Mary St George

With the depressed real estate market, new opportunities have opened up for the professional "scammers". I read it in the newspaper, I hear the chatter on the radio and see the busy ads on TV. "Foreclosures are higher than ever, get in on your chance to buy these homes at ridiculously low prices - Call now for your free directory"

Even here in the Finger Lakes area, I receive calls and emails from potential clients that only want me to look for REO's ( real estate owned by the lender through foreclosure) for them. I do not have a problem with that, because why not. If an investor is willing to roll up their sleeves and put some physical equity into a home, in a good market, they can make a decent return on their investment. The problem is when buyers that would normally look around for a home their fits their needs decides they only want to look for foreclosures. Yes, there has been an increase in foreclosures in our area, but not to the extent that the MLS (multiple listing service) is full of them. The other issue is that the foreclosures that are on the market are not suitable or desirable to the average home buyer. These homes are usually in the lower end of the market and in bad areas, definitely not your typical three bedroom 2 bath home.

There are also different ways to buy a foreclosed home.

• You can buy them at auction on the courthouse stairs - but I warn you against that unless you have a good title search attorney or you are knowledgeable yourself to research the property. When you buy a house on the courthouse steps you get the title and also any liens that may be attached to it.
• You can work with a Realtor to find REO's - these homes have been taken back by the lender and the titles have been cleared. The lender will try to get the market value on the home, but depending how long it is listed, you will increase your negotiating power.

There are other areas of the country where foreclosures do dominate the market, but fortunately not in the Finger Lakes area. There are still many people with good paying jobs looking for decent homes and able to obtain conventional mortgages.

So if you really want to look for foreclosures, be prepared for what most of them are and work with a Realtor that is familiar with REO's. Patience in finding a place and being financially prepared to place an offer are also key components.

Information for the Finger Lakes brought to you by Mary St.George

St George Realty of the Finger Lakes is now open for your business, serving the Finger Lakes area. Our target markets include lakefront homes on Keuka, Seneca and Canandaigua Lakes, as well as unique and distinctive homes. Our buyers come from all over the country and the world, and of course our sellers come from the Finger Lakes area. If you have a property or would like to purchase a property that fits this criteria, then we welcome you as a client.

Mary St. George the licensed broker of the company is certified as a Resort & Second Home Property Specialist. This is especially important for sellers or buyers that need to work with a 1031 property exchange. Knowing how to move your equity from one property to another will save owners substantial capital gains taxes and at the same time increase equity in real estate holdings.

So what is so special about this area? Where do we begin?

• The hundreds of wineries that sit perched around the lakes - In these wineries you will find many award winners but the best part is you will undoubtedly find a wine that suits your personal taste. Many of these wineries also have unique restaurants and cafes allowing you to taste and savor some very delectable and sumptuous foods
• The landscape dotted with woods, hills, vineyards and farms
• The beautiful picturesque lakes that run north and south like a set of "fingers"
• The fishing, just ask those that frequent the area - I have had some of the best tasting perch caught by ice fisherman
• Skiing in the winter and hiking in all seasons - there are both private and state trails
• The quaintness of the villages dispersed throughout the valleys each with its own personality
• The great restaurants in and around the lakes especially during the summer months
• The festivals and farmers markets in each of the towns , and everyone in the area knows about the infamous Windmill where you can find locally made craftsand fresh produce opening this year April 26th.
• One of my favorites is the Wild Water Derby that takes place the last weekend in April - this year it will be the 26th and 27th - be sure to visit the website
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Your update to the Finger Lakes by Mary St. George