Cleveland Real Estate And More

Buying a bank owned home seems to be a popular trend nationwide, even here in the Cleveland area. Home buyers are attracted to the idea of getting a good deal and believe a bank owned home is the best way to accomplish that.

You can read all about the pros and cons of buying a bank owned home by clicking here, as it won't be discussed in this particular article.  However, we would like to discuss bank owned homes specifically in the Solon development of Thornbury as we are constantly fielding questions about it.

Over the last few years, there were a lot of homes foreclosed upon in Solon Ohio, and especially in the upscale development of Thornbury. As an overview, there were a lot of people throughout the country, not just here in the local area, that were living beyond their means in the early part of this decade, and bought homes they could barely afford. When times got tough, people got into trouble, even those living in luxury developments like Thornbury.

Now specifically, there were some individuals involved in a mortgage scandal that affected homes on Flanders Drive in Thornbury of Solon. It has taken some time for these homes to go through the foreclosure process but over the last year, these homes have been coming on the market, and have been selling quickly, many with multiple offers.

Here is a list of recent bank owned home sales in Thornbury:

As is evidenced by the relationship between sale price and listing price and average market time, there is good demand for a home in Thornbury, especially one that is bank owned. The reason many of these homes sold for above asking price was due to multiple buyers making offers.

SUMMARY

Thornbury of Solon is a very desirable upscale development consisting of luxury homes. During the real estate boom earlier in the decade, it was difficult to buy a home in Thornbury for under $600,000. Over the last year, with the large number of bank owned properties on the market there, opportunity presented itself for a handful of buyers to get in for considerably less money, although some of these homes needed work. Currently, there is only 1 bank owned home for sale in Thornbury.

Solon remains a highly sought after community.  Solon has been ranked the #1 suburb to live by Cleveland Magazine for the last 2 years, has one of the state's best ranked school systems, and is a popular location for people relocating.

Click below to view other articles of interest pertaining to Solon: 

Thornbury of Solon

Solon - A Special Community

Solon Real Estate Market Statistics - First Quarter 2009

Solon Real Estate Luxury Home Market Statistics - First Quarter 2009

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About The Authors: 

Dan and Amy Schuman are Solon residents. They specialize in luxury homes, working with buyers relocating to Solon, and Solon bank owned homes.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

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

VIEW ALL SOLON HOMES FOR SALE

Check out our award winning website 

Solon Ohio Real Estate: Bank Owned Homes In Thornbury of Solon Ohio is the property of The Schuman Team and may not be duplicated or used  without their written consent. ©2009

BUYING A BANK OWNED HOME

Buying a bank owned home is a popular trend, especially here in the Cleveland area. Local home buyers are hearing about the great "deals" people are getting across the country and want to get in on the action. National media have also been feeding this frenzy. While buying a bank owned home may be a great option, there are also pitfalls that buyers may not be aware of. Here are some pros and cons of buying a bank owned home.

PROS

*     Buying Below Market Value - This is the most popular reason for wanting to purchase a bank owned property.

*     Less Competition - Especially on a home that needs work. A lot of buyers don't have the necessary funds to both finance AND fix up a property. Buyers with sufficient money are a rare commodity today and may find little competition when bidding on a bank owned home that needs improvements.

*     Opportunity To Buy In A Desirable Area - Bank owned homes give some people a chance to buy into a community that they would otherwise not be able to afford.

*     Sweat Equity - Contractors or buyers who are very "handy" can do much of the needed improvements themselves, thus creating instant equity when improving a bank owned home.

*     An Alternative To Building - Many buyers who don't want the hassle of building a home from scratch find this as a viable alternative, especially in high-end suburbs. Buyers can purchase a bank owned home that has the desired space and floor plan, but may be a little "rough" and make it everything they want.

CONS

*     Bank Owned Homes Usually Need Work - These homes have been neglected for a long time and often need money put into them. If you are looking for a home in "move-in" condition, a bank owned home probably isn't for you.

*     Investment Of Time - In addition to money, a lot of time needs to be put into a bank owned home. In some cases, it is like taking on a second full time job.

*     The Unknown - There is limited information about a bank owned home available to a buyer.

*     Financing Issues - Some lenders won't give a loan on a bank owned home that isn't in decent condition. Therefore, the only way to purchase some of them is cash, which is a big hurdle for many buyers.

*     Competition - There are a lot of buyers who want to buy a bank owned home, especially one that is in great condition. Nice bank owned homes priced well don't last long and often get multiple offers.

 THE REALITY

While buying a bank owned home seems like an easy  thing to do, and a good investment, there are a lot of misconceptions. Many buyers think they will be getting the bargain of a lifetime when buying a bank owned home. However, you can expect to realistically purchase one for about 5-20% below market value. A deal, perhaps, a steal, not usually. The really good ones often sell at or near market value.

There are a lot of risks involved as well. Unless you have experience buying and fixing up homes, most buyers don't know how to properly calculate the amount of money needed to properly improve a home. This often leads to the financial downfall of many, espcially first-time buyers. 

Additionally, many buyers purchase a bank owned home without having their own agent. This comes from the "getting a deal" mentality that many buyers have. They mistakenly think that working directly with the listing agent will help get them an even better deal, which is not true. The listing agent works for the seller, not the buyer. Buying a bank owned home can be a much more complicated transaction than a tradtional purchase and without a buyers agent, a buyer is putting themselves at risk.

A bank owned home can provide a buyer with a fantastic opportunity to get the home of their dreams at a great price, provided they know what they are getting into. If you are seriously considering buying a bank owned home, consider the pros and cons to make sure it is the right thing for you. 

Click below to read more articles about bank owned homes in the Cleveland area:

Bank Owned Homes In Orange School District

Bank Owned Homes In Solon

Bank Owned Homes In Beachwood

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About The Authors:

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

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

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

VIEW ALL CLEVELAND OH HOMES FOR SALE BY CLICKING BELOW

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

Cleveland Ohio Real Estate: Buying A Bank Owned Home - The Good, The Bad, and The Reality is the property of The Schuman Team and may not be duplicated or used without their written consent. ©May,2010  

BANK OWNED HOMES IN BEACHWOOD

Much has been written about the rising number of foreclosures around the nation and especially in the Cleveland real estate market. While there are a ton of foreclosed homes located within the City of Cleveland, the local suburbs certainly all have their fair share of bank owned homes as well.

Here is a partial list of all bank owned homes in Beachwood, Ohio, an upscale suburb located on the East side of Cleveland. *Indicates pre-foreclosure or estate sale. Current list price is given along with the most recent sales history, if available:

 ADDRESS                       LIST PRICE             PRIOR SALE

While many bank owned homes in Beachwood have sold in recent months, there are still great bargains to be had for a few special buyers.

For a complete list of bank owned homes in Beachwood or surrounding areas, please contact us and we will be happy to email them to you. 

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If you are looking to buy or sell a home in Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact us as we would be happy to show you why people love working with the Schuman Team.

Dan and Amy Schuman use their home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and our listings sold in less than 60 days. The Schuman Team specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. We also work extensively with buyers and sellers who are relocating in or out of the area.

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and serves on the Board of Directors.

To see all homes currently on the market in the Cleveland area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

 or CLICK HERE to visit our blog and then save it as one of your favorites.

All content is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009