Toledo, Ohio offers investors the opportunity to purchase cheap foreclosed homes right now. In fact, there are over 2,507 foreclosures according to Trulia. Auction homes are available and can be bought at substantial discounted prices if you are lucky enough to be selected as the winning bidder. As of March 9, 2012, there were 6,866 homes listed in the Toledo area. The average list price is $120,959, and the median list price is $85,000. The median days on the market were 79. The median sales price is $50,000. Hot neighborhoods include Reynolds Corners, with an average list price of $83,435, DeVeaux with an average list price of $69,455, Point Place with an average list price of $88,011, Ottawa with an average list price of $92,161 and Franklin Park with an average list price of $103,317.
There is some competition for foreclosed homes so you need to act quickly when you find one before someone else snaps it up. Working with a local Toledo Realtor is a great way to find bank owned homes that have already gone through the foreclosure process. Investing in bank owned real estate (REO’s) is less risky for new investors and first time home buyers because the bank that owns the property has already paid the liens and you are able to obtain title insurance.
When you purchase foreclosed homes at an auction, you need cash, have to pay off the liens and evict the former owners. This makes the investment a bit more risky if you don’t understand the process and fail to do your due diligence and inspections. If you are a seasoned investor, you will probably want to take advantage of the cheap auction prices that you can buy auction homes at. However, investing in bank owned real estate (REO’s) is also another way to buy a home at a substantial discount with built in equity. REO’s are homes that have not sold at foreclosure auctions. The banks that repossess them buy them back and offer them for resale in an as is condition by listing them with local Toledo Realtors.
Short sales are also popular with investors right now because they can be bought below market value and are in better condition than auction or REO homes. The reason is most of the time short sales are still lived in by their owners or they have tenants who are maintaining the home. However, there is no guarantee that when you make an offer on a short sale that you will get the home because the seller’s bank still has to approve the offer because they have to write off the difference between what the seller owes the lender on their loan and the sale proceeds. The short sale process can take awhile to get approved so if are not looking to move into a home quickly, a short sale is a great opportunity to invest in Toledo real estate. There is less competition from first time home buyers because first time home buyers want to move into the home as their primary residence and do not want to wait for three months or more to see if their offer gets accepted.
Where is the Market Heading?
If you ask a Toledo Realtor where the marketing is heading, the consensus is that there will be a modest improvement in home sales this year and stability of prices with some modest gains in some areas. The reasons are the economy is getting healthier with the job market improving and unemployment figures down. Auto sales have improved. It’s a presidential year and candidates are concentrating on coming up with strong economic solutions to continue the improvement of the economy and create more jobs. Media coverage is more positive boosting consumer confidence.
Underwater sellers who have a steady income are turning to renting their homes out in order to pay for their current mortgage and purchase a new home to take advantage of current affordable home prices. Lenders are loosening their lending guidelines a bit which is encouraging because this means more buyers will be able to qualify for home mortgages this year increasing the pool of eligible buyers and home sales. There is still a large inventory of foreclosures that continue to keep home prices lower so there are still great investment opportunities. Lenders are looking for ways not to flood the market with more foreclosures and HUD and other government agencies that own foreclosure homes are looking into rental programs.
Toledo is a great place to own real estate whether you buy investment property or live in the home. With market conditions favoring buyers right now, there is no time like the present to invest in Toledo cheap homes. Savvy buyers recognize the value of investing in cheap auction homes, REO’s and short sales making them popular investments in today’s real estate market.
Toledo, Ohio offers investors the opportunity to purchase cheap foreclosed homes right now. In fact, there are over 2,507 foreclosures according to Trulia. Auction homes are available and can be bought at substantial discounted prices if you are lucky enough to be selected as the winning bidder. As of March 9, 2012, there were 6,866 homes listed in the Toledo area. The average list price is $120,959, and the median list price is $85,000. The median days on the market were 79. The median sales price is $50,000. Hot neighborhoods include Reynolds Corners, with an average list price of $83,435, DeVeaux with an average list price of $69,455, Point Place with an average list price of $88,011, Ottawa with an average list price of $92,161 and Franklin Park with an average list price of $103,317.
There is some competition for foreclosed homes so you need to act quickly when you find one before someone else snaps it up. Working with a local Toledo Realtor is a great way to find bank owned homes that have already gone through the foreclosure process. Investing in bank owned real estate (REO’s) is less risky for new investors and first time home buyers because the bank that owns the property has already paid the liens and you are able to obtain title insurance.
When you purchase foreclosed homes at an auction, you need cash, have to pay off the liens and evict the former owners. This makes the investment a bit more risky if you don’t understand the process and fail to do your due diligence and inspections. If you are a seasoned investor, you will probably want to take advantage of the cheap auction prices that you can buy auction homes at. However, investing in bank owned real estate (REO’s) is also another way to buy a home at a substantial discount with built in equity. REO’s are homes that have not sold at foreclosure auctions. The banks that repossess them buy them back and offer them for resale in an as is condition by listing them with local Toledo Realtors.
Short sales are also popular with investors right now because they can be bought below market value and are in better condition than auction or REO homes. The reason is most of the time short sales are still lived in by their owners or they have tenants who are maintaining the home. However, there is no guarantee that when you make an offer on a short sale that you will get the home because the seller’s bank still has to approve the offer because they have to write off the difference between what the seller owes the lender on their loan and the sale proceeds. The short sale process can take awhile to get approved so if are not looking to move into a home quickly, a short sale is a great opportunity to invest in Toledo real estate. There is less competition from first time home buyers because first time home buyers want to move into the home as their primary residence and do not want to wait for three months or more to see if their offer gets accepted.
Where is the Market Heading?
If you ask a Toledo Realtor where the marketing is heading, the consensus is that there will be a modest improvement in home sales this year and stability of prices with some modest gains in some areas. The reasons are the economy is getting healthier with the job market improving and unemployment figures down. Auto sales have improved. It’s a presidential year and candidates are concentrating on coming up with strong economic solutions to continue the improvement of the economy and create more jobs. Media coverage is more positive boosting consumer confidence.
Underwater sellers who have a steady income are turning to renting their homes out in order to pay for their current mortgage and purchase a new home to take advantage of current affordable home prices. Lenders are loosening their lending guidelines a bit which is encouraging because this means more buyers will be able to qualify for home mortgages this year increasing the pool of eligible buyers and home sales. There is still a large inventory of foreclosures that continue to keep home prices lower so there are still great investment opportunities. Lenders are looking for ways not to flood the market with more foreclosures and HUD and other government agencies that own foreclosure homes are looking into rental programs.
Toledo is a great place to own real estate whether you buy investment property or live in the home. With market conditions favoring buyers right now, there is no time like the present to invest in Toledo cheap homes. Savvy buyers recognize the value of investing in cheap auction homes, REO’s and short sales making them popular investments in today’s real estate market.
