We buy houses in Columbus, Ohio. As dedicated local homebuyers operating in Columbus, Ohio, we specialize in providing cash solutions for houses. In the context of foreclosed properties, a notable study has brought to light a compelling statistic – an estimated 47% of foreclosed properties continue to be occupied. While this figure might initially elicit surprise, it aligns with our understanding of the real estate landscape.
The surprising aspect of this statistic underscores a common misconception about foreclosed properties – the assumption that they are invariably vacant. However, the reality is that a substantial portion of foreclosed homes still have occupants. This phenomenon may be attributed to various factors, including occupants remaining in the property during the foreclosure process or individuals moving back in after the foreclosure has taken place.
As seasoned local homebuyers, we are well-versed in the intricacies of the real estate market, including the nuanced dynamics of foreclosed properties. Our awareness of the prevalence of occupied foreclosed homes positions us to navigate these situations with expertise and sensitivity. If you find yourself grappling with the complexities of a foreclosed property, rest assured that our team is equipped to offer tailored solutions, ensuring a smooth and efficient process as we explore cash options for your house in Columbus, Ohio.
How to Stay in My Home After Foreclosure in Columbus OH
What most people don’t realize is that banks aren’t in the business to own homes. They are in the business to loan people money. But, when they have to foreclose on a house, the bank is forced to own the home until they’re able to sell it to get all or most of their money back.
But, what they have found is that when a Columbus OH foreclosed house goes vacant, there is a much greater chance that the property will fall into disrepair. Oftentimes, the bank would rather have you in the property even after you stop paying your payments and the foreclosure process is started because it wards off vandals and keeps the home in good working order.
There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties. In those stories, people are avoiding house payments for months, even years. Man, that sounds great! Let’s all live for free.
Wait… it can’t be that simple, right?
Right.
It’s crucial to acknowledge that banks typically have no intention of purposefully neglecting to collect payments from homeowners. The scenario where one gets to live without making payments often arises due to significant errors or oversights in the process. While instances of this happening exist and some individuals may find themselves in fortuitous situations, it’s essential to recognize that deliberately avoiding payments is not only legally questionable but can also lead to serious consequences.
The question then arises: why do we observe a considerable number of foreclosed homes still occupied? The key lies in understanding that leaving a property vacant is not in the best interest of any party involved. Vacant homes become susceptible to vandalism and criminal activities, posing risks to the property’s value. Surprisingly, it is in the bank’s best interest to keep the property occupied. This strategy helps maintain the value of their investment, safeguarding against potential damages and deterioration that could occur in the absence of occupants.
The peculiar situation where foreclosed homes remain occupied can be attributed, in part, to the intricate foreclosure laws in Ohio. The legal framework may compel banks to request occupants to vacate the premises, while paradoxically desiring them to stay for the preservation of the property’s value. This complex interplay of legal requirements and practical considerations contributes to the unique dynamic observed in foreclosed properties, underscoring the importance of navigating these situations with a nuanced understanding of both legal and real estate intricacies.
There Are a Few Perfectly Legal Ways to Remain in Your Home in Ohio, Even After Foreclosure
Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.
1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes, years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.
2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been uncovered, so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive, and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).
3) Propose a move-out bonus. Often, buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything run smoothly. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.
Sell My House in Columbus OH
It’s really good that you’re reading this page and exploring your options. We help homeowners like you find creative solutions. If you think you need to sell your house in Ohio, call Homesmith. We are your local Columbus OH home buyers and we can help you. We can’t help everyone, but we might be able to help you. We purchase houses like yours from people around the Buckeye State who need to sell fast.