How does a Franklin County sheriff sale work for the owner?

A Franklin County sheriff sale is an online auction run every Friday at 9:00 a.m. Realauction runs the platform under a contract with the Ohio Department of Administrative Services. Franklin County moved all foreclosure sales to that platform on October 5, 2018. Properties are open for proxy bidding at least seven days before the Friday sale. Public notice of a sale runs once a week for at least three consecutive weeks. The Sheriff advertises the sale in The Columbus Dispatch. The ads run three weeks, starting five weeks before the sale. Probate-case sales are still held in person.

A Franklin County sheriff sale bid starts at two-thirds of the appraised value. The court can order a different starting amount. Ohio law sets the two-thirds floor, with limited exceptions.

The house is appraised by three disinterested freeholders before a sheriff sale. The freeholders must live in the county and own real estate there. The sheriff calls the three together. Ohio law calls this group an inquest. The Franklin County Sheriff's FAQ says independent appraisers do the appraisal.

Yes, an owner can redeem the house until the court confirms the sale. To redeem, the owner deposits the judgment amount, costs and interest with the clerk. The court may pause confirmation to give the owner time to redeem. Before confirmation, the Sheriff says a mortgage payoff or new financing keeps the home. After a redemption, the buyer's deposit is refunded on a court order.

What is the redemption interest rate after a sheriff sale?

The redemption interest rate is 8 percent per year on the purchase money. Purchase money is the price the buyer paid. Interest counts from the day of sale to the day of the deposit.

How long after a sheriff sale does confirmation take?

Confirmation takes 30 to 60 days after a sheriff sale, on average, says the Sheriff. The Sheriff says the defendant keeps redemption rights until confirmation is filed. Ohio law says the court normally confirms within 30 days of the writ's return. The two sources count from different starting points.

What happens after the court confirms a sheriff sale?

After the court confirms a sheriff sale, the owner can no longer redeem the house. The buyer is awarded a writ of possession. A writ of possession is a court order to put the buyer in the house. The buyer pays the balance within 30 days of confirmation. The Sheriff's deed is prepared and recorded within 14 days after confirmation and payment. The Sheriff gives the former owner 10 to 14 days to move out. Hardship can extend that to 30 days.

A Franklin County foreclosure can take under 180 days, says the County Treasurer. The Treasurer's timeline runs from missed payments to move-out. The Sheriff says judgment is typically filed 3 to 9 months after the complaint. The Ohio Supreme Court gives a third span. A homeowner could lose the home in 3 to 6 months after a servicer files. The three sources measure different spans. A tax lien sale is a different sale, explained under Franklin County delinquent property taxes.

A former owner gets money left after a sheriff sale with a court order. The judge on the case must sign the order. The order directs the clerk or sheriff to pay out the money. The Sheriff calls this money excess funds. The Franklin County Clerk of Courts publishes the steps for an excess-funds motion.