Jessica Harwick

Beautifully maintained & cared for home in the heart of Wadsworth. This home was gutted and re-done in 2000. The bath was completely remodeled in the fall of 2007. Great back yard for entertaining or relaxing. Newer carpet, newer windows, full basement adds extra room for storage. The home has newer vinyl siding, newer back entry door, fenced-in back yard, and plenty of parking! This will be a short sale and we need an offer. Great starter home or investment property. Appointment required!

Asking $72,900 OR BEST OFFER!!

Falling Home Prices In Perspective

Consumers are being told over and over that home prices are falling. And statistically they are indeed. If you are in the market, or considering a sale, these reports can make you second guess your ability to sell for a reasonable price. If you are in a position where you have to sell, these reports can be frightening.


But in an interview with ideastream's Rick Jackson, Hoby Hanna, President of Howard Hanna Real Estate Company that operates in Ohio, Pennsylvania, West Virginia, and New York says, "there is more to judging a market's strength than reviewing raw data. The Case Shiller numbers say prices are down, but they are also taking into effect every sale in Northeast Ohio....and that includes foreclosures, short sales from underwater mortgages, and properties that banks are simply dumping. A computer program can't see that - algorithms can't see that. Taking all the recent sales and trying to dump into that a mix of comps....isn't fair." He goes on to say, "Including all the so-called 'distressed transactions' in the calculation depresses price averages, and are not representative of better prices some sellers are actually getting for their homes."


Hanna says despite the new Case Shiller numbers, Cleveland has experienced several month-to-month increases in early 2010. Once combined with Cleveland's relative housing affordability, he sees the overall picture as optimistic for 2011.


If you have questions about your immediate market area, call an experienced agent who specializes in this market. A Realtor can give you an accurate picture of what these numbers mean to you.

I am not an REO listing agent but have sold REO, HUD, etc. In my experience from a buyer's agent standpoint, my buyers will pay more for a home that is already repaired. That may sound like a no brainer. But my point is, when a buyer without remodeling experience looks at REO homes, they will always over estimate in their minds how much it will cost to repair. So their bids are always VERY low.

The REO homes I've sold that have been in relatively good condition, have often times been in multiple bid situations.

So why do you think it is, the banks don't often make value repairs to their inventory? I know some do, but many don't. I still run into many that have never even turned utilities back on.

For those of you working with these listings, do you find the banks really putting thought into the cost estimates they've received for the repairs vs the dollar they think it will bring them in a sale?

From my view point, it seems not only would they probably get their repair money back and then some, but it would increase the home values in the areas of these foreclosed homes (not their worry, I know). I guess I'm reaching for anything to better the market for the regular Joes.

What have you as REO listing agents run into with repairs and the logic behind to do or not to do?

This information is courtesy of Eric Wachtel, Sales Manager of the Green-Uniontown Howard Hanna office. I thought it was fantastic information to give a cash buyer. He writes:

As a cash buyer you must be aware that certain steps of the process, designed to protect a Lender's investment in a buyer's loan, are not required when real estate is purchased on a cash basis. You should consider carefully whether you desire the protection of any of the following important aspects of purchasing real estate.

APPRAISAL - A Lender requires an appraisal. You will need to request and pay for one if it is of interest. An appraisal is a third-party estimate of the real estate's value at a particular time.

SURVEY - A Lender requires a survey. This ensures that accurate boundaries are identified for the real estate being purchased. You will need to request and pay for one if it is of interest.

INSURANCE (Property) - A Lender requires hazard insurance. This insures against loss of property. You will need to request and pay for this if it is of interest.

INSURANCE (Title) - A Lender does not require title insurance. However, this is your means to insure yourself that you take ownership of the real estate with "clear title". This will be provided for you if you choose to utilize a Title Company for your purchase, as provided in your sales contract.

ZONING - A Lender does not require a zoning review. However, zoning regulations can have consequences on future plans for the real estate. If of concern to you, you will need to pursue zoning status and stipulations with the local and/or county zoning and/or building department(s).

When purchasing real estate on a cash basis, be sure to ask your Realtor any questions you may have about the above items.