121.
                                                                                                                                                                                                                                          ABOUCtD KUMOI - Pooler! 3 or
                                                                                                                                                                                                                                          4BR, over 1700 sq- fl brick. 2 car
                                                                                                                                                                                                                                          garage, fenced, deed end street!
                                                                                                                                                                                                                                                                                                beautiful sunsets in tha
                                                                                                                                                                                                                                                                                                Chart* Lama* 897-2022 (2240)
                                                                                                                                                                                                                                                                                                TALAHI ISLAND • Low country
                                                                                                                                                                                                                                                                                                beauty on large tovprtvate, and wal
                                                                                                                                                                                                                                                                                                wooded. (3/4 ecres) Molar




                                                                                                                               Woild's Real Estate
        Canbjry 21 , Hart ot tta South Raaty,   OREAT CONDITION - 38R home.             excellent condition in mid 80's.                                                               1829. tCH180e58) Century 21. First                 Qleason Heights! Call Tracey                          downstair*. 2BR + Bonua room
        962-3486                                Comer lot with 4-ea/ garage.            Hostess Sandra Newman 897-0223.                                                               Reefy 364-2121.                                     Llndler 748-8712, (TUM7REM)                           up*tair». 2 1/2BA, huga country
        BETTBM TAKE ALOOK1 - OWar               Security light with aenaor Under        Century 21. Rrst Reefy 364-2121,                                                              WEST SAVANNAH - A quM oour»y                        C*rtury 21, First Really 364-2121.                    kitchen. Community dock. Much
        homa In good oondtton. Corvaniant       pinned foundation, Orty $49.900.           OPW HOUSE TODAY 2-ePJsl                                                                    aattng on t large tot w» communty                   RICHMOND MUL - REDUCED -                              moral! Steve Not* 887-5431 (2232)
        locatton. 3BR, 2BA. Attacttvaty         Nancy Vogel 897-3060 Century 21         M1 POINTS NORTH OR •                                                                          river front recreation area only                    Check on Ms tovety 36R 2BA brick                      CAINTOM BLUFF - Private, quiet,




                                                                                                                                 Superpower.
        pftoad. Cal to aaa. AmoU Harvty         Upchurch A Aaaoc. (42S)                 WNJ9MQTON ISLAND • ExcMng                                                                     enhance this home. 3BR. 2BA.                        hn-a, ,
                                                                                                                                                                                                                                                   WWl Aftfc.**^ HWH puvvi WBffl •
                                                                                                                                                                                                                                          r KJfflS uJA. S rtUge tmjT-nJ ji_ J. u^Mh *           yet convenient to both downtown
        887-«825. Cantury 21. Hart of «*a       22 EAST 81ST BT - Lots of               new consffue*on • 3 A 46R. Some                                                               separate dMng room, fireplace in                    nice river view and lots of                           and beech, ft* atagant home M only
        Soutt RaaMy. 352-3486.                  potential! Convert targe workshop       have bonus rooms. Choose eotors.                                                              living room. appNances stay. Cafl                   landscaping. Rertm in your figure-6                   3 yaart oM, but you'd swear r« 130!
        108% LOAMS • AvaaaMa on aoma            into to Law or master bedroom suite.    Hurry for beat site selections. For                                                           today for your own pnVast showing.                  inground pool. Priced In me tow                       So many daagntU dateii only found
        rape, homaa. In^aaton or occupant       Ww ocNvtlfudstd notTNi in ntod c«       directions can Jenny Hunter 897-                                                              Ben      Ricketson      897-5425.                   flOOV Cal for more Into • jane
        ptrrchaaa*. Ownar wUI financa.                                                  5666. Model t 897-3794. Century                                                                                                                                                                         in Netoric homes, you! fa* in lava!
                                                some TLC. Jean Tutert 897-1571                                                                                                        (BR003WID) Century 21. First                        Herding 355-3251, (MJH5990Q)
        Sterna caah rao^utrad. fw dataH cat                                             21. First Reefy 364-2121.                                                                                                                                                                               Ka*iy Not* 8*7-5431 (2217)
                                                Century 21 Upchurch A Aaaoc 354-                                                                                                      Reefy 364-21 21.                                    Century 21, Rrat Reefy 354-2121.
                                                                                                                                                                                                                                                                                                BACK TO THE »LANOt - The
        AmoU 897-8B2S. Cantury 21 . Hart of     0004(461).                                         NEWUSTB4OS                                                                         MsDTOWN - Handsome brtch home                                   OTNERurrNQB
        tfw Soon R*aty, 364-3496.               SPARKLING               NEW         IN  WBJ91MTON PARK - Wwntigion                                                                    is warm 4 IrwMng. 3 or 48R. 2                       SOUTK*IOE • Special non-
        C08MEMCML LOT - On Qardan               WONDERFUL COFPtt BLUFF! -               island - M«y Howard School -                                                                                                                      quaWying 3BR, 2BA tome. great                         this tefcnd sty* homa. aH add up to
                                                                                                                                                                                       1/2BA, aoprox. 4.000 aq. ft. Baautful
        Ctty. High ttaftfc count on Highway     Lge LR A DRhaa naw carpal 2             •CooUa Cuttef*. 4BR, 2BA butt by A.                                                                                                               room w*h fireplace, gang*. Low                        paradise 48ft. 2SA. 2.5 garaga,
                                                                                                                                                                                      herowood floors, apaotowe room, an
        00. Otdar homa on tot. Poaafeto         ceramic tta baffv, gumiiiet kUcheo      Davis, FfVFP, just painted exterior,                                                                                                              equity w*h approval of owners. Eta                    huge kitchen, screened porch, ^1
                                                                                                                                                                                      absolute gem! CaH for your
        ownar Unandng. Cat) Batty 234-          wmaw aide by Ude ref A range. June      new ceramk: Hoon In MtoheMsundry                                                                                                                  Turner 927-8707 (ET004NOU)                            aora and mora. You've gotta set »*s
        5371 . Cantury 21 , Mart of *a SoUh     Land 897-0171 Century 21                room. W8J bs gont before long. Just                                                           925-7798. (DK116E55) Century 21.                    Century 21, fl* Reefy 364-2121.                       ona* $138,000. Danny Mclntoeh
        Raaty, 362-3405.                        Upchurch A Aaaoc 364-0004(477)          over HOOK. Phytss SmMh 897-1081                                                               FHt Reefy 354-2121.                                 NOM-ouAtrvMa EQurrr - a**                             363-7537 (2225)
        BINUNMQ LOTS - Tytoaa Wand.             UNH8P ROVED VACANT LAND •               or Mark McNeil 897-6277.                                                                                                                          horn*. 48ft, 2BA w«h screened                         W1J8MOTON ISLAND • *BR
        Satact your own ootors. carpal ate.     Comer of Coneway A Hrem Rd-2.6          (PS0686CR) Century 21, First                                                                  Long fttrm IsKMnts givt you 1575                    porch. $10,000 eauty w«h payment                      Cathedral ceifngi LMng room **r>
        Cal Batty for locator* 234-5371.        acres. Very ntoa area of custom butt    Reefy 364-2121.                                                                                          p«r     month T     Low                  $513.00 PITt at 9% Converter*                         FP, large eaMn kitchen, ooutd ba
        Cantmy 21 , Hart of «w Souti Raafly.    homes.         Country       setting.              NsWUSTteO                                                                                       fx> hAsMtecl^Mi! Owosff                nCOTPQrV, DDOO nsB^FVOrnoocr * •f^fi
                                                                                                                                                                                                                                          fefWt^rfkrfUh HJ1_IT_rl flh^^aBkAM^p8te«Mu4 t**A«MM   3BR with s large oen. equity non-
        352-3496.                               Btoomtngdaie. $20.000 Jees*                                                                                                           financing' Can for terms todayl                     NsJton $53-7040, (KN800BET)                           quafttyng loan Patt R>be* »44-
        SOUTtWDEHOME - wWi room tor             Brown 354-6851 Century 21               Southeide hom« and business'                                                                                                                      Girtury 21, Fhwftaaty 364-2121                        9788(2243)
                                                                                                                                                                                      Tracey     Lindler     748-8712.
                                                Upchurch A Aaaoc 3544004                Beeuty shop w/separste entrance                                                               (TL182E39) Century 21 . FtaM Reefy                                                                        THE LANDMO8 - Ow 3,000 >q. ft.
        Mcnan w» buM-irm. Buy FHA or VA
        w» artar paying otoaing. Cal Ba«y
                                                NEW USTBM - AJtonjsfcie istend
                                                Home. 36R. 2flA. butt in 199V
                                                                                        New 2 car garage, new roof, new
                                                                                        pair* isle of Hops/WWer/Jenkinsf
                                                                                                                                                                                      364^121
                                                                                                                                                                                      SOUTMS9DE • Ntoholeon Woods.
                                                                                                                                                                                                                                               CENTURY 21                                       of l»Xg ipaca malaii m 4BR hama
                                                                                                                                                                                                                                                                                                trie on*       for your     family
        2344371.
        ELJMNATE OMtVSHG TWE • Thii
                                                PnVecy fence, fireplace, garage.
                                                Perfect for tret ttme buyer Etzabeth
                                                                                        Trscey      Llndlsr    748-8712.
                                                                                        fTLOOSROB) Century 21. First
                                                                                                                                                                                      Many extras and upgrades.
                                                                                                                                                                                      proteseioneJty landacaped M»m
                                                                                                                                                                                                                                             Lamas & Assoc,                                     Contemporary witft naw roof and
                                                                                                                                                                                                                                                                                                manor paint OuM tocatton. larga
        homa to ctoaa to avarygiino. Smal       Rewis 697-O519 Century 21               Reefy 364-2121
                                                                                                                                                                                      dome Hghttng system 12 x 32                                                                               lot PCatiy MoMt 8B7-5431 (2218)
        but ntoa. Roonw ara larga. Prtoad in    Upchurch A Aaaoc 897-2100               MAYPAM • ExecuBve home, 48R. 3
        $30'» Cal Pat 233-1920 Cantury          ONLY IIM009 - 3BR, 1BA bugs             1/2BA, Iving room. dM>g room, den                                                             •WflP pOVCfV. A fftUflt ID MHr DOfWi                THE LANDtMOS -                                        LEAVE TOUR woamcs - o*t
                                                •vinq room
                                                •vtng worn tamly room w«h Hrepteee                                                                                                    Krmball 925-7T98 (OK037SMI)                         contemporary home in private                          away to tw baaoh w/your «wy own
        21. Hart of tia South Raafry. 352-                                              plus 24 x 31 bonus room, double
        3495                                    apu^ped kitchen wfh seperate            garage wfft workshop, aurmiiiiisei                                                            Canary 21 , Ffcet Reefy. 364-2121                                                                         oondo 1BA. 1BA at V«a Savanna^
        LAAQEHOME- w» 4BR 2BA In                            i CHM warranty and eater    ly 3.419 so^ fl Cal now* Oonfia                                                                                                                                                                         B*act< and ftaoquat dub, Ooaan
        rr*Mown araa. Good oonoVon Onty                                                                                                                                                                    - 1118 BULL                    open Moor plan 0*ye Oatgen 897-                       front ur*. OartM Lamas W7-2622
                                                                                        Nmtel 925-7798 Pager 944-6190
                                                            Censury 21 Upchurch A                                                                                                     STREET           Populer tocatten old               3843(28*6).                                           (22W)
        I38.SOO Call CaMn 234-6944                                                      (OK830KiN) Century 21, First
        Camury 21 . Hart of tta Sou» AaaJty.
                                                Aaaoc 897-2100
                                                REDUCED CAPfTAL ST- 3BR1BA              Reefy 364-2121                                                                                                  3,128 sq.ft. MM bul               DUCLXX •
                                                                                                                                                                                                                                          A ******
                                                                                                                                                                                                                                                                                                rmxr TOUMCL^ - u* *• M •
        352-3496                                                                        SOUTMSiDE - Speotous family                                                                                      Coutd be used at                 t*OOO                                                           aM •«••
                                                                                                                                                                                                                                                                                                          In W^
                                                       IQQtfX, wlTVnQ PQOdV vf^ft lOK 2
                                                                                        home, SBfl. 2BA, Mng room A                                                                                                                       at onty 149.900 ToSjl of SBR 2BA                                Sp*
                                                Cftf
          CENTURY 21                            GamMa 897^353      Century 21           secluded den 24 « 11 posetiis 4«h
                                                                                                                                                                                      Large paved pertang tot Cteudkw
                                                                                                                                                                                      Hendftoks 364-1829. Century 2V
                                                                                                                                                                                                                                          Oaye Osejsr 897-3843 (2247)
                                                                                                                                                                                                                                          DUPLEX •      9<»ESTIMS - Oood
        Unchurch & Assoc.                             i A Aaaoc 897-2100                bedroom       Lsrge      sepsrste
                                                                                        leunoYyrworkroorn (H'6' K 14)
                                                                                                                                                                                      flret Reefy 354-2121
                                                                                                                                                                                      CMASTICAU.Y REDUCEDf • 775
                                                                                                                                                                                                                                          ceetttaw on twj48P;.2BA                                     Nobta 8074431 (2233)

        NEW LISTWNI - LOOK NO                   TOWNM09JE - IBS. JBA. greet             Oarage, new roof, tg oomer tot. Cat                                                           acres, prtvete roe* opening to                      Oeye Oetoan 897-3943 (2MB)                            CUT! AS A SUTTON • 29R. ISA
        FU*rTHE« Ntoa etza rooms. Wood                                                  r>ow< Donna Klmbafl 925-7798                                                                              compound wr^2                                9MANDB AMD BCACM                                 horn* t» IT a«c«ianf oondWon
        floors   Fenced beck yard               ttj*iot4, pooi, dock, cotwtnit*s4ty     (OKOO1IEA) Century 21 Rnrt                                                                                            3BR 4BA                                    RIVER -                                Swrvreom couM 6a «itr« BA
        Lsndscaped front yard Cal OenM          toeated Cheaper then rent $43,000       Reefy 364-2121                                                                                                                                                                                                  patto to an^oy a^
               897-2839      Century ?1         eal for deteas Teresa Paiumbe 897       1903 t S8TH STREET • BeeuWul                                                                           4 ooofc-oui rm jsftoeurt of
               t 4 Aeeoc. 354-otXM              &&9S      Cemury 21                               38 R     living   toom.                                                             eeBS^BB^sr tw^aeih ka^MSkri B^a^a^atM f*L^
                                                                                                                                                                                      rTS^BfsjBpr UUV'Tl. P18|W*Y ^s^BHfPVs*. \*^m   Ml
                                                                                                                                                                                                                                     M                                      flw pool or
        2»1 OQCECMEl RO • Cuto <                Asecc 897-2100                                                                                                                        or    Loutee        Berrow        897-3909          dock an^oy


             01991 Century 21 of the Soothe**, Inc. as trustee for the NAF. ft and1* trademarks of C«rtur> 21 RM! Entat* CorporatiotL Equal HOOBOKJ                              EACH CENTURY 21 OFFICE IS INDEPENDENTLY OWNED AND OPERATED.

				
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