Ohio Foreclosures

Written by Rachel Arieff
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Ohio foreclosures are your ticket to affordable housing if you're a first-time home owner without a great deal of capital. In addition, if you're an investor, foreclosures can be great property deals, allowing you to purchase at extreme discounts for profitable reselling. If you're a landlord, you can purchase foreclosed properties for rental purposes and turn them into income-producing machines.

No matter what your intent, foreclosures are a money-saving and even wealth-creating opportunity. In Ohio, a state that has a lower cost of living than many others, foreclosures can be purchased for even less. Depending on the county and city in which you search, Ohio foreclosures can be purchased for as little as $25,000.

Purchasing Ohio Foreclosures

Do you need to have the cash on hand to purchase a foreclosure? Absolutely not! Ohio foreclosures can be purchased the same way that you would purchase any other property: with traditional bank loans, mortgages, or even credit cards. Other creative ways to finance your foreclosure purchase is to go in with partners who are willing to put up the capital in exchange for a part of the profits.

Who do you deal with when purchasing foreclosures in Ohio? It depends on the stage of the foreclosure in question. For example, if the property is in the pre-foreclosure stage, then you must purchase directly from the owners. If the property has already been foreclosed and put up for auction, then you must deal with the auction officials or foreclosure attorneys. In cases in which the property has reverted back to the lending institution, you must deal with the lender if you're interested in purchasing.

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