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Part 1 of a 2 Part Series
“This house is in foreclosure.
Why has it been vacant so long?â€
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The most common question – aside from how is business – Toby’s received in his first 100 days as a real estate agent has been a collection of questions on the process of foreclosing on a home.
And I’ve been thinking of writing an article for several weeks, but after reading the words of “expert” Albert Lee on Ezine Articles, that time became now. While, I won’t attack Lee directly, I will say that his article “Buy a Cheap Foreclosed Property” has a lot things that concern me.
So this will be a two-part series, with today’s article focusing on the foreclosure process and on Saturday an article on buying a foreclosed home.
The Foreclosure Process in Ohio
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The owner of the home fails to pay the mortgage.
Once the bank feels that the owner is too far behind – or not responding to requests – then it will file a notice of foreclosure in the local court.
Local Court will conduct a hearing at which usually a notice of foreclosure is issued
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This notice is then turned over the Sherrif, who will hire real estate agents to appraise the home and advertise the property for at least three weeks.
The home will be “sold” at Sherrif Sale on the announced date to the highest bidder
The “high bidder” has essentially entered into an agreement to purchase the home. They are required to put down 10 percent and the rest is payable in “x” days (varies by county).
On “x” day the purchaser will provide funds, and deed is transferred to the new owner.
An important note is that right up until the day the deed is filed the original home owner has right of redemption — meaning that if they can pay off the debt in full then the home remains their property.
In Ohio, we have no statutory right of reclamation, but in many states this is an additional barrier to purchasing the home. Statuatory reclamation kicks in the day of the Sherrif sale and will be added on to the home — giving the original owner every possible opportunity to keep the home.
On Saturday, Sadie will write, “Buying a Foreclosed Home”, for those thinking about buying a foreclosed home.
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About Toby Boyce
Toby Boyce, MBA, is a licensed real estate agent in the state of Ohio with Triumph Realty. Boyce, propietor of the Ohio Home Team, has been a full-time real estate agent in Central Ohio since 2006.
Did your headline say the Sherriff will contact agents to help people list their properties?
I am available!
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I am available to help research and try to negotiate short sales with banks, when there is a real hardship. That’s got to be something banks start identifying as a way to manage this crisis!
This post has been edited by blog author Toby Boyce.
Are you going to leave that up Toby?
Yes, after I take out the identifiers. I don’t like removing comments from the blog and i won’t. however, I’m not going to give her business of my blog