Ohio has one of the largest populations of all U.S. states. As such, it creates a large supply of Ohio HUD homes for sale. The FHA insures many mortgages throughout Ohio. When a mortgage goes into foreclosure, HUD sometimes buys the property at the public auction. HUD then tries to make back the money lost on the mortgage by selling HUD homes in Ohio to the public. HUD actually lists all of these Ohio properties online. Buyers can bid to buy them by submitting bids through a HUD-approved Ohio real estate agent.
Go to the HUD website with home listings at hudhomestore.com/HudHome/Index.aspx. You can use this website to find Ohio HUD homes on a statewide basis or narrow your search down by city or other preferred options. Start by clicking on Ohio on the main page.
You will then be directed to the Ohio HUD foreclosures listings on the next page. Narrow your search as desired with the search engine above the results. For example, you could look for Cincinnati HUD homes that have 2 bedrooms and cost less than $150,000. Continue searching until you find which HUD homes in Ohio you would like to purchase.
Go back to the main page on HUD’s site. You now need to find a local Ohio real estate broker. HUD approves Ohio brokers and agents to place bids for those seeking to buy the properties. Look for the “Find a Broker” link near the top. Click on that and then choose Ohio to get a statewide list of brokers for HUD Ohio homes or choose the city where your chosen Ohio properties are located.
Go to home-loan lending institutions in the cities where your chosen Ohio real estate is located. This will be necessary if you do not have the cash funds to pay for an HUD home in Ohio. Get preapproved if you need a loan to make the house purchase.
Submit all necessary paperwork to your broker. Your Ohio broker will then forward a bid package to HUD Ohio. Wait to see whether the agency accepts your bid.
If Ohio HUD officials accept your home bid, then get with your broker and lender to complete all the necessary paperwork and make required deposits on the home. An Ohio closing agent approved by HUD will then conduct the closing.
Ask for an Ohio deed from HUD after you have completed your Ohio HUD home purchase. Take this property deed and file it in the real property recorder’s office in the county of the Ohio property.
HUD Home Listings