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With the entire country having being affected by the foreclosure crisis to some degree, Columbus is no different. However, many financial analysts are of the opinion that the market could witness a bottom point some point soon (either by the end on this year or early next year).
This expected relief is getting many of Columbus’ prospective home buyers into the market again. Many of these buyers are looking at saving money by buying a home amidst the existing Columbus foreclosures. This is because these homes have a tendency of being sold for lesser than their estimated market values.
If you plan to buy a foreclosure affected home in Columbus, it would be best if you did some research before starting to look at these homes.
A home can be put up for sale while it is still in pre-foreclosure (directly by the home owner); at an auction of foreclosure sale; or through a lender/bank after the completion of the foreclosure proceedings.
In buying a pre-foreclosure home, you should make sure that you go through the relevant paper work to see if there are any arrears (such as unpaid taxes or secondary liens) linked to the home.
Buying a home at an auction should ideally be left to the more seasoned buyers, or you should be prepared to spend some time in studying the process.
Buying a foreclosure home from a bank is often recommended to first time home buyers as banks generally take care of the arrears linked to a home upon foreclosure.
However, the good deals do not limit themselves to any one process, and it would be best if you go through all possible resources and explore all your options.
HUD Fair Housing Equal Opportunity