We Buy Houses for Cash in Oklahoma

Oklahoma gives a homeowner something few states do: a say in how a foreclosure is run. When an Oklahoma mortgage contains a power of sale, the lender can sell the home at auction without going to court, but a homeowner who sends the right notice in time can require the lender to use a judge instead. The rest of the paperwork has its own local flavor too, from a documentary stamp tax on the deed to a condition disclosure law that hinges on whether an agent is involved. Whether the house is a ranch-style home in Tulsa, a farmhouse outside Enid or a rental in Lawton, Swifty Home Buyers can make a cash offer on it as it stands, with no agent commission and no repair list, and close when you choose. This page walks through the Oklahoma rules that matter to a seller.

We buy houses in all 50 states. This guide covers the rules that matter in Oklahoma.

Oklahoma does not call its charge a transfer tax. It is the documentary stamp tax in 68 O.S. 3201, which is set at 75 cents for each $500 of consideration or any fractional part of $500. That works out to $1.50 per $1,000, so about $375 on a $250,000 sale. The statute applies to conveyances of realty that are sold, measures the consideration exclusive of the value of any lien or encumbrance remaining on the property at the time of sale, and applies only when that consideration is more than $100. The statute does not say which side pays, so in an ordinary sale the purchase contract and your title company decide who covers it; read that line before you sign. The Oklahoma County Clerk's handout also lists a number of exempt instruments, among them deeds that only secure a debt, deeds between spouses or between parent and child or other close relatives without actual consideration, tax deeds, and deeds to which the state or one of its agencies or subdivisions is a party. Beyond the stamps, a seller who lists usually pays an agent commission, which is negotiable and is often the largest cost, plus the mortgage payoff and prorated property taxes. A sale to Swifty has no commission, and we give you a written list of closing costs before you agree to anything.

Oklahoma runs two foreclosure tracks. A mortgage that contains the statutory power-of-sale language can be foreclosed outside court under the power of sale statutes in Title 46 of the Oklahoma Statutes, starting at section 43. Before the lender can give or record a notice of sale, the borrower must have a right for 35 days from the date the default notice is sent to cure the default and reinstate the mortgage (46 O.S. 44). The notice of sale must be personally served at least 30 days before the sale, and published at least once a week for four consecutive weeks, with the first publication at least 30 days before the sale (46 O.S. 45). It also tells the borrower they can redeem by paying all principal, interest and other sums secured by the mortgage to the mortgagee before the deed is executed and delivered. The distinctive rule is the homestead election: a mortgagor who sends written notice by certified mail at least 10 days before the sale, stating the property is a homestead, can require the mortgagee to foreclose by judicial proceeding, or can elect to bar a deficiency judgment, in which case the lender cannot bring an in-court action for a deficiency. Where a deficiency claim is allowed it must be started within 90 days after the sale. A lender can also drop the power-of-sale route and file a lawsuit at any time before a sale. In a judicial foreclosure the property is sold by the sheriff, and the court reviews the sale at a confirmation hearing; a deficiency request follows within 90 days and the court sets the fair and reasonable market value of the property as of the sale date. The state's Homeowner Assistance Fund stopped taking applications on March 20, 2024, but the Oklahoma Housing Finance Agency points homeowners to 995HOPE at 888-995-4673 and to Legal Aid Services of Oklahoma. If you sell before the sale date, your payoff comes out of the proceeds and the equity stays with you instead of being set by an auction bid. Confirm every deadline with an Oklahoma attorney, because a missed notice date can cost you the election.

• Sell as-is
• Inherited house
• Foreclosure
• Tenants or rental property

Cleveland County (Norman)

In Cleveland County the sheriff's foreclosure sales are held on the 1st and 3rd Wednesday of each month at 10 a.m. in Room 200 of the county office building at 201 S. Jones in Norman, with registration from 9:30 to 9:55 a.m. The Sheriff's office says bidding cannot begin lower than two-thirds of the appraised value and often starts at or above it, that bids rise in $500 steps, and that the winning bidder must deposit 10 percent with the Court Clerk within 24 hours. A confirmation hearing follows two to four weeks after the sale. If your Cleveland County home is heading to one of those Wednesday sales, a private sale that closes first can pay off the loan and leave any equity with you.