Went to a Sherriff Sale and was the highest bidder on a Commercial building w/ acreage. I was under the impression I would take possession after to confirmation hearing. Is this correct? What do I need to do about evicting the owner and also did I buy the contents or do I have to give him a certain amount of time to vacate with the company's belongings? Any help will be appreciated thanks.. BTW the property is in Oklahoma..
Also It was a Foreclosure auction..
i would get with a local attorney there. i know a few here in okc that could help but not sure about out there. seems you get only property not contents.
I would consult an attorney.
The borrower has no redemption rights after the sale has been confirmed. So, once the sale is confirmed the property becomes yours. It is up to you to secure the property and evict any tenants.
Try to contact the County Sherriff sale at :
For further information please contact Latisha Honeycutt at (405) 713-1056 or via e-mail at [email protected]
You might be able to get more info on this since they deal with it all the time.
Just so you know, you have clearly won the contest for jumping in with both feet first.
You bought a commercial building at an auction and are only now asking what you can do with it in terms of what it comes with and how to get the tenant out?
And I thought I was a risk taker. :-)
Some questions I'd be asking: Were there any liens on the property that are not getting wiped out as part of the auction? Any back taxes that need to be paid? How do you secure the property? What are the eviction rules/laws for commercial property vs residential?
Typically, its much easier to get someone out of a commercial building than it is residential. But I would definitely get myself an attorney real quick to find out what my next steps were.
Still. Congratulations on the new building. Can you share the details of the deal?
1) How much did you get it for?
2) What do you think its worth?
3) How much do you think you can get for rent(s)?
4) Taxes, Insurance, etc
5) How big is it and what kind of commercial building is it? Warehouse? Storage, etc?
I'm curious what caused the foreclosure, was it mortgages, taxes or other liens? Did you do a title search prior to bidding?
I can really divulge the #s I have a few partners who would not appreciate it..
Its a 5600ft2 Office/ Warehouse on 8.2 acres.
We got the property for 60% of replacement cost. We were able to visually inspect the property(shop is still operating during foreclosure)
We will use it for a business we own, lease it in this area would be $15 ft yr
It was foreclosed by the bank, They bid us up to amount they were owed.. Taxes are up to date. No other leins on property..
@Matt Laird, I've got to go along with @Mike H. , you ge the Big Brass Balls trophy on this one from the sound of things! You are bound for success!
I don't know the foreclosure laws in OK, so check with a local attorney, but there are a couple of things that are pretty much universal. Have you run a title search? Did you buy out the first position loan or a junior lien? What property taxes are owed? What is your exit strategy?
It's not the end of the world if you bought a second, but it could be tricky. If there's an IRS lien, it should be wiped out, but check with you attorney about that. The IRS has a right of redemption period that they always let expire, but you wouldn't want to be the one who put money into the property just to have the taxman take the property back.
Congratulations on jumping in there and getting going. I wish I had the sand to that.
based on your 3rd response this is a no brainer for you... great deal when you can buy something that you will then use yourself.. sounds like you knew lien position etc.
good job... I don't know about the foreclosure process in Oak.. but it sounds like there has to be a comfirmation post sale.. that should be easy I guess unless the debtor has the right to BK and foul you up. IRS liens as stated above sunset in 6 months unless there is a huge amount of equity they will not do anything..
If you have a hold over owner then once you get your confirmation ( which apparently is what is needed in your state our state its just record your Trustees deed) you would most likely serve a notice to quit if the holdover tenant does not you hire an eviction service or an attorney that does commercial evictions.. In Oregon we have services that do our evictions.. there are a few attornies but the services are very efficient as that is all they do.
Thanks everyone, I'm confident the building was a good deal, the bank in which foreclosed will be financing the property w/20% down, 3 yr fixed 5.1% 15 yr commercal loan .. Just curious about the contents and eviction, The former owner is the tenant & has yet to leave, when I take possession do the contents transferred with the deed? Or do I have some eviction process while I wait, Can I set his junk on the stoop or haul it off? We are wanting to move in asap..
Like Most people here suggested. Get with an attorney ASAP unless you want to just change the locks and ask questions later. Download Title 41. here http://www.oklegislature.gov/osstatuestitle.html
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