COLUMBUS, Ohio – Ohio House Bill 390, signed into law by Governor Kasich June 28, 2016 and just recently put into effect September 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 of vacant and abandoned homes from two to three years to about six months.
This reform will alleviate many of the issues communities have seen with vacant foreclosed homes. By speeding up the process, risks of vandalism, squatters, and depreciating home values are drastically reduced. Beth Rose, of Beth Rose Real Estate and Auctions, explained, “With this bill in place, vacant homes won’t experience nearly as much deterioration and will be brought to market much quicker.”
Another noteworthy portion of the bill was the creation of Private Selling Officers. PSOs must be Ohio residents, licensed as both auctioneers and real estate sales agents or brokers and, as required by their client base, experienced with foreclosure and other legal sales. This significant change allows mortgage servicers a new option to utilize licensed professionals to sell foreclosed properties, rather than through the Sheriff’s office.
Richard Kruse, auctioneer and state qualified Private Selling Officer, announced the formation of The Ohio Foreclosure Auction Group. Kruse said, “We are excited to bring together six of Ohio’s leading auctioneers and real estate auction firms to represent every region of Ohio. Each venture partner will manage and oversee a regional office under a consistent statewide program ranging from flat fee standard services to completely custom stand-alone events.”
Venture partners include:
- Beth Rose, President of Beth Rose Real Estate and Auctions – North West Region
- Penny Worley, President of Penny Worley Auctioneers – South West Region
- Dick Kiko, President of Kiko Auctioneers – Akron/Canton Region
- Auctioneer Shawn Dostie – South East Region
- Buddy Barton, Partner at Rosen & Company Inc. Auctioneers & Appraisers – Northern Region
- Richard Kruse, Managing Partner at Gryphon USA, Ltd. – Central Region
“We’ve been working on this venture and law change possibility for close to 2 years and are hitting the ground running,“ stated Kruse.
Rose, the Northwest Region Venture Partner says, “The new processes and use of Private Selling officers can be utilized for both residential and commercial Ohio foreclosures to decrease timelines, increase sales recoveries and streamline the overall foreclosure process.”
Each venture partner has completed numerous Ohio foreclosure and other judicial auctions individually and are in the process of securing agreements with national loan servicers and in discussions with several law firms representing creditors throughout the State of Oho.
Ohio Foreclosure Auction Group is a partnership of experienced professional auctioneers who have joined together to simplify your search for the premier Private Selling Officers in Ohio. We provide turnkey foreclosure auction services delivering innovative, effective and timely solutions for each Ohio foreclosure we manage; generating results regardless of the marketplace. Individuals seeking more information may visit www.ohioforeclosureauctions.com