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What’s Happening with 17% of the Greater Cincinnati Housing Market?

filed under: For Buyers, Foreclosures & Short Sales posted on January 6th, 2012

10880–the current number of active listing of single family homes and condos in the Cincy MLS.

17% (1881) of the the listings are categorized as having somebody other than the consumer as the owner- our way of adapting to the changing real estate landscape.  The 17% include:

And like all designations- sometimes agents make a mistake and mark the wrong category- for example several of the “corporate owned” are actually owned by lenders.

So depending on what part of town you’re looking at properties, buyers have a fairly good chance of viewing a home or condo that either is owned by the lender or requires lender approval of the contract.  The ownership is not a  deal breaker- but may require patience to wait for counter offers and/or contract approvals.  Hopefully your agent has discussed the ins and outs of today’s real estate market before you started the home search process. Unfortunately, even though the property was listed as consumer owned you discover, after you make a purchase offer, that lender approval of the contract is required.  As agents we rely on the listing details in the multiple listing service to be accurate and up-to-date- but sometimes information is not updated in a timely manner.  If you find that a lot of the properties do not have correct ownership displayed, your agent can make a quick phone call to the listing agent prior to writing a purchase contract.

These properties are often “unloved” and shunned because of lender involvement…but if real estate buyers really want a “deal”-how can you ignore 17% of the inventory?

Related Article: Before You Buy a Short Sale

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