Roanoke, VA Ranks in the Top 20% of US Cities for Overleveraged/”Underwater” Homes
By Chad Corbett on in Home Buyers, Home Sellers, Real Estate Market Statistics, Rent To Own, Rent To Own Buyers, Rent To Own Sellers, Uncategorized with One Comment
www.Zillow.com has just released a new tool on their site which allows home owners across the US to see how their neighborhood ranks among others for the amount of negative equity in their homes. For months I’ve been researching this and I’ve found that roughly 55% of homes nationwide currently have less than 10% equity and 27% are over leveraged. I have not been able to find data at the local level until now. This confirms that Roanoke is NOT insulated from the effects of the overall real estate market as so many professionals lead you to believe. In my experience here in Roanoke, pretty much any home owner who originated their loan after 2006 who did not put 20% or more down is most definitely in a negative equity situation. That is why REsolutions Real Estate Services has introduced our Rent To Own program.
Through our Rent To Own program we can show over-leveraged owners how they can sell their home quickly to a qualified Tenant-Buyer who would love to own their home and doesn’t care about their equity position right now because they want to move in now and close later. Our owners get immediate debt relief and our Tenant Buyers get a place to call HOME now rather than waiting several years.
If you would like to sell your Roanoke Virginia home but find that you owe more than it is worth click here to learn more about our services and the options available to you: REsolutions Rent To Own Program