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Senate panel holds first hearing on bill to speed foreclosure sales, expand private selling officers
Summary
Senate Bill 135 would let judgment creditors use private selling officers for uncontested foreclosures, tighten appraisal deadlines, reduce mandatory newspaper advertising and require online bid visibility; sponsor said changes aim to raise sale prices and limit vacant, value-draining properties.
The Senate Judiciary Committee held the first hearing on Senate Bill 135 on a motion by sponsor Senator Brenner during the committee meeting; Senator Brenner said the bill is intended to speed foreclosure sales and protect neighborhood property values. "Property values, in the area with a foreclosed property decrease, the longer that a property sits in the court or on in the sale system," Senator Brenner said in sponsor testimony.
Senate Bill 135 would allow judgment creditors to use a private selling officer (PSO) instead of a county sheriff to sell foreclosed property in uncontested claims. Senator Brenner described PSOs as "Ohio…
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