Oklahoma, Tulsa auctions

[Jonathan Beemer]

Thinking about going to the auctions in Tulsa to purchase first properties. Anybody been and have some advise on what to expect. How many people usually show up? Is it 10% or 20% down on the winning bid? Can you get pre-approved for a loan for the auctions? Do auction homes have mortgages? If so, does it carry over once purchased? And is t shown pre auction that there are payments due or something else similar?

[Nate Garrett]

10% certified funds due the day after the auction. 90% remainder due at confirmation approximately 3 weeks later. 

You will most likely need a commercial or hard money loan because of time constraints and lack of access to the property preventing a full appraisal. 

The title should be passed clear as a result of the foreclosure but there can still be higher priority liens (IRS liens, OK Tax liens) that have rights of redemption. An attorney's title opinion can be obtained during the 3 week period prior to confirmation and the court file will also most likely contain such information.

Bottom line, buying at auction carries significantly more financial / title risk than a traditional sale. It behooves a bidder to be well informed of the process and understand title theory and real property law. 

For the patient, well-informed, savvy buyer, it can be a source of the occasional exceptional deal.

Additional info about the Tulsa county auction process can be found here: http://www.tcso.org/tcsoweb/Auctions.aspx

The court files can be viewed at this link: http://www.oscn.net/dockets/Search.aspx