Basic Terms for most Foreclosure Auctions:
This is a Foreclosure Auction ordered by a County Common Pleas Judge. The foreclosure process clears all liens and encumbrances on the subject property. The property sells with a minimum opening bid of 2/3 of the appraisal price, or as set by the Court. If the auction is a live on-site auction the high bidder will immediately write a check for 10% of the high bid as a non-refundable deposit which will apply towards the total purchase price at closing. If the property is sold Online Only, the successful bidder must wire or directly deposit the 10% into the trust account for Ohio Sheriff Sales within 24 hours of the end of the auction. In some cases the bidder may be required to deposit a certain amount prior to bidding. That amount would be refunded if the bidder is not the successful buyer. The real estate is sold As Is with no contingencies. All inspections must be done prior to Auction. Close within 30 days of court confirmation. No contract is signed after the auction. A one page buyer information form is the only document that is required by the court. See document section of www.OhioSheriffSales.com for the form. A 10% buyer's premium will be added to the high bid to obtain the final contract selling price. Buyer pays all closing costs. Sheriff' deed or equivalent given at closing with no liens or back taxes.