OHIOFORECLOSURES.COM AUCTION TERMS AND CONDITIONS
All persons seeking to bid must be registered before being authorized to bid. The registration form will require you to state, to the best of your knowledge and belief, that the information you provide is true, correct, and complete under penalties of perjury.
Unless otherwise noted, all persons seeking to bid on an auction sale must preauthorize a deposit of $5,000.00 on the bidder’s credit card (“Pre-Authorization Process”). The bidder’s credit card will not be charged unless you are the winning bidder and you do not pay the required deposit within 24 hours of the advertised auction end.
The winning bidder agrees that the Private Selling Officer may charge a $5,000.00 fee (“Cancellation Fee”) if the winning bidder does not fulfill their post-auction obligations, as agreed to in the credit card Pre-Authorization Process. Should the Private Selling Officer be required to charge the winning bidder a Cancellation Fee, the winning bidder, by placing its bid, agrees to incur a $200.00 administrative fee in addition to the Cancellation Fee.
If you are an individual, before you will be authorized to bid, Ohio law requires you to provide to the Private Selling Officer your name, mailing address (which may not be a P.O. Box) electronic mail address, telephone number and, if applicable, financial transaction device information.
If you are an entity, before you will be authorized to bid, Ohio law requires you to provide the Private Selling Officer with your legal name, trade name if different from your legal name, state and date of formation, active status with the office of the secretary of state, mailing address, telephone number, financial transaction device information if applicable, the name of an individual contact person for the entity, the contact person’s title, mailing address (which may not be a P.O. Box), electronic mail address, and telephone number.
All winning bidders shall be required to provide the Private Selling Officer with a Purchaser Information Form compliant with O.R.C. § 2329.271, which Purchaser Information Form shall be filed with the Court. Failure to provide the completed Purchaser Information Form shall result in the sale being voided and may result in the winning bidder being charged a Cancellation Fee.
Per Ohio law, auctions may be postponed at any time upon request of the mortgagee or lienholder. Therefore, auctions may be canceled at any time without notice. In such a case, any bids submitted prior to the cancelation of the sale shall be void.
If the winning bidder is a person other than the judgment creditor, real estate taxes and assessments shall be prorated through the date of sale and shall be paid out of the purchase price.
The Private Selling Officer will record the deed to the winning bidder only after confirmation of the sale by the Court and full payment of the purchase price.
All real estate up for auction will have been appraised by the Sheriff’s Office unless otherwise stated. Persons interested in bidding are advised that said appraisals are merely sight appraisals and do not necessarily consider comparables, income, or the interior of any improvements on the real estate. The minimum bid at the first auction shall be two-thirds of that appraised value.
A judgment creditor shall not be required to make a sale deposit if it is the winning bidder.
Unless otherwise noted on a specific auction page, for the auction of residential property, if the winning bidder is someone other than the judgment creditor, the winning bidder shall be required to make a sale deposit, immediately at the end of the auction, as follows:
If the appraised value is less than or equal to $10,000, the deposit shall be $2,000
If the appraised value is greater than $10,000, but less than or equal to $200,000, the deposit shall be $5,000
If the appraised value is greater than $200,000, the deposit shall be $10,000
For the auction of commercial property, the sale deposit terms shall be as advertised.
A winning bidder shall pay the balance of the purchase price within thirty days after confirmation of the sale by the Court. Failure to pay the purchase price may result in the purchaser being held in contempt of court, being charged a Cancellation Fee, and other sanctions at the Court’s discretion.
For residential properties, the judgment creditor and first lienholder have a right to redeem the property within fourteen days after the sale by paying the purchase price.
For all properties, the judgment debtor has a right to redeem the property any time before confirmation of the sale by the Court.
Unless otherwise specifically stated, real estate up for auction is not available for viewing or inspection prior to the deed being recorded.
For all sales, the purchaser shall be responsible for all costs, allowances, and taxes that the proceeds of the sale are insufficient to cover.
All sales are made “as is, where is” and caveat emptor. The Private Selling Officer makes no representations or warranties, and assumes no liability for the condition of the real estate and improvements being sold including, but not limited to, any environmental or hazardous conditions that may exist within, under, around, or near said real estate and improvements.
The Private Selling Officer makes no representations or warranties regarding the state of title of the real estate and improvements being sold. All persons interested in bidding are admonished to consult public records and legal counsel prior to entering a bid, and to work with a title insurer to obtain title insurance.
All real estate remains titled to the defendant(s) in the foreclosure action until the sale is confirmed by the Court, the balance of the purchase price is paid, and a deed is recorded in favor of the purchaser. Until that time, the purchaser may not take possession of or otherwise enter upon the real estate. If the defendant(s) remain in possession of the real estate after the deed is recorded, the purchaser must obtain either a writ of possession or initiate eviction proceedings. All interested bidders are admonished to consult legal counsel regarding their rights to possession after winning a sale auction.
The Private Selling Officer makes no representations or warranties as to the state of any utility accounts associated with the real estate. All persons interested in bidding are admonished to contact the appropriate public utility or municipality to confirm the status of those accounts.
The Private Selling Officer may not give you legal advice. THESE TERMS AND CONDITIONS MAY BE MODIFIED OR EXPANDED BY INFORMATION POSTED IN EACH INDIVIDUAL AUCTION.