Our Ohio foreclosure listings currently display the latest in homes available on the market, with numerous repo homes and Ohio home foreclosures for sale. Ohio is located in the northeastern region of North America.
Search through the best listings of foreclosures in Ohio. We provide foreclosed homes and auctions in the major Ohio cities. Choose a city and fing an excellent deal for you!
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Ohio Foreclosure Home Investment is Looking Up - Sep 16, 2011
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Cincinnati, the third largest city of Ohio is situated on the northern bank of the Ohio River. The MSA consists ...
By the shores of Lake Erie rests the city of Cleveland, Ohio, the seat of Cuyahoga County, which is Ohio's ...
Columbus, Ohio's capital, has a rich and involved history. The capitol of Ohio was hotly contested up until February ...
Ohio’s most notable cities include: Columbus, Cincinnati, Cleveland, Akron and Toledo. Besides cities, Ohio’s major counties include: Franklin County (with a population of over 1 million people), Wayne County, Hamilton County and Allen County. Columbus features a lively metropolitan area and is full of exciting events, peaceful suburban streets and a lively shopping district in the city's central region. The shopping district includes areas such as the Short North Arts District, a number of outlets at Jeffersonville and the North Market, providing an exciting array of places to explore. Any young family looking to relocate to an exciting area full of rich culture would benefit greatly from the purchase of a foreclosure home in any of Ohio's great cities.
Besides its rich cultural life, the state's economy is also highly valued due to itss prominent industrial sector, which generates a great amount revenue on an annual basis. Ohio's manufacturing industry is widely recognized as one of America's most productive and profitable, with its main focus being the transport sector. Parts, models and equipment are all manufactured across Ohio, with cars and trucks being the most commonly produced types of vehicles. Ohio also has a very strong presence in the mining industry, producing materials such as clay, salt, sand, and gravel and, most importantly, coal. The most common services in the service industry are that of law firms, private health care centers, hotels and insurance companies, just to name a few.
Ohio's housing market is currently experiencing a notable drop in prices across many of the state's major cities. In Columbus, the median listing price for homes sits at an average of $109,900, with a percentile drop of 8.4 percent in comparison to last year. Ohio home foreclosures account for a large portion of households sold in Columbus, with a resale rate of just below 40 percent, attributing to more than a quarter of all homes sold in the city. Similar trends are prevalent in Cincinnati; the city’s average listing price sits at around $107,000, which is a drop of about 1.4 percent from last year. In fact, foreclosures in Cincinnati account for about three percent of all Ohio home sales.
In Ohio, all foreclosures must be pursued through the judicial system. The process usually begins when a lender files a lawsuit (known as a Lis Pendens) against a borrower (homeowner) at the county court. The homeowner is then notified and typically given 28 days in which to respond. If the homeowner does not respond, or the court find sufficient evidence of the homeowner's default, the court may rule in favor of the lender and issue an order to the sheriff to auction off the property in question in order to rectify the debt.
Prior to the foreclosure sale, the Sheriff must publish a notice of sale in a local weekly newspaper for at least three weeks. Besides putting a notice up, the sherriff must also allow the property to be appraised by three different and disinterested individuals, and calculate the mean amount of their appraisal values.
The sherriff is always in charge of running the foreclosure auction. The opening bid may be no less than two thirds of the mean appraisal of the property's market value. After the auction, the property is awarded to the highest bidder, who must wait to have the sale confirmed by the court. Once the sale has been confirmed, the Sheriff issues the winning bidder a deed to the property.
The original homeowner retains the right to redemption by paying the default amount owed plus any additional costs accrued at any point between the sale and the court's confirmation. The lender may pursue a deficiency judgment if the sale price of the property does not match the original loan awarded to the homeowner.
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