| "This house is in foreclosure. Why has it been vacant | | | | real estate agents to appraise the home and advertise |
| so long?" | | | | the property for at least three weeks. |
| The most common question -- aside from how is | | | | The home will be "sold" at Sheriff Sale on the |
| business? -- I've received in my first 100 days as a real | | | | announced date to the highest bidder |
| estate agent has been a collection of questions on the | | | | The "high bidder" has essentially entered into an |
| process of foreclosing on a home.The Foreclosure | | | | agreement to purchase the home. They are required |
| Process in Ohio | | | | to put down 10 percent and the rest is payable in "x" |
| The owner of the home fails to pay the mortgage. | | | | days (varies by county). |
| Once the bank feels that the owner is too far behind | | | | On "x" day the purchaser will provide funds, and deed |
| -- or not responding to requests -- then it will file a | | | | is transferred to the new owner. |
| notice of foreclosure in the local court. | | | | An important note is that right up until the day the deed |
| Local Court will conduct a hearing at which usually a | | | | is filed the original home owner has right of redemption |
| notice of foreclosure is issued | | | | -- meaning that if they can pay off the debt in full then |
| This notice is then turned over the Sheriff, who will hire | | | | the home remains their property. |