Of course everyone is looking for the best deal possible on a property. Undervalued property is often valued less for a reason. Most often, there are defects and repairs that need to take place. Purchasing one for a low enough cost is the key to great real estate investments. In this competive market place, successful investors find ways to get to these properties ahead of other investors. You will need to work hard, employ multiple strategies and to use technology to be alerted of the right properties at the right time.
Before finding your investment property, if you are purchasing using a mortgage, it is best to already be preapproved by a trusted mortgage lender. Your competition is not wasting time. They have the finances and access to the necessary funds prior to finding a property. Get started right away here.
Here are some sources for buyers in our market to find undervalued property.
Searching for an Investment Property
- Our trusted REALTOR®s can create a custom search through the MLS for two kinds of listings in your price range. When a property fitting the criteria as a potential investment, it is emailed to you right away. We setup two custom searches. One is for “As Is” properties in your price range. The other is for lender owned properties.
- The Federal National Mortgage Association (aka Fannie Mae) reguraly lists forclosed FHA home loans. Sign up for alerts at Fannie Mae’s Home Path .
- Sign up to be alerted of foreclosed properties at the US Department of Housing and Urban Development on thier website called the HUD Home Store.
- Manually search for the properties on the Tulsa County Sheriff’s Office then contact that home’s owner that are under duress directly.
- Go to the Tulsa County Sheriff’s sale and bid on that property when it comes up for auction.
- Wagoner County has a sheriff’s sale similar to Tulsa County.
- Drive by homes that are under duress or are unoccupied. You can talk to neighbors, look up tax records and track down owners by searching on the Tulsa County Assessor’s website or the tax records available to you through “Realist” that our trusted REALTORS® have access too. You can contact them through U.S. Mail, Facebook or even email if we can get a hold of it.
- Create a Zillow “saved search” with Foreclosures, Pre-foreclosure, Foreclosed as a listing type. Name it “Foreclosed Properties.”
- PROPERTY TAX RESALE AUCTION. (FORMERLY TAX LIEN SALE). Tulsa County Treasurer conducts an annual sale of property tax liens. It takes two years after purchase of the tax lien before a purchaser can acquire the property title. Sometimes referred to as the property sale or tax sale. 918-596-5071.
- Research and sign up at various Property Auction websites. A popular one I have seen is called Hubzu. Go to it here.
*All of the methods may return similar results. What you are looking for is overlaps and in between. Setting it up in a way that you get alerted right away and move faster in your transaction than other investors.
Contact us for questions.