Ohio REALTORS recently presented their testimony in favor of Senate Bill 135 before the Senate Judiciary Committee. The proposed legislation aims to update Ohio’s regulations regarding real property foreclosures and estate sales while enhancing the appraisal process within the state.
The key focus for Ohio REALTORS regarding SB 135 lies in two primary areas:
Firstly, they advocate for maintaining the requirement of three appraisals in the sale of properties involved in foreclosure or estate processes. The organization argues that, given the significant increase in property values over recent years, ensuring precise, market-based valuations is essential.
Secondly, the bill stipulates that appraisals must be conducted exclusively by licensed real estate brokers, salespersons, or appraisers. This requirement is designed to ensure that these tasks are assigned to trained professionals who adhere to legal and ethical standards, thereby enhancing the accuracy and integrity of property valuation processes.
Details on Senate Bill 135 can be accessed under the 136th General Assembly.
