Rescue Team Realty

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.

Unfortunately, the year 2010 will not be associated with happy times. Wall Street, unemployment totals, and the real estate market all took a hit. And, the year 2011 isn't looking so bright either. Many Americans are wondering when things will get better. Instead of waiting for the final shoe to drop, take your future into your own hands. If you have the ability to secure financing or the needed financial resources on hand, don't let the poor economy and real estate market get you down. In fact, do the exact opposite. Profit from it. You can do so with foreclosure short sales.

A foreclosure short sale is an alternative to foreclosure. In most instances, it the borrower who suggests one. If an agreement is reached, the home is place for sale immediately. This is done through either the lender or a professional real estate agent. As for how you can profit from the buying and reselling of foreclosure short sales, you do so with reduced rates. Short sales involve selling a property for an amount shorter or less than the outstanding mortgage.

Why does a borrower suggest a foreclosure short sale? It is the easiest way. Yes, some borrowers and homeowners just avoid all signs of trouble. It seems as if they are hoping the problem will just go away, but it won't. In addition to eviction, these individuals suffer financial consequences for years. Their credit score suffers and bankruptcy is likely. Those who suggest a short sale are responsible homeowners who have just fallen on hard times. They are concerned with their long-term financial future and want to avoid the costly and damaging consequences of foreclosure.

Why does a mortgage lender agree to a short sale? There are a number of reasons why. For starters, foreclosure is avoided. Lenders want to avoid foreclosure just as much as borrowers do. Foreclosure proceedings are long and costly. Lenders are also able to get their money quicker. With foreclosures, there is often a lapse between eviction, sale, and new occupants. This isn't the case with short sales. The current borrowers stay in the home, paying what they can, until the sale is finalized. When it is, they leave the property and the new owners move in immediately. Although not all of it, lenders get more of their money and quicker. They also have the option to seek the difference from delinquent borrowers.

How do you find foreclosure short sales? As previously stated, they are typically listed for sale a real estate agent or 3rd party short sale company like Rescue Team Realty based in Tulsa, OK. Your best chance of success is dealing with a 3rd party company. Real estate agents profit from the sale of a home; therefore, they are likely to charge more. On the other hand, mortgage lenders want their money quickly and with as little hassle as possible. You have better bargaining power with mortgage lenders. In most cases, they want to unload property even if it means taking a loss.

How do you make sure you are getting a good deal? If purchasing a home to reside in, your goal is to purchase a home you can afford. If looking to rent out a multi-family home or resell a single-family home for a profit, you need to make a profit. To do so, you must purchase the property for a low price. Foreclosure short sales do result in good prices, but never assume you are getting one. Homes depreciate in value. A home that was once valued at $200,000 may only be worth $100,000 now. If the outstanding mortgage is for $100,000, pay less. In fact, make your offer much less. Comparing a propertyís appraised value with the short sale price prevents you from falling into a financial trap.

In short, short sales are an ideal way for mortgage lenders and mortgage borrowers to avoid foreclosure. Not only that, you get an amazing deal on a property. Not just one person benefits from foreclosure short sales. Instead, everyone involved does.

Do you want to profit from the poor real estate market? If so, examine foreclosure short sales. Foreclosure short sales occur when a mortgage lender agrees, in conjunction with the current homeowner, to sell a property for less than the amount owed. For example, a mortgage has an outstanding total of $150,000; the home may sell for $110,000 or less. In most cases, just the outstanding mortgage is taken into consideration not the home's value.

As nice as it is to know what a foreclosure short sale is, you may be looking for more information. Namely, who benefits. Honestly, everyone involved. Without a short sale, the home will enter into foreclosure. So, who does benefit and how?

The Homeowner

When a homeowner gets their mortgage lender to agree to a short sale, the home is listed for sale immediately. This is done either through a professional real estate, for sale by owner, or for sale by the mortgage lender. Since the home is reduced significantly in price, it will usually sell. The homeowner is able to escape foreclosure. Yes, they still must relocate, but they do so of their own free will. There is no formal eviction notice sent.

Since the soon-to-be foreclosed home will sell just like any other home, the homeowners are able to salvage their credit rating. Yes, it will appear that they did not pay their entire mortgage, but some is better than none. A foreclosure short sale also shows that the homeowner did not avoid the problem by hoping it went away. Instead, they took action. In as little as two years, the homeowner could get financing for a personal loan, new home loan, or automobile loan.

Most who have their homes foreclosed on, find themselves in a pinch. That foreclosure will appear on their credit report for at least seven years. This comprises their ability to get a job that requires a credit check, purchase a new automobile, receiving financing for a new home, and so forth. In fact, the consequences of foreclosure are endless. That prompts may to file for bankruptcy. Bankruptcy is not the solution. It also appears on credit reports. By agreeing to a foreclosure short sale, this is all avoided. Do you know someone who is facing this circumstance? I'd recommend a local company called Rescue Team Realty based in Tulsa, OK.

The Homebuyer

The homebuyer, which could and should be you, benefits the most from foreclosure short sales. As previously stated, a foreclosure short sale involves selling a property for less than the outstanding mortgage. This gives you the opportunity to get a fantastic deal. Essentially, mortgage lenders just want their money. If a homeowner already paid $50,000 towards their $100,000 home, they are in a good position. They still received a good percentage of their money, but they want more. In desperate situations, that mortgage lender may accept anywhere from $30,000 to $40,000. Are you looking for a great deal on homes that available to buy for 50 to 70 cents on the dollar? Visit us online at Tulsa Discounted Homes.

The Mortgage Lender

Many people wonder why a mortgage lender would agree to a short sale. Wouldn't they rather get the full amount of the outstanding mortgage or resell the home for its appraised value? Yes, they would, but the current state of the real estate market makes this difficult, if not impossible. For that reason, most agree to a short sale.

A foreclosure short sale saves mortgage lenders both time and money. It is no secret that foreclosure proceedings are timely and costly. A home can spend months in foreclosure. A lender is responsible for all costs associated with foreclosures, including attorney fees, filing fees, and the cost of eviction. This cuts into their profits. A foreclosure short sale is a cheaper and quicker alternative.

Not only does a foreclosure short sale save a lender time and money, but it also gets them money. When the property sells, the money goes directly to the mortgage lender. Since these properties are rarely on the market for long, due to their reduced price, the mortgage lender receives their money quicker than they would through foreclosure proceedings.

As you can see, everyone profits from a foreclosure short sale. So, if you are new to buying real estate, don't worry about the homeowners or mortgage lenders. There is no need to feel bad. Actually, you are doing them a favor and making a profit at the same time!

This article was written by Michael Ford with Rescue Team Realty.

Do you want to profit from the real estate market in Tulsa County? Now, it is a buyers market. Many borrowers are unable to afford their mortgages. This is often due to job loss, poor financial choices, and adjustable rate mortgages. Foreclosures are happening at a record rate. Unfortunately, foreclosure proceedings are not a walk in the park. They are lengthy and costly for mortgage lenders and embarrassing for mortgage borrowers. For that reason, many are now opting for short sales.

If you are new to buying real estate and want to profit from buying and reselling or buy a cheap first home, please continue reading on a for a helpful list of dos and dont's for foreclosure short sales.

DO you know what short sales are? You cannot profit from foreclosure short sales if you are unfamiliar with them. Short sales involve selling a property for less than the outstanding mortgage amount. For example, if a borrower owes $80,000 on the home, the lender may accept around $70,000 or less. In dire circumstances, the homeís original value may not even be considered. So, that $70,000 may buy you a $125,000 home.

DONT just focus on foreclosures. First-time homebuyers and new investors make the mistake of focusing only on foreclosures. Yes, they are your best chance of getting a great deal. With that said, remember they are not a walk in the park. Foreclosure proceedings take on average 7 months to complete in Tulsa County. At foreclosure auctions, there is a lot of competition, which comes from experts in investing and real estate. Then, you may be left with home occupants who refuse to leave. Short sales eliminate this problem. Mortgage lenders and borrowers reach the decision together.

DO you actively search for short sale properties? Unlike foreclosures, information on short sales will not just arrive at your doorstep. Short sale properties are sold either through lenders, professional real estate agents, and companies like Rescue Team Realty based in Tulsa, OK. It is easier to spot a lender sold foreclosure. Lenders are not real estate agents. They are either selling a short sale or a real estate owned (REO) property, either way you can get a good deal. Real estate agents may not outright state they are selling a short sale property, but they tend to drop hints. Look for low priced properties or listing with the phrases "all offers subject-to lender's final approval."

DON'T fall victim to short sales for underwater homes. As previously stated, short sales involve selling a home for less than the outstanding mortgage due. This should result in a good deal, but not always. Due to depreciating home values, many borrowers are finding themselves underwater. This means they owe more than the home is worth. A typical short sale aims for less than the mortgage. With underwater homes, the selling price may be more than the home's fair market value.

DO the research first. As previously mentioned, short sales for underwater homes aren't a steal. In fact, you can lose money. To prevent this from happening, do the research first. In fact, real estate buyers should always research. The home's last appraised value is public record. Find it. Remember, you want a good deal so make sure you are paying less.

DON'T wait forever. Some lenders drag their feet with short sales. This is often when a third party investor, such as Wall Street, is involved in making the final decisions. Some buyers are on record as saying it takes months on end to receive a response to a purchase offer. Don't wait. This increases your competition, which may drive up the price.

DO push for an answer. So, you made a purchase offer on a short sale property, but are still waiting for a lender response two months later. What should you do? Of course, you can give up, but push. Contact the lender directly or the real estate agent in charge of the sale. State you want the property, but are quickly losing interest. Plainly state you want an answer in two weeks or else you will withdraw your purchase offer and look elsewhere. This should do the trick. In fact, a response may come immediately.

In short, foreclosure short sales are good opportunity for first-time homeowners on a budget or first-time investors looking to turn a profit. Regardless of which type of buyer you are, do not discount short sales, but do the research first.

For a list of available short sale properties in Tulsa County visit us at http://www.TulsaDiscountedHomes.com

Millions of homeowners are currently in danger of losing their homes. Why? Because of foreclosure. Due to the high unemployment rate, poor job outlook, rising fuel and food costs, many homeowners just can’t afford their homes anymore. If you find yourself in this situation, you may be unsure as to what you should do.

One of the most common questions asked by those facing foreclosure is when you should just accept your fate. In all honesty, this is a step that most homeowners are advised against taking. Before deciding to give up on your home and move, it is important to know and familiarize yourself with your options.

First, know that there is help for you. This help can come from an real estate pro specializing in real estate or foreclosures, a HUD approved housing counselor, or even your financial lender. If you are a homeowner, foreclosure should not come as a surprise to you. You will receive numerous phone calls and letters from your financial lender, even before the foreclosure process begins.

If you intend to act, now is the time to do so. If you are faced with only temporary financial hardships, such as an injury that will keep you out of work for three months, speak to your lender. They may be willing to workout a temporary payment plan with you. This plan may result in short-term lower payments. Remember, the sooner you act, the better your chances are.

Lenders are less likely to work with you when you already owe them a large amount of money. As it was previously stated, you may want to seek help from an real estate pro that specializes in foreclosures. Many are familiar with steps that you can take to stop your bank from foreclosing on your property.

Regardless of which action you decide to take, you should do so with the assistance of a local professional. However, it is important to make sure that you seek that assistance in a timely matter. For example, in some states foreclosure proceedings cannot be stopped once they have started. That is why as soon as you notice financial problems or receive an intent to file foreclosure notice from your lender, you need to act and fast.

Once the foreclosure proceedings have started, you may need to start accepting your fate if you have a hardship that cannot easily be remedied. Many of your friends and family members will encourage you to stay and fight the bank by accepting your fate and doing a short sale with a local real estate company like Rescue Team Realty.

If you decide to stay and but not fight then eventually the property will go to auction. At which time the following will take place, banks and new property owners can legally have you evicted from your home and you will need to move. This is also the point in time when many homeowners are thinking of ways to stay in their home. Renters are encouraged to speak to the new property owner to see if they can continue renting and living in the rental unit. This approach often works for renters, but it is unlikely to work for you. If your home is a single-family home, it will likely be lived in, not used as a rental property. Although you can ask or even beg to stay in the home, you may want to start getting your belongings and finances in order. Rental apartments usually require security deposits. Make sure you can afford this required deposit. Look into other fees and expenses, such as the cost of renting a moving van. Start looking for affordable apartments or make arrangement with friends or family members right away. If you are not prepared or choose to ignore your eviction notice, you may, literarily, find yourself out on the street, if not in jail.

It is highly encouraged that you seriously consider doing a short sale with us. There is no more risk to you then where you may be right now. Are services are 100% free to you. Call us today for more info 918-409-0063.