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Ohio’s foreclosure process reduced from 2-3 years to 6 months

Ohio House Bill 390, signed into law by Gov. Kasich on June and recently put into effect Sept. 28, 2016, will likely set the precedent for the future of the foreclosure process nationwide. After three years in the making the bill is designed to reduce the foreclosure process for vacant and abandoned homes from two to three years to about six months.

A noteworthy portion of the bill is the creation of Private Selling Officers. A PSO must be an Ohio resident, licensed as both an auctioneer and real estate sales agent or broker, and as required by their client base be experienced with foreclosure and other legal sales. This significant change gives mortgage servicers a new option to engage licensed professionals rather than a sheriff’s office to sell foreclosed properties.

Dick Kiko, auctioneer and state-qualified PSO, announced the formation of the Ohio Foreclosure Auction Group. This group brings together six of Ohio’s leading auctioneer and real estate auction firms to cover every region of Ohio. Each partner will manage and oversee a regional office under a consistent statewide program, ranging from a flat-fee standard service to completely custom, stand-alone events.

Ohio Foreclosure Auction Group consists of Beth Rose, president, Beth Rose Real Estate and Auctions for the Northwest Region; Penny Worley, president, Penny Worley Auctioneers for the Southwest Region; Dick Kiko, CEO, KIKO Auctioneers and Realtors for the Akron/Canton Region; Shawn Dostie, auctioneer for the Southeast Region; Buddy Barton, partner, Rosen & Company for the Northern Region; and Richard Kruse, managing partner, Gryphon USA Ltd. for the Central Region.

Each venture partner has completed numerous Ohio foreclosures and other judicial auctions individually and are in the process of securing agreements with national loan servicers and several law firms representing creditors throughout the state of Ohio. They have been working on this venture and law change for close to two years and plan to hit the ground running.

The new process and use of a PSO can be used for both residential and commercial Ohio foreclosures. Engaging a PSO will decrease time lines, increase sales recoveries and streamline the overall foreclosure process.

This reform will help alleviate issues communities have with vacant foreclosed homes. By speeding up the process, risks of vandalism, squatters and depreciating home values are drastically reduced.

Published: November 2, 2016
New Article ID: 2016711029993