Often, we see banks who have acquired property and will put them online for auction, so you are actually buying them from the bank, post-foreclosure.
Until recently, foreclosures sales through the court system could only occur by public auction conducted by the County Sheriff which is typically occurring at the Court House. That is the current state of foreclosure auctions as of the writing of this blog. However, effective September 28, 2016 the law has been reformed to permit other forms of foreclosure auctions. There are now provisions that permit private selling officers. In addition the law is going to permit online auctions. It will take time before the public will see the practical implementation of these provisions, but eventually it is anticipated that this will become the norm.
Click Here to read more from the Ohio State Bar Association on these important legislative changes.