Oklahoma lenders have the power to foreclose on properties with a loan in default and sell the properties at an Oklahoma foreclosure auction. Buyers interested in investing in Oklahoma foreclosures or buying them for resale can use required foreclosure notices to locate foreclosed properties for sale. Bidders can then make preparations for bidding on and paying for foreclosed homes in Oklahoma foreclosure sales.
Look in local Oklahoma newspapers to find foreclosures. In Oklahoma, the lender must advertise for four weeks in a county newspaper in the county of the Oklahoma foreclosure. Expect these foreclosure notices to start running about five weeks before the actual sale date. If you check a newspaper daily for one week out of every four weeks, then you can expect to find all upcoming foreclosures advertised in that particular paper.
In the Internet age, you can expand your search somewhat by finding newspapers with active websites. Some newspapers post all or a large portion of each daily edition online. Visit the USNPL “Oklahoma” page at Usnpl.com/oknews.php and use the links to find Oklahoma newspapers on the Internet. Look for the foreclosure listings in each paper.
Use these foreclosure notices to determine the place, date and time of Oklahoma foreclosures and the address of the foreclosed property. You should also make a note of the amount still due on the property. This is the amount that the lender will typically bid. This is basically going to be the starting bid on auctions. Plan to bid on a foreclosed property only if you can bid at least that amount.
Visit each foreclosed home that you are considering trying to buy. When you visit foreclosed property in Oklahoma, there is no specific right to inspect even if you plan on bidding. However, visiting the neighborhood can give you ideas about the value of the property, whether the property might be suitable for living or for “fix up” and resale, etc. If neighboring properties are the same, you may even be able to talk to neighbors to get a rough idea of the fair market value of the foreclosure. This is important to aid you in formulating a maximum bid on a foreclosed home in Oklahoma.
Prepare the bidding money. In this state, you must pay 10% of your winning bid at the time of the foreclosure auction. Look at the listing to see the deadline on the remaining balance. Be ready to pay this 10% immediately upon winning an Oklahoma foreclosure auction.
Take your bidding money to the auction. Bid and pay up if you place a winning bid. Get with the trustee in the ensuing days (depends on the deadline) to pay off the balance of your foreclosure bid.
Get an Oklahoma property deed once you finish paying for the foreclosed property. Like all states, it is crucial that you get a deed when buying any kind of real estate. It is also vital to file this deed in the county recorder’s office in the same county of the Oklahoma foreclosed home or property.
Foreclosure.com: Oklahoma Laws on Foreclosures