Central Ohio Real Estate: REO Property, Not Always A Bargain
REO real estate in Central Ohio is not always a bargain
If you are interested in purchasing REO property in Central Ohio be wary. An REO property is a bank owned property and can often appear to be quite a bargain on the surface. However, while an REO property may have an amazing price per square foot compared with other homes in a neighborhood, the reality is that the home may not be in the best condition. Bank owned properties are sold “as is” and perhaps not what a buyer bargains on. Many times, buyers end up paying more to rectify problems that arise from long-term lack of care.
If you are interested in purchasing Central Ohio real estate, choosing a qualified Realtor is a good first step. Whether a property is bank-owned, listed for sale, or a possible short sale a qualified broker will have a strong knowledge of the market. A Central Ohio bargain may look good on paper but the reality could be completely different.
Click here to read a recent article about buying vacant REO property.
If you are looking to buy or sell a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
February 22nd, 2010 at 8:30 pm
Another very relevant post. This is so true, before a home owner defaulted on their mortgage they probably stopped doing repair and maintenance items so the home will need work. I’d also like to add the only thing “Short” about a short sale is perhaps the amount of money they will take; my poster child for a short sale took 9 months from offer to the closing table. Not very many people have that kind of time!
April 8th, 2010 at 4:49 am
Achieving a rapid sale of your property is hard in the present climate. If you know where to go it may still be achieved.