Oklahoma City ranked 4th on the list of best places to buy foreclosure. People all over the world are starting to take notice that one of america's best kept secrets is that Oklahoma City is a great place to shop for deals in this new ecomony. While Oklahoma's foreclosure rate is smaller than other states across America, we offer the greatest value for those homes found on the foreclosure lists.
How to Cash in on this trend?
There are 3 main ways to buy foreclosed properties here in Oklahoma City Metro. Pre-foreclosures better known as short sales. These are primiarly offered through local Relators and are generally listed on the MLS. Another lessor known method is to buy at the sheriffs sales which is the last step in the foreclosure process before banks reassign them to a listing broker as a REO property. Some pretty great bargins can be found at the sales but on the most desired properties it can be tough competition during the bidding. Depending on the balance owed at the time of foreclosure some properties may be sold at auction for as little as 80% of the appraised value. Fore more information on Sheriff's Sales visit: http://www.oklahomacounty.org/sheriff/SheriffSales/
The third method are the tax sales which are not as productive today as they were 15 or 20 years ago. But this is a great method employed by investors trying to pick up vacant land for development or "fixer-uppers" in urban neighborhoods where rentals are common. The Oklahoma County Tax Sale which serves all of the Okahoma City Metro area comes up once a year on the 2nd Monday in June. Additional information can be found of the Oklahoma Treasures site: http://www.oklahomacounty.org/treasurer/ResaleInstructions.htm
If you have any questions about buying foreclosures in Oklahoma City Metro Area or a real estate question in general please email me at okcrealty@msn.com.
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