Cash Buyers Help Cleveland Housing Market Recover
In order for home prices to come back to their normal level, the deeply-depressed inventory has to clear. A local West-Side company, Home Buyers Ohio, is doing its part to help by buying up as many distressed properties as it can.
2/29/12 10:54 PM CET
"There are so many houses out there selling for 1990 level prices it's insane," commented Duane Linder of Home Buyers Ohio. "I walk through dozens of houses per week, looking for properties that meet our buying criteria." Many of those homes don't make the cut. But, then again, plenty do.
Home Buyers Ohio helps owners of these distressed properties liquidate when they otherwise wouldn't be able to. Many of the homes require significant repairs, making the property (not to mention many of today's buyers) unfinanceable. "We probably spend about $25,000 to $35,000 on average to improve the homes that we buy. We just did a project where the renovation was nearly ten times what we bought the property itself for. That's the way it goes.
"Home Buyers is hoping to buy as many as 100 homes this year to renovate and reintroduce into the normal market. "Are we doing this to make a profit?" Duane asked. "Of course. But we're also committed to and proud of the service we're providing to the community. Not only do we help people sell by paying cash for their home, we also help would be homeowners get back on track and into our properties."
If you have questions about a property, you can reach Home Buyers Ohio at 440-934-9800 or visit their website.