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Foreclosure in Tulsa : Real Estate Advice

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  • Local Info29
  • Home Buying124
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Activity 10
Mon Mar 18, 2013
Vincent Donaldson answered:
I really don't know about that aspect of real estate. My focus is on foreclosure rescues with the tool of short sales. My best to you.

Vincent
0 votes 3 answers Share Flag
Fri Aug 10, 2012
Homes answered:
You can call the contacts next to the listings on www.ishortsales.com
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Wed Aug 8, 2012
Mario Avila answered:
I'm not sure about getting a list of banks. Your best bet might be contacting Realtors who deal with bank owned properties and REO's. An agent in my office does lots of them. His name is Randy Pepper and his number is 918-894-0204. He would be a good place to start. ... more
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Fri Jul 27, 2012
Karen Addis answered:
The condo fee varies with each condominium association. Most cover outside maintenance and trash, but some cover utilities, internet, cable and garage. Is there one particular condo you are interested in. I can find out what the fee is and what amenities are covered. Thanks, Karen Addis Coldwell Banker Select (918)520-9637 ... more
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Tue Jun 12, 2012
Fred Yancy answered:
It may be the polite thing to do but you are under no obligation to clean on your way out. What recourse could anyone have with you it you don't clean? Nothing. Good Luck and I am so sorry to hear that you have lost your home to foreclosure.

To save your credit (if there is still time), I would highly recommend short selling the property. Your credit will be damagaed either way but at least with a short sale, you are elligible to purchase another home after two years instead of with a foreclosure which will damage your credit for five to seven years.

Qualifying for a short sale means having a hardship, among other factors.

What is a Short Sale?
A short sale happens when the lender is shorted on a mortgage, meaning the lender accepts less than the total amount that is due. If your mortgage is $100,000, but your home is worth, say, $90,000, you are $10,000 short, not including costs to close the sale such as real estate commissions, recording fees or title and escrow charges.

Sometimes, to avoid going through the costs of foreclosure, a lender will sanction a short sale by letting a buyer purchase the home for less than the mortgage balance while the home is in pre-foreclosure stage. A pre-foreclosure stage is one of the three stages of foreclosures.

Here are sample steps of a short sale:

Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
The agent finds a buyer who makes an offer for less than the amount of the mortgage.
Seller accepts the buyer's purchase offer.
Seller's lender accepts the buyer's purchase offer.
Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.
Qualifications for a Short Sale

Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.

The Home's Market Value Has Dropped.
Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.

The Mortgage is in or Near Default Status.
It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.

The Seller Has Fallen on Hard Times.
The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.

A few examples that do NOT constitute a hardship are:

Bad purchase decisions. Blowing your paycheck on a home theater system with surround sound does not qualify as a hardship.
Unhappy with the neighbors. Even if every home on your block has turned into pot growing houses, that will not qualify as a hardship.
Buying another home. The lender will not care if you have decided the home is no longer suitable for you or your family.
Pregnancy. Increasing the size of your family or starting a family is not considered a hardship.
Moving into an apartment. If you decide to move out of your home, that is a lifestyle decision and not a very good reason to abandon your home.
Examples of hardship are:
Unemployment
Divorce
Medical emergency / sudden illness
Bankruptcy
Death
The Seller Has No Assets
The lender will probably want to see a copy of the seller's tax returns and / or a financial statement. If the lender discovers assets, the lender may not grant the short sale because the lender will feel that the seller has the ability to pay the shorted difference. Sellers with assets may still be granted a short sale but could be required to pay back the shortfall.

For example, if the seller has cash in a savings account, owns other real estate, stocks, bonds or even IRA accounts, the lender will most likely determine that the seller has assets. However, the lender might discount the amount the seller is required to pay back.

Many entities profit from short sales, but there is no seller short sale profit.

Short Sale Consequences
A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.

Find a qualified Realtor in your area who specializes in short sales - good luck
... more
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Thu Jan 7, 2010
Jim Hemphill answered:
Micah,
Auction property most of the time sell higher than value, because of the speed at which these transactions take place, buyer will end up paying more than they would if the were to buy from a realtor or from the seller directly. If you have not been at a real estate auction they go very quickly. the price will jump from say 5k to 100k in less than two minutes so you need to be ready and move fast to get the bid.

call me if you need any other questions.
... more
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Sat Jul 5, 2008
Jesus (jesse) Gonzalez answered:
I wouldn't know that i would say most tax foreclosure sales are older than 30-50 years considering the fall of the sub-prime market affected people who got loans in the past 3-5 years however, most foreclosures need rapairs (sometimes major repairs) due to the nature of the homeowner and lack of funds on their part to properly maintain or even rapair the home when problems arise. ... more
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Wed Oct 18, 2017
Richard Rawdin answered:
Go to your local banks and mortgage companies. Also, you can Google the word forclosure, name the town or city that you are interested in. This will get you the information that you are looking for. ... more
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Sat Dec 1, 2007
Sylvia Barry, MAS,CIPS,SRES answered:
Hi Nathann:

Trulia is now getitng feed from Realty Trac, a foreclosure site. You can go to Trulia Real Estate, look for homes in the areas you are interested in and select 'foreclosure' as the listing type.

A word about the prices on Realty Trac - the amount is probably not what the house will sell for, a lot of times they are what the owners are behind for which is quite different from what the house might be worth or might sell even as a foreclosure.

You can also get foreclosure properties from title company, and of course, your good, old realtor.

You might to post the second part in a different question so you can get specific answer from the Realtor in that area.

Good luck,
Sylvia
... more
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Sat Dec 1, 2007
Mr.P answered:
Nathan,

There are a few dozen companies that charge you for public information.

Notice of Default. Who cares?

Notice of Trustee sale.
90%, more like 97% ( in AZ ) do not sell at auction, and go back to the bank.

Bank Owned REO property`s is what you want.
How do you get the list of Bank Owned REO`s.

You need to hire an experienced Realtor in your area.

Stay with me Nathan.
Anyone can track the Trustee sale, pick up any paper ,there they are. The big question is where did the home go after it went back to the bank.

The home will go to a listing agent, That listing agent may not list the home on the MLS, because they have a list of investors, Buyers who are looking to buy. Also they are not getting paid a full commission from the bank, so selling it them selves is understandable.
After about two weeks if they can`t sell it them selves they put it on the MLS.

Twice a day I check a list of address`s on the MLS.

For me in AZ I make as many contacts with Members of National REO Brokers Association, Inc. Tough club to get in to. especially now.
I let them know the buyers I have and what they are looking for. It would make sense that the good deals never make it to the MLS.

What is a good deal? Buyer are chasing Foreclosed property`s, because they think they are getting a good deal. When actually they could be getting a better deal with a Re sale property instead.

Remember Nathan, the banks have great Realtors, and Lawyers working for them.
Finding the property is actually the easy part, making sure you don`t get screwed, now that`s the hard part.

Buyer beware, there is no such thing as a free lunch. Hire an experienced Realtor.
... more
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