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. 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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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