Are you a homeowner who is facing foreclosure? If so, you may be unsure as to what your options are. Now is the time to find out. Why? Because you may be surprised how many ways there are to avoid foreclosure.
When foreclosure is avoided you can either retain your home, sell your house, keep your credit in good standing, or do both. When facing foreclosure, the first step you should take is to approach your bank. It is best if you do this before the issue of foreclosure arises. Once it does, it is still not too late to schedule a meeting with the chief loan officer at your bank. If you can prove that you intend to get your mortgage back in good standing or that your financial troubles are only temporary, your lender may hold off on foreclosure.
Even if your lender is willing to work with you, keeping your home may not be in your best interest. If you are having long-term financial hardships, it may be within your best interest to sell your home before & while it the house is in foreclosure.
When making this decision, you may want to talk to a professional house buyer. You may be asking, is there really a professional house buyer in Tulsa, OK? A professional house buyer is one who has the CASH to make a quick offer and they are willing to pay for all the closing costs, fees, liens, judgements, IRS tax liens and Realtor commissions if neccessary. The professional house buyer will create options for you to consider so that you can avoid foreclosure, not have to deal with a lengthy listing period, and the best part is that you'll be able to walk away and work towards restoring your credit.
What are some of the ways that a professional house buyer would buy my house out of foreclosure?
1). The professional house buyer should offer to do a "stress test". Meaning they need to make sure you have a real hardship that cannot be easily remedied. With that being said, the professional house buyer may work with your lender directly to complete a short sale & submit the cash offer to get the deal done. It's the best of both worlds. You get a trained professional house buyer who can secure an equitable position, handle all the paperwork, convey your hardship to the bank, negotiate, submit their own cash offer, provide property management, & they will do all this for you for FREE.
2. The professional house buyer may consider taking over your currently monthly payments and bring the past due mortgage note current. If credit repair is very important to you, then the professional house buyer would bring the funds neccessary to bring the lenders back to good standing. We call this buying the property subject-to the existing mortgages. (HUD-1 Settlement Statement Line #502)
3. Usually the professional house buyer is connected other professional house buyers that are looking for a great deal. The professional house buyer may put an option to buy the property in place within a certain time frame and assign that option to a 3rd party in their network to buy you out of foreclosure.
What does this all mean for those in a hardship that cannot be easily remedied?
1). The professional house buyer is a BUYER. Trained, Educated, Equipped, Connected BUYERS can solve a pre-foreclosure problem FASTER!
How do I find a professional house buyer?
1). Ask a few close friends if they someone who buys houses and works with people in foreclosure.
2). Google Search "foreclosure services in Tulsa" or "Buy My House Tulsa" 3
3). Google Local Business Listing Search
How do I know if they are trustworthy?
1). You'll need to do some independent research beyond BBB.
2). They should have video testimonies on their webpage.
3). Ask people if they have ever heard of them before.
4). Call and ask them questions.
5). Are they willing to work with a Realtor as well.
6). Are their services FREE.
Rescue Team Realty
Michael Ford
Real Estate Investor
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