In Dayton (Vandalia, Huber Heights, Vandalia, Union, Brookville, Eaton, Fairborn, Beavercreek, Trotwood, Miamisburg, Kettering, Centerville, Belmont, Moraine, Riverside, Oakwood) and Miami County (Troy, Piqua, West Milton, Tipp City, Covington) as well as throughout Ohio, foreclosures are handled through the courts. This typically happens once the home owner has become three or more months behind on their loan payments although the bank can legally start the process the first day a payment is late. The borrower will have received a late notification from the their bank prior to the court documentation being filed.

Once the court documentation has been filed, the borrower is given notice usually by certified mail. If the borrower cannot be located, the lender may publish the notice of the court filing in the local newspaper. Once the notice has been properly delivered or published, the borrower is given 28 days to respond or the court can find them in default. Depending on whether the borrower answers the default will determine how long the foreclosure can take. By not answering the default, the process can take an average of 3 to 4 months. By answering the default, the process will usually take an average of 6 to 8 months.

During this time the borrower will have the ability to bring the loan current plus all court and associated attorney fees. If the loan hasn’t been caught up the county clerk issues an order of sale to the sheriff. At this point the sheriff will obtain an appraisal and publish an ad in the local newspaper for three weeks. The sheriff will then conduct a public auction. The sale price must be at least two thirds of the appraised value, adn the property is sold to the highest bidder. Once the sale is complete the court reviews and files an order confirming the sheriff’s sale. The sheriff will then prepared and issue a deed transferring ownership to the winning bidder. Note, the buyer has the right to redeem the property at any time before the sale is confirmed by paying the loan balance and all associated court costs.

If you are a borrower that has found yourself in this position it’s important to understand there are alternative options than letting your house go through the foreclosure process. Once of these options is a short sale where the bank will accept less (short) than the loan balance in a sale. Please visit Greg Greenwald’s Dayton Ohio Short Sale Website for more information how the short sale process works in Dayton (Vandalia, Huber Heights, Vandalia, Union, Brookville, Eaton, Fairborn, Beavercreek, Trotwood, Miamisburg, Kettering, Centerville, Belmont, Moraine, Riverside, Oakwood) and Miami County (Troy, Piqua, West Milton, Tipp City, Covington) Ohio.

Buying a house to make home in Dayton and Miami County Ohio can sometimes be a confusing time. As with any Real Estate purchase, it’s good to have sound steps to follow to keep you on track for a pleasant experience. Take these steps below to help guide you through the home purchase procedures.

Step 1:
1. Prequalify with your Dayton or Miami County Realtor to know what price you can afford.
2. Decide what location, features, and priorities are important to you.
3. View several homes in your price range to determine your choice.

Step 2:
In purchasing your new home, the initial step will be to instruct your Realtor to make an offer to purchase. This offer must be in writing and accompanied by an earnest money check to show Good Faith. This offer should include:
1. The amount you are willing to pay.
2. Closing and occupancy dates.
3. Any contingencies, including obtaining of mortgage, and building and pest inspections.
4. Any personal property specially included or excluded.
If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller.

Step 3:
When the buyer and seller agree on terms, the buyer immediately applies for financing, taking the necessary credit information to the lender. The buyer should stay in touch with their loan officer weekly during the loan process.

Step 4:
Be Patient! The lender will arrange for a credit report and appraisal of the property and begin processing the loan. This may take 2-6 weeks depending on the type of financing.

Step 5:
Once loan approval is received, the agent will see that the abstracting is begun and all necessary contingencies are met.

Step 6:
The Closing. Buyer and seller meet with the lender and Realtors involved to perform the closing transaction. Afterwards, the documents are filed at the courthouse. Possession date is not necessarily the closing date. Possession and occupancy are agreed upon at the time the contract to purchase is agreed on.

Searching houses for sale in Dayton and Miami County Ohio is easy, just look for Realtor listing on-line. There are many real estate sites that let you see everything you want to know from the convenience of your computer. Check out my site at Greg Greenwald’s Dayton Realtor Website to find out more information and try out the Exclusive Atlas Search. Good luck, and happy house hunting.

Posted from Diigo. The rest of my favorite links are here.

Posted from Diigo. The rest of my favorite links are here.