Foreclosures & Short Sales in Tulsa
Short Sales: A short sale occurs when the value of the home is less than the underlying mortgages and the homeowner is in default. The homeowner is now “upside down” and attempts to negotiate with the lenders before foreclosure happens. This process can be beneficial to both the bank and the seller, as it often allows the owner to maintain a better overall credit rating.
In Tulsa, foreclosures and short sales are less common when compared to other parts of California. Most foreclosures in Tulsa tend to occur in the Northern part of the county.
REO (Bank Owned): The sale of bank owned properties (“REOs”) can often proceed fairly quickly, depending on the lender. However, short sales are typically more cumbersome and may take months before a final decision is made by the lender.
In both scenarios, buyers should be aware of the uncertainty regarding the condition of the house when moving in, as these properties are typically sold “as-is.”
