Shannon Sherman's Blog

     Lawton currently has many foreclosures or bank owned properties. Just because a home is a foreclosure or bank owned property does not mean it’s a good deal. When looking at these properties you need to take into account many things. The most important is location, followed by condition. You will want to compare the price and condition of the foreclosure/bank owned property to the homes in the neighborhood. Then figure out how much it would take to get the home into the average condition of the surrounding homes. Only then will you know if you are getting a good deal on the home or not.

You will find a good resource showing all the current Bank Owned properties for sale in Lawton here:

http://www.lawtonhomesonline.com/199236-Lawton-OK-BankOwned-RESCity.aspx

I have personally bought and resold many foreclosures over the last 8 years or so. I am uniquely equipped to help you find the good deals because I know what to look for in a home. If you need me to help you crunch some numbers or find a good deal for you, feel free to contact me.

It is important when buying a Foreclosure or Bank Owned Home in Lawton that you know what you’re getting yourself into. Almost all Bank Owned and Foreclosures for Sale are sold in “AS IS” condition. That means you will have to buy the home in its current condition. Whether you’re buying a foreclosure to live in or to fix up and resell, it is important to calculate how much it will cost to fix up the property.

The cost of materials to fix up your property can add up quickly. Here in Lawton there are many home repair stores with the 3 largest being Lowes, Home Depot, and Sutherlands. Their prices can vary greatly on the exact same item, so it’s important to shop around and see what stores sell certain items cheaper than the others. Since I have bought and fixed up so many foreclosures myself here in Lawton, I have found many ways to get extra discounts here locally that can save you thousands and are pretty easy to do.  

After you have bought the materials you will need to figure out what repairs you can and can’t do yourself.  If you don’t know how to do something, look it up on the internet.  The internet is a great resource and can give you guidance on how to do many of the repairs yourself.

For any repairs that you can’t do or don’t feel comfortable doing yourself you will need to hire a contractor. I will cover that in my next article.