In today’s uncertain economy, we are seeing more and more distressed property owners. At least 10% of all homes across the country are either in foreclosure or in pre-foreclosure (behind in payments) per the Certified Distressed Property Institute. This drastic change in our economy and banking system is creating a very interesting Tulsa real estate market.  Most Tulsa home owners in this situation don’t know what options they have and believe they will either have to file bankruptcy or get foreclosed on, and lose their Tulsa home.

 

There is a third option though and is it called a short sale. The short sale is a tool to sell the property for the Tulsa home owner that might be experiencing a period of financial instability, be behind on payments and owes too much on the property to sell for a profit in today’s market. If you or someone you know is in this situation, the first thing to do is to find an educated Tulsa realtor that is a certified distressed property expert. They will be able get your Tulsa home or Broken Arrow home listed, and package all the appropriate forms needed by the lender to stop the foreclosure process and work on getting the lender to accept a contract on the Tulsa home that is even less than what is owed. If the Tulsa home or Broken Arrow home is sold for less than what is owed, the goal is to get the bank to wave the difference owed with the seller owing no money at closing and have a settled account, not a foreclosure on the sellers credit record.

 

If you know of anyone in this situation, please have them call me. I am a Certified Distressed Property Expert and handle situations like this daily and keep many of our clients out of foreclosure.