Interested in buying a foreclosure in Ohio? You can get some good prices buying a foreclosure but you have to be careful that you know what you are getting into. Here are 4 tips on finding and buying a foreclosure in Ohio:
- To find a property you will have to research property that will be sold at an auction. Ohio’s foreclosures are carried out by the judicial system and the notice of the sale must be published in the local newspaper and local courthouse.
- Once you find a property that you are interested in then you will want to drive by the property. The notice of sell will have the date, time, location of the sale and the property address. Houses sold at auctions are sold as-is, which means that no repairs will be made before it is purchased. If there are additional expenses associated with the house and you bid and win, you are responsible for these.
- You will need to contact your lender and let them know that you want to purchase a foreclosed property at auction. You will want to make arrangements to have cash at the auction. You will want to determine the amount you want to bid on the property. The property will go to the highest bidder and Ohio law requires that the sale price be at least two thirds of the appraised value.
- Last, you will attend the auction. Beware though, many experienced investors buy properties at auctions so that they can flip them. If your bid wins, you pay the auctioneer, and then the home is yours!
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