Great interview. I am following a similar path with buy and holds. I have properties in cyclic markets ( WA & FL), so definetly looking forward to a linear market here in OKC.
Well to be very honest the data is predicting OKC leaning towards a Hybrid market in the next 10 years. The long term growth stability will depend a-lot on city council and voters forcing the city to prioritize roads and infrastructure. Currently the 3 new city council members are liberal leaning and pushing for a more bike friendly city and are voting agains parking garages ect.. in the hopes that people will all walk and live in small communities. the same exact decision Austin made, they said if we don't build infrastructure it will keep Austin small and cool.. which has partly resulted in their affordability crisis.
Question: What happens when the winner refuses/unable to pay on the winning bid at the sheriff sale? I followed a property that went back to the bank (second highest bidder) only because the winning bidder did not pay. Are there no repercussions for that bidder or for future bids at the auction?
thats a great question, they take your drivers license information when you register for bids, failure to pay could ban you from future bids. But so far thats the word on the street, Im sure people have tried wholesaling sheriff sales if thats what your thinking.
@@OklahomaRealEstateShow I was looking at a property that someone had bid on and then refused to pay. However I found out the answer, they said they would ban people for 60 days for non payment. That seems extremely lient.
Nemo Chips its usually the same auctioneer each time, OKC is a big city but not that big, eventually you will get known as the guy that does not pay. But your right 60 days and you can start again not bad, i wonder if thats just for the first offense and after it gets worse - landon
@@nemodeals2034 Nemo, you are right, that's extremely lenient. I doubt even the 60 days were not strictly enforced, since I see about 10% to 15% of cases end up not getting paid. It's also a rule that's easy to get around. One get banned, he can just send spouse or partner to the next sale.
@@howardOKC I never understood why they don't enforce this? Esp with it happening almost every time. My only guess is that it generate $ in fees to have to re-sell the property at the next sale. I esp get suspicious when the top bidder jumps the bid by $5k plus and doesn't pay and viola the second highest steps in and get the property at the 2nd highest bid. I can't help but think those are straw bidders. In WA state and FL they have ways to prevent the back outs, wish OKC did it. So far I have only picked up 2 at the sheriff sale. Bidding is competitive, but still better than Retail, however risk is still high.
Great interview. I am following a similar path with buy and holds. I have properties in cyclic markets ( WA & FL), so definetly looking forward to a linear market here in OKC.
Well to be very honest the data is predicting OKC leaning towards a Hybrid market in the next 10 years. The long term growth stability will depend a-lot on city council and voters forcing the city to prioritize roads and infrastructure. Currently the 3 new city council members are liberal leaning and pushing for a more bike friendly city and are voting agains parking garages ect.. in the hopes that people will all walk and live in small communities. the same exact decision Austin made, they said if we don't build infrastructure it will keep Austin small and cool.. which has partly resulted in their affordability crisis.
@@OklahomaRealEstateShow So much has changed in 1 year! I'm not sure I would call OK is definitely a hybrid market right now.
Small world! It was nice to meet you.
What’s the best way to reach out to you Howard?
liu.howard@gmail.com
If you’re the winning bidder at a sheriffs sale do you get a warranty deed or quit claim deed?
Great question, quit claim deed.
@@OklahomaRealEstateShow Okay thanks
@@OklahomaRealEstateShow wrong info. You get sheriff's deed.
Question: What happens when the winner refuses/unable to pay on the winning bid at the sheriff sale? I followed a property that went back to the bank (second highest bidder) only because the winning bidder did not pay. Are there no repercussions for that bidder or for future bids at the auction?
thats a great question, they take your drivers license information when you register for bids, failure to pay could ban you from future bids. But so far thats the word on the street, Im sure people have tried wholesaling sheriff sales if thats what your thinking.
@@OklahomaRealEstateShow I was looking at a property that someone had bid on and then refused to pay. However I found out the answer, they said they would ban people for 60 days for non payment. That seems extremely lient.
Nemo Chips its usually the same auctioneer each time, OKC is a big city but not that big, eventually you will get known as the guy that does not pay. But your right 60 days and you can start again not bad, i wonder if thats just for the first offense and after it gets worse - landon
@@nemodeals2034 Nemo, you are right, that's extremely lenient. I doubt even the 60 days were not strictly enforced, since I see about 10% to 15% of cases end up not getting paid. It's also a rule that's easy to get around. One get banned, he can just send spouse or partner to the next sale.
@@howardOKC I never understood why they don't enforce this? Esp with it happening almost every time. My only guess is that it generate $ in fees to have to re-sell the property at the next sale. I esp get suspicious when the top bidder jumps the bid by $5k plus and doesn't pay and viola the second highest steps in and get the property at the 2nd highest bid. I can't help but think those are straw bidders. In WA state and FL they have ways to prevent the back outs, wish OKC did it. So far I have only picked up 2 at the sheriff sale. Bidding is competitive, but still better than Retail, however risk is still high.