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Ohio Legislation Targets Investor Purchases of Foreclosed Homes

May 10, 2022, 5:12 PM

A new bill in Ohio’s legislature is proposing to allow tenants and prospective home owners to match or outbid for-profit investors after foreclosed house auctions, a measure aimed at boosting home ownership.

The bill, introduced by Republican state senator Louis W. Blessing III on Monday, would allow tenants of a foreclosed home with one to four family units to buy the property at a price matching the highest bid received at auction.

Other “eligible bidders,” including nonprofit organizations and prospective home buyers who plan to live in the property, would be given the chance to buy the property with an ...