Ohio Foreclosures and Foreclosed Homes for Sale

All lenders holding mortgages for properties in Ohio must use a judicial foreclosure in the event a borrower defaults. Due to the involvement of the court, most Ohio foreclosures take around seven months to complete, although this will depend on how complicated each case is.

The first step the lender must take is to file a lawsuit in court. The borrower will be served, and will be given 28 days to respond to the complaint. In the even the borrower cannot be located, the lender has the right to publish its notice in public, which constitutes as serving the borrower. If the borrower doesn't respond to the lawsuit, or if the court rules in favor of the lender, a public sale will be scheduled.

Ohio requires the county sheriff to have three separate appraisals done on a home before the auction date. Then, a notice of sale must be printed in a local newspaper for three weeks. The notice will contain important information about the sale, including the location, date, and time of the auction, and the terms of sale.

On the day of the sale, the property must sell for at least two-thirds of the appraised value in order for the highest bid to be accepted. If this is the case, the court will confirm the sale shortly after the auction and transfer ownership to the highest bidder. The borrower does have redemption rights until the sale is confirmed. They may redeem the property by paying the entire default amount, in addition to applicable court costs.

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