How are Oklahoma real estate matters resolved in court!

There are different types of cases and courts in which a real estate related matter can be heard. When it comes to real estate, there could be issues related to property lines, ownership, title problems, failure to declare previous issues in a disclosure statement or much more. Here are several types of issues that could arise and how they are generally handled.

In small claims court, the case is usually over things with a value of less than $6000. Many times in small claims court people are unrepresented when it comes to a small dispute over less than $6000 or disputes over a renter and landlord. Cases like these are usually heard by the judge within 30 days and are decided the day of the court hearing. For an eviction, you give notice to a tenant and have it posted. If they don't respond or pay you the debt they owe, you file a petition at the courthouse with appropriate information. It is filed and you pay a small fee and they send a notice out. You are usually given a court date within 30 days. If you are a renter and the landlord's property (where you live) is involved in a foreclosure, there are several things that can happen. Sometimes even if you are in the right, you may still lose any prepaid money.

For more information on legal matter involving Tulsa OK real estate, contact David Keesling with Richardson, Richardson, Boudreaux at 918-492-7674 or www.rrblawok.com.

Need Tulsa, OK title insurance? Contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.

Prevent legal issues due to lack of insurance coverage. For Tulsa, OK insurance, contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

Is it difficult to get an Oklahoma home mortgage?

In the real estate business, it seems as if we are always hearing people, even Realtors, say that it is difficult to get a home loan in Oklahoma right now. Is it really difficult to get a home mortgage? No, It is not difficult to get an Oklahoma home loan, the requirements have simply changed. Right now, you do have to qualify for a home loan. You must have a job and the lender will run a credit report. Years ago, that was not required. You need to fill out an application (in person, online or by phone). Then your information will be verified. For self-employed persons, your tax returns will be verified as well as your employment and income.

There are many options available for an Oklahoma home loan. When it comes to down-payments for example, an FHA loan requires a low down-payment of only 3.5%. A VA loan requires even less. When you hear someone say that it is difficult to get a home loan, now you know the truth.....It is not difficult to get a home loan, it has just changed.

Get a knowledgeable loan expert and find out your options for a Tulsa Mortgage today! Call Steve Currington with Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

For all your Tulsa, OK real estate needs, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

What to Consider When Buying a Home

Thanks to the perfect storm of low prices, attractive inventory, and affordable interest rates, this continues to be a lucrative time to invest in a Tulsa, OK area home, whether it be a first home, a move-up home, or a second home.

Choosing a home is no easy process, however, and many factors must be carefully weighed before making your selection. As a member of the Top 5 in Real Estate Network®, I, along with my team, advise our clients to pay careful attention to a few details in particular when considering a home—these important details will significantly impact your long-term happiness in the home as well as the home’s appreciation over time. So, as you begin to consider properties in our neighborhood, here are a few issues to think about that may help you find exactly the right home for you and your family:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. An existing home will have many of these things, but repairs or renovations that may need to be made will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, and the possible need for fencing. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. We can also provide you with up-to-date statistics on this information.

Economic stability: Whether an area is growing or not can affect its future property value—as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

We can help find the answers to the above concerns as well as provide more suggestions on what to look for in a new home—just e-mail our team. Also, please pass this article onto others who may benefit from this information.

To buy or sell your Tulsa, OK area home, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

For all your Tulsa, OK area roofing needs, contact Jonathon Knapp of Royal Roofing at 918-398-6500 or www.rrcok.com.

For all your Tulsa, OK area flooring needs, contact Jim Ecrette of ProSource Wholesale Floorcoverings at 918-252-7711 or www.prosourcefloors.com/tulsa. Remember to ask for Darryl Baskin's wholesale pricing.

For all your Tulsa, OK area home maintenance needs and more, visit www.tulsahomemaintenance.com.

Oklahoma State Questions on the Ballot #2

Last week we gave an overview of SQ 744- 1 of 11 questions on the Oklahoma State Ballot for November 2010. Today, we will discuss the second of the eleven Oklahoma state questions- SQ 746.

SQ 746: This measure amends statutes relating to voting requirements. It requires that each person appearing to vote present a document proving their identity.

The document must meet the following requirements: It must have the name and photograph of the voter. It must have been issued by the federal state or tribal government. It must have an expiration date that is after the date of the election. No expiration date would be required on certain identity cards issued to persons 65 years of age and older.

In lieu of such document, voters could present voter identification cards issued by the County Election Board.

A person who cannot or does not present the required identification may sign a sworn statement and cast a provisional ballot. Swearing to a false statement would be felony.

Those proof-of-identity requirements also apply to in-person absentee voting. If adopted by the people, the measure would become effective July 1, 2011.

This information taken from "Do You Have the Answers?" by Sid Sperry published in Oklahoma Living Magazine.

For more information about SQ 746 or any other question on November 2, 2010 ballot, visit the www.okpolicy.org website.

For your Tulsa, OK area residential real estate needs, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

SQ 744 To read about SQ 744 click on the link to the left.

First-time Tulsa Home Buyers: What You Need to Know Before Starting Your Home Search

With historically low interest rates persevering and prices starting to creep back up, more and more renters are grappling with the question of whether to buy now or keep renting.

Based on the countless clients we have helped buy their first home, we can confidently tell you, yes! Now is a very opportune time to purchase your first home.

According to our colleagues in the Top 5 in Real Estate Network®, a national network of leading real estate agents, first-time home buyers across the country have taken advantage of today’s market conditions to go from renter to homeowner. That said, the ability to move into homeownership is very dependent upon the overall health of your finances. Buying a home not only takes having the necessary cash on hand for the deposit and closing costs, but also the financial wherewithal to convince a bank to lend you 80% or more of the purchase price in the form of a long-term mortgage.

Here are some other important points to be aware of before embarking on a home purchase:

1. Having good credit is all important , so put out the bucks to Fair Isaacs’ myFICO.com to get your current scores (about $16 each for reports from Equifax and TransUnion, another $15 at Experian.com). Don’t be surprised if the scores differ somewhat, and check them carefully for errors. Remember that errors must be reported to and corrected by the agencies themselves, which could take weeks or months.

2. Know what you can afford. Aim for a home that costs about two-and-a-half times your gross income – less if you have significant financial debt. In all, your monthly home payments should not exceed 36% of your gross monthly income. Getting pre-approved by a lender should be your signal to start home shopping.

3. Check your cash situation. Whether you are aiming to amass 20% of the home’s price for a conventional loan, or 3% or more for a loan from Fannie Mae, Freddie Mac, FHA or the Department of Veteran’s Affairs, you will also need to cover fees and closing costs, which can run up to 5% of the mortgage amount. First-time buyers may augment their cash by borrowing from an IRA or getting a cash gift from parents, but check with a financial advisor for amounts and tax consequences.

4. And speaking of tax consequences , remember that homeowners, unlike renters, must pay property taxes each year – and pay for any needed repairs or upgrades. Be sure to leave yourself a little financial wiggle room in order to meet these expected – and sometimes unexpected – expenses.

To get pre-aproved for a Tulsa, OK area home today! Call Karen Heston with BOK Mortgage at 918-488-7353 or visit her website.

To buy a Tulsa, OK area home, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.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 mortgage or other mortgage options are available to you, contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

Oklahoma State Questions on the Upcoming November Ballot

On November 2, 2010 there will be an election in which 11 Oklahoma state questions will be decided. When there are so many questions on a ballot, it can be difficult to remember the details of each question and how we feel about them. Today, we will discuss the first of the eleven Oklahoma state questions- SQ 744.

SQ 744: The measure repeals a Section of the State Constitution. The repealed section required the Legislature annually to spend $42.00 for each common school student.

Common schools offer pre-kindergarten through twelfth grade.

The measure also adds a new Article to the Constitution. It sets a minimum average amount the State must annually spend on common schools. It requires the State to spend annually, no less than the average amount spent on each student by the surrounding states. Those surrounding states are Missouri, Texas, Kansas, Arkansas, Colorado and New Mexico. When the average amount spent by surrounding states declines, Oklahoma must spend the amount it spent the year before.

The measure deals with money spent on day-to-day operations of the schools and school districts. This includes spending on instruction, support services and non-instruction services. The measure does not deal with money spent to pay debt, on buildings or on other capital needs.

The measure requires that increased spending begin in the first fiscal year after its passage. It requires that the surrounding state average be met in the third fiscal year after passage. The measure does not raise taxes, nor does it provide new funding for the new spending requirements.

This information taken from "Do You Have the Answers?" by Sid Sperry published in Oklahoma Living Magazine.

For more information about SQ 744 or any other question on November 2, 2010 ballot, visit the www.okpolicy.org website.

For your Tulsa, OK area real estate needs, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

What to Anticipate When Pricing Your Home

Hello, Valued Member! Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits. Having trouble seeing this email? Click to view it as a web page. Add newsletter@rismedia.com to your address book to ensure email delivery. Buying Selling Owning Financing Home Improvement My Website My Listings Darryl Baskin Broker Associate McGraw Realtors My Website Member, Top 5 in Real Estate Phone: 918-258-2600 Cell: 918-740-0077 Fax: 918-398-5110 Email Me What to Anticipate When Pricing Your Home This month’s newsletter provides a detailed look at what sellers should anticipate when pricing their home. A detailed checklist offers advice for creating a fair, competitive and marketable sale price. Also this month, a look at the new lending landscape; selecting a real estate agent; improving your home's exterior and more. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time! This Month's Top Story What to Anticipate When Pricing Your Home RISMEDIA, September 8, 2010—Most sellers have an emotional connection to their home and feel it deserves top dollar when sold. Everyone naturally wants to get the most money for his or her product, but "sellers must not be hasty with this all-important decision," cautions real estate expert Robert Jenson, a CEO of a luxury Las Vegas real estate purveyor. More Top Stories Navigating the Lending Landscape RISMEDIA, September 8, 2010—The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition. Third Time's a Charm - Experts Recommend Talking to at Least 3 Agents before Choosing One to Represent You RISMEDIA, September 8, 2010—In today’s real estate market, using the first real estate agent you speak to is a recipe for disaster for home buyers, according to the home-buying specialists at the National Association of Exclusive Buyer Agents, (NAEBA.org). For years, real estate sellers have been told to interview a number of agents before they pick one to list their home because of the difference in the service levels provided. However, most home buyers end up using the first real estate agent they meet. How to Add Resale Value to Your Home's Exterior RISMEDIA, September 8, 2010—Change the siding? Add new shrubbery? Replace the cracked sidewalk? When it comes time to enhance the curb appeal of your home, there are a multitude of improvement projects you can consider—but which ones will add the highest resale value to your home? 4 Important Tips to Keep in Mind when Seeking Senior Housing RISMEDIA, September 8, 2010—People are living longer today. The century-long expansion in the world’s population that is 65 and older is the product of dramatic advances in medical science and health lifestyles. Currently, 13% of the U.S. population is 65 and older, up from 4% in 1900. As Baby Boomers turn 65 in high and higher annual numbers, it is estimated that one in five Americans will be over age 65 and about 5% over 85. Have You Heard About The Top 5 Real Estate Social Networking SystemSM? Sign up to receive my free, weekly e-Articles - brief, compelling, home-related informational articles that you or your family and friends will find helpful in pursuing your real estate goals! Here are some article samples recently sent out to my Real Estate Social Network: Top 5: Looking for a Summer Remodeling Project? These Tips Might Help Top 5 Tips for Buying a Luxury Home Remodeling? New Lead Regulations You Need to Know About Top 5 Mortgage Options for Home Buyers Buying a Foreclosed Home? Top Problem Areas to Look Out For Email me for more information. * This monthly newsletter is brought to you by your Top 5 in Real Estate Network® Member Agent and is intended as educational information only. RISMedia's Top 5 Real Estate Network® is a network created by, for, and of "leading real estate professionals" who are dedicated to providing "leading real estate information to consumers." The RISMedia Top 5 in Real Estate Network is backed by the commitment and resources of RISMedia. Top 5 was created to fill a profound void in how high-impact consumer relevant information was presented by leading real estate industry members to increasingly sophisticated, discerning, and demanding consumers, in order to both sustain and elevate the ongoing viability and appeal of the industry's leading professionals. For more information, visit www.top5inrealestate.com RISMedia, publisher of Real Estate magazine, is dedicated to providing real estate professionals with the most up-to-date news, information and business development resources in the industry. To submit questions, comments, suggestion, press releases or story ideas, please e-mail realestatemagazinefeedback@rismedia.com. RISMedia, Inc./Top 5 in Real Estate Network® 69 East Avenue, Norwalk, Connecticut 06851 P (203) 855-1234 F(203) 852-7208 www.top5inrealestate.com © 2010. RISMedia, Inc. All Rights Reserved. This email is intended for: darrylbaskin.mortgage@blogger.com. If you wish to edit your subscription or unsubscribe from Real Estate Matters, please click here.

The US Housing Market Slowly Improves

Pending home sales have risen slightly after a drop following the end of the Buyers Tax Credit. According to Realtor Mag online, "The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months."

Although this is good news, it doesn't mean that the recovery will happen overnight. The housing market will take time to recover. For buyers in the Tulsa, OK area, this means the ability to get a better deal on a home. These great deals combined with today's low interest rates could mean the deal of a lifetime for many buyers. Tulsa sellers need not be discouraged, however. Working with an experienced Realtor and being realistic and patient will make the process go much smoother and faster.

To buy or sell a Tulsa, OK area home, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

From Our Top 5 Team: Foreclosed Homes Trouble Spots

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

Today's real estate landscape offers some great buys for savvy real estate consumers, especially when it comes to 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 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 today's 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.

Sincerely,

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

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Five Questions You Should Ask Your Tulsa, OK Mortgage Banker.

1. How much down-payment do I need to buy a house? If you are a veteran or buying in a rural area you can get 100% financing and seller can pay closing costs. If you are Native American you may be eligible for a HUD 184 loan. This loan requires as low as a 1.25% down-payment, depending on the amount of the loan. FHA requires a 3.5% down-payment, Conventional a 5% down-payment, and Investment loans a 20% down-payment.
2. What are Points/Origination Fees? Point and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is $1000
3. How do I find out exactly what my closing costs, fees, and other things are when I am comparing mortgage companies and their rates? Ask for a Good Faith Estimate. Look at fee lines 800-900. Compare the rate, points/origination fee, and other items within that range.
4. What constitutes a rural developement loan? It is all based on the population or an area. Owasso and Glenpool are still rural and are eligible for a rural development loan. USDA Rural Development website can give you more information about an area you are interested in.
5. How do Mortgage Bankers get paid? My commission is based on the volume I produce. The more I produce the higher percentage I make.

If you have questions about a Tulsa, OK mortgage, contact Karen Heston at BOK Mortgage, 918-230-9432 or visit her website here.

For all your Tulsa, OK real estate needs, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

What Exactly Is Oklahoma Title Insurance?

Title insurance protects your claim of ownership of your property. When you buy Oklahoma real estate, you count on the paperwork being properly reviewed. You should get a "title opinion" from an attorney. That does not, however, provide you any insurance that the attorney did not make an error or that someone later does not come back and claim an error was made (regardless who is right or wrong.) It is simply the opinion of the attorney you hired.

If you purchase title insurance and someone later questioned your ownership of the property, the title insurance company would be required to come defend your title.

A few things to note:

• Title insurance only covers the period of time before your purchase of the property. It does not cover from the time you purchase and beyond. If you are concerned about problems that might arise after you purchase the property, talk to your title company and ask about appropriate insurance.
  
• Sometimes "exceptions" can be listed in your title policy. These would be things that were known when the policy was written such as, your driveway or storage building being on the neighbor's property.
• Title problems are often called "clouds" which mean your ownership is not completely clear - that someone could raise questions about it. Even if your ownership would not be lost, it can be expensive to remove the "cloud" on your title.
• Title issues can arise from forgeries, improper paperwork filing at the courthouse, incorrectly completed forms, deaths and bankruptcies, lawsuits between other parties, and many other unknown circumstances.

For more information about title insurance in Tulsa, OK, contact Ann Rollins, at Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

Have Tulsa, OK area title problems? and have legal problems as a result of your title or lack of title insurance, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-663-5070 or www.richardsonlawfirmpc.com.

For all your real estate needs in the Tulsa, OK area, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Tame that Angry Beast!

Buying and selling your Tulsa, OK home can be a very frustrating experience. At times, you might even find yourself so irritated that you feel like you have become an angry beast. Whether your real estate woes have precipitated the anger or simply everyday stresses, read on to help tame that angry beast.

• Write in a journal. When you find yourself getting angry over that seller or buyer that simply won't budge, consider writing in a journal. For some people, this is the perfect way to release the tension and anger without causing harm to your health, your relationships, or yourself.
• Find a stress reliever. Relieving stress can be done in many ways. Some very popular and productive ways include exercising, doing a project, or working around the house. You might find that taking a drive or simply deep breathing works well for you. Experiment, whatever you find that works for you, remember to do it often.

• Take an adult time out. Probably all of us have heard of time out when it comes to kids. but very few of us take a time out ourselves. When you begin to get angry over that real estate problem, take a time out. You may need to take a break from whatever is causing the anger and give yourself a few minutes before you continue with it.
• Change your thinking. Sometimes we make the situation worse because we assume something. If your real estate agent says something that offends you or does something that makes you mad, think the best of them. It is likely that they didn't intend it to come across that way. If you have the courage, ask them about it. It is probably just a misunderstanding.

Remember that anger and stress can bring on a multitude problems including relationship issues, high blood pressure, heart attacks and much more. Before allowing anger over a real estate problem get the best of you, ask yourself if it is worth it.

For all your Tulsa, OK. real estate needs, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhoward.com.

From Our Top 5 Team: Looking for a Summer Remodeling Project? These Tips Might Help

Looking for a Summer Remodeling Project? These Tips Might Help

Other than vacations, summer is the time of the year most popular for home improvement. The long days and warm, sunny weather make a great time to work on repairs and renovations without much of the hassles and delays that rain and other elements bring.

As a member of the Top 5 in Real Estate Network®, I, along with my team, have years of experience and understand how taking on a remodeling project is beneficial to you, both now and then later down the road should you choose to sell.

For these reasons and more, a good number of homeowners undertake home improvement projects, especially during the summer.

 

Following are tips and projects—both large and small—for homeowners looking to spruce their homes up this summer.

Patios and Decks
What better way to enjoy the warm days than by creating an outdoor living space for the family to enjoy.

 

Decks and patios are among the most popular summer remodeling ideas. There are various factors to take into consideration when deciding on whether a patio or deck is the most appropriate project to undertake. Such factors include soil condition and consistency, site terrain, use, capacity and privacy, as well as the cost and maintenance you are willing to put up with.

Home Maintenance
Throughout the seasons, your home has taken good care of you and your family and now is the best time to give back.

 

Go through your property to evaluate and create a checklist on areas that need mending or replacement. This list is a crucial preparation before calling a contractor or handyman for maintenance/repair services. Some common maintenance and repair include:

• Waterproofing the basement
• Re-caulking and replacing weather-striping
• Cleaning and sealing wooden decks
• Trimming bushes and trees
• Realigning downspouts and gutters
• Repairing the roof
• Cleaning the pool
• Mending the fence
• Sealing cracks along driveways, foundation, walkways, etc.
• Maintenance of HVAC systems

Energy-Efficient Renovation
When it comes to summer remodeling, there's no better way to invest your hard-earned dollars than by making your home energy efficient. An energy-efficient summer remodel is truly a worthwhile endeavor as it will result in years of savings on your energy bills. Some of the common items you can buy and integrate into your energy-efficient renovation include:

• Insulation systems and materials
• Roofs that resist heat gain
• Biomass-burning stoves
• Energy-efficient windows
• HVAC systems with the highest efficiency tier
• Solar panels
• Fuel cells
• Geothermal heat pumps
• Wind energy systems

Taking on one (or more!) of these projects is a great way to give back to your home this summer…and, in some cases, save you a bit of money, too. For more information on home renovation projects, please e-mail our team - and please feel free to forward these tips to any family and friends you think might benefit from them as well.

Sincerely,

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

This email was sent by RISMedia, Inc. on behalf of Darryl Baskin.
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Why You Should Buy a Home Now…Even after the Tax Credit .

While much press coverage has been given to the recent first-time and move-up buyer tax credit, there are many time-sensitive factors that make the current climate an exceptional time to buy a home…even without the tax credit. 

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have seen many real estate markets come and go, and we know for a fact that the many outstanding opportunities that exist for home buyers today will not be around forever.

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.

According to the National Association of Home Builders (NAHB), new construction homes are an especially wise investment for home buyers. New homes are generally built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. Plus, new homes often incorporate open floor plans, flexible spaces, improved safety features and low-maintenance materials—making them well-suited for today’s modern families.



So, if you’re thinking about buying a home, please don’t count on interest rates or prices staying at current levels—we’ve seen them change unpredictably and quickly! Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.

For further advice on buying a home or market conditions, feel free to e-mail our team anytime. And be sure to pass this information on to friends and family who might also be considering a real estate purchase.

Sincerely,

Darryl Baskin 



For all your real estate needs in the Tulsa, OK area, contact Darryl Baskin and The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Interested in building a new home in the Tulsa, OK area? Contact Rick Oberlender of US Building Systems at 918-518-5913 or email him at usbs@att.net.

To become pre-approved for your Tulsa, OK area home mortgage or for a rate quote, contact Karen Heston of BOK Mortgage at 918-488-7353 or visit her website here.

What NOT to do with Your Credit Card!

For most of us, using a credit card has become a way of life.  To improve our credit score, or keep our credit score high, and keep those credit cards available remember what NOT TO DO!

1.  Seek a lower rate.  Although asking for a lower rate can be a good thing sometimes, keep in mind that when you ask for a lower rate, credit card issuers will often check your credit score or credit report or even question you about your financial situation.  Once you ask for a lower rate, companies will often treat you as if you are a new customer and check your most recent credit history.  If you have had any credit problems that show up in your credit report, this could actually cause your credit limit to be lowered or your account closed.  To prevent this, check your credit report before you ask the credit card company for a lower rate.

2.  Close your account.  If may seem that closing your account would improve your credit score, but it may not.  Credit bureaus use the information from these creditors to track your information and give you a score.  When there is too little information, it will actually cause your score to decrease.  Closing an account will not remove any information from your credit history right away.  It can take up to 7 years for delinquencies to get off your record.  In addition, credit bureaus use the information they get from your credit report to figure the "debt-to-limit ratio".  When you close an account that already has a zero balance it will cause your available credit to decrease which raises that debt-to-limit ratio.  Instead of closing the account you owe nothing on, consider reducing the balances on other credit card accounts.

Remember that a lower credit score makes it more difficult to get a loan for school, a car, or a mortgage.  Keep your credit score high and you will increase your chances of getting that much needed loan next time you want to buy a car or a home.

Read more from this Tulsa World article "Safety in the Credit Card Ring", here.


To buy or sell a home in the Tulsa, OK area, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com

The "Norm" Changes for Mortgage Down-Payments!

Before the housing market crashed a few years ago, the "norm" used to be for buyers to save for years until they had enough money to put a down-payment on a home. Lenders are now taking us back in time as they change the requirements for a loan. If you are thinking about buying a home or are in the search for one, keep these things in mind:

• To receive low-rate mortgages or refinancing, lenders now require 10% down-payment or equity.
• If you can't put down 10% you still have the option for an FHA insured mortgage but you will still need 3.5% down-payment
• For no down-payment loans you need to qualify for a Department of Veterans Affairs Guaranteed Home Loan or a USDA Rural Housing Service Loan.
• A first mortgage of 80%, with a 5-10% down-payment, and the remaining 5-10% on a second-mortgage can, in many cases, be cheaper than getting the home loan with mortgage insurance.

Take advantage of extremely low mortgage rates and buy or sell your Tulsa, OK area home today. Contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

To read the original article in the Tulsa World, "Buyers Forced to Jump Through Hoops", click here.

Mortgage Rules Make it Harder to Qualify!

For some buyers, it will be more difficult to qualify for a loan for their new home. Why? Well, the mortgage market and the housing market have both changed a lot over the last couple of years. These changes have caused the rules for qualifying for a low-interest mortgage much more difficult.

In the past, many homeowners were passing on the fixed-rate mortgage and utilizing an adjustable rate mortgage. Bankrate says that for some homeowners, those not planning to stay in their home longer than 5 years, an adjustable rate mortgage was usually a good fit. For those that did plan on staying in their home for more than 5 years, a fixed rate mortgage was usually the right choice. With the changing economy and more difficult standards, however, things are changing.

Two of the new rules for mortgage qualification include:

• FICO scores must now be at least 740 in order to get the best rates, fees, and points.
• Homeowners using an FHA loan may now only spend 31% of their gross monthly income on their house payment, including principal, insurance, interest, taxes, and association fees.

Want a few tips to help improve your chances? First, check your FICO score regularly. If your score is lower than optimum, you can begin making changes to raise the score. If your score is already high, then you know you are doing the right things. Second, don't focus simply on interest rates when trying to get a loan. Remember that you have the option to pay discount points or change the type of loan. Third, always compare several different loan options to determine what the differences in cost really are. You can compare a loan with a higher interest rate with no points to a loan that is a lower rate but requires points to be paid. You can also compare your options with different companies. Finally, if you refinance your house after 5 years, don't get another 30 year loan. Get your loan amortized for the remaining period of your old loan.

To read the article from the Tulsa World, "Buyers Forced to Jump Through Hoops", visit this link.

To buy or sell your Tulsa, OK property, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

How Do I Handle Fraud in Title Insurance?

Handling fraud in any situation is difficult. When it comes to title insurance, there are some things to keep in mind. First, let's define title insurance. Title Insurance is insurance that covers financial loss as a result of a defect in a title to real estate. Second, we need to know what period the insurance will cover. When we buy homeowner's or auto insurance, we are covering our home or auto from the time we purchase the policy until that point in the future that the coverage is canceled. With title insurance, though, it works in reverse. Title insurance covers from the moment you purchase your home and into the past. If you are sued after you close on the property, then the title insurance may not cover you. Finally, title insurance issues can be quite tricky. To ensure that you are covered for everything you need, talk to your attorney or your title company. You may even consider asking for extended coverage on your title insurance to cover you from your home purchase into the future.

If you have legal problems with your Oklahoma title, contact David Keesling at Richardson, Richardson, Boudreaux at 918-492-7674 or www.rrblawok.com.

To purchase title insurance or if you have questions about title insurance in Oklahoma, contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com

For all your Oklahoma home, auto, and life insurance needs and more, contact Mike Tedford, Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com

Some can still qualify for a tax credit!!

The Tax Credit is Over Right?

The $8000 tax credit may still be available for you if you are a Veteran and you have served 90 days between 12-31-2008 and 5-1-2010. If that is you, then you can still utilize the tax credit. You must have a contract by 4-30-2011 and close by 6-30-2011.

If you live in the Tulsa, OK area and want more information on this tax credit extension for Veterans, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website.

To buy a home in the Tulsa, OK area to take advantage of the tax credit extension for Veterans, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com

New Area Code

By  now, probably most everyone in the 918 area has heard that we will be getting a new area code.  It will no longer be simply 918.  Now we will be adding area code 539.  The hardest part for most of us will be getting adjusted to using a 10 digit phone number every time we call.  To ensure that we are all ready for the new area code and 10 digit calling, the Oklahoma Corporation Commission has set up a practice period before the 10 digit calling is required.  Keep these dates in mind:

• July 7, 2010- You should have received a notice in the mail with dates and information about the new area code.
• August 7, 2010-  "Permissive Calling Period Begins"-  you can call using 7 or 10 digits.
• March 5, 2011- "Permissive Calling Period Ends"-  you will now be required to use the 10 digit number.
• April 1, 2011-  New 539 area codes will be available.  You can also request a 918 area code phone number if one is available.
• Spring 2012- 918 area code phone numbers are expected to run out.
  

The same long distance rules will apply for the 539 area code.  Simply put, if you can call a 918 area code now without long distance, you will be able to call 918 or 539 without long distance.  If you pay long distance to call 918, then you will also pay for the 539 area code

What NOT to do When Getting a Home Loan

Why Are Real Estate Surveys Necessary?

For some, real estate surveys seem like a waste of time and money. Many people would simply say "I can tell where my property line is, there's a fence!" In some cases, a fence may be the boundary of a property, but you can't always use a fence to determine property lines. Many times a fence has inadvertently been put in the wrong place. A real estate survey not only shows where the property lines are, but also any buildings, easements, driveways, or encroachments on the property such as a neighbor’s driveway. You might say, “I don’t need a survey, I have a plat map”. A plat map only shows the property boundaries, it doesn’t show easements or encroachments which can cause a problem with a legal title. A real estate survey will ensure that anything you are building is not on someone else’s property or easement. In addition to determining property lines, encroachments, and easements, a survey is also used to help determine drainage, setbacks, and even help with proper planning.

For more information on land surveys, titles, and the closing process, contact JJ Pierce at Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.

If you are interested in building a new home or addition in the Tulsa, OK area, contact Rick Oberlender of US Building Systems at 918-518-5913 or usbs@att.net.

If you have a dispute over your Oklahoma property line, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-633-5070 or www.rrblawok.com

For real estate needs in the Tulsa, Oklahoma area contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Negative Equity in Oklahoma

Did you know that Oklahoma ranks #1 in states with the least number of homeowners with negative equity in their home. It wasn't too long ago that many people were getting 2nd and 3rd mortgages on their property. This means that they have negative equity. This can be a problem for many reasons, but is especially difficult when you want to sell your property. When you have negative equity many homeowners can't sell their property unless they have cash on hand to pay the overage. When this happens, homeowners shouldn't expect their property to sell for what they have into it. It will only sell for what it is worth. That may be more than what is owed or less than what is owed.

When you go looking for a property remember to find an experienced agent to help you make a wise decision. A good Realtor will show you homes you like but also comparable properties. This enables you to see what properties in that price range look like. Without a knowledgeable and experienced Realtor you might find that you have negative equity as soon as you buy a home.

For all your Tulsa, OK mortgage needs and for questions about negative equity in Oklahoma, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website.

To avoid negative equity in your next Tulsa, OK area home purchase, contact Darryl Baskin, The Baskin Real Estate Specialists of McGraw at 918-258-2600 or www.darrylbaskin.com.

USDA Rural Housing 100% Financing

USDA 100% STILL HERE!

We will continue to fund USDA loans without any delay. The funding for this program will likely come through in a a few weeks, but in the meantime it is business as usual with this program. If you know of anyone that would like to purchase a new home with no money down tell them to call Currington Mortgage at 918-394-5626 or visit www.curringtonmortgage.com.

The upfront guarantee fee has increased to 3.5%

For more information please contact Steve Currington 918-394-5626 or email steve@curringtonmortgage.com

Ways to Take Title

When you buy real estate you want to take title in the way that best fits the circumstances. There are many ways to do this. Here are some different ways to take title and what that means for you.

• Joint Tenants with Rights of Survivorship This is usually found in property that is owned by a husband and wife. This type of title means that if one person dies, the other one gets title to the property.
• Tenants in common Each party owns a certain percentage of the property.
• Title in Trust This title is taken through a trust, usually by families. This allows a husband and wife to transfer property to children without going through probate, which can be expensive and time consuming.
• If a corporation or LLC buys a property, who actually owns the property? Usually there is a member and a manager. The manager signs the deed and manages the LLC. The members are protected from liability but own a percentage. That can be transferred.

Which type of title you consider is important. For more information about ways to take title in Oklahoma, contact Ann Rollins, Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

For all your real estate needs in the Tulsa, OK area, contact The Baskin Real Estate Specialist of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Times Running Out- ONLY 5 DAYS LEFT!

Time is running out on the buyers tax credit. The tax credit ends on April 30, 2010. The basics of the tax credit are as follows:

1. Qualified first time home buyers can receive a tax credit of $8000.
2. Qualified current home owners can receive a tax credit of $6000.
3. The home contract must be written by April 30, 2010.
4. The home sale must close no later than June 30, 2010.

To find your Tulsa, OK home now, contact Darryl Baskin of The Baskin Real Estate Specialists at McGraw at 918-258-2600 or www.darrylbaskin.com.

To find out if you qualify for the buyers tax credit for a Tulsa, OK home, contact Steve Currington of Currington Mortgage at 918-394-5626 or www.curringtonmortgage.com.

Market Condition Report - 7 county MSA - All prices - New construction and Pre-owned - Source: Tulsa MLS (NORES) - Compiled by Terradatum, Inc. - Thomas E Allen Appraisals, LLC

Slight decline in Median Price (Sold) - $131,000 average over 2 years.

 

On a linear trend basis, supply has been trending down. Supply has trended up the past 4 months.

 

 

March, 2010, Month's Supply of Inventory is favorably in the 4.0 Month's Supply range, the lowest in 2 years!

 

 

NAR calculates Month's Supply based on Sold-Closings and lags behind the previous graph that is based on contract activity.

 

 

Listings going to contract on a weekly basis. The last five weeks activity exceeds Past and Previous 12 week averages.

 

 

Need more information? Specific market information? Contact me.

 

 

Thomas E Allen, CRP, RAC Member

Thomas E Allen Appraisals, LLC

PO Box 702438

Tulsa, Ok 74170-2348

 

(918) 481 3500  FAX (918) 477 2044

TomAllen@TulsaCoxMail.com   or TomAllen@RAC.net   

"Some people spend an entire lifetime wondering if they made a difference in the world.  But the U.S. ARMED FORCES don't have that problem."  ...Ronald Reagan 

Types of Property Deeds

There are many types of deeds for home ownership but what are they and what do they mean for buyers and sellers?

The best type of deed is the General Warranty Deed. In a General Warranty Deed the seller warrants the title from statehood until the time the buyer takes title. This means that the owner of the property is guaranteeing the buyer that they are getting a clear title.

The next type of deed is the Special Warranty Deed. In a Special Warranty Deed there is more risk to the buyer and limits the amount of the warranty. This is a common type of deed when a bank takes title to a property. When this happens, the bank will only warrant the property for the time that they owned it and no time prior.

Another type of deed is the Quit Claim Deed. The Quit Claim Deed is usually between a divorcing husband and wife. One party is giving up any interest that they may have in the property to the other party.

The final type of deed is the Sheriffs Deed. The Sheriffs Deed occurs when a foreclosure happens, the property goes to a sale and the Sheriff presents a deed to the new owner. This is a high risk situation because there are no warranties on the property. It is being sold or presented "as-is".

For more information about types of property deeds or to have your title inspected in the Tulsa, OK area, contact Ann Rollins of Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com. You may also check out the video below.

When Are Add-On Fees on Your Closing Documents Illegal?

Last year the US District Court ruled that add-on fees on the HUD-1 closing document could be against federal law. Commissions on the HUD-1 can be a flat fee, a percentage of sales price, or a combination but should not exceed the agreed upon commission in the listing brokers listing agreement. If the fee exceeds that agreed upon amount then HUD can determine if the services provided justify the additional charges. Unjustified charges are against the Real Estate Settlement Procedures Act or RESPA and can be subject to penalties.

Want a Realtor that won't overcharge? Contact Darryl Baskin of The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com for your Tulsa, OK area real estate needs.

For questions about what fees should be on your HUD-1 document or to pre-qualify for a loan in the Tulsa, OK area contact Karen Heston of BOK Mortgage at 918-481-7353 or visit her website.

Top 5 Tips for Securing an Accurate Appraisal

Top 5 Tips for Securing an Accurate Appraisal

When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that's left to pay the price.

As a member of the Top 5 in Real Estate Network®, however, I have learned that there are steps you can take to help ensure an appraisal accurately reflects the home's value. Consider the following advice:

1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they're even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.

2. Utilize comps. Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.

3. Put your best foot forward. If you are selling your home, make sure it's in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.

4. Review carefully. Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state's real estate appraisal board.

5. Don't settle. You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.

An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please e-mail me for more details. I encourage you to forward this important information to your social network, as well.

Five Facts about the 203k Program

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Today's real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that's over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Channel 6 New Good Faith Estimate

Call Steve Currington for questions about the new Good Faith Estimate
918-394-5626.

Five Facts about the 203k Program

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Today's real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that's over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Residential Real Estate Statistics for Broken Arrow, Jenks, Owasso, Tulsa, Bixby, and Union Public Schools

The following reports have been pcreated by Tom Allen, appraiser and reflect the trends in Residential real estate absorption rates in the Tulsa Oklahoma area including  Broken  Arrow, Jenks, Owasso, Bixby, and the Union Public School District.   It reflects an increasing length of market time based on the available inventory of single-family homes and the rate at which they are selling. On my radio program, The Future of Real Estate on KRMG,  I have been reporting that sales have been eclipsing the increase in inventory which would create a shortened market time. This latest data shows a  different story. Discussions with Mr. Allen Center around seasonal trends and the series of bad winter snowstorms and the Tulsa Oklahoma area which seemed to put a damper on sales. Regardless of the excuses, the numbers are the facts. Mr. Allen was recently a guest on my radio program and I was taken aback when he answered that  months of available inventory for homes in the Tulsa area were increasing. Rest assured, I will be discussing the latest data as it is available. Subscribe to The Baskin Report online and listen live at www.KRMG.com  Saturdays at noon central.

Darryl Baskin
The Baskin Real Estate Specialists
at McGraw Realtors

Serving Northeastern Oklahoma since 1989
www.darrylbaskin.com
www.baskincommercial.com
Member, TulsaLuxuryPropertyGroup.com
Recognized by Who's Who in Luxury Real Estate
A Recognized Allen Hainge CyberStar and Howard Brinton Star Power Star

 

 

 

 

Months supply of Inventory is calculated using the # of properties that sold PENDING during the

month.  NAR's caluation reflects the # of properties that CLOSED escrow during the month