An Ohio property at a sheriff's sale receives no bids meeting the two-thirds minimum requirement. Under Ohio law, what happens next?
Correct Answer
B) The sale is continued to a future date, and the property may be reappraised
If no bids meet the two-thirds minimum at an Ohio sheriff's sale, the sale is continued to a future date. The property may be reappraised, and the sale is re-advertised. In some cases, the court may order a second sale at a reduced minimum after proper procedures.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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