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Foreclosure in Dayton : Real Estate Advice

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  • Local Info16
  • Home Buying91
  • Home Selling16
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Activity 25
kd8krz, Home Buyer in Dayton, OH
Sun Jun 29, 2014
kd8krz asked:
Spencer Gray, Real Estate Pro in Bonney Lake, WA
Sun May 25, 2014
Spencer Gray answered:
Dan Tabit, Real Estate Pro in Issaquah, WA
Fri Jan 31, 2014
Dan Tabit answered:
Mikesmom,
This is really a question for an attorney who is already in possession of many more facts than we have. It sounds like you have a prior chapter 7 and are now considering chapter 13 or foreclosure. If I really was qualified to advise you on this I would need more information than you should disclose on a public site. Please talk to your attorney about the pros & cons of both options in light of your existing credit situation. ... more
0 votes 1 answer Share Flag
Connie Welli…, Real Estate Pro in Dayton, OH
Mon Oct 21, 2013
Connie Wellinghoff answered:
Being SOLD or PENDING? If it is sold, then the websites should remove it from their data base and you can be sure by looking on the Property Transfer for that particular county. However, if it is pending, it can still be showing for many months until it is finally closed. ... more
0 votes 9 answers Share Flag
Cecilia Sher…, Real Estate Pro in Rocky River, OH
Mon Oct 21, 2013
Cecilia Sherrard answered:
Hopefully it was explained fully how short sales work and the process before starting with this purchase. With short sales, things may not always happen on time. Definitely talk with your Realtor about an estimate although she/he may not even know. It's hard to give an exact date when dealing with a short sale. Good luck to you and I hope it all works out. ... more
0 votes 3 answers Share Flag
Karma Brown,  in Dayton, OH
Sun Aug 25, 2013
Karma Brown answered:
Hello Pamela Knox. 5390 weyburn was listed for 119,900. However the property sold. If you would like I could set you up with a search off listing in that area or another with whatever features you desire in whatever price range you prefer. Just email me your preferences, and I can start it today. My email is karma@yourrealtorkarma.com ... more
0 votes 4 answers Share Flag
Gary & Crist…, Real Estate Pro in Beavercreek, OH
Sun Aug 11, 2013
Gary & Cristal Kremer answered:
Since the market is in an upswing and the interest rate are starting to climb I would suggest that now is the time to buy but that being said it is always your decision.
0 votes 1 answer Share Flag
Heather Dunn, Real Estate Pro in Gahanna, OH
Fri May 3, 2013
Heather Dunn answered:
Christina,

I am not an attorney so I cannot give you legal advice, but I can offer you some insights regarding your situation.

Ohio has passed legislation called the Ohio Tenant Protection Act as well as federal legislation entitled Protecting Tenants at Foreclosure Act of 2009. You can find information on both fairly easily online. The Ohio Secretary of State website also has numerous resources to help educate the public about exactly the situation you are in.

Prior to filing an eviction, the new owner must give you 90 days notice to vacate the property. However, if the new owner does not intend to occupy the property as a residence, they must honor any lease agreement already in place with the previous landlord. In your case, the bank certainly does not intend to occupy the property as a residence, so you would qualify. The recent laws essentially transform the new owner into the landlord. They must honor the remaining term of your lease. (So long as your lease meets certain qualifications such as: your lease was prior to the filing of the foreclosure, is based on fair market rent, you are not the defaulting borrower or a close family member, etc) Of course, from a practical standpoint, by the time a foreclosure is complete, many residential leases often convert from to month to month term. If you were to stay for any period of time, you would still need to pay rent to the new owner (even a bank) in order to avoid being evicted.

From a procedural standpoint, the bank does not automatically become the owner upon placing the winning bid at a sheriff sale. In Ohio, the (original) owner's Right of Redemption is not extinguished until the filing of the confirmation of sale in the foreclosure lawsuit. Various states allow for an owner to miraculously show up with all of the money owed on a lien and pay off the debt in full in order to avoid losing their ownership interest in the property. Each county in Ohio has a different case load and different timeframes in which a Confirmation of Sale is filed after a sheriff sale. There is not hard and fast rule. However, having said that, many counties process the Confirmation of Sale approx 30-60 days after the date of the sheriff sale. It is at THAT point that the bank would become the new owner and begin to exercise rights of an owner. You can go to the Clerk of Courts web site for your county and view the docket for the foreclosure case in order to keep a close eye on what dates things are happening.

So, roughly speaking, you have 30-60 days from the date of the sheriff sale when the bank will have the Confirmation of Sale filed in the foreclosure case. After that, you have your 90 day notice to work with regarding your time to vacate prior to an eviction being filed. However, due to the relatively new developments, I cannot be certain as to whether the bank can send you the 90 day notice from the date of the auction, or must wait for the confirmation of sale.

Heather Dunn, Realtor
Keller Williams Realty
614-560-9106
HeatherDunn@kw.com
https://heatherdunn.yourkwagent.com
... more
0 votes 3 answers Share Flag
Bob Voge,  in Dayton, OH
Wed Apr 10, 2013
Bob Voge answered:
Most banks won't/can't accept offers util the property has been listed.

Bob Voge
0 votes 1 answer Share Flag
Bob Voge,  in Dayton, OH
Wed Apr 10, 2013
Bob Voge answered:
Can be several months depending on whose desk it is laying on. If it's been a really long time contact the secretary in the Sheriffs office. He or shr might be able to help.

Bob Voge
0 votes 3 answers Share Flag
Lance Martin, Real Estate Pro in Dayton, OH
Mon Jan 21, 2013
Lance Martin answered:
Hello, you should contact your lender first and see what they advise you to do. Until the foreclosure is done, you are still responsible for the house and should be trying to sell it. There are a number of organizations in the Dayton area that can help you with questions regarding the foreclosure process and I can help you find them. Call me anytime at my office 937-238-7933. ... more
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My NC Homes…, Real Estate Pro in Chapel Hill, NC
Mon Aug 6, 2012
My NC Homes Team answered:
It can be very costly to buy a foreclosed property as most require considerable work and you are buying "AS-IS". I have sold many foreclosures over my twenty plus years a s a Realtor and honestly the vast majority are at best fair deals requiring a lot of work and money on my buyers part and in my opinion not worth the effort. Occasionally and I do mean occasionally I'll come across a foreclosure proeprty that really is a good deal but this accounts for less than 10% of all foreclosures.

I've attached a link below with more information about buying foreclosures and I hope you'll read it and that you find the information of some use.

Whatever you do do not buy directly for the listing agent of a foreclosure. Thier relationship, regardless of anything they may say is first and foremost with the bank who supplies them the majority of their business. If you're going to pursue a foreclosure go find yourself an experience buyer broker who will be watching out for your interests.

Good luck and happy house hunting.
... more
0 votes 8 answers Share Flag
James Gordon…, Real Estate Pro in Hamilton, OH
Tue Jul 31, 2012
James Gordon ABR SFR SRS answered:
A 203k is still a FHA mortgage just a different type. The normal FHA loan is a 203b for move in condition homes. A FHA 203k loan is for homes that need repair and they allow you to wrap the cost of repairs to be done by a FHA certified contractor into the loan. ... more
0 votes 3 answers Share Flag
Cathy Martin, Real Estate Pro in Dayton, OH
Tue Apr 3, 2012
Cathy Martin answered:
We will attempt to make arrangements to tour the property if it is of continued interest.

Many thanks,

Cathy & Steve Martin
KELLER WILLIAMS HOME TOWN REALTY

Get acquainted with us at: www.cathyandstevemartin.com ... more
0 votes 3 answers Share Flag
Susan Blanfo…, Real Estate Pro in Kettering, OH
Wed Oct 12, 2011
Susan Blanford answered:
First, you must contact a trusted lender. Do you have a credit union? Or do you deal with a bank? I can help you find a trusted lender by recommending a few in Dayton. Once you find one you like and with whom you want to do business, they will advise you on the lender's criteria as to how long you must wait before you can obtain a loan to purchase a property. The bank will need to review your credit in total before making any decision. This is a complicated situation and the regulations change frequently. If you need more information, call me. Best of luck to you. ... more
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Susan Blanfo…, Real Estate Pro in Kettering, OH
Wed Oct 12, 2011
Susan Blanford answered:
Jean, you must heed my advice, I absolutely know what I am talking about. Call CountyCorp at 937-531-7054 and ask to speak to a certified HUD counselor. They can advise you. Listen to no one else until you talk to them. I can't stress this enough. Do not pay anyone for advise. CountyCorp is free. You need CountyCorp's expert advice.

The lien cannot be dropped until other steps or agreements are made with the bank. The Montgomery County Recorder is the one who records information such as this. They can only change the information with a legal document. Do not go to an attorney until you speak to CountyCorp. Good luck.
... more
0 votes 3 answers Share Flag
Ty, Home Buyer in Columbus, OH
Tue Aug 17, 2010
Ty answered:
Hi Miguel:

I am an investor in OH. Whatever you decide to buy just make sure you do the math first. Numbers don't lie. Make for sure you get the return on your investment (money) that you want. Make a Pros and Cons list. FYI (EXAMPLE): Single Family Homes the tenants are responsible for everything..utilies,water&trash bill,lawn,snow removal etc. vs. duplex or Apt. Bldg. Landlord pays water,trash removal,lawn,snow removal etc./Feel free to email me @Tmsptee@aol.com/We Sell Properties also. Thanks, Tyshonna/World Wide Properties,LLC ... more
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