Tuesday, September 29, 2009

Buyer Beware

Are you interested in purchasing a foreclosure home? You may be able to get a jump on those properties if you take a look at homes that are being sold at a sheriff's sale.

In Warren County, Ohio you can see the latest homes on the sale block on this web site: http://www.wcsooh.org/sheriff/search/shfentry.htm

A few things to consider.

1. A deposit of 10% of the purchase price is required the day of the sale.
2. The balance must be paid within 30 days of the confirmation of sale. All purchasers must complete a Purchaser Information Form at the time of the sale.
3. The purchaser or purchaser's representative has no right or access to the property until it is paid in full and the deed is recorded.
4. The Sheriff's Office does not guarantee a free and clear deed.
5. Sheriff sales are "Buyer Beware" and it is recommended that you seek legal advise.
6. The appraisal conducted for purposes of this sale did not include an interior examination of the premises.

Most often the bank or lender, who is selling the property because the owner is behind on payments, will buy the house back at the sheriff's sale and then put it on the market as a foreclosure home.

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