Cleveland has plenty of opportunities to look for cheap house deals through foreclosure auctions. When a lender in the state of Ohio has a borrower who goes into default, the lender can give notice and then initiate a foreclosure sale. Potential buyers of Cleveland foreclosures should use local foreclosure listings to find foreclosed homes in Cleveland. They can then raise funds and bid to purchase foreclosed properties at local Cleveland foreclosure auctions.
Find Cleveland foreclosed properties by using local foreclosure listings. In Ohio, the local sheriff conducts a sheriff sale for foreclosure auctions. Thus, your primary source of information about Cleveland foreclosure notices is the Cuyahoga County Sheriff’s Office. The sheriff sells foreclosed properties for Cleveland and the rest of the county. You can find a database of Cleveland foreclosed properties and real estate for other parts of the county at Sheriff.cuyahogacounty.us/propertysearch.asp. You can also get the full foreclosure listings in Saturday’s edition of The Daily Legal News.
Look at the foreclosure listings for sale dates. In Cuyahoga County, the sheriff conducts foreclosure sales on Mondays at 8:30 a.m. (the next day if Monday is a holiday). The sales take place at Justice Center, 1215 West 3rd Street, Cleveland, Ohio 44113.
Determine the appraised value of Cleveland foreclosures and the minimum bid by looking at the foreclosure listings. The court appraises foreclosed properties in the state of Ohio. Because the minimum bid is 2/3rds of this amount, it is somewhat difficult to get good bargains through Cleveland foreclosed properties.
Prepare the deposit money once you decide to bid on a property. The general rule is that you need to pay 10% to buy a foreclosed home in Cleveland at a sheriff sale, payable by cash, bank money order or certified check. In addition, you need to pay $36 for a recorder’s fee (sometimes a little more), $75 for sheriff’s recording fee and an auditor’s conveyance fee of 4/10ths of 1 percent of the bid price plus 50 cents per parcel.
Show up and bid on the foreclosed properties you would like to purchase. It would behoove you to at least do a cursory inspection of a property before buying it. Remember that you almost always have to pay close to the fair market value, so you want to be careful about getting a property that may have problems now or in the near future.
Pay the foreclosure deposit money and fees after winning a Cleveland foreclosure auction. You then need to pay the rest within 10 days to avoid interest and within 30 days to avoid contempt-of-court charges. Do not bid on a Cleveland foreclosed home unless you are going to actually pay for it.
Follow up with the sheriff to get a deed to the foreclosed property. The sheriff will actually file the deed in the recording office for you and give you a copy.
Cuyahoga County, Ohio Foreclosure Information