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Minimum Bid Requirement for Surplus Real Property Sold at Auction

MB
Michael Beason
Tue, Sep 1, 2020 5:10 PM

Greetings All:

My City Council has declared certain parcels of real property surplus and will sell these items at auction.  I believe that an appraisal exists only as to one property.

Question:  Is a minimum bid required under Oklahoma law?  If so, what is the minimum bid price (undoubtedly expressed as a percentage)?

Thanks.

Greetings All: My City Council has declared certain parcels of real property surplus and will sell these items at auction. I believe that an appraisal exists only as to one property. Question: Is a minimum bid required under Oklahoma law? If so, what is the minimum bid price (undoubtedly expressed as a percentage)? Thanks.