As foreclosed property sales continue to increase in Hamilton County there is one piece of advice that we have to give. Get new locks! We recommend this to all of our buyers but stress it even further with foreclosed and bank owned property.

When so many people have access to the home keys over the course of the numerous transaction it is important for the new home owner’s security. Moreover, some institutions have been known to key all of their properties the same to simplify their property manager’s job. One key - many homes.

So if you are planning on buying a bank owned or foreclosed house use some of the money you save buy new locks. We have done business in Cincinnati with Larry’s Lock and Acme Lock.

For many Cincinnati residents, foreclosure is a reality. Due to many factors affecting the economy as well as deceptive lending practices by some banks, uninformed customers have applied for and were granted loans that they simply can’t afford. Ohio Governor Ted Strickland has launched a program to try to assist people who are facing potential foreclosure. The program is called “Save the Dream“.

One of the things that many people do not realize is that when you are having financial problems the best thing to do is to inform your lender so that you can workout a resolution. Most people are inclined to hide the fact that they are struggling financially because they feel helpless and that they have no options and their fate is sealed; they will certainly lose their home. “Save the Dream” is an educational tool that provides information for homeowners. Some of the information provided is: Foreclosure Resources, Alternatives to Foreclosure, Steps in the Foreclosure Process, Foreclosure Terminology, Rescue Scams to watch out for, and Predatory Lending Practices to beware of, and how to rebuild your credit. Please also click here for more information on credit scores.

One of the hard realities of the current housing market is that some people took up loans that they can not afford to keep once their Adjustable Rate Mortgage began to adjust. In a some cases homeowners are having to sell their homes in pre-foreclosure sales, or in some cases the lenders are foreclosing and taking possession of the property. RealtyTrac has an online tool that allows home buyer to look at some of these properties. After a quick look today I saw a variety of properties ranging from an $432,000 foreclosure in Amberly to a $9,500 bank owned 4 bed 2 bath home in Norwood. The website does require a registration and membership fee but it does provide some very good free preliminary information and it is worth reviewing.