Bill > SB135

This bill modifies Ohio's laws regarding real property foreclosures and estate sales, making several significant changes to the process of judicial property sales. The bill reduces the minimum bidding period for online property auctions from seven to three calendar days, allows more flexibility for judgment creditors to postpone or cancel sales, and modifies appraisal requirements for residential and commercial properties. For residential properties, appraisals must now be exterior-only and conducted by licensed professionals not affiliated with the sheriff or selling officer, with a shortened 14-day timeline for completion. The bill also establishes new requirements for the official public sheriff sale website, including features like online payments, anti-snipe functionality, and electronic bid tracking. Deposit requirements for property purchases are standardized, with amounts ranging from $2,000 to $10,000 depending on the property's appraised value. Additionally, the bill provides more explicit guidelines for conducting sales, including how remote bidding can be handled and what happens if a property remains unsold after initial auctions. These changes aim to streamline the judicial sale process, increase transparency, and potentially make property sales more accessible and efficient for both sellers and buyers.

Justice

https://www.legislature.ohio.gov/legislation/136/sb135