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Old 07-10-2011, 03:27 PM
Location: Mason, OH
9,259 posts, read 13,360,925 times
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Thanks Wilson, but I am familiar with CSV files and importing them into Excel, etc. I have some interest but not enough to warrant the hassle involved.
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Old 07-11-2011, 05:56 PM
Location: Indianapolis and Cincinnati
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The FHA, fannie and freddie foreclosures typically have the back taxes paid. One of the reasons Cioncinnati is attracting so many out of state Preservationists is they can buy a property that would sell for bigs bucks anywhere else for pennies on the dollar, they always seem to need work because typically they are looted for copper and anything not nailed down.

I bought our house, a foreclosure for 4200.00 Not a typo, the prior owner had borrowed 50K against it in 2004. It, of course was looted while empty, but the stuff they took, pipes and furnace, were not installed correctly anyway and we would have replaced them.

We are still restoring our house but I could never find a house like ours for literally next to nothing. Buying a foreclosure is definitely not for anyone. Unless you are willing to do alot of work you are better off not. However in my line of work I see alot of peopel going this route whio want historic homes and love to Urban pioneer.
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Old 07-12-2011, 03:40 AM
Location: Mason, OH
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restorationconsultant... I agree buying a foreclosure is not for everyone. But for those who are willing to put up with some hassle, like delaying movein while certain critical repairs are made, the financial rewards can be great.

In addition to what Wilson points out about the frequency of the lender exercising their option to credit bid on the 2/3 minimum bid amount at a sheriff's sale, the problem of not having adequate opportunity to view and evaluate the property, particularly the interior dissuaded me.

But I can attest to the fact there have been several very nice properties in a neighborhood close to me, about 12 years old, most with golf course exposure and a nice environment, which have recently gone through the foreclosure route, been retained by the lender, and which have been sold well below the original sale evaluation, which I find was virtually identical to the tax evaluation on the books at the time. True, the original owners may have sold off the appliances or anything else not considered physically part of the house, but I have not observed or been told by the new owners of absolute looting. Some of these have been very good deals compared with the market a few years ago.
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Old 07-12-2011, 04:27 AM
Location: Mason, OH
9,259 posts, read 13,360,925 times
Reputation: 1919
restorationconsultant, wilson, and others in the know...

This talk of foreclosure sales brings something to mind I am not sure of the actual situation. Perhaps you can chime in. A number of years ago, around 10, one of my daughters was living in Toledo at the time, employed by a school, and decided to buy a so called rehabbed house. She decided it was better than paying rent on her former apartment. Of course, knowing Dad and everything he would ask/question, she kept the transaction hidden from me. A rather short time later she met and married her husband who is career Army and was then stationed at Fort Sill, OK. This was my first opportunity to see the house she had bought in Toledo, which of course she no longer needed as they would be in Oklahoma. I took one look at it and told my wife this is a unambiguated disaster, meaning one POS! There is absolutely no way she can sell this piece of crap for anything close to what she owes on it. The rehab company and the financial lender should be taken to court, there must be something illegal about this.

Over the next several months, after unsuccessful attempts at selling which I predicted, I needed to advise her on continuing to pay a mortgage on a home they were not occupying on a meager Army income. She was unable to find employment in the total army base town with her major, music education, limited jobs to go around, so they were strapped. I advised to discontinue payment on the Toledo house and let it go to foreclosure, as it is worth far less than what you owe on it.

Then my friendly next door lawyer advised me don't let them do that! If it goes to foreclosure and is sold at auction, under Ohio law the difference between the sale price and the amount owed will go as a judgement against them which they will still owe.

Of course this concerned me and I advised them to declare bankruptcy and I would pay the lawyer fees. The lawyer contacted me and since I was paying the bill asked how much do you want me to declare? He said I can get their car loans, student loan, everything offset. I said NO, just get rid of that POS property in Toledo.

They went through with it, and subsequently they have been able to purchase their own home in OK, and are crawling slowly out of the bankruptcy mess. Apparently the lawyer's advice on continuing to pay on other financial obligations has made a difference in their credit.

My question boils down to this. With all of the obvious declines in the housing market, under Ohio Law, what are the long-term obligations of an owner who is foreclosed upon if the initial foreclosed sale price (sheriff's sale) is below what it owed on the mortage? Does the owner still owe the lender the difference between the foreclosure sale price and the original outstanding loan amount?
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Old 07-12-2011, 05:02 AM
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Yes, the deficiency is still a personal liability in Ohio. There is a shorter statute of limitations to collect it however, which I don't recall at the moment. Because the last few foreclosure deficiencies I have handled the lender has agreed to waive the deficiency in exchange for cooperation in getting the house foreclosed and sold by the borrower (I can make it take quite a while if I put my mind to it).
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