Strike Gold with Foreclosed Columbus Ohio Homes

Strike Gold with Foreclosed Columbus Ohio Homes

Buying Columbus Ohio homes that have been foreclosed can be excellent option for homebuyers with limited budget. In 2010, the number of foreclosed properties in USA rose dramatically (approximately 323,000 homes in USA were given foreclosure warnings in May) and there are many who would love to take advantage of this excellent opportunity. However, it is recommended that Ohio homebuyers consider few tips before they rush to buy foreclosed Columbus Ohio homes.

Real estate magazines, local newspapers, Internet, newsletters etc can be good sources of getting information about foreclosed Columbus Ohio homes. A number of government real estate agencies such as Fannie Mae, the Department of Housing and Urban Development publish advertisements about foreclosed properties. One can also enquire Ohio real estate agents about foreclosed Columbus Ohio homes for sale.

It is recommended that Ohio homebuyers inspect the foreclosed homes thoroughly before placing the bids. No matter how tempting the deal is, it is a better to confirm whether buying the house is worth its value. For example, avoid buying foreclosed Columbus Ohio homes where one needs to spent huge amount of money on fixing and renovating the house.

Ohio homebuyers should shop around for an agent who is aware of the latest trends in Ohio real estate market and is experienced in dealing with foreclosed Columbus Ohio homes. Remember that many sellers avoid dealing with buyers who are not represented by a real estate agent.

Many foreclosed properties have liabilities regarding the title of the property or liens that charged for not paying property taxes. These legal hassles can greatly increase the amount of paperwork; consequently, the price for buying foreclosed Columbus Ohio homes can also rise to a huge extent. Ohio homebuyers should research thoroughly about the foreclosed properties they are willing to buy and thus avoid these time wasters.

Many previous owners of foreclosed properties often refuse to move out of the home. In that case, it becomes the responsibility of the buyer to evict them. Various legal ways can help the homebuyers to evict the former owners of their Columbus Ohio homes. The real estate agents too can shed light on such matters.

Find out about the local foreclosure rates, which may differ from state to state. In Ohio, for example, the lender is required to sue the borrower and obtain the court order for selling off Columbus Ohio homes that have foreclosed. This process is also known as judicial foreclosure.

Remember that everything is negotiable in the real estate market. Many believe that foreclosed Columbus Ohio homes sell for 5 percent below the market price, but it is possible to acquire a property that has the selling price of 30-40 % below the market price.

The inexperienced Ohio homebuyers should opt for bank owned properties since there are no risks of liens, taxes or unwanted tenants.

Inspect personal credit report and update all the information. It is recommended to obtain preapproval for a mortgage loan. Many agencies dealing with Columbus Ohio homes for sale require the buyers to get prequalified for a loan.

It is important to remember that buying foreclosed Columbus Ohio homes is different from purchasing homes in a traditional manner. However, if purchased in the right way, foreclosed properties can easily fulfill a buyer's real estate goal.

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