Your rights and responsibilities as a tenant do not change if the home you’re renting is foreclosed. The smartest investors will look at the foreclosed home as a longer-term investment. The remaining 90{6ea1d85b87534fab6e24031f499cc2ede23940dcd11dcec5d1566c72a09a2c6a} (ninety percent) of the sale price is payable at the Tulsa County Court Clerk’s office prior to the confirmation hearing; approximately three weeks after the sale date.
If your offer is for less than the mortgage balance the sale is considered a short sale. Dishonest companies or individuals sometimes target homeowners who are struggling to meet their mortgage commitment or are anxious to sell their homes. Instead the mortgagee realises the security through sale, the exercise of the power of sale also being regulated by statute.
A bank may take several months to respond to a short sale offer, so the process can take considerably longer than a traditional purchase. If you buy a foreclosed home through …