Will You Show Me Foreclosed Homes?

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Will You Show Me Foreclosed Homes?
You need to REALLY pay attention to the details when buying a foreclosed home.

Sure, if you want us to!  But first, have you had all your shots?  Got your allergy meds?  Life insurance and medical care up to date?  Okay, it's really NOT that bad, but the fact is that shopping foreclosed homes in Warren County is NOT the same as shopping for a "regular" house!

 

We're not kidding about the allergy meds part, because take a home that's been vacant for a few months, especially with the power off so no AC or heat, and you've created a great laboratory for mildew and mold.  That stagnant smell gets in your clothes too and just doesn't want to leave your sinuses.

However, a foreclosure MAY be in great condition.  Fact is sometimes Fannie Mae or the bank might even spiff them up a bit with some fresh paint and carpet. 

Worst case, we've been in foreclosures where all the drywall is gone, you can see THROUGH the floor from the upstairs level right to the lower level, copper pipes cut and gone, a breath of the basement area starts you choking, and that's just the OBVIOUS issues.

Basically, foreclosures offer the full spectrum of condition (and less so in price range).  They may be so bad the best solution would be a bulldozer, or so great that you could move in tomorrow and not lift a finger.

Now you may wonder why when you search homes on our website you won't find the "foreclosure" category specifically called out for you to pick.  Basically because of local MLS rules, we're not allowed to provide public search access to that category of homes.  However, we CAN set you up for a custom search for foreclosures in Mason, Lebanon, Springboro or wherever else locally you want IF you contact us and ask for it.

However, be aware that in our market foreclosures are NOT a big segment of our market.  In some cases, (e.g. Mason and Springboro), you might find foreclosed homes to be practically nonexistent!

A couple of other things to consider if you're interested in foreclosures:  you better have your financial ducks in a row (that's why we ask you if you're paying cash or have been preapproved for a loan), and banks don't really do contingencies.  E.g you've got to find a buyer and sell your current home?  That's not going to fly.  However, if you ALREADY have your home under contract, we've got a shot!

And if you're in the market for a home in our local area, we automatically include foreclosures in our autosearches for you IF they meet your other "must have" home criteria.

Want to talk more about foreclosures in Warren County?  Just give us a call at 513-520-5305 or email Liz@LizSpear.com.  We're here to help!

Serving Warren County home buyers and sellers,

Liz and Bill aka BLiz

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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!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 04/23/2015 02:57 AM
Topic:
Home Buying
Location:
Ohio Warren County
Groups:
RE/MAX Active Rain Bloggers
Ohio Active Rainers
Advice for Buyers

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Rainmaker
3,982,564
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I just had a client break out in hives.  I said the home had mold and she went in anyway.  I always warn about issues like this.

Apr 22, 2015 11:32 AM #1
Ambassador
2,693,222
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

William, No doubt some of the homes can be pretty brutal in condition and air quality.  Anyone with allergies better send in a canary first.

Apr 22, 2015 11:58 AM #2
Rainer
191,077
Ted Glover
Alderman Classic Realty, LLC - Moultrie, GA
ABR in Moultrie, Georgia 229-854-5422

Liz and Bill Spear good stuff. There are a lot of details you have better know when wanting to buy a foreclosure. The first is get a knowledgeable agent who has done several of them. Caution is necessary for air borne allergens when you are accustomed to having breathing problems.

Apr 22, 2015 01:17 PM #3
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Same with our MLS, we can't and don't have advertised foreclosure searches.  We do however know an awful lot about selling them and the pitfalls.  Had a buyer cringing at the addendum on one today.  Not sure if he's gonna sign it or not.

Apr 22, 2015 01:19 PM #4
Ambassador
2,693,222
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Ted, The air in some of those homes has messed with me, and I'm not one usually bothered by that kind of thing.  Some homes have gone so far as to require a waiver to enter.

Tammy, The paperwork is purely to protect the banks and not much is done by them on the buyer's behalf.

Apr 22, 2015 01:25 PM #5
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2,559,238
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Foreclosures are a tricky adventure and are not for everyone.  There are, however, some instances where they are just right

Apr 22, 2015 01:29 PM #6
Rainmaker
1,436,337
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

I have three foreclosure deals going on right now - and they are definitely different than purchasing a non-foreclosure!

Apr 22, 2015 08:58 PM #7
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Bill and Liz, this sure is the war cry of many buyers that think they will find the bargain of the century.  

Apr 22, 2015 09:29 PM #8
Ambassador
2,693,222
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Ed, True, sometimes they are the best fit for a buyer.  But typically, it takes looking at a fair number of them before finding the one that works.

Kat, I've had a few buyers go that route and as long as they understand the pros and cons, it can work out pretty well.

Gabe, And ironically, the best overall value is often not a foreclosure, but a well priced regular home that doesn't need work and has a more certain history.

Apr 22, 2015 10:32 PM #9
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1,973,836
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Bill and Liz, some agents in our area wouldn't have made a living in the past few years if it hadn't been for foreclosures and/or short sales.  In our MLS it is mandatory to disclose what they are and accordingly, we can include or exclude from our searches.  One thing is for sure, these type of properties are not for everyone!

Apr 23, 2015 03:03 AM #10
Ambassador
2,693,222
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Silvia, They're identified for agent view, but they don't let the public know, other than if there's a HUD or Fannie Mae type statement in the marketing remarks.  I'd prefer they'd make that more visible to the public.  And some agents here have done well with foreclosures, but that source is dwindling as the market improves.

Apr 23, 2015 05:43 AM #11
Rainmaker
790,129
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Foreclosures are a horse of a different color - here in NE Florida, our foreclosures may not have had the utilities on for a period of time which can lead to a whole host of potential mold/mildew issues. 

Apr 23, 2015 06:05 AM #12
Ambassador
2,693,222
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Carol, There's just no way around it, homes need to be maintained and without that conditioned air, not much good can happen.

Apr 23, 2015 10:21 PM #13
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Bill.  Unless they are seasoned buyers of distressed property I refer them to another agent.

Apr 26, 2015 12:23 AM #14
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