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 state law governing public auctions last year.
The Akron Beacon Journal reports the home is the first to sell so cheaply in Summit County since the passing of House Bill 390 last summer.
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.
However residents like Alex Ringsby who lives across the street from the Larkin Avenue home are concerned the $1 sale price will have an adverse effect on property values in his neighborhood.
He also concerned about the homes renovation and who will end up taking possession.
Western Reserve Land Conservancy Senior Advisor Frank Ford told News 5 the new state law is need of critical amendment that will prevent such low sale prices after a distressed home fails to sell at its initial sheriff's auction.
"What happens to their property values, because now you've got a recorded sale for a dollar," said Ford.
"The banks convinced people we need this stuff for our self interest to get what we want. But they didn't stop to think about what's good for the community."
Ford said low sale prices many times will attract buyers who have no real intention in doing the right things with these distressed properties.
"You're really getting the bottom feeders to buy properties when you put them out there for that kind of money," explained Ford.
Ford said an amendment to the "fast track" law is need to try and prevent these dramatically low sale prices.
Ford explained he's working on a proposal that would give county land banks an option on these distressed properties if they don't sell at their initial sheriff's auction.
Ford said land banks are perfectly suited, with the proper resources, to quickly move these homes to renovation or demolition.
Ford say he"ll present his amendment to the state law makers in the coming months.
News 5 contacted Citizens Bank about its $1 purchase price, and the foreclosure on the Larkin Avenue home.
Citizens Bank issued the following statement:
"Citizens Bank does not comment on individual foreclosures. In a small number of cases when there are no other bids during an auction, the bank may acquire the home for a nominal fee and write off the value of the loan."
