Sheriff sale properties are those properties that are being sold at public auction at the request of a lien holder -- usually a bank -- to foreclose on and collect on a lien, and is the last step in the foreclosure process on a home. These proprties are available with a 10% down payment due within 24 hours of winning the auction bid -- permanent financing can be sought subsequent to furnishing the sheriff's dept witht the 10% down, however, if there are any problems obtaining a loan for the remainder, you could forfeit your 10% up-front payment. Because of this, I would recommend NOT bidding on a property at sheriff's sale unless you have the cash to purchase the home, or a private investor is willing to fund the purchase. Bidding begins at 2/3 of the auction appraised value.
Sheriffs sales are held at the County Office Building at 201 S. Jones, Norman OK, Room # 200, every Wednesday at 10:00 AM.
** Purchasing a sheriff sale proprety involves a significant amount of risk. While the sheriff sale process removes many liens, any liens that are not filed could potentially be attached to the property subsequent to the sheriff sale -- legal or not, and it would be your responsibility to pay an attorney to have them removed. Additionally, any tax liens that there might have been will not get removed and will be your responsibility to pay.
Please contact me and I would be happy to help you through the purchase process of a sheriff sale property!
If you would like to search for homes for sale in Norman OK, Moore OK, or Oklahoma City OK (or any surrounding areas) you can do so by using my home search. Additionally, as a Real Estate agent specializing in the Norman OK, Moore OK, and Oklahoma City areas, I would be happy to assist you if you were to have any questions about the home purchase process or would like a Real Estate Agent to assist you with the sale of your home.
Please feel free to contact me with any questions!