I am buying non performing CRE notes in OH
need a real estate attorney that understands non performing CRE notes in OH. Somebody with experience on CRE Foreclosure process will be preferable to assist me in acquiring the property.
Ultimately, I want to get ownership of the CRE that I am betting on.
Affidavit in support of motion for appointment of receiver has been filed in court and a Receiver has been in place since Nov 2012.
how long will it take me to foreclose the property to get the property back once I purchase the note?
What processes does foreclosure involve in OH, court or trustee sale?
How much I should expect to pay in legal fees/court fees including everything till I get the property back?
Once I purchase the note, does the court appointed receiver stay in place and pay me the rents that is being collected from tenants?
I will look to see whether I have an attorney in my network in Ohio who can help you with real estate foreclosure.
You realize the Ohio process for foreclosure is 10 to 12 months? There is a redemption period you will have to deal with!
Although the property starting bid must be sold at auction for at least 2/3 of appraised value the note holder can only bid to the maximum amount of the actual note to regain the property themselves. Then a judge must uphold the auction sale and certify it prior to conveyance of title to the new owner!
10 to 12 months! Redemption period is allowed by law!
Ohio is a court lawsuit state!
If the note is say $150,000 and the property is worth $250,000 then minimum bid at the Sheriffs sale will be $166,666 so you could not bid on it or buy it as Ohio state law says the note holder can only bid on the property themselves to the maximum amount of the actual note!
I do not know the answer to the receiver question.
Need a real estate attorney that understands non performing CRE notes in OH.Following are the points
How long will it take to foreclose the property to get the property back once I purchase the note
What processes does foreclosure involve in OH, court or trustee sale.