Q: What is a PSO in Ohio?
A: A PSO, or Private Selling Officer, is a licensed auctioneer appointed by the court to conduct foreclosure sales in the state of Ohio. Instead of a sheriff’s sale at the courthouse, a PSO conducts the sale online, following the same legal process but offering more transparency, accessibility, and marketing reach. The use of PSOs is authorized under Ohio Revised Code § 2329.152, and properties sold by a PSO are still subject to court oversight and confirmation, just like traditional sheriff sales.
Q: What does “as-is, where-is” mean?
A: This means the property is sold in its current condition, with all faults, defects, and limitations, whether visible or not. Buyers must conduct their own due diligence before bidding, as no repairs, warranties, or inspections are provided.
Q: Can I access the property to see the interior before the auction?
A: No. Foreclosure properties sold at auction are not available for interior inspection before or after the sale, including appraisals or mortgage lender visits. Access is only granted after closing and deed delivery. Buyers should rely on publicly available information, exterior viewing, and their own due diligence before bidding.
Q: Can I get a mortgage to buy the property?
A: Yes, buyers can obtain conventional financing, but you must confirm with your lender that they can issue an appraisal waiver or accept a desktop appraisal, since interior access is not available prior to closing. Be sure to discuss this with your lender before bidding.
Q: Where do I register to bid?
A: You can register directly on our website by clicking the “bid now” button located on each property's auction page. All bidders must be legally able to enter into a binding real estate contract under Ohio law and provide accurate information during registration. Alternatively, you can download our free Mobile App in the Apple App Store or Android Google Play by searching Beth Rose Auction.
Q: How do I register to bid?
A: You must complete the online registration and provide accurate information. Only individuals or entities legally able to enter a binding real estate contract under Ohio law may participate.
Q: What is the anti-snipe policy for bidding?
A: To ensure fair bidding, we use an anti-snipe policy, meaning if a bid is placed in the final minute of the auction, the auction is automatically extended for a set amount of time (typically 1 minute). This gives all interested bidders a fair chance to respond and helps prevent last-second “sniping.”
Q: Will the bank bid at the auction?
A: The bank (or plaintiff) may submit bidding instructions based on the total debt owed on the property. These instructions are typically received within 24 hours before the auction closes. For the property to sell to a third-party buyer, bids must exceed the bank’s bid by at least $100.
Q: What is the Second Provisional Sale?
A: A Second Provisional Sale date is scheduled at the same time as the first auction to account for any potential delays in the sale process. In most cases, it is used when no bids are placed at or above the minimum bid during the first auction. In that situation, the Second Provisional Sale is held, and bidding starts at $1.
Q: What if I encounter technical issues while bidding?
A: Please contact us immediately for assistance. Note that all bidding activity is final and cannot be reversed once the auction closes.
Q: Why do some auction sales get cancelled?
A: The Plaintiff in the foreclosure case (typically the bank) may order a sale to be postponed or cancelled.
Q: What happens after I win the bid?
A: Congratulations! After winning, you will receive an email with the title company’s wiring instructions to submit your deposit and documents for electronic signature.
Q: How soon must I submit my deposit?
A: The deposit must be wired to the title company by the close of business the day after the auction ends.
Q: What is the timeline for closing after the auction?
A: Below is a step-by-step outline of the closing process:
Q: Do I need to purchase title insurance?
A: Title insurance is optional but highly recommended for additional coverage. You may choose your own title company and use our preferred title company.
Q: What if the house is occupied by the owner or a tenant?
A: In most cases, the homeowner will vacate the property voluntarily before closing. However, if they don’t, the court’s Confirmation of Sale Order includes a Writ of Possession, which allows the buyer to initiate eviction proceedings through the sheriff’s office. This writ streamlines the process so possession can be obtained without delay.
Q: How long does it take to close on the property?
A: Under Ohio law, buyers have 30 days to close from the date the judge signs the Confirmation of Sale order. Because the court process takes time, the period between the auction date and the judge’s confirmation typically ranges from 60 to 90 days. This timeline can vary depending on the court’s schedule and the Plaintiff’s law firm’s processing time.
Q: When can I take possession of the property?
A: You may take possession after the deed is recorded and you receive confirmation from the title company.
Q: How do I get access to the property after closing?
A: Once the deed has been recorded and you’ve received confirmation from the title company, you may take possession. At that point, you will need to have the property rekeyed or otherwise secure access at your own expense. We do not have keys or access to the property.
Q: What are the accepted payment methods?
A: Deposits and final payments must be made via wire transfer to the title company. No other forms of payment are accepted.
Q: Are there additional costs beyond the bid amount?
A: Your final contract price final price includes the bid amount and applicable buyer’s premium. The proceeds of the sale will cover back taxes due and payable, recording fees, and liens named in the judgment entry. Title insurance, if chosen, is an additional cost.
Q: What happens if I default on my purchase?
A: Failure to complete your purchase can result in forfeiting your deposit, legal consequences under Ohio law, and potential restrictions on future participation in auctions.