I want to buy a home using the short sale method in Oklahoma.

Asked by Mr. Man, Tulsa, OK Mon Apr 27, 2009

The owner has filed for bankruptcy and has informed the lender (Countrywide) that she is going to walk away from the house and it will be vacant during the foreclosure proceedings. I am a quaified buyer and i am going o make an offer on the house. What is a reasonable dollar amount to offer the bank.

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5
Jennifer Bla…, Agent, Owasso, OK
Mon Apr 27, 2009
If the owner will tell you what she owes, you should offer the payoff amount plus a little more for closing fees. If she won't, then you should get with a local Realtor and ask her to run some comps of the area. Keep in mind that short sells are a lengthy process, patience is a virtue when it comes to short sells.
2 votes
Jim Hemphill, Agent, Tulsa, OK
Tue Apr 28, 2009
Your best offer may be right now to the owner, if the property has not gone to foreclosure yet. as one other answer said the offer must be just a little more than what is owed on the loan to the lender, as of yesterday that would be Bank of America as the have completed there buy out Countrywide. The lender may still need ot approve the sale but you should be able to work with her as a for sale by owner to buy from her. Just because she has filed bankruptcy and wants to walk away does not forego her right to pay the mortgage, she will still have to pay the mortgage off. If it sells as a short sale any money the she still owe about that amount she will still have to pay, because your home is not part of the bankruptcy. So go meet with her and make an offer and see if it will work. If it goes to foreclosure the chances of you being buyer is very small as the bank will buy it back in the sheriff sale and then resell it. Remember to that a Short Sale is only a short sale when the lender agrees to sell it short, chances are they may not.
Good luck
1 vote
Suzanne Walk…, Agent, Oklahoma City, OK
Mon Apr 27, 2009
You need to have a CMA (competitive market analysis) done by a agent to find out what the house is worth and then look at the circumstances to determine the best course of action with the bank. The bank has no personal feelings in this, there are no personal decisions made by the bank. They don't care. They have a bottom line and a standard operating procedure in terms of how low they can go on a short sale during each phase of the process. There is no 'magical formula'.

FYI-the owner will have to agree to the short sale. They have to sign documents for the bank. The owner's cooperation is imparative. So hopefully, they will be around to help facilitate this.

I've got 5 years worth of short sale experience and they are a lengthy process so heads up nothing about the transaction will go fast.

Good luck,
Susan Walker
Web Reference:  http://www.youropenhouse.us
1 vote
Susie Genet, Agent, Tulsa, OK
Mon Apr 27, 2009
Your offer will be dependent on the market value of the home as well as on what is currently owed. If you need assistance, please give me a call or an e-mail as I work in the Tulsa area and am experienced with short sales.
0 votes
Dana Schuster, Agent, Slidell, LA
Mon Apr 27, 2009
Foreclosure sales are very competitive & often the successful buyer is one who offers more than asking price. Lenders also give a lot of weight to cash sales as opposed to an offer which involves financing.
0 votes
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