Tips for Buying a Foreclosed House or Short Sale in Ohio

If you are looking to buy a short sale or a foreclosed house in Ohio, there are some serious questions you must ask the listing real estate agent.  Short sales are a specialty for real estate agents, and not every one of them knows how to handle a good short sale.

Here are some questions to ask:

  • Is the listing agent the actual agent with the property for sale?  If so, they will be in charge of processing the short sale with teh bank or lender.
  • Is the listing agent a short sale expert?  If so, then you should have no trouble getting the short sale approved and buying the home for your own use.  But if they are not, you may have significant problems.
  • To avoid wasting your time on a short sale that you will never be approved for, find out how many short sales the real estate agent has actually sold.  Find an agent who has sold several short sales.
  • Find out how many loans are on the property.  The less loans on the property, the better off you are, and the easier it will be to buy the short sale home.
  • It is also crucial to find out who the lender or bank is.  Some banks are much more difficult than others; Bank of America is especially difficult to deal with on short sales or foreclosed homes.  Not every agent can handle this type of sale.

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