How do I bid on a property?
You must create an account if you want to bid on a property. To create an account, you will need to establish a user name and password. To bid on a property, you will have to register to bid on the property detail page using your user name and password. You can then bid one of two ways:
You can hit the “refresh” icon in the box where bids are entered. The system will enter a bid for you equal to the current bid plus the incremental bid amount. You don’t have to use the “refresh” icon. You can enter the same bid manually.
You can enter a maximum bid (a max bid) by entering the highest amount you are willing to pay for the property. As other people bid on the property, the system will enter bids automatically on your behalf (in the minimum increments), allowing you to outbid others automatically until your max bid is reached.
Can I increase my max bid?
You can increase your max bid by entering a higher bid amount before the auction ends.
Can I decrease my max bid?
Yes, with one exception. You can decrease your max bid by entering a lower bid amount before the auction ends, but you cannot lower your max bid below the current bid.
What if more than one person places the same max bid?
If more than one person enters the same max bid, the system will accept the bid that was placed first.
What if I enter the wrong bid by mistake? Can I correct it?
You can increase or decrease your max bid as described above but you will not be able to correct a bid entered by mistake if the bid you entered by mistake is the current bid. You will have a chance to confirm your bid before entering it; please review your bid carefully!
Can an auction be postponed or cancelled?
An auction can be cancelled or postponed. If an auction is postponed or canceled, a notice of this will be given on the property details page.
Can I inspect the property?
You cannot trespass or disturb the owner or occupant. This includes the post auction period and extends to inspectors, contractors, appraisers and lenders. Buyers and prospective buyers are not authorized to access the property until they take title to the property.
What is a buyer’s premium?
If you are the highest bidder and the property includes a buyer's premium, the amount of the buyer's premium will be added to your bid to determine the contract price. You will have to pay the contract price to complete your purchase of the property. As an example, if you submit a bid of $100,000 on a property that includes a 5% buyer’s premium, you will owe a contract price of $105,000 for the property.
Why does the auction sometimes remain open for bidding after it was scheduled to end?
If bidding occurs in the final moments of the auction, the end of the auction will be extended by fixed periods of time (the anti-snipe time). The auction will end after no bidding occurs during the anti-snipe time. Online auctions are extended like this to give all bidders an opportunity to submit their highest bid before the auction ends.
What if I don't complete my purchase?
If you do not complete your purchase, you are subject to severe consequences, including these:
- You may be held in contempt of court under section 2329.30 of the Ohio Revised Code.
- 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.
Who is responsible for paying the property taxes?
The payment of property taxes in a foreclosure action is governed by section 323.47 of the Ohio Revised Code. 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.
When will I get a deed to the property?
Assuming the sale has not been postponed, canceled, or vacated, the private selling officer will execute a deed and 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 section 2329.31 of the Ohio Revised Code, 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.
Will I get clear title to the property?
There are no guarantees that you will receive clear title. You should conduct a title examination as part of your due diligence obligation.