//Buying Foreclosed Homes in Ohio: Important Things You Must Know About

Buying Foreclosed Homes in Ohio: Important Things You Must Know About

If you’ve seen various foreclosed homes in Ohio and elsewhere gather their share of interested buyers—not to mention banks willing to sell their so-called REOs (real estate properties) at massive discounts—don’t be surprised. Buyers are typically attracted to purchasing a foreclosed property due to the low prices, though the endeavor is not without risks which you must guard against at all times. If you’re currently in the market for a foreclosed home, here are some important pointers.

What You Need To Know If You’re Buying A Foreclosure, Realtor.com

It’s a Whole New Ball Game

Many tend to think that buying foreclosed homes in Toledo, Ohio and other locales is identical to buying regularly listed property. In reality, specialist firms like the Real Estate Cash Network will tell you that it’s vastly different: A foreclosed property’s seller is the bank, which impacts all aspects of the selling process. Aside from this, the time frame is much shorter, meaning that your finances must already be in good order if you’re looking to buy.

Knowing the House’s Past is Critical

In general, sellers are required to fill out a Seller’s Property Disclosure Statement (SPDS) as a part of every transaction. This document is meant to educate the buyer of any material defects on the property, providing a historical perspective of the home and the work done on it through the years—maintenance, repairs, additions, and others. Knowing about the home’s past is also vital since, out of spite, some owners tend to damage the house before being evicted; this typically catches many buyers unaware.

Legal Issues May Come Your Way

Legal matters can also complicate the purchase of a foreclosed home. For instance, it would be your responsibility to evict any occupants still living in the property once the sale is done, as there are lenders who won’t even ensure that the home was vacated. Other potential issues include unpaid liens not voided by the sale (e.g. water bills) and unresolved matters on the title which may affect the chain of ownership of the property.

Prepare to Spend Extra on Maintenance

Foreclosed properties are typically sold “as is”, which means that any damage incurred while the home was occupied could still be there after the sale. Your budget must allocate enough funds for necessary and potential repairs, since several properties tend to be in less than optimum condition.

(Source: What You Need To Know If You’re Buying A Foreclosure, Realtor.com)

By | 2018-02-07T12:25:21+00:00 March 17th, 2015|Info Articles|Comments Off on Buying Foreclosed Homes in Ohio: Important Things You Must Know About

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