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% (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 an independent auction, you might have to pay in cash. Now, the woman who claims to have created the intellectual foundation ” for Occupy Wall Street- notorious for its anti-foreclosure actions — is revealed to have made a small fortune flipping foreclosed homes in the 1990’s.
Properties that do not sell at a tax sale become part of the resale inventory offered by the Travis County Tax Office and are for sale at any time. Some loans serviced by PNC Bank or PNC Mortgage for private investors require that foreclosed property be transferred to the private investor on or after foreclosure.
Investment firms like Harbour scooped up the run-down, foreclosed homes at bargain prices, selling them to families who could not get conventional mortgages but were desperate to own homes. As a leader in the marketing of pre-owned, foreclosed and repossessed mobile and manufactured homes, we understand your need for convenience and unparalleled pricing.