Jones County has had its share of foreclosures and the housing market certainly favors buyers rather than sellers.

Realtors Cecil Ethridge and Sandy Goolsby with Fickling & Company estimate that 25 percent of their current listings are homes that have been foreclosed. Whether or not purchasing one of these homes is a good deal for buyers, according to Ethridge, depends on the area in which the home is located.

“Foreclosures are scattered. They have foreclosures listed in Bibb, Jones, and Baldwin counties,” he said. “What can be really good for buyers is that banks are willing to accept reasonable offers and are willing to work with people.”

Ethridge said interest rates are good for primary homeowners but not as favorable for investors.

“We’ve seen some amazing deals,” he added.

Ethridge suggested that interested buyers and sellers should contact a realtor, especially in the current market. He said sellers need to pay attention to details, and buyers need to know what to look for, especially in the case of a foreclosure.

The website, www.housemaster.com, states that foreclosed properties are divided into three primary types. Short sales are essentially a pre-foreclosure sale and occur when a home is sold at a reduced price but has not yet gone through the foreclosure process.

The benefit of a short sale is the seller avoids foreclosure, the buyer obtains a good price on the home, and the bank avoids the full foreclosure process and cost.

Real Estate Owned (REO) properties are already owned by a bank and are prone to issues due to lack of use and vacancy. Potential buyers may deal directly with the former lender and are sold ‘as is’, which means no repairs will be made to the home by the lender.

Auctioned properties are the third type of foreclosures and are the riskiest way to purchase a home. The homes are sold ‘as is’ with little opportunity for inspection.

“Education is the key need when buying a foreclosed property. It helps the buyer to understand their options, allowing them to get the best house for reduced costs and helps avoid making potentially devastating financial mistakes,” the site states.

Ethridge said he has assisted with the purchase of every type of foreclosure. On the flip side of the market, he said properties are selling, but sellers need to be motivated. He said being motivated means having a home inspection and termite inspection in hand.

Goolsby reiterated the importance of sellers being prepared.

“You need to be ready to move it. The carpets should be cleaned, paint if it needs it, and the house needs to be uncluttered. That’s what a motivated seller will do, and it makes a difference.”

The Georgia Society for CPAs suggests that for most people their home is their most valuable asset, and those interested in buying or selling their home should consult their CPA.

The organization released an article last week with suggestions for potential sellers, echoing the views of Ethridge and Goolsby. The article states that correct pricing of the property attracts buyers, and consulting a realtor is the best resource for that decision. Having repairs completed, such as updating an older electrical system or fixing a leaky roof, will speed up the process.

According to the GSCPA, the key is to spruce up the property rather than redecorating, such as repainting shabby looking walls, repairing a sagging porch or missing bathroom tiles, and fixing a leaky faucet. A full clean up of the interior and exterior and getting rid of clutter are common sense steps to make the property appear bigger and more inviting.

Ethridge pointed out that the percentage of his sales of foreclosed properties is relative to the percentage of his listings.

“From November to January, 25 percent were foreclosures, but that means 75 percent were normal real estate sales, probably sold at reduced prices,” he said.

Looking at the statistics of the sales by Ethridge and Goolsby, three-quarters of them were below $200,000. Ethridge said the average price of property sold in the last three months is from $150,000 - $170,000.

The realtor noted that, during the housing slow down, their office is receiving a high number of requests for rentals, but Fickling does not deal in rental property. Goolsby said another request is for lease-purchase contracts.

She said the best idea for anyone interested in purchasing a home is to talk to a lender and be pre-qualified, and Ethridge agreed.

“Its better for everyone involved to know what you can afford,” he said. “Most loans are going FHA, but we have heard of some 100 percent loans again.”

Ethridge said a rural program offers special financing.

“There’s no cookie-cutter program that everyone fits,” he said.

The realtors said they have remained busy since November. Goolsby said calls are coming in, but the difference is it takes longer to get to the closing table.

The realtors said they are listing more lots than before and 75 percent of those are in foreclosure.