Columbus Ohio Foreclosure Listings

The Columbus Ohio foreclosure rank has been on the decline. In 2007 the state of Ohio was ranked as the number 6 highest foreclosure rate in the country. Currently in 2010 the Ohio foreclosure rank has dropped to number 13. Don't let these numbers fool you. Bank foreclosures, bank sales and Ohio REO properties have continued to increase and in fact rose over 18% in August 2010 compared to August 2009. The reason Ohio is dropping in foreclosure rank is because other states are doing much worse and are moving Ohio down in the charts.

Columbus Ohio foreclosure listings have also been on the rise. As more and more bank owned homes move into the market we are left with very little rise in home prices. The number of listings in Columbus Ohio is increasing faster than the number of sales. This unbalance of supply and demand is holding prices down. This is great news for buyers who are able to purchase a bank owned home or a foreclosure property but not so great for sellers. Many sellers are left few options and most resort to a short sale. As an active real estate agent in Central Ohio I can attest to the fact that short sales are on the rise and often times are a much better buy than the traditional non foreclosure or non bank sale.

If you are a buyer looking for a foreclosure home or a bank sale property you are probably wondering how you can find these really good buys. The best way to find them is in the Columbus Ohio MLS. All foreclosure home listings, Short Sales, HUD Homes, bank sales and REO properties are listed in the MLS just like any other home. There really is no such thing as a magic list that many web pages advertise. Some web pages even charge a fee for a list of foreclosures that they obtain for free. To get this list all you need is a realtor who understands how to build a custom MLS search for you that delivers the new foreclosure listings to your email address. Remember that if you are a buyer in the state of Ohio you do not have to pay a real estate agent to help you buy a home even if it's a foreclosure property. A knowledgeable real estate agent would be happy to help you find a bank foreclosure home because the bank will pay them a fee for helping you.

As a Columbus Ohio realtor I have noticed in dealing with bank sales especially over the past 12 months that the banks are becoming more negotiable. In prior years banks were very firm on foreclosure listing prices. They are now more willing to make a deal and get the property of their books. The back log of bank foreclosures is increasing monthly and the banks need to move these properties fast. If you are looking to purchase a home I encourage you to find a good realtor and strongly consider a foreclosure listing. Don't expect a foreclosure home to be in perfect condition but many can be cleaned up with very little cost and some elbow grease.

Many investors are earning a living just buying a bank foreclosure and flipping it for a nice profit. If you are an informed investor than you know that you make your money when you buy the property. Buying low is the key and you must know the real market value of the property and all of your costs involved before entering into a contract to purchase. Again an agent with a working knowledge of foreclosures is the best match for an investor who wished to maximize their profit.

If you are looking for a Realtor with a knowledge of foreclosure properties call Scott Marvin 614-581-9497