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.