subject: Ohio Foreclosures and How They Work [print this page] Ohio foreclosures basically have the same foreclosure rules just like most other states. If you plan to relocate or purchase an investment property in Ohio, then you may want to know the basic Ohio foreclosures regulations and proceedings.
Process of foreclosure in Ohio
A notice will be served if the wner is behind on motgage payments just like in any other foreclosure regulations. And if the bank feels that it is too far behind to save the property and the owner is ignoring the bank requests, the notice of foreclosure will be filed in the local court.
Local court will conduct a hearing after the notice has been issued.
A real estate agent is hired to appraise the property as soon as the notice is turned over to the Sheriff and will have the property advertised for three weeks.
On the announced date at the Sheriff Sale, the home will be sold to the highest bidder.
The highest bidder will be required to put down at least ten percent as soon as he or she entered the agreement contract to buy the property and the remaining balance is payable in "x" amount of days. (The days differ by county.)
If the debt is paid off until the deed is filed, he the right for redemption or can still have the property back.
In Ohio, they have no statutory right of reclamation, but in many other states this is an additional barrier to purchasing the home. On the day of the Sheriff Sales, statutory reclamation will be added on to the home thus giving original owner the right to keep the property.
Recent statistics showed that more than one percent of all homes were on the verge foreclosures around the world during the year 2007 and 0.58 percent of those faced foreclosures in 2006. One of the states that was extremely affected and had the highest foreclosure rate was Ohio, although not as high as Florida or California. But it was known that one in every fifty-six households in Ohio entered some point of foreclosure in 2007.
The only encouraging thing in Ohio foreclosures is that the process takes longer than average procedure before it will be finalized in the state. Also, Ohio homeowners have the right to respond to the Notice of Default in the court and challenge the law within twenty eight days to delay the foreclosure for a while until they can pay their dues.
But as a homeowner, if you plan to sell the property, the grace period or pre foreclosure is a great opportunity for you to find a buyer since there are a lot of investors out there who are willing to purchase any property at a discounted price.
And if you are an investor, you may have to find and contact the homeowner before the actual foreclosure process begins. Some owners are prepared to sell the property at a reduced price and save their credit rating.
And with all the payments like property taxes, maintenance and insurancein while waiting for the lengthy process of Ohio foreclosures,banks and lenders are not so anxious in foreclosing a property.
This is a win-win situation for everyone involved. The owner can start anew with minimal damage; the bank or lender will not lose money while waiting for the lengthy process and; you as an investor can save a lot of money by purchasing the property at a discounted price.
