In a traditional seller auction (non-foreclosure) the answer is usually yes.  You can confirm with the Auction Firm. 

In a Private Selling Officer auction, the property is subject to Ohio Revised Code Section 2329.191.  You, as the highest bidder, should be covered by a type of title insurance that applies to foreclosure actions.  Ohio Revised Code Section 2329.191 requires the plaintiff in a foreclosure action relating to residential property to file a Preliminary Judicial Report (a “PJR”) with the court and to update it with a Final Judicial Report.  The PJR is a guarantee of the record title only and is made for the use and benefit of the guaranteed party, as defined in the PJR, and the purchaser at the judicial sale, subject to all of the exclusions, exceptions, conditions, and stipulations set forth in the PJR.  You should check the Court’s docket to see whether a PJR was filed in the case.

A PJR does not provide the same coverage that an owner’s title insurance policy (an “Owner’s Policy”) provides.  An Owner’s Policy provides greater coverage.  

If you wish to obtain additional title insurance coverage, an Owner’s Policy and/or a Lender’s Policy may be available from the title agency assisting the Private Selling Officer (identified on the property details page) or a title agency of your choice.  Any additional title insurance coverage will be solely at your expense.

In a traditional seller auction (non-foreclosure), you will receive a warranty deed from the Seller.

For a Private Selling Officer Auction you will receive a Private Selling Officer’s deed prepared in accordance with Ohio Revised Code Section 5302.31 and the Court’s order and signed by the Private Selling Officer.  No warranties of title are made in connection with the conveyance of title.

The Private Selling Officer does not have keys to the property.  You will have to consult a locksmith.

For a Private Selling Officer Auction if you wish to take title in the name of an entity, the Private Selling Officer or the title agency assisting the Private Selling Officer may require additional documentation or information relevant to an entity’s purchase of real property, such as entity formation documents and resolutions authorizing the transaction, all of which must be complete and accurate at the time it is provided.

For a Private Selling Officer Auction, assuming the sale process has not been postponed or the sale of the property has not been vacated, the Private Selling Officer deed will be executed by the PSO and he/she instruct the title agency assisting the Private Selling Officer to record the deed only after the court has issued an order instructing the Private Selling Officer to do so and you have paid the balance due on your purchase.  Under Ohio Revised Code Section 2329.31 you must pay the balance of the purchase price within 30 days of the court’s confirmation of the sale.  You should check the court’s docket to see the status of the court’s confirmation of the sale.

In a traditional seller auction (non-foreclosure) taxes are pro-rated to the date of closing. 

For a Private Selling Officer Auction, the payment of property taxes in a foreclosure action is governed by Ohio Revised Code Section 323.47.  The court will determine the amount of taxes, assessments, penalties, and interest that must be paid from the proceeds of the sale and will include this amount on the court’s confirmation of the sale.  You will be responsible for paying all other taxes, assessments, and any other items, such as delinquent utility bills, not paid from the proceeds of the sale, if any.

If you default on your obligation to purchase the property offered by a Private Selling Officer or any Ohio Foreclosure Sale, you are subject to severe consequences, including the following:

• You may be held in contempt of court under Ohio Revised Code Section 2329.30.
• You may forfeit your sale deposit or be required to pay the amount of the sale deposit to the judgment creditor.
• You may be held liable for damages calculated as the difference between your purchase price and the purchase price of the property at a subsequent sale plus the costs and attorney fees related to the subsequent sale of the property.
• Your eligibility to use the Website may be suspended or terminated.

In a traditional seller auction (non-foreclosure) the answer is usually yes. You can confirm with the Auction Firm

For Private Selling Officer Auction, No.  As with any Foreclosure Auction, interior access is usually not allowed. You cannot trespass or disturb the owner or occupant.  Doing so may be a violation of Ohio Revised Code Section 2911.21, which provides criminal penalties for trespassing.  There is no inspection contingency.  You will be required to complete your purchase even if you are unable to inspect the property.

There is no financing contingency.  You will be required to complete your purchase even if you cannot obtain financing or you will risk default.

There are many types of financing, so the short answer to this question is yes.

For Private Selling Officer Auction, However, obtaining a traditional mortgage will come with some difficulties as interior inspections are not allowed. This includes an interior review by an appraiser. You should discuss the options with your mortgage or banking professional.

In a traditional seller auction (non-foreclosure) the answer is usually yes. You can confirm with the Auction Firm and, most times, a copy of the title search is available for review.

For Private Selling Officer Auction, just like in a Sheriff Sale, there are no guarantees that you will receive clear title in a Private Selling Officer Auction.  You should conduct a title examination as part of your due diligence obligations.

In a traditional seller auction (non-foreclosure) the properties are sometimes occupied by the seller themselves or a tenant. The Auction Firm will be able to provide details and, if tenanted, a copy of the lease.

For Private Selling Officer Auction, we do not know as we do not have access to the property.  Keep in mind that you cannot trespass or disturb the owner or occupant.  Doing so may be a violation of Ohio Revised Code Section 2911.21, which provides criminal penalties for trespassing.

Yes.  

In a traditional seller auction (non-foreclosure) the deposit will be selected by the seller and identified in the Auction Firms terms of sale.  If you have any questions please contact the Auction Firm.

In a Private Selling Officer Auction, the amount is determined by Ohio Revised Code Section 2329.211.  For residential property, the deposit amount varies based on the appraised value of the property.  The amounts are:

Most agreements allow for 30 or 45 days to close. Please refer to the specific Agreement being used for the auction you are interested in.
For a Private Selling Officer auction, if you are the highest bidder, you must pay the balance due within 30 days of the Court’s confirmation of the sale of the property.  This deadline is required by Ohio Revised Code Section 2329.31.

In a traditional seller auction (non-foreclosure) you will be required to enter into an Auction Purchase Agreement. The document is usually available for download from the bid platform or reach out to the Auction Firm.

In a Private Selling Officer auction you will be required under Ohio law to complete your purchase of the property without any financing, inspection, or other contingencies and without regard to the condition of the property or the occupancy status of the property. 

The minimum bid is usually two-thirds of the appraised value of the property.  In some cases, however, there is no minimum bid.  The minimum bid, if any, will be included on the property details page.

You may bid on a property if you are able to form a legally binding contract to purchase real property.  Generally, this means you must be the age of eighteen years or more and under no legal disability.  You cannot bid if you are a minor or incompetent or do not have the mental capacity or authority to enter into a contract to purchase real property.  If you register to bid on behalf of an entity, you must have actual authority to legally bind that entity to a contract to purchase real property. To bid, you must also complete the online registration form and comply with the sale deposit requirements applicable to the property.  

Yes.  An auction might be cancelled or postponed for a variety of reasons, including by order of the court.  If an auction is postponed or canceled, a notice of this will be given on the property details page on the website.

Online Foreclosure auction bidding is required to be open for at least 7 days under Ohio Revised Code Section 2329.152.  The originally scheduled end of the auction will be displayed on the property details page.

The originally scheduled end of the auction may be extended if bidding activity occurs in the final three minutes of the auction.  If such activity occurs, the end of the auction will automatically be extended for successive fixed periods of time (usually three minutes or less).  This is called “Anti-Snipe Time”.  The auction will end when no bidding occurs during an Anti-Snipe period.

All auctions are held online at www.gryphonusa.com.  Auctions are not conduced in person.

If you have questions about the legal process or the conditions or requirements related to the foreclosure auction of the property, we do recommend that you consult an attorney.  The Private Selling Officer can provide some explanation but can not give legal advice.

The title agency identified on the property details page, assists the Private Selling Officer with the collection and disbursement of funds and the recording of Private Selling Officer deeds.

For private seller sales (non-foreclosure) information such as terms of sale and property specifics can be downloaded from www.gryphonusa.com

All Ohio foreclosure auction properties are sold “as is, where is” without any contingencies.  You must conduct your own due diligence about the property.  You may wish to consult the County Auditor’s office or the County Treasurer’s office for information.

You cannot trespass or disturb the owner or occupant.  Doing so may be a violation of Ohio Revised Code Section 2911.21 which provides criminal penalties for trespassing.

The property is the subject of a foreclosure proceeding.  The court has appointed a Private Selling Officer to sell the property at foreclosure auction in lieu of the county sheriff. 

The processes are extremely similar however a Private Selling Officer is a professional real estate auctioneer appointed by the Court and not a sworn law enforcement officer. Also, some counties still conduct Sheriff Sales at the courthouse. Gryphon’s Private Selling Officer Auctions are all conducted online only.

A Private Selling Officer is a resident of Ohio who is licensed as both an auctioneer under Ohio Revised Code Section 4707 and as a real estate broker or real estate salesperson under Ohio Revised Code Section 4735.  Private Selling Officers are eligible under section Ohio Revised Code Section 2329.152 to sell real estate scheduled for foreclosure auction.