in Ohio do you only have to put the deposit down, then come through within 30 days with loan? What kind of loan can be used? Are the titles clear?
I am speaking about the sheriff sale process. Is it a gamble and worth it? Also titles clear meaning from any liens?
(0) | asked by: C S | share | 18 months ago | Report
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There is ALOT involved in the Sheriff Sales and you can not view the inside of the properties before you buy. You must see them from the outside only unless there is a door open. The Sheriff will tell you what you have to put down(deposit) on every property and its usually high. I would not recommend going this route unless you do your due diligence. I don't even know of a Realtor® that knows all the ins and outs for the Sheriff's Sales. I use to go down every Friday and sit in on the Auction just to learn and I still don't think I could buy one. Check out this link here ---> sheriff.franklincountyohio.gov/search/real-estate/ dont forget to add the https:// just before the word sheriff. Broker Brandi J. Newland RE/MAX Right Now in Grove City, Ohio
Hi CS, With this type of purchase you must do your own due diligence in checking records with the clerk of county courts as to mechanics liens and water past dues, past taxes etc. Also, you are not allowed in the property until you have a deed in hand. This means the bank will not be able to send an appraiser inside either, so, I would highly recommend you discuss this with your loan company or bank in detail before you dive into a sheriff's auction. The mortgage process involves appraisal, title search, underwriting etc., and most buyers at Sheriff's auctions are cash buyers, you will also be competing against the original lender of the property (in most cases). The profit potential can be worth the high risk of Sheriff's sale properties, however determining if it is "worth it" (as you have asked) would be based on your own personal opinion after completing your own due diligence process and as mentioned- speaking with your personal lender. If you are looking for a "cheap property" that can be financed I would recommend HUD listings. I would also recommend connecting with a local Realtor who can help and advise you with the search, showing and bidding on HUD homes. Regarding how the transaction transpires in a Franklin county Sherrif's sale and timeline associated- as taken directly from the Franklin County Website- see below. All bids begin at 2/3 of the appraised value of the property, unless otherwise directed by court order. If you are the successful bidder, you will need to deliver a cashier's check in the amount of the required deposit as well as a completed Real Estate Judicial Sale Purchaser Information Form at the time of the final bid. This form is available for printing on the Franklin County Website. The balance will be due thirty days after confirmation of sale as required by HB 138. All sales stipulate "Buyer Beware." To obtain current lien information- from the Franklin County Sherriff's sale site- simply click the parcel link, which will take you to the auditor's property information. Then click on the recorders link in the bottom left corner. There is also a link on the site that provides information about a third party sales process and what you need to know regarding the timeline. Hope this helps. Thanks, Adria Thompson Key Realty
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