Oklahoma Foreclosure Information
2008 news headlines and reports have bombarded us with foreclosure stories. The rate of foreclosures in central Oklahoma has increased substantially, but it has also created significant opportunities for Oklahoma real estate investors/owners. Though it's not for the faint of heart... investing in foreclosed Oklahoma properties can prove profitable for those willing to put in the required research, work and investment.
As APRs (adjustable interest rates) rise, and jobs are lost...more Oklahoma homeowners are falling into foreclosure. This is prompting the wave of bargain-hunting investors/owners now looking to Oklahoma courthouse auctions, (sheriff sales), and repossession lenders, (REOs), across the country. The process usually begins when Oklahoma mortgagees fall three months behind on payments. The lender sends a default notice to the Oklahoma homeowner and to the county where the home is located. If the homeowner can't pay up, a foreclosure date is set. County officials in Oklahoma handle the auction and use the proceeds to pay off the mortgage and any other debts secured by the house. Leftover money goes to the foreclosed homeowner; left over debt may become the new owner's responsibility. In many cases though, it is the property's first mortgage in default, in which case subordinate liens are eliminated in foreclosure. But watch out for exceptions! Title fees, tax liens, utility bills, etc. may need to be paid off by the new owner.
The condition of foreclosed properties in is improving in many central Oklahoma markets as more higher-end homes end up in the possession of banks and other lenders. Buyers are likely to be consumers rather than investors since many homes are near move-in condition at the time of sale. Besides looking to sheriffs sales and REO lenders, another source of foreclosures is the federal government. The U.S. Department of Housing and Urban Development has inventory of foreclosed properties.
Buying and selling foreclosures costs you dollars. You buy a house, fix it up and hope you can resell it or rent it quickly. What that means for you as the owner is that you may not need to quit your day job after all. It's possible to work and renovate, although it is often exhausting to moonlight as a "flipper". As the new owner of the foreclosed home, you can be proud that you were able to purchase at a discounted price with the right cash down, a good banker and the right Realtor.