With so much talk about foreclosures and the idea that there are bargains to be had; have you ever given any thought to purchasing property at the Oklahoma County Sherriff's Sale? The process is not for the faint of heart and definitely not for beginners. Because there are so many unknowns in the process it can be very risky. Still interested? Then do your homework first. Sales in Oklahoma County are held twice a month at 2:00 on Thursdays. The next sale is February 21st. Before you go to a sale with the intent to purchase, go to a few sales as an observer. That will be the best way to learn about the process. The sales are always held at the Oklahoma County courthouse annex building, 320 Robert S. Kerr room 103. Go, watch and learn. Do not bid.
After you have observed a few sales and you feel comfortable with that part of the process you may still be interested in purchasing a property. To learn what properties will be available at an upcoming Sherriff's sale go to http://www.oklahomacounty.org/sheriff/SheriffSales/ where you can see a list of properties scheduled for sale. If a property interests you, do your homework. The house will likely still be occupied. You may drive by for a look but you may not enter the property or peek in windows. That would be tresspassing. Prior to bidding on the property you will not be able to see inside. You will need to research county records to determine market value and what liens are currently on the property. You should also consider purchasing title insurance.
To purchase a property at an Oklahoma County Sherriff's Sale the county requires the following;
- Your minimum bid must be at least 2/3 of the appraised price of proeprty
- down payment of a least 10% of purchase price in certified funds within 24 hours of sale
- sale is final and balance due within 30 days
In my opinion, unless you are experienced in purchasing distressed property a Sherriff's sale is not the best route to take on your own. In addition to the bargain price you very often will have repair and replacement costs that can amount to a negative cash flow. The services of an experienced Realtor can help you through the process of researching these properties so you know what you are getting into beforehand.
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