Foreclosures in Summit County

Foreclosures continue to be prominent in the national housing market. 

 Summit County continues to be fortunate when it comes to foreclosures.  We are seeing more foreclosures and short sales in recent months than we have in the past. In fact, slightly more properties have entered the foreclosure process in 2010 than in 2009.  The significant increase has been seen in the number of properties that are actually foreclosed.  2010 numbers increased by 77% over 2009.  As a result we are seeing more bank owned properties in Summit County than ever before.

We are seeing an impact on prices as well.  Not necessarily due to a large amount of bank owned properties but to a larger number of sellers that are motivated to sell.  As a second home market, there is often a lack of motivation from the sellers.  The attitude is often that if the property doesn’t sell, they’ll just continue to use it or rent it until it does.  Some homeowners no longer have the luxury of being able to continue to hold onto their properties.

If you are looking to purchase a property in foreclosure you need to be on our Foreclosure Alerts. Foreclosure Alerts will notify you of Summit County properties that are in the foreclosure process and are currently on the market.  If you currently own a property and are facing foreclosure we can help you too. Often times a win-win situation can be negotiated in which both the Buyer and Seller are happy with the outcome.  Send Meredith an email for more information on foreclosures or to be put on our Foreclosure Alert.