The characterization of a Ghost Home has many different stories…
Let's face it, since the economic downturn of 2008, housing has been dramatically affected and those of us who are still trying to dig ourselves out of the financial hole we found ourselves in, find that our efforts are often centered on our biggest financial obligation/asset; our homes.
REDUCED VALUE – Some homes that lost so much value during the real estate crash, caused their owner to become “upside down”. This means that the owner owed more on the mortgage of the home than the home was now worth which has the following affects:
1. In some cases it may take 5, 10 or more years to build back the equity lost in the crash or possibly never! That means you would be paying into an asset that may or may not ever appreciate enough to recover the equity lost.
2. You may discover that the option to move out and rent your home will still not cover the mortgage payment so you are still left in a negative position. While some costs are mitigated, there is still out of pocket costs that will be the homeowner’s responsibility.
LOST EMPLOYMENT – Again, the loss of jobs impacted home owner(s) and they no longer had the income to make mortgage payments. Many families left their homes behind to find more inexpensive housing…the houses were left vacant waiting for the bank to do something with them.
MONEY PIT – Homes that are in need of repair are left to further deteriorate, or there are so many things that need to be fixed, the home becomes largely in disrepair. If the homeowner cannot financially afford to make these repairs, the house becomes impossible to sell under these conditions.
DIVORCE – A split in a married couples lives is emotionally traumatic enough, but you add all the pressures of selling a home into the mix and it becomes too much. Couples often abandon the home because they feel they do not have the time, the money or the heart to sell it.
DEATH IN THE FAMILY – Losing a loved one is never easy. The family is often left to pay all debts and taxes while the estate languishes in probate. Ultimately, they need to sell as soon as possible so they can get on with the healing process. These homes are often left vacant for over a year.
These homes deserve a fresh start as do the families that are affected by these situations. If you know of homes like these, or you actually live in one, there are options that you should consider. True Patriot Homes, LLC invests in people and their properties.
We buy these properties to make them new again so the owners can also move on and start anew.
Call True Patriot Homes, LLC for a no obligation, no-cost evaluation. We can help.
True Patriot Homes, LLC
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