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