"This house is in foreclosure. Why has it been vacant so long?"

The most common question -- aside from how is business? -- I've received in my first 100 days as a real estate agent has been a collection of questions on the process of foreclosing on a home.

The Foreclosure Process in Ohio

The owner of the home fails to pay the mortgage.

Once the bank feels that the owner is too far behind -- or not responding to requests -- then it will file a notice of foreclosure in the local court.

Local Court will conduct a hearing at which usually a notice of foreclosure is issued

This notice is then turned over the Sheriff, who will hire real estate agents to appraise the home and advertise the property for at least three weeks.

The home will be 'sold' at Sheriff Sale on the announced date to the highest bidder

The 'high bidder' has essentially entered into an agreement to purchase the home. They are required to put down 10 percent and the rest is payable in "x" days (varies by county).

On "x" day the purchaser will provide funds, and deed is transferred to the new owner.

An important note is that right up until the day the deed is filed the original home owner has right of redemption ? meaning that if they can pay off the debt in full then the home remains their property.

In Ohio, we have no statutory right of reclamation, but in many states this is an additional barrier to purchasing the home. Statuatory reclamation kicks in the day of the Sheriff sale and will be added on to the home ? giving the original owner every possible opportunity to keep the home.

Toby Boyce, MBA, is a Realtor with Disbennett Real Estate Company in Delaware, Ohio. He specializes in the buying and selling of real estate in the greater Central Ohio area. Prior to becoming a Realtor he spent 15 years as a professional writer with several daily newspapers and colleges. He can be reached via e-mail, or by visiting his Web site or Blog.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Important News On Home In Foreclosure
Many of us have faced hard times at some point in our lives. When we are going through it, it may feel overwhelming, like a hopeless situation. Once we have made it through, we are thankful to be left standing in one piece. A home in foreclosure can seem like the end of the world to someone going ... more...

Vermont Foreclosure Laws
Vermont is a strict foreclosure state. That means that foreclosures in this state proceed on the premise that the lender owns the home, not the borrower. So, if the borrower transgresses on any condition in the mortgage before the loan is paid in total, they will lose all right to be in the home. ... more...

The 10 Most Common Mistakes Made By Homeowners Facing Foreclosure
As a real estate investor in Central Florida, I've come across many homeowners who are facing foreclosure for the very first time and they all seem to make the same mistakes. When you have fallen on hard times due to a job loss or a mortgage reset, it is easy to feel depressed, helpless, and think ... more...

Stop Foreclosure Fast - Tips - Real Estate Help
As the foreclosure rate for the nation remains steady, Idaho foreclosure rate is slightly decreasing. In Idaho there were 569 foreclosures in April, 542 in May, and 501 in June of 2007. Even with the slight decrease in the foreclosure rate in Idaho, the number of foreclosures in the nation remains ... more...

More on home in foreclosure...