Keep in mind that all properties are sold "As Is, Where Is," meaning financing cannot be contingent on inspections or appraisals. We encourage you to perform your research.
The amount you wish to spend is entirely up to you. This is what makes the Auction method fair to all involved. An Auction reveals the true value of a property, a value set by those who are interested in buying it and who compete against one another fairly and openly for the right to own it.
What type of auctions does Ohio Sheriff Sales offer?
e utilize the most advanced auction platforms to offer you live, real-time bidding opportunities that are convenient and best suit your needs. We conduct live auctions at the property and also offer on-line bidding in most cases. Be sure to check the individual auction listing for auction location and bidding methods.
How do I register to bid?
To bid on site, bring a valid driver's license and complete the brief registration form. Some auctions may require a bidder deposit to be made in advance of the auction. This information will be clearly spelled out when you go to register. To register for online bidding, click the bid now button and you will be directed to sign up to bid.
Can I have an inspection done on a property before the auction?
Usually not. Most properties are not available for public interior viewings. In the rare case where a property is open for inspection, you are welcome to schedule any type of inspection with the Auctioneer.
What is a Buyer's Premium?
The Buyer's Premium is paid by the buyer and used to compensate the real estate broker representing the buyer and/or the broker or auctioneer representing the seller. In most cases, we add 10 percent to the high bid to determine the final contract price.
Do I get insurable title?
In most cases. Generally, the buyer will be responsible for all closing costs and may decide if they wish to purchase title insurance as determined by the title company indicated on the purchaser information form.
Can I use my own title company?
No. Ohio law states that the PSO shall choose a title company to facilitate the closing.
Is there a reserve price?
All properties are clearly marked with the opening bid approved by the court. In some cases, the property will sell regardless of price.
Can I use bank financing?
Yes. However, the properties are being sold without contingencies, "Cash, As-Is, Where-is" so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for "Cash, "As-Is, Where-is." Keep in mind that the bank will NOT be allowed inside the property for an interior appraisal.
Do I need to use a Real Estate Agent?
No. If you hire a real estate agent, you will be responsible for any fees due to that agent.
Will I know if my bid was accepted?
Yes. Either live or online bidding, you will know right away if you are the winning bidder. Ultimately the court has to confirm the sale which is typically a formality.
What does "Buyer's Choice" mean?
In this method of auction, bidders compete for "the right to choose first" from a pool of similar properties. The high bidder may choose one, some or all of the "like properties" offered. If the high bidder chooses multiple properties, then the high bid is multiplied by the number of properties the high bidder chose. If the high bidder takes less than all of the properties, then the bidding begins again and the subsequent high bidder now wins the right to choose first.
Is the down payment deposited?
All down payment funds are deposited in less than 24 hours of the auction if the auction is on site. You are required to wire the funds or directly deposit the funds into our trust account by the end of business day if you are the high bidder on line.
How long before I can close?
Every county in Ohio does things a little differently. Some buyers have been able to close in as little as 30 days. About the longest that we have seen is around 4 months. Most deals can close in about 60 days.