As the economy improves, the housing market is also gaining momentum across the country. Summit County is in line with the rest of the nation with a surge in sales right now. Homes priced under $500,000 are selling especially well here.
This development can be explained in part by the fact that fewer homes on the market mean less competition. So sellers do not have to worry as much about rivals who are willing to negotiate for extremely low prices anymore.
But what if you’re interested in buying a house or condo and you’re looking for a discounted deal? Are price reductions still available through foreclosures and short sales? Or have they all been absorbed by the housing recovery?
To answer your questions, there are still plenty of homes you can purchase in Summit County at discounted prices. That’s because although the market is certainly improving, short sales and foreclosures have not disappeared.
I can help you navigate through the process of finding the ideal foreclosure or short sale home. The advantage of working with me is that I have access to the MLS (multiple listings service) so that I can find home profiles that may not be available on general websites.
By tailoring a search to fit your needs, I’m able to compile a collection of promising foreclosure and short sale listings that we can tour together.
In addition, buying a foreclosure or short sale can be very complicated. I’ve got the real estate expertise that’s necessary to make sure this transaction takes place as smoothly as possible.
But before we proceed, I think it’s important to understand what you may encounter in the process of considering foreclosures or short sales for your next home purchase.
The Challenges of Discounted Homes
When a foreclosure enters the market, it’s because the former owner could not afford to make payments any longer. This is a dire situation for the owner. The only thing the individual can do at this point is give up the home to the lender.
A short sale also results from the owner not having the means to make mortgage payments. But in this case, the lender is willing to accept a payoff that is less than what’s currently owed. Therefore, a foreclosure on the property is avoided.
As a buyer, it’s essential that you are aware of these circumstances. Buying foreclosures or short sales are unlike traditional real estate purchases. While the property will be yours at a reduced cost, you should know from the very start that there could be problems.
Sometimes the former owners take things with them such as appliances or fixtures. So you might have to invest money to get the home back into shape.
Also, there are often more hoops to go through to get the deal done. This amounts to additional paperwork and approval time that aren’t part of more conventional home sales.
But once we discover the perfect foreclosure or short sale for you, it may be worth the wait and any other challenges involved. You just never know until you take the plunge and look at what’s available in Summit County.
Want More Information?
Finding a foreclosure or short sale that meets your needs is often a time-consuming journey. But you’re not in it alone. I’m here for you every step of the way. From narrowing down the top listings to negotiating the best price, I can take you through the entire process.
I’m also available to help you buy or sell a home in Summit County. Whatever your real estate needs happen to be now or in the future, I’m ready to be of assistance.