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, more properties have gone through the foreclosure sale and have gone back to the bank this year than in all of 2008. But realize, we are only talking 22 homes in the fist 4 months of the year, yes, triple 2008 numbers but still minimal compared to the foreclosures seen in many markets today.
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.
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