Columbus, Ohio lenders can foreclose on and sell real estate when the home owner who has a mortgage goes into default due to nonpayment. The lender goes to court and gets a court order for a foreclosure sale. The sheriff then takes over and sells Columbus foreclosures at sheriff sales. Those who wish to buy foreclosed homes in Columbus need to get foreclosure notices from the Franklin County sheriff. They can then prepare funds for and participate in the weekly sheriff sales in Columbus.
Visit the Franklin County sheriff’s website at Sheriff.franklin.oh.us/. Click on the “Civil Real Estate Sales” link to get foreclosure information. You will find out that there are many ways to get Columbus foreclosure listings. First of all, you can get them directly from the website. The sheriff’s office also posts them around Columbus in a couple of places. Finally, you can get the official Franklin County and Columbus foreclosure notices in the Daily Reporter newspaper.
Look at the foreclosure listings to determine the location of Columbus foreclosed properties. Ideally, you should visit these properties to see what kind of condition they are in before trying to buy them. The courts in Ohio actually order an appraisal of foreclosed homes. The bidding starts at 2/3rds of that appraisal value. Thus, it is difficult but not impossible to get a great house deal through Columbus foreclosure auctions.
Look at the deposit amount to see what you have to pay on auction day. You need to prepare a cashier’s check in that amount in case you win an auction for a Columbus foreclosed property.
Go to the weekly Franklin County sheriff’s sale. As of November 2010, the sheriff conducts these every Friday morning at 9:00. The location of the foreclosure auctions is the first floor press room/auditorium at the Franklin County Courthouse.
Bid on the Columbus foreclosed properties you want to buy and pay the deposit if you win. You must then pay the balance within 30 days.
Get a deed once you have paid the full amount of the bid. It is always imperative to get a property deed when buying foreclosed homes in Columbus. You need to take this deed and file it with the Franklin County recording office to protect your new property rights in the Columbus foreclosure.
Franklin County, Ohio Sheriff’s Foreclosure Information Page