Assignment of Bid at sheriff sale

Assignment of Bid at sheriff sale

Taylor HoldenPro Member
Rental Property Investor · Bartlesville, OK · Member since 2019 · 52 posts · 24 votes

Hey all, 

I recently was too busy bidding on another property to notice that a property I did like as well went on the block before I lost the one I went to buy. A wholesaler bought it. He has since approached me saying he has too many deals and would like to Assign the bid to me. I like this because I get the property at his price and he wants this to continue a synergy between our business's. 

In oklahoma when you have the winning bid you have deposit 10% of funds to court clerk in 24 hours. usually this is recorded on ODCR. I have actually not heard of a time it wasn't. Well this sale happened a few weeks ago. Wholesaler is saying he put 10% down but its not showing on ODCR. He wants to assign the bid to me for me to go deposit what is due at the court clerk which he is saying is due noon on Monday, even though I can see the motion to confirm isn't until Thursday at 2:30 pm. I feel like we have to have documents stating this first if its even possible.Second I think you loose the sale if you don't deposit in 24 hours the 10%. Which I don't think he has but he says he did I'm asking for a receipt but he has yet to prove one. 

Basically my questions are

1. Can you assign a winning bid at the sheriff sale?

2. what documents would you like to see?

3. How likely is it he didn't deposit the 10% and doesn't have the deal?

4. how would you feel about this deal? The house is great but alot is strange in the behind works.

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Real Estate Agent · Tulsa, OK · Member since 2016 · 88 posts · 72 votes
5y

Taylor Holden, I would proceed with caution. I would be very surprised to learn that Tulsa County would allow assignable contracts.Typically, if a winning bidder does not want to proceed with the purchase, the next bidder would be contacted and have the opportunity to buy. You can contact the clerk and find out what the status is, and if you are the next highest bidder, you might be able to purchase without involving a wholesaler. Also, make sure you check for liens with the clerk while you are talking. 

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  • Real Estate Agent · Tulsa, OK · Member since 2016 · 88 posts · 72 votes
    5y

    Taylor Holden, I would proceed with caution. I would be very surprised to learn that Tulsa County would allow assignable contracts.Typically, if a winning bidder does not want to proceed with the purchase, the next bidder would be contacted and have the opportunity to buy. You can contact the clerk and find out what the status is, and if you are the next highest bidder, you might be able to purchase without involving a wholesaler. Also, make sure you check for liens with the clerk while you are talking. 

  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    5y

    1. I think they changed the laws so that you CAN NOT anymore. I know you used to be able to, but I believe that changed. 

    2. With wholesalers I honestly try to verify info around them, haha. Like straight to the court clerk, etc. 

    3. Prettttty high

    4. I'd call the clerk first. They should be able to button things up for you pretty quickly. If you're serious check into title work ASAP. Like, very first thing. 

  • Taylor HoldenPro Member
    OP
    Rental Property Investor · Bartlesville, OK · Member since 2019 · 52 posts · 24 votes
    5y

    Thanks all for your response.

    This wholesaler was a fraud that never produced a contract and was trying to steal my funds luckily I did my due diligence and stayed away. Unfortunate that house went back to the bank and they won’t sell to me.

  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    5y
    Originally posted by @Taylor Holden:

    Thanks all for your response.

    This wholesaler was a fraud that never produced a contract and was trying to steal my funds luckily I did my due diligence and stayed away. Unfortunate that house went back to the bank and they won’t sell to me.

    Sheeeeeesh. I hate that. It's super frustrating. 99% of the issues I have with wholesalers come from them not just being straight up. I always just want to say "look bro, I don't care how much you're making, if you'll shoot me straight we can both make money but if you keep lying we're both going to lose."

    You have any new deals on the line?

  • Taylor HoldenPro Member
    OP
    Rental Property Investor · Bartlesville, OK · Member since 2019 · 52 posts · 24 votes
    5y

    @Alyssa Dyer

    Agreed. I got him banned from the local groups and once this info came out several others had similar stories.

    We just closed another duplex this month. Tenants moving in a few days.

    In process of closing another duplex from a wholesaler. Trying to move as quick As I can in my small town.

  • Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    5y
    Originally posted by @Taylor Holden:

    @Alyssa Dyer

    Agreed. I got him banned from the local groups and once this info came out several others had similar stories.

    We just closed another duplex this month. Tenants moving in a few days.

    In process of closing another duplex from a wholesaler. Trying to move as quick As I can in my small town.

    That's stellar!! Congrats. I'm closing on a duplex in a week or so (waiting on the appraisal which is backlogged). It's in a bit of a sketchy part of town but it's remodeled so fingers crossed.  

  • Taylor HoldenPro Member
    OP
    Rental Property Investor · Bartlesville, OK · Member since 2019 · 52 posts · 24 votes
    5y

    @Alyssa Dyer

    Sounds great!

    I hope you’re getting all the deals you can!

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