What is an upset bid in a foreclosure?

An upset bid is a process that takes place in Oklahoma foreclosure proceedings. In an upset bid, a bidder can place a higher bid on a piece of property than the current highest bidder. This higher bid is known as an upset bid. The upset bidder then has the right to purchase the property at the bid amount if no other bids are received. The amount of the upset bid must be at least five percent more than the current highest bid. The upset bid must be accompanied by a certified or cashier’s check for the amount of the bid. The upset bid will be accepted as payment for the property as long as it meets the required terms set out by the court. The upset bidder must then wait for a period of ten days for other interested parties to place higher bids on the property. If no other bids are received during this period, then the upset bidder is the successful bidder and the property is theirs. An upset bid is often used in Oklahoma foreclosure proceedings as it helps to ensure the highest possible bid is received for the property. It also ensures that all interested parties are given an equal opportunity to bid on the property.

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