5 Reasons A Mason Ohio Foreclosure Or Short Sale Might Not Be Your Best Choice!
We hear it often. "I want to buy a foreclosure" or "I want to buy a short sale". And we understand, there's a definite perception that distressed properties are real bargains, but with those bargains come an entirely different set of circumstances that need to be considered. Here's five reasons you may want to reconsider limiting yourself to buying a distressed property.
1. Limited opportunity. Mason is a fiscally conservative area and home owners do a pretty good job of staying out of financial trouble that will cost them their homes. In 2012, 557 single family homes were sold in Mason. Only 59 of them were foreclosed and only 19 were short sales. Can you imagine going to the grocery store or car dealership and being told you're only allowed to look at 14% of what is for sale?
2. Deferred maintenance. While not universally true, homes sellers going the short sale route are probably behind in making payments. That also likely means they're short on cash for home maintenance items like furnace cleanings, exterior painting, replacing carpets and similar items.
3. Uncertain schedules. A foreclosure will hold to a schedule, but they're not quite as quick about responding as a "regular" home owner. Banks work Monday-Friday, and that's it. Short sales? You just can't have a set schedule for them, especially if the home has multiple banks holding loans for the home. Mason homes sold in an average of 86 days in 2012. Short sales took an average of 231 days to go under contract. Can you afford to wait almost 8 months to find out if the home is going to be yours?
4. There's a reason Mason foreclosures sell cheaper. The average Mason home sale in 2012 was $324,436 and the average for the 59 foreclosed homes was $158,870. You could say, "Wow, foreclosed Mason homes sell for HALF price!". However, this isn't like going to Half Price Books and getting 1/2 off. These homes are price 1/2 off because they're WORTH half the value of a typical Mason home. Your $300k sales are newer homes by Drees, Fischer, Ryan and custom builders. Those foreclosed homes lean HEAVILY towards sub-$100k. And what do you find in Mason at that price point? Post WWII ranch homes, around 1000 square feet and no basement. Chances are that type of home is NOT what you dreamed of when you said you wanted to buy a Mason home, right??
5. Unknown history. You're on your own. You hope the home inspector catches everything, but the reality is he or she probably can't detect everything that might be wrong with a house. You have to live there to know what happens during a torrential downpour. And if you have questions about how to operate the gas fireplace or anything else special about the home? Again, you're on your own. There's no seller to call and ask, and probably no appliance manuals left behind either.
Now all that said, we're all big boys and girls here. If a Mason short sale or foreclosed home IS right for you, you can bet we have the experience to help you make it happen. We'll help you find the right home and do everything we can to complete the sale!
Want a search set up for foreclosed or short sale homes? Just email us with your request and we'll get a search set up for you! No cost, no hassle.
Serving Mason's residential real estate needs,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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