Ohio REALTORS support bill aimed to ensure fair foreclosure procedures
Ohio REALTORS offered written testimony to the Ohio House of Representatives Civil Justice Committee, supporting a proposed amendment to House Bill (HB) 390, a bill aimed to standardize and regulate procedures for property foreclosure sales.
Protecting homeowner equity and promoting fair and transparent real estate practices is vital to Ohio REALTORS. A provision added to HB 390 safeguards homeowners’ equity in properties amidst tax foreclosure procedures by addressing a dangerous loophole that currently exists in Ohio law. Currently, local governments can transfer abandoned tax-delinquent properties to other political subdivisions, such as land banks, without conducting a public sale.
This amendment ensures that abandoned tax-foreclosed properties can only be transferred in this manner if the delinquent taxes exceed the property’s fair market value; otherwise, they would be required to be offered at public sale.
The amendment language mirrors another piece of legislation, HB 153, which was introduced earlier in this General Assembly.
Ohio REALTORS remains committed to maintaining a thriving real estate market and advocating for policies that support homeownership and property rights across Ohio.
More information about HB 390 can be found here: HB 390 | 135th General Assembly | Ohio Legislature
Formed in 1910, Ohio REALTORS is the state’s largest professional trade organization with nearly 37,000 members representing both residential and commercial practitioners, as well as auctioneers and appraisers. We also represent homeowners, and homebuyers, and support policies to protect private property rights.
