Ohio is a large state with a substantial housing market. Naturally, home owners sometimes default on their home mortgage loans. When this happens, lenders in Ohio may foreclose on the property to protect their loan investments. These lenders may then proceed to sell the Ohio foreclosed properties at a public auction. Buyers who may wish to purchase foreclosed homes in Ohio can look in each county for foreclosure listings through the sheriff’s office, which handles the foreclosure sales. With these listings, buyers can prepare bidding funds to participate in the Ohio foreclosure auctions. Those who place and submit the highest bid at the auction become the buyer of Ohio foreclosures.
Find foreclosure listings in the various Ohio counties. Like the typical state, Ohio requires a public notice to go out in the county of an Ohio foreclosed property before a foreclosure sale can take place. Buyers can look for these mandatory Ohio foreclosure notices in county newspapers by asking the sheriff’s office in each county where the county’s Ohio foreclosure listings are published.
However, you may find a more efficient way to find foreclosed homes in Ohio by looking online. Some sheriffs may post lists of scheduled foreclosure sales (sheriff sales) on the county website (or separate sheriff’s website). So you should first look online to see if a local sheriff provides these foreclosure notices on the Internet. If not, you can always just call and ask for a list or where to find it in newspapers.
Find out how to participate in local auctions and the details for individual Ohio foreclosures. For example, sheriffs in Ohio will generally have a set day, like a Tuesday, for sheriff sales and foreclosure auctions. Compile a list of that information for each county in which you would like to participate in bidding on Ohio foreclosed properties. Of course, to find out about individual Ohio foreclosures, you just look at the listing for that property. It will tell you the address of the property and the time, date and place of the auction. Listings also tell you how much is due on the property.
Visit foreclosed homes before you bid on them. You at least want to see the lot even though you do not have a right to inspect foreclosures before a sale. This is a little less important in Ohio because the court actually provides an appraised value. Having that value will assist you in formulating a maximum bid for any foreclosures you would like to buy.
Go to the sheriff sale and participate in the bidding process. You want to make sure you have already determined the exact local procedure for bidding on and buying foreclosed properties in the county in question. For example, you want to use the right payment method (cash, certified check, etc.) and timing (down payment and other possibilities).
Get a deed for the Ohio property from the sheriff. The sheriff will first get the sale approved by the judge. After that, you can then obtain the property deed. Take this deed and file it in the real property records (recording office) in the same county of the foreclosed home or land. This filing is necessary to protect your newly acquired ownership interest in the foreclosure.
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