Ohio: 8th Highest Foreclosures Rate in Q1
For the first quarter of 2007, Ohio has recorded 24,204 foreclosures filings, making it the 8th state with the highest foreclosures rate. With 1 out of 198 homes entering some stage of foreclosure, the state scrambles for ways to help local residents with their mortgage troubles. For the mean time, Ohio foreclosures rate is showing no signs of slowing down as more subprime adjustable rate loans reset this year.
On the other hand, the many available Ohio foreclosures present great opportunities for buyers. These foreclosure properties are being sold at below average market prices, providing buyers with instant equity. Seasoned investors have even turned to foreclosure homes for their great return potential.
Although the number of Ohio foreclosures has reached thousands, finding a potential bargain is quite difficult. These foreclosures include distressed homes, foreclosures at auctions and government foreclosures. Distressed properties are quite hard to find since their owners are still trying to cure their mortgage default and have not officially put up their homes in the market. If you do find one, you will be delighted with the very low prices offered for them.
Buying Ohio foreclosures from auctions is the next best thing but different rules apply to different states. Some states require auction participants to have the full amount of their bid with them, either in cash or manager’s check. When deciding to participate in a foreclosure auction, make sure you do not bid above your budget. The minimum bid usually includes the foreclosure costs, legal fees and the mortgage debt.
For more convenience, you should subscribe to foreclosure listings that can provide you with instant access to thousands of Ohio foreclosure homes for sale. These listings are available from real estate brokers like ForeclosureConnections for a small subscription fee.
