Solon OH Real Estate - Bank Owned Homes And Other Great Alternatives

Real Estate Agent with Howard Hanna Real Estate Services

Bank Owned Homes And Other Great Alternatives

bank owned home

So you want to get a deal on a home? While a lot of buyers initially say they only want to buy a bank owned home, many end up seeking other alternatives once they learn there may be other equally attractive options

We are certainly not trying to persuade people not to buy a bank owned home in Solon, we are merely suggesting that you should look at the pro and cons and consider other options as well.

We get a lot of the calls from buyers relocating to Solon and they assume they will get a great deal on a bank owned home here. It seems that there is a lot of information out there saying that bank owned homes can be had across every city in the US for cheap, sometimes for even pennies on the dollar. While that may be true in some areas, finding a deal or a "steal" on a home in a nice suburb, especially one with a highly rated school system such as Solon, is much more difficult to come by.

This "hype" regarding bank owned homes has fueled demand and given local buyers great expectations that probably won't be met. While the main reason to buy a bank owned home is to get a great price, there are also numerous disadvantages as well.

While we can't speak for the rest of the country, here in Cuyahoga County, it takes at least 1 year for bank to foreclose on a home. This means most bank owned homes have been neglected for a long time prior to going on the market. Any major repairs needed during that time period were probably done on the cheap, if at all, and minor maintenance was most likely ignored. In general, bank owned homes will require work and often a lot of money.

Also, unlike typical transactions, there are no property disclosures on a bank owned home, so the buyer will have no knowledge of the history of the home.

While there were many sales of Solon bank owned homes in 2008 and 2009, there is a current shortage of inventory as banks are now more willing to work with sellers in hopes of finding a solution without having to foreclose. Because of this, we recommend buyers look at alternatives such as: 

  1. short sales
  2. estate owned homes
  3. homes where a relocation company is involved
  4. vacant homes
  5. homes where the sellers are highly motivated

So, how do you find these homes? Unfortunately, these types of homes are not always advertised to the public in a manner that would indicate they fall into one of the categories above. However, as agents engaged in the local market, we always know which homes present "opportunities" and can bring them to the attention of our buyers.

So, while buying a bank owned home in Solon may seem like the popular way to get a deal, there are other alternatives that may also be worth looking into as well.

Below are other articles of interest pertaining to Solon OH real estate:

Solon Ohio A Special Community

Solon Ohio Bank Owned Homes

Buying A Bank Owned Home  

Relocating To Solon

Why Use A Local Agent When Relocating To Solon


About The Authors:

Dan and Amy Schuman are Solon OH residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

For Ohio and Solon OH real estate and homes see Solon real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.



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Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
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Thanks for commenting, Ginevra.

May 17, 2010 03:49 AM #2
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