Now is a great time to buy real estate in the Oklahoma City area. Real estate prices are still low, mortgage interest rates are at all-time lows, so monthly payments will be extremely affordable. This may be especially true if you purchase a foreclosed home.
A foreclosure is where the lender takes possession of a property after the borrower did not make payments to the lender as agreed. Now the lender has title to a property that they do not want to own. The lender is anxious to sell the property as quickly as possible, which often means a terrific bargain for the buyer. Currently, there are many great deals to be had in real estate in Oklahoma City and the surrounding communities of Edmond, Norman, Moore, and others.
Buying a foreclosed property is not unlike buying a house from a private party. The owner of the property, the lender, is a motivated seller and wants to complete the transaction as quickly as possible. An experienced real estate agent will help their client with all the paperwork, assist in the negotiations, and ensure that the transaction is completed smoothly.
The buyer should, however, be aware of several situations that are common with foreclosure transactions. The seller usually has a number of properties that they are trying to sell, so response time may be longer than with a private transaction. This is especially true if the seller is a government entity, such as Fannie Mae or Freddie Mac. Be prepared for the transaction to take slightly longer and involve more paperwork.
It is not uncommon for the foreclosed property to need some repairs or updating. The previous occupant was unable to meet their mortgage obligations, so they typically haven’t been able to maintain the property, either. There are often improvement loans available to assist the buyer of a foreclosure in making the needed repairs. This gives the purchaser an opportunity to make improvements and finish the interior to reflect their personal tastes.
Don't miss this opportunity of a life time to buy a foreclosure in the greater Oklahoma City area.