What is an auction sale?

An auction sale is a method of foreclosure law used in Oklahoma where a property is sold to the public in a bidding process in order to satisfy an unpaid mortgage debt. The auction is initiated when the property owner has defaulted on the mortgage loan and the lender has taken the appropriate legal steps to gain the title to the property. The auction is usually conducted by a professional auctioneer, who will announce the opening and minimum bid price for the property. Bidders will then make offers based on the asking price and the highest bidder will be declared the winner. The winning bid will be delivered to the lender who can receive the funds and transfer the title to the new owner. It is important to note that auction sales are not always successful and the lender will still be responsible for the loan if no one bids on the property.

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What is an auction sale?

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