H.B. 632 Summary

• Amends Ohio foreclosure law to allow private selling officers (licensed auctioneers and real estate brokers) to conduct residential property auctions, with restrictions preventing affiliated officers of mortgagees from conducting sales.

• Reduces online auction minimum bidding period from seven days to three calendar days for both sheriff-conducted and private selling officer-conducted sales.

• Changes appraisal requirements from three disinterested freeholders to three exterior-only appraisals conducted by licensed professionals for residential properties, with a fourteen-day deadline.

• Allows judgment creditors to postpone residential property sales multiple times within 180 days of the initial sale date and permits remote bidding via facsimile, email, or overnight delivery.

• Establishes requirements for an official public sheriff sale website with integrated auction management system, includes specific title insurance agent fee limits ($500 presumed reasonable), and modifies deposit requirements for residential property purchases.