Home sells for $1 under Ohio's new public auction law
AKRON, Ohio (AP) - A vacant 92-year-old bungalow in Akron sold at a sheriff's sale last month for just $1, a price made possible by a revision of Ohio law governing public auctions last year.
The Akron Beacon Journal reports the home is the first to sell so cheaply in Summit County since the passing of House Bill 390 last summer.
Under the new law, vacant homes can now be sold for less than two-thirds of their appraised value at public auctions across Ohio. The "fast-track foreclosure bill" also decreases the time abandoned properties are wrapped up in foreclosure suits to as little as six months, before they can attract a criminal element or deteriorate further.
Records show that no one challenged Citizens Bank's winning $1 bid.