A vacant 92-year-old bungalow in Akron sold at a sheriff's sale last month for just $1, a price made possible by a revision of Ohio law governing public auctions last year.
The Akron Beacon Journal reports (http://bit.ly/2ixmPKb ) the home is the first to sell so cheaply in Summit County since the passing of House Bill 390 last summer.
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Under the new law, vacant homes can now be sold for less than two-thirds of their appraised value at public auctions across Ohio. The "fast-track foreclosure bill" also decreases the time abandoned properties are wrapped up in foreclosure suits to as little as six months, before they can attract a criminal element or deteriorate further.
Records show that no one challenged Citizens Bank's winning $1 bid.
Information from: Akron Beacon Journal, http://www.ohio.com