Real Estate Pro Articles
   
   

Ohio Deals With Fixer Upper Homes and Other Types of Foreclosures



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265
By : John Cutts    99 or more times read
A legislative bill was approved by the Ohio House of Representatives which will help neighborhoods deal with foreclosures in their areas. The bill was formulated to speed up the sale of fixer upper homes, single family dwellings and other residential properties through sheriff’s sales. The legislation was designed to help improve communities by limiting the time houses are left abandoned and vacant.

Under the bill, plaintiffs are required to file a foreclosure default judgment on time or they will face a court ruling that the property has been abandoned and it will then be considered as one of the home foreclosures for sale. Parties that are part of a foreclosure must start sheriff’s sale proceedings within two months of judgment of foreclosure.

According to legislators, this would prevent local communities from taking on the costs of an abandoned and unmaintained property and would allow people who are into Columbus foreclosure investing or for that matter, investors in other cities of the state, to place a bid on the property and remove it from the abandoned list.

The bill covers all types of residential foreclosures, from fixer upper homes to single family dwellings to grander residences. It also provides a filing fee worth $20 that would be paid to court clerks to cover the costs of tracking and notification requirements and to speed up the process of foreclosure.

The legislation also includes provisions that discourage foreclosed homeowners from damaging and vandalizing foreclosed homes. Damages lower the cost of a dwelling significantly, leading to a deluge of cheap houses in Ohio. To prevent the prices of homes from declining further, the rule will penalize homeowners of foreclosed dwellings who vandalize properties.

Ohio representatives are optimistic that the legislation will help local communities and neighborhoods deal with foreclosures that result in neighborhood blight and increased crime rates. The bill has been sent to the Senate, with Ohio representatives urging local senators to support the legislation.

Foreclosed properties – like fixer upper homes, single family residences and other types – that have been left abandoned are now the focus of legislators in Ohio. The bill passed by the House aims to minimize the impact of foreclosures on neighborhoods and local residents by making sure that foreclosed houses are quickly occupied.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors

 

 

© All rights reserved to Real Estate Pro Articles