Sheriff's Auctions - Posted by Chris

Real Estate Investing Auctions
1

Posted by Freddy (OK) on September 30, 2004 at 15:28:15:

Chris,

I am from Oklahoma and the minimum bid at the sheriff’s sale is 2/3 of the appraised value. The appraised amount will be posted in the Notice of Sale legal in the paper. I have been to a lot of Sheriff’s sales and have yet to buy a property. Almost all are bought back by the mortgage company. If you are interested in a property, my advice is to either work a deal to buy it before the sale from the owners or find out all the contact information from the attorneys handling the foreclosure after the gavel falls at the sale. Just because it is 2/3 of appraisal now, doesn’t mean that is what you will pay later on, especially if it needs some work.

Good luck.

Freddy(OK)

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Sheriff’s Auctions - Posted by Chris

Posted by Chris on September 30, 2004 at 10:23:38:

I’m new in Oklahoma and I went to the sheriff’s office today to get the information for property auctions for my county. And the poster says in accordance with the Oklahoma state statutes the minimum price a property can be sold for is 2/3 of the appraised value. That doesn’t seem to give much room for an investor. Most books I have read say that for an investment paying 70% of the appraised value is high at an auction. Any thoughts on this?? Are other states similar??