Escrow & Title
An Ohio property goes to sheriff's sale following a foreclosure judgment. If no adequate bids are received, the lender may:
AForgive the debt automatically
BBid on the property themselves, acquiring title through a credit bid✓ Correct
CRe-list the property with an Ohio broker
DForce the borrower to remain in the property
Explanation
If no third party bids adequately at a sheriff's sale, the lender can submit a credit bid (crediting the bid amount against the amount owed) to acquire the property themselves, taking title as REO (Real Estate Owned).
Related Ohio Escrow & Title Questions
- In Ohio, an 'abstract of title' is a:
- What is the difference between a 'lien' and an 'encumbrance' in Ohio real estate?
- In Ohio, a 'fixture filing' under the Uniform Commercial Code (UCC) is used to perfect a security interest in:
- What is the Ohio conveyance fee affidavit (DTE 100)?
- In Ohio, a general warranty deed contains the covenant of 'seisin,' which means the grantor warrants that:
- A sheriff's deed in Ohio is typically issued in connection with:
- A 'deed in lieu of foreclosure' in Ohio is when a borrower:
- In Ohio, which method is used to determine property ownership history — the chain of title?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →