Finding a Home Using Columbus Ohio Foreclosure Listings

Shawn | Nov 17, 2010 |

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Columbus Ohio foreclosure listings are not hard to find. These listings give the addresses and general information of homes that either have been foreclosed on or are in a state of pre foreclosure. There are not only houses but also condominiums and apartments listed for short sale or auction on such a site in many cases, you can bid for the home online. You can either purchase a home outright or purchase a home on a rent to own basis. When a house is in a state of pre foreclosure, this means that the bank will foreclose on the home but has not done so yet. These owners are about to lose their home and often will be willing to get whatever they can for it, even if the potential buyer is offering less than the mortgage still owed for the house. In such a case, the bank that provided the original mortgage loan will also be involved in the sale, which is known as a short sale. While the bank does not receive full payment of all money due, it does get more than it would if the home were put up for auction, and it does not have to go through the legalities of foreclosing on the home. Both the seller and the bank need to be in agreement for a short sale of a home to take place. Homes that have been put up for auction are often the cheapest to purchase. You will most likely still need a Columbus Ohio mortgage in order to purchase such a house, but you can save a lot of money by purchasing an auctioned house as opposed to one that is listed for short sale or sheriff's sale. Auctioned homes are ones that have been foreclosed on the bank has repossessed the home, which it then auctions off to the highest bidder. You can bid for such a home online at www.foreclosure.com or a real estate website that specializes in the sale of these homes. If you get on the above listed site, simply go into the listings for Columbus, Ohio. You will notice that for all the homes that are up for auction, a minimum bid is required. You should expect that the minimum bid will be at least 1,000, although in most cases it is often much more. If you intend to participate in such an auction, it is very important to have a working knowledge of the right of redemption laws. The right of redemption gives the original owner of the home (the person who defaulted on their mortgage) the right to buy the property back if he or she can come up with the required sum of money within a limited time frame. That means that you will not actually have a clear title to the property you won at a real estate auction until the right of redemption time limit has been exceeded. However, you should be given a certificate of sale right after you have purchased the home such a certificate will state clearly that the house is yours once the right of redemption time allowance has passed.