How to buy a Tulsa Foreclosure
February 1, 2010
One of the main problems in the current real estate industry is the abundance of foreclosures. The banks are not releasing their foreclosure inventories for several reasons. They are in the business to loan money and not to sell properties that they have in taken over do to foreclosure, therefore they are understaffed and their response procedures and times have a lot to be desired.
The coastal regions have been hit really hard, do to the costs associated with those regions. They experienced a much faster inflation of prices, compared to the Tulsa Real Estate market and therefore resulting in many more defaults since their prices have declined and now there are very few that can actually refinance to get out of a loan they cannot afford.
When it comes to foreclosures, there are several different types, just like there are different types of homes. Unfortunately a tremendous amount of foreclosures, start off by being listed in a Short Sale scenario on the MLS. Unfortunately this has proved to be a very frustrating path, for all parties concerned. Not just the seller that is going into default, but also the listing Agent’s, buyers Agent’s and most importantly the buyer. More times than not, the buyer makes an offer, to the current seller, and then 30-90 days later there is still no answer, or even a reply from their bank. In the meantime the buyer is getting upset with the entire buying process. Our Tulsa Real Estate Team, tries to do their best to inform the buyers of the this Short Sale offer process, and how frustrating it can be, before making an offer but unfortunately, a very high percentage of buyers insist on moving forward with the offer anyway. These transactions are very tough on all parties involved and the really sad part is in a lot of cases the buyer misses out on the dream home of their choice that they could have purchased in a standard transaction.
If a buyer is insistent on buying a foreclosure property, the absolute best way is to make offers either on Bank owned, REO’s Lender owned or Corporate owned. More times than not, these will be a much smoother process, and will result in the buyer having a home of their dreams, in the standard 30-60 day time frame. Instead of waiting 30-90 days on a Short Sale only to realize the banks were not going to reply.
Please contact our office so we can help you find the dream home of your choice.
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