6808 Spencer Lake Road

Medina, OH 44256, Medina County

Ohio offers two types of foreclosure sales:

1. The sheriff runs in-person foreclosure sales, also known as a sheriff sale. These take place at the courthouse.
2. A court-appointed private selling officer (PSO) conducts foreclosure sales.

The properties sold at these two types of auctions are all in the same stage of the foreclosure process. At both sales, a third-party bidder buys the property or it reverts to the lender. When it reverts, it becomes a real estate owned (REO) or bank-owned property. Auction.com lists properties for auction at either of these sales.

Registration is required for each property you wish to bid on in an Auction.com online foreclosure sale. This simple process only requires a free Auction.com account and a credit or debit card to place a bid deposit hold (usually $100). This hold is required to verify your identity and maintain the integrity of the auction. Your card will not be charged. The hold will be released after the auction is completed.

Once these steps are taken, you will be authorized to bid and may place a bid once the auction is opened. This hold is required to verify your identity and maintain the integrity of the auction. Your card will not be charged. The hold will be released after the auction is completed.

Interior access is not available for any property sold at a foreclosure auction. All foreclosed properties are sold as is, where is.

You'll need to estimate any repair or upgrade costs from a distance. Even if you think the home is vacant, treat it as occupied. These homes have not transferred ownership yet. So, walking on or entering the property is trespassing and a crime.

If you are the highest bidder at the end of an auction, here is what you need to know.

1. Contract Information: You'll receive an email confirming you have the highest bid. You must provide important contracting information by filling out an online form. Preview the required information as a printable checklist. Submit the form within 1 business day
2. Purchase Agreement: Once everything is verified, you'll receive the Purchase Agreement via DocuSign. Sign and return the document within 2 business days so the seller can review and sign.
3. Proof of Funds: Provide Auction.com a copy of your Proof of Funds by email within 2 business days.
4. Earnest Money Deposit: Wire instructions are provided on the first page of the Purchase Agreement.

Unless otherwise specified, send your Earnest Money Deposit to the closing company within 2 business days. Send Auction.com a copy of your confirmation receipt.