Will Termites Affect Your Property Value?

Termites are everywhere. Whether you realize it or not, they are in virtually every area with dirt in Oklahoma. Whether it be your home or commercial property, termite damage will not only cost you money to repair and exterminate, but can also cost you value when you decide to sell your property. Properties that have a history of termite damage, treatment and repair can be the hardest hit. To avoid damaging your property value, contact a professional exterminator to exterminate. One of the most effective termite treatments around is the Sentricon Baiting System. Only select exterminators can install and care for these systems. Don't settle for just anyone to install a system. Ensure that they are qualified to install the Sentricon System and will guarantee the extermination of termites as well as check the system monthly! Also, make sure that you have repairs done quickly to prevent further damage.

For more information on the Sentricon Baiting System or other pest control needs in the Tulsa, OK area, contact Duane Montgomeryof Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.

For information on what affects property values or things to consider before purchasing a home in the Tulsa area, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

For all your Tulsa, OK mortgage needs contact Karen Heston of BOK Mortgage at 918-488-7353 or visit her website.

Title Insurance

Title insurance protects your claim of ownership of your property. When you buy real estate, you count on the paperwork being properly reviewed. You should get a "title opinion" from an attorney but that does not 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.
• 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.

If you live in the Tulsa, OK area 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.

Are Foreclosures Really a Bargain? What You Need to Know

Is Buying a Foreclosure Really a Bargain? What You Need to Know

In today's tumultuous economy, it's no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a "bargain-priced home" with the potential for building instant equity.

As an experienced real estate professional, I want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:

- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home's condition, therefore, is a must.

- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.

- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.

- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.

-Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.

While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail me, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.

Home Buyer's Tax Credit

It's almost tax time again. With so many home buyers wanting to claim the tax credit this tax season, what papers are required? According to Realtor Magazine, the Internal Revenue Service is still requiring that taxpayers fill out Form 5405, however they have changed the requirements for the HUD-1 settlement document signatures. In areas, on the settlement statement, where it is uncommon for both the buyer and seller to sign, the IRS is not requiring both signatures as long as the document meets all local laws.

For repeat home buyers claiming the credit, proof must be given that they have lived in the previous home for 5 consecutive years out of the last 8 years.

If you live in the Tulsa, OK area, get more information on the home buyer tax credit and find out if you are eligible, contact Steve Currington of Currington Mortgage at 918-394-5626 or www.curringtonmortgage.com.

To buy a home in the Tulsa, OK area before the tax credit expires, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Waiting will cost you money!

There are several changes occurring in the next few months that will impact interest rates and the cost of purchasing a home. So, do not procrastinate!

1) Upfront mortgage insurance premium on FHA will increase from 1.72% to 2.25% early April 2010

2) The Feds announced they will discontinue purchasing mortgage backed securities at the end of March 2010 - those purchases have kept rates down over the last year

3) Tax credit ending - contracts dated no later than April 30, 2010 and closing no later than June 30th, 2010

Call me to get pre-qualified and then go out and purchase a new home!

Karen Heston
Bank of Oklahoma Mortgage Group
918-488-7353
800-947-2655 x-7353