Buying foreclosure homes can be lucrative business opportunities for the real estate investors. With the US economy booming up once again, the prices of the state-of-art properties too are roaring. In fact, the asking prices of most of the dream house will make your jaw drop. On the other hand, you have these foreclosure homes where you are likely to get a minimum of 10% to 15% of discounts. And if you are lucky enough or a good negotiator, you can even expect a much higher discount, which means you will still have some of your money left over even after making the purchase for fixing your new home.
Apart from the above mentioned reasons, buying Columbus foreclosures homes has its own advantages. The first is its geographical location. The capital city of Ohio is only a few hours driving from the other major cities like Cleveland, Cincinnati and Detroit. The country’s business centers like Chicago and New York City are also close by. In addition, Columbus is the 16th largest City and 32nd largest metropolitan area of United States. All these factors contribute to the stable economic growth of this city. So if you are looking for a foreclosure property somewhere in Ohio, Columbus can be one of your ideal destinations.
Finding Columbus homes for sale is a simple task. Your first option is the newspaper classifieds. Almost all the local newspapers publish advertisements related to foreclosure properties on a regular basis. They provide details like the locality of the property, number of storey and bedrooms, and contact name and numbers etc. However, they fail to provide you with the property image and you are likely to get disappointed after visiting the site of the property in person.
You can also find signboards giving details of Columbus home for sale. These signboards are usually displayed directly by the sellers without involving any third party. The pros are that you can contact the seller directly to make the deal and there won’t be any third party charges and the cons may include time consuming legal procedures.
Another way of finding foreclosure properties is through the Columbus real estate agents. They usually maintain an updated database of Columbus homes for sale and can also help you to get a bargained deal. Moreover, they have many years of experience and expertise in dealing with foreclosures and can be a helpful resource for you in your venture. However, make sure you are dealing with a licensed Columbus real estate agent.
One of the best ways to find foreclosure homes in Columbus is searching online. You can either opt for the online classified sites or refer to the multi listing sites (MLS) that provide latest foreclosure listings. Apart from listing property details, these multi listing sites also provide agents to represent you until the deal is finalized. Some of the sites provide pre-approval loans on foreclosure properties.
Now that you know where to look for your Columbus home for sale , you must focus on the process involved in buying Columbus foreclosure homes. The bidding rules are generally simple if the property is a bank foreclosure. Ask you Columbus real estate/ listing agent to help you to get the pre approval letter from the mortgage loan officer stating the amount that you want to offer for the property. Apart from the offering price, this letter will include the suggested closing date and other financing details. Once received your letter the foreclosure listing agent will forward the same to the bank that holds the property. You must be very cautious while bidding. Never underbid what the bank originally owes unless the property is on market for more than six months. And to get such information, you will have to do a bit of market research. But there is nothing to worry as your real estate agent/ listing agent can easily provide you such information in most of the cases.