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! 

[Chad U.]

Originally posted by @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! 

As a lender, I would never put a foreclosure on hold or postpone it if someone offered to buy the property, especially with a financing contingency. Particularly in Ohio as it is very time consuming and expensive to get to the foreclosure Finish Line. And it generally takes months to get back into the sheriff sale lineup once you postponed the sale.

you would either need to make an all-cash offer, or have the financing contingency end  prior to the scheduled foreclosure sale date and close before then.