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Foreclosures OKC

Looking to buy a foreclosure in OKC?

Making an offer on REO property or a foreclosure in OKC?

If you want to buy a foreclosure in OKC, Lifestyle Realty can help. 

What's an REO?

"REO" or Real Estate Owned are houses which have been foreclosed upon and are presently held by the bank or mortgage company.

REO's are not the same as a property up for foreclosure auction.

Find a foreclosure using our free search tool. 

 

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. The buyer must also be prepared to pay with cash in hand.

And on top of all that, you'll get the property entirely as is. That possibly may consist of standing liens and even current residents that may require removal.

A bank-owned property, conversely, is a much neater and attractive proposition. The REO property didn't find a buyer during foreclosure auction. The bank now owns it.

The lender will handle the removal of tax liens, evict occupants if needed and arrange for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from standard disclosure requirements. By hiring Lifestyle Realty, you can rest assured knowing all parties are fulfilling Oklahoma state disclosure requirements.


Bargains: Foreclosures OKC

It's commonly presumed that foreclosure must be a bargain and a chance for easy money.

This isn't necessarily true. You have to be prudent about buying a repossession if you intend to make money.

Even though the bank is often eager to sell it fast, they are also looking to minimize any losses.

Niki Higgins has experience to share with foreclosures and bank owned properties in Oklahoma City, OklahomaLook carefully at the listing and sales prices of comparable properties in the neighborhood when making an offer on an REO.

Be sure to factor any repairs or remodeling necessary to prepare the house for resale or moving in.

There are bargains with foreclosures in OKC with a potential to make money, and many people do very well buy foreclosures OKC. Still, there are also many REOs that are not good buys and may lose money.

Make an Offer on Your Foreclosure

Most banks have staff dedicated to REO that you'll work with while buying REO property from them. To get their properties advertised on the MLS, the lender will typically contract with a listing agent.

Before making your offer on the foreclosure or REO, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about their knowledge about the condition of the property and what their process is for accepting offers.

Since banks almost always sell REO properties "as is," it may be in your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and cancel the offer if you find it.

If, as a buyer, you can provide documentation proving your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This holds for any real estate offer.)

After you've presented your proposal, it's customary for the bank to counter offer. Then it will be your choice whether to accept their counter or make another counteroffer.

Be aware, you'll be contending with a process that usually involves a group of people at the bank, and they don't work evenings or weekends.

It's not unusual for the process of offers and counter-offers to take days or even weeks.

Find a foreclosure using our free search tool. 

Foreclosures OKC - Lifestyle Realty Can Help! 

To learn more about how Lifestyle Realty can help you find foreclosures in OK please contact Niki Higgins for more information on how my team can help you buy, sell or rent properties for residential or business use. Send me a message at niki@lifestylerealty.info or call me at 405-919-1098.

What Others Are Saying

Niki is very helpful and knowledgeable realtor. She helped me find the house that I was looking for. She is good at negotiating for the purchase of a property. She is a very personable and I recommend her very highly. Sherry M.
Niki is a very warm and personable person on top of being an awesome professional. She helped us find the home and location of our dreams and extremely quickly sell our existing home. She guided us through the processes with ease. Her nature, experience and customer service are quintessential to the field! We highly recommend Niki to helping you buy or sell your home. Thank you Niki; we are ever so grateful!! Jeff
Niki is an absolute joy to work with. Two years ago she sold our Edmond home in two weeks and got us just what we wanted for it, and now we have just purchased a new home that she helped us find. Niki is thoughtful, patient, honest, and knows real estate! Her referrals for a mortgage lender, home appraisal, and even professional packers were awesome. Niki is a seasoned Realtor with too many attributes to list- suffice to say, if you need a Realtor she is your gal. Mikala Price
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Niki Higgins
Real Estate Broker | Lifestyle Realty 
Oklahoma City, OK 73162
405-919-1098
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