Displaying items by tag: Public Auction

A new revision in Ohio state law made it possible for a vacant 92-year-old Akron bungalow to sell for $1 at a sheriff's sale last month. 

The Akron Beacon Journal reports that the home is the first to sell for so little in Summit County since the passage of House Bill 390 last summer. 

Under the new "fast-track foreclosure bill," vacant homes can now be sold for less than two-thirds their appraised value at public auctions in Ohio. The bill also decreases the time abandoned can be wrapped up in foreclosure lawsuits to as little as six months, in an effort to eliminate criminal activity or further deterioration. 

The winner of the auction on that $1 Akron home was Citizen's Bank, reportedly unchallenged by any other bidder.