Tag Archives: foreclosure

Is there a Foreclosure Problem in New Albany, Ohio?

An article in the August 13th issue of the Columbus Dispatch referred to a growing foreclosure problem in the suburbs of Columbus.  I began to wonder if this applied to New Albany as well.  I searched the  Multiple Listing Service to see how many of the homes that have sold in NA so far this year were either Foreclosed properties or Short Sale properties.

22 Foreclosed or Short Sale Homes Sold in New Albany Year to Date

Year to date (through 8/26/09), 144 homes have sold in the New Albany School District.  22 of the homes sold were either Foreclosed properties or Bank Short Sales or 13% of the homes sold.  This is not an insignificant number but it does mean that 85% of the homes sold in New Albany this year were traditional resale or new build homes.  A breakdown by price range shows that only 5% of the homes sold above $400.0 were foreclosed or short sale properties while 22% of the homes sold under $400.0 were foreclosures or short sales.  A breakdown by price range is shown below.

New Albany YTD Sold vs Foreclosed & Bank Short Sales
Price Range

Total Sold

# FrCl/ShSl

% to Total

Under $200.0

23

7

30%

$200.0 – $400.0

62

12

19%

$400.0 – $600.0

31

1

3%

$600.0 – $800.0

14

1

7%

$800.0 – $1000.0

7

1

14%

Over $1 Million

7

0

0%

Total

144

22

13%

Questions? Ask a  New Albany Ohio Realtor

Tony has earned the Certified Distressed Property Expert (CDPE) designation and can answer your questions about both foreclosures and short sales. Visit our website www.NewAlbanyOhio.com for information on Foreclosure and Short Sale Assistance.

Until next time,
Kate

Coming Up Short in the Real Estate Market

Today’s shifting economy has created some hardships and heartache within the real estate market, even in New Albany, Ohio.  You may have heard the term “short sale” being used lately with regards to real estate.   Many are unfamiliar with what a short sale is.  The “short” in short sale refers to a situation where the debt owed on a property is more than the current market value of the property.  In order for a property to transfer to a new owner, the seller’s lender needs to agree to accept less than is owed on the home. 

Short Sale vs Foreclosure

A short sale can be a way to prevent a foreclosure which is advantageous to both the seller and the lender.  The advantages to a short sale include a negotiated settlement with the bank and without attorneys or a court appearance.  The seller’s credit is “bruised” but not ruined and you can buy a home again in two years.  A short sale inevitably saves the lender money over the cost of the foreclosure process often making it the best solution for all parties. 

How Can Kate & Tony Help?

It’s important to have an advocate working for you – someone you can trust who will assist you through the bureaucracy of the mortgage industry.  We have counseled and assisted numerous clients through this process.  It’s a time consuming process but resolving this in the pre-foreclosure period is far more desirable than dealing with foreclosure.  It allows a seller to get on with their lives.  Tony and I welcome your questions.  Please contact Kate or Tony Thomas for a private consultation if you or someone you know finds themself needing to consider a short sale strategy.  You aren’t alone – we can help.

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