How a Short Sale can save Dayton Ohio Real Estate Buyers Thousands of Dollars when they buy a home!

That's right... you can save thousands of dollars on Dayton Ohio real estate.  Most buyers have heard of buying bank owned homes, REO's, foreclosures, HUD or VA homes, etc...  Those homes can be a great value.  They can also be a complete nightmare... You see, when people are forced to leave their homes under pressure, sometimes they damage the home.  Many of the homes in the Dayton Ohio real estate market have damage caused by the old home owners, both by neglect AND intentionally...

Notice anything missing from this home??? 

I have seen much worse than this...

Short Sale / Pre Foreclosure  VS.  Bank Owned... what's the better deal?

Well, I guess that depends on HOW good a deal you want... AND, what exactly do you think is a GOOD deal?  We need to consider a few questions...

    Do you want a good VALUE or just the lowest price?

    Do you want to do a LOT of work?

    Or, do you want to be able to just move in?

    Maybe do some minor repairs?

    How long are you willing to wait to get an answer on your offer?

    Can you wait a few month to "get your deal"?

Why buy a Dayton Ohio Short Sale?

With a short sale you will get a home that on average is more ready to move in to.  The owner is still living in the home in most short sale situations I see involving Dayton Ohio real estate.  So, the utilities will usually be on and you can better examine the property.  Since they are living in the home and trying to work with the bank they typically take much better care of the home vs. a bank owned foreclosure.  With a pre foreclosure or short sale there will often be some "deferred maintenance" that will need to be done but most ofter is minor repair work that can be done after you move in to your new home.

The down side to a pre foreclosure or short sale is the time it takes to get a final answer.  Typically I am seeing homes in the Dayton Ohio real estate market take about 60 days from the time an offer is submitted to purchase the pre foreclosure / short salepre foreclosure / short sale transactions.  That can mean the difference in a sale that happens and one that drags out for months only to never close and the buyer out cash for inspections and time...  Only work with an agent that is an expert and the time we receive an answer back from the bank... and that assumes there is a listing agent handling the transaction that is and expert at processing in working with pre foreclosure / short sale transactions.

What about foreclosures, bank owned, REO, HUD and VA?

They can be a deal... they can be a nightmare...  You will get an answer back from the bank or HUD much more quickly than you will with a pre foreclosure or short sale.  You see they already OWN that piece of Dayton Ohio real estate and they want to get rid of it.  With a pre foreclosure / short sale they don't yet own it and have to go through MANY steps to determine if the offer is in their best interest to accept or if it would be better to go ahead and foreclose on the home.

You can get home very cheap...  Is it a good value?  Only you can decide that...  Check out another Dayton Ohio real estate foreclosure...

Is this move in ready???

Anyway, I digress... You will usually receive an answer back in 1-3 days and once you settle on the price can close pretty quickly.  The problems start with the fact that if you want to do inspections YOU have to pay to turn on the utilities and they PAY again to have the home winterized again after you are done.  The bank will usually not pay for any repairs, you are getting the home AS IS.  As long as you are working with an experienced agent they will make sure you are protected in the contract so as not to get stuck with a real disaster if you don't want one...

Basically, you usually with get a lower price and a quicker answer but will have more work with a bank owned / foreclosure then you will with a pre foreclosure / short sale.  There are always exception but that is usually the case.

Work with an Expert!

It really does not matter if you are buying or selling.  If you are looking for pre foreclosure / short sales or homes that have already been foreclosed on you need an expert.  Any agent can legally help you but you need an expert.  We at the Mark Ryan Group have over 10 years of combined experience in the lending industry, as well as, months specialized training in working with pre foreclosure / short sale properties.  Call us any time at 937-353-4600 to discuss you interest in buying or if you need to sell a home before the bank forecloses.  Ask for Mark Ryan, or you can email to mailto:mark@markryangroup.com or just comment here and we will get right back with you. 

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As always, thanks for reading and please feel free to contact us with any questions at 937-353-4600 or Mark@MarkRyanGroup.com