The bill amends various sections of the Revised Code concerning real property foreclosures and judicial sales, introducing new definitions and procedures to enhance the auction process. Key changes include the definitions of "sale date" and "start date," which clarify the timeline of real estate auctions. It mandates that public auctions be conducted by a private selling officer independent of the mortgagee, ensuring impartiality. The bill also allows judgment creditors to opt for public auctions if the debtor does not defend against the action, streamlining the process for creditors. Additionally, it requires remote bidding options, detailed expense reports from private selling officers, and specifies that online auctions must be open for at least three calendar days.

Further amendments focus on the auction management system, requiring public display of bids during the bidding period and establishing a new fee model for the official public sheriff sale website. The minimum bidding period is reduced from seven days to three, with provisions for postponement or cancellation of sales. The bill also outlines appraisal requirements, mandating that appraisals for residential properties be conducted by licensed individuals not affiliated with the sheriff or private selling officer, and shortens the appraisal submission timeline. It allows for subsequent auctions without a minimum bid if properties remain unsold and modernizes the sale process by permitting online posting of public notices. Overall, these changes aim to improve transparency, efficiency, and accessibility in the real property auction process.

Statutes affected:
As Introduced: 2329.01, 2329.151, 2329.152, 2329.153, 2329.17, 2329.18, 2329.19, 2329.20, 2329.211, 2329.26, 2329.27, 2329.312, 2329.52