Ohio Redemption Rights

[Daniel Kramer]

I understand this may fall under the "consult with your attorney" category, but I thought I'd throw this question out there.

In the state of Ohio, if a house is in foreclosure and scheduled to go to auction, if I successfully contact the owner and we write up a purchase agreement, does the foreclosing bank need to honor that attempt of redemption, assuming that it exceeds the amount claimed in the foreclosure?

My general assumption is that the bank shouldn't care as long as the amount exceeds their claim in the foreclosure. My concern is the financing contingency, that they wouldn't want to potentially add any time to the process. I'd have a conventional financing contingency but it the time period for that contingency would fall before the auction date.

Thank you in advance!