How Long Do I Have in My House After a Sheriff Sale?
Once the Ohio foreclosure process is over and your home has been sold at a sheriff sale, you are not yet legally required to leave your home. There are a few steps the sheriff, court and new owners must take before you can be evicted. You may also be able to save your home or stay the eviction process.
The Ohio Sheriff Sale Eviction Process
Once your lender obtains a Final Judgment of Foreclosure, the sheriff sale process will begin:
- The sheriff appraises your home with the aid of three neutral parties. The sale will then be advertised in a local newspaper for three consecutive weeks.
- The sheriff sale is held. The sale is a public auction. The property may not be sold for less than 2/3 of its appraised value. The lender is often the winning bidder. It is important to note that you are not required to leave the property and the buyer cannot change the locks or otherwise obstruct you from continuing to reside in the property when the sale concludes.
- What is known as a redemption period begins immediately after the sale. The sheriff has 60 days to inform the court of the sale. The court then has 30 days to confirm it. This is called “redemption period” because during these 90 days you can redeem your home by paying the full amount owed on the judgment plus any fees or costs incurred during the foreclosure. This could take the full 90 day period, but may also be completed in only a couple days. Therefore, it is wise to move fast if you plan to redeem your home.
- Once the sale has been confirmed, the deed will be drawn up and the buyer will pay the purchase price and record a new deed. At this point the buyer has possession of the property and you can be evicted.
- The buyer can request a Writ of Possession and the sheriff will generally give you 3-7 days to vacate the property.
- If you do not move by the deadline, the sheriff will remove your belongings from the house. You may request an deadline extension from the sheriff’s office, but they are not obligated to grant the request.
You can choose to wait out the time period and save money to pay for a new place to live. You may also hold out in the hope that the new owner will offer you money to move sooner, a transaction known as “cash for keys.” You also have the right to file for bankruptcy, which will stop all foreclosure proceedings. You should speak to a professional Ohio bankruptcy attorney to see if this is a viable option.
At DannLaw, we provide sound advice throughout the foreclosure process and make sure you are not removed from your home before you are legally obligated to vacate. We can also help you stay the sheriff sale and fight to keep your home. Contact us today to learn more about your options when facing an Ohio sheriff sale.
*Originally posted in www.dannlaw.com on May 7, 2019.