Foreclosed Tulsa Homes Trouble Spots

Buying a Foreclosed Home in Tulsa? Top Problem Areas to Look Out For

Today's real estate landscape in Tulsa offers some great buys for savvy real estate consumers, especially when it comes to Tulsa foreclosure properties. Unfortunately, even though there are already a large number of foreclosures on the market, analysts are predicting that yet another wave of distressed properties will crop up in the coming months.

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have consulted with many clients seeking to capitalize on a foreclosure purchase. We always advise them, however, to weigh the pros and cons. While a foreclosure could represent your best chance to get a great deal, make sure you educate yourself about the potential pitfalls of purchasing a distressed property in advance - and what correcting those pitfalls might cost. In most cases, it's not so much about what damage occurred but rather the source of the damage and how long before the problem was addressed.

Here are the top 10 signs that may indicate trouble in a Tulsa foreclosed home:

1. Unheated house in winter months. If the home has been properly winterized, there's no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.
2. Missing sinks, toilets and other fixtures. Make sure they've been properly removed and not ripped from walls and floors.
3. Peeling, bubbling and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms), or a musty odor all indicate water damage and, potentially, the presence of moisture and mold.
4. Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for the source above the mold.
5. Blocked drains or pipes will cause future problems and may have already created sewage backups.
6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.
7. An older home with extensive renovations. Check with the city for pulled permits in order to get remolding details. If asbestos is present and has been disturbed, be sure it's been remediated by a certified specialist.
8. Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.
9. Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.
10. Air quality. The air quality within a home tells a lot about the home's condition. Be sure to include air and surface testing in your home inspection. It's a few hundred dollars well spent.

There are indeed many great opportunities in the Tulsa market, but proper education and preparation are essential to making the right investment. Please e-mail our team for further information and be sure to forward this article to others who might be considering a foreclosure purchase.

Interested in buying a Tulsa foreclosed property? Contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

Stop your Tulsa foreclosure! Visit www.stopmytulsaforeclosure.com.

For all your Tulsa, OK area Heating and A/C Repair and Installation, contact Stephen Taylor of Air Assurance at 918-258-HEAT or 918-258-COOL or www.airassurance.com.

Court Orders Home Returned to Soldier

A Dallas-area soldier and his wife, who owned their home mortgage-free, but lost it for failing to pay their homeowner association dues, have regained it in a court-ordered settlement.

Army National Guard Capt. Michael Clauer, who was serving in Iraq, and his wife failed to pay $977.55 in fees. The association sent multiple notices by certified mail, demanding payment. Under Texas law, a homeowner association can foreclose on a property and sell it at auction to gain what is owed, which is what the Clauers’ association did.

The $315,000 home was initially sold at auction for $3,201 then resold for $135,000. May Clauer was living in the property at the time. She testified that she suffered depression in her husband’s absence and didn’t know she owed money or that the property had been auctioned until she received a letter demanding rent.

Details of the settlement were sealed, but Shad Bogany, secretary-treasurer-elect of the Texas Association of REALTORS®, said homeowner associations should be regulated. "When there's a disagreement, who else can they call? What's the next step?" Bogany asked, and then answered rhetorically: "There is no next step. If the homeowners association isn't responding, there ought to be a neutral mediator for people to go to with complaints."

Source: Dallas Morning News, Valerie Wigglesworth and Erinn Connor (07/29/2010)


Don't let this happen to you! Contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-633-1570 or www.rrblawok.com to find out if there are solutions to your Tulsa, OK foreclosure.

Stop your Tulsa, OK Foreclosure Now! Call Darryl Baskin of The Baskin Real Estate Specialists at McGraw Realtors at 918-258-2600 or www.stopmytulsaforeclosure.com.

Find out if refinancing your Tulsa, OK home or other mortgage options are available to you, contact Karen Heston of BOK Mortgage at 918-488-7353 or visit her website.