"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.

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