The Real Estate Investor's Magazine
Online auction scheduled for September 11 to September 13 with 19.24 acres and numerous structures with opening bid of $755,006
Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the Johnston County, Oklahoma sheriff’s office to conduct a special forfeiture sale for a marijuana farm seized two years ago as part of an investigation into black market drug trafficking.
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“We’re looking to find buyers who will take ownership of this property and use it responsibly, which was certainly not happening under the previous owners,” said Johnston County Sheriff Gary Dodd. “Let it be known throughout the county that if you use your farm to grow illegally, we will seize it and we will sell it.”
The sale will take place from September 11 to September 13 starting at $755,006. Potential bidders must register a free Bid4Assets account and fund a $25,000 refundable bid deposit in order to participate. Deposits are due by September 6.
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Bid4Assets collaborated with sheriffs and foreclosure attorneys to pass Senate Bill 976, which was signed into law by Governor Kevin Stitt on May 25, 2022. The bill gave Oklahoma sheriffs the option, but not the mandate, to conduct foreclosure auctions online. Several other sheriffs’ offices are preparing to move their foreclosure sales online following the bill’s passage.
“With online public sales now legal throughout the state of Oklahoma, it is great to see Sheriff Dodd and his team taking advantage and enlisting our services for this auction,” said Bid4Assets President Jesse Loomis. “Virtual sales are more efficient, will scale with rising foreclosures and come at no cost to counties. We have several other pending contracts in Oklahoma and expect virtual sales to quickly become the new normal.”
For more information about Bid4Assets go to bid4assets.com.
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