Columbus bank foreclosures – Get Information on These Homes

by Donald Hanz on cities

You can find some great homes through a list of Columbus bank foreclosures especially when the rate of foreclosures in Ohio has increased by 0.67%. Ohio is ranked sixth among all the states and has started the year 2007 by reaching one filing every 100 homes.

The pre-foreclosure rate in Ohio was comparatively lower than what it was last year and stayed at 0.30%. But this doesn’t mean that the number of bank foreclosures in the state has been affected in any way. There is a steady rise in the number of Ohio bank foreclosures fuelled by the fact that more and more people are getting trapped in the vicious cycle of loan payments.

One a homeowner defaults on a loan then it goes into the pre-foreclosure period. In the pre-foreclosure period the homeowner gets a time period within which he/she has to pay back the loan. If he/she is unable to pay the loan during the pre-foreclosure period then his/her home will go into foreclosure officially. All Columbus bank foreclosures are sold through an auction and you can get a good discount of up to 15% and sometimes even more. The reason for such a high discount on the foreclosure homes is due to the fact that the lenders just want to cover up their losses and will sell it off for the best price available.

You can get information on these homes through foreclosure listings, which are available with newspapers, banks, financial institutions and online real estate firms. Most of the listings will provide you with an insight into Columbus bank foreclosures with all the necessary details like space, number of rooms and even the price. So whether you are an investor or a first time homebuyer, these homes will present your with the perfect opportunity at a perfect price.