Bank Owned Real Estate Auction
November 11, 2011
National Residential Auctioneers and National Commercial Auctioneers announced on November 3 a multi-property auction of both residential and commercial properties in Northeast Oklahoma. The dates of the auction will be November 16, 17, and 18, 2011 as reported by the auctioneer and project manager, Brent Wellings.
The properties included in the auction include several parcels found at
1644 E 3rd Street in Tulsa, which includes a 12,382 square foot warehouse/retail building along with the two adjacent lots. One of the buildings offers 6,282 square foot of retail space along with a wall down the center allowing for more tenants. Another building offers 6,100 square feet of warehouse space, which is to the west of the retail building and has been used for storage for the current business.
Wellings stated, “Multiple parcels exist within this property description with an opportunity to buy any combination of the buildings and lots being offered or purchase as a whole,” and went on to say, “We will hold a beauty supply inventory liquidation auction following the real estate auction.”
The two lots that are adjacent total 12,000 square feet and could be used for added parking or even new construction.
On the auction block is a three bedroom, three-bath home with 4,318 square feet offering a 1.23-acre lot home at the end of a cul-de-sac at 1601 S. Terrace Road, Cleveland, OK on Keystone Lake. The traditional style home was built in 1966 and offers a large wrap around deck with views of the cove.
Wellings explained, “This property is permitted for a boat dock and ready to be turned into a private retreat just 30 minutes West of Tulsa off Highway 412.”
The last in the group is 17 acres of rural land on Pinehill Road in Bristow, OK east of highway 48. The land is open with heavy timber full of wildlife along a road. The other property is 10 acres of development land for residential properties in Mannford, OK with frontage on 61st street.
Old Fees could be a Problem
November 4, 2011
When looking for a new home it is in your best interest to find out as much as you can about the home before the closing.
When you make an offer even if you have competition, you should include an inspection contingency. The reason is there could be issues with the home that you may not see just by taking a tour. You should word the contingency so that it is very broad and gives you the right to inspect anything that you need to in order to ensure the home will meet your needs as well as your budget.
If during the inspection defects are found that you cannot fix or ones the homeowner will help correct, you should have the option to withdraw your contract and receive your deposit.
In most cases, home buyers normally have a prospective home inspected for structural damage and pests, but you should have other items inspected as well include the roof and drainage.
You should learn not only how bad the defect is but also how much it will cost for repairs. Instead of just talking to someone about the repairs, you should ask for written reports and estimates. These reports can help you when you are in negotiations with the home seller.
If you do not want to negotiate, you can keep the records for your own records and even use them when you are ready to sell so you can show potential buyers the problems you fixed after purchasing.
One inspection that is often overlooked is the permit history of the home. It can take some time and it can be frustrating, as you will have to deal with the city planning department. This may be one of the most important inspections of all as you can learn if there are fees or liens on the home that you will have to pay after you buy the home.
The main reason you want to learn of any permits that may have been taken out by previous owners as if there are outstanding permits on the property you will not be able to receive a permit until you pay the old fees. If the old permits were not approved by the city from the previous owner you will need to have the home inspected again by the city and do any work necessary in order to receive the final approval. All of this money will be out of your own pocket if you do not do a permit inspection and negotiate this prior to closing.
On homebuyer in Rockridge neighborhood in Oakland obtained a permit history for a potential home she was going to buy. There were two issues on the report.
One of the reports was due to a remodel by a previous owner not the one that she was buying from with the permit receiving final approval. However, the final approval was contingent on the seller agreeing to record a notice of property use limitation on the title to the property. The title report did not show a notice of property use limitation. The issue was corrected by the title company after research.
The other issue was that there fees owed. The homebuyer wanted to do work on the home after purchasing and was concerned that she would have to pay the fees. The fees were determined not to be passed on to the new owner as the application from the previous owner had expired.
At the closing of your new home, be sure that you learn along with any permits that may be present, learn the amount of the fees.
5 Neighborhood need-to-knows
September 24, 2011
Homebuyers are not just looking at a house when they look for a home to purchase but also the neighborhood. Deciding the location of the home is a very important part of the entire purchasing process. The homebuyer of course is deciding how many bedrooms, bathrooms, how many stories, and what style of home they desire, however, they will also want to purchase in a neighborhood that will fit their lifestyle. Is there a church close by they will attend? What about schools, playgrounds, parks, or other activities? What is the crime rate? What is the value of other homes in the area and are they holding they value?
All of these questions are very important for prospective homebuyers. You will be considered the professional and will be responsible for providing the buyer with all the information pertaining to the neighborhood in which they are looking to call home. There are three basic ways to provide your potential buyers the neighborhood.
Instead of letting your potential homebuyers check out a neighborhood on their own, drive them around the community. Now, you can give them a personal tour of the area and allow them to ask questions regarding the schools, shopping, and even entertainment opportunities nearby. With your help, you will be able to provide your potential buyers with all the information they need to choose the exact location to call home, once you know the area yourself. If a neighborhood is quiet around lunch time during the week does not necessarily mean it is the same during rush hour before and after work. Ensure you know all there is to know about a neighborhood this way you will be able to present the area in the proper perspective so they can envision living in the neighborhood.
Along with providing your potential buyers with information on the neighborhood, make sure you also provide them with ways to learn about the crime rate and the safety of the community. This may only be the police station, local crime maps, or even local radio or television stations that offer this type of information.
Most families once they purchase a home will eventually move to another neighborhood sometime in the future. You should provide your potential homebuyers with information on how well homes have sold in other neighborhoods in the area along with the home they are considering to purchase. This information will be very welcome especially if the home values have been steadily increasing over the years or if the home values have gone down recently. This will allow your potential buyers the opportunity to learn if they are making a good investment on the property or if the value may decrease.
By providing your buyers will all the information they need to make a decision on where they wish to call home, will bring you more clients through word of mouth.
10 Things you will need to Buy a Home
April 7, 2011
We all hate filling out paperwork or at least the majority of us hate the task when it comes to buying a home. Of course, if you know what you need and you stay on top of all these documents, the entire process will be less frustrating.
Here are the documents you will need to purchase a home
1. Identification – driver’s license, state ID card, passport, etc… You must have identification to buy or sell a home. Lenders want to know who the buyer and seller are before you sign any contracts.
2. Paycheck stubs or proof of income – You must show how much money you make in order to buy a home via a lender. They need to know that you can afford to purchase the home.
3. Bank statements – in most cases, the lender will want to see two months of bank statements. This will provide the lender with the information that you have enough money in the bank to cover the down payment and the closing costs.
4. W-2 forms or tax returns – Once again, you will need to show two years of your tax returns or your w-2’s.
5. Updates on all documents – from the time you sign the contract to the closing, you will need to show that none of the pertinent information has changed such as your income or the money in the bank, etc…
6. Quitclaim deed – in most cases this is only required if married couples are purchasing homes they plan to own separately.
7. Divorce decree – this will need to be provided to show the person selling the home actually is the sole owner of the property.
8. Gift letters – if the homebuyer is using money received as a gift for the down payment, a gift letter will be required from the giver that states it is a gift.
9.Compliance certificates – this is mainly for those selling the home to provide any compliance certificates that are necessary such as a few local governments require various certificates such as a sewer line being video scopes and repaired.
10. Mortgage statements – This is for any home seller that owes a mortgage. The lender will need this in order to pay off the debt of the home seller.
This is not the complete list of documentation you will need but it is a good start. You should talk with a professional real estate agent in your local area to ensure you have all the documents you need when you are ready to purchase a home.
Best Time To Buy A Home is Now
August 18, 2010
A survey created by Move Inc. showed that around 23 percent of adults have plans to buy a home within the next 5 years. From this 23% just a tad over 53% are first time homebuyers. As a Realtor, if you have a homebuyer that is considering buying a home but has not made a commitment, you can use these points to help them with their decision.
Property values are now so low that owning a home is quite a bit more appealing than renting in most cases throughout the United States. Paying a home loan is not as expensive as renting a home in several metropolitan areas which includes Las Vegas, Miami, Washington DC, San Antonio, Phoenix, and Fresno.
Those looking to purchase a home are on top as home sellers are lowering their prices on close to ¼ of the homes listed for sell in the United States in June 2010 as reported by Trulia.com website. This figure is up 9% from May of 2010 and shows a reduction in the total price of around $27 billion.
The current recession has brought on lower mortgage rates. This means for those looking to buy can get a 30-year fixed-rate loan amount of $200,000 at 5% and the interest paid over the life of the loan is $186,512. This will bring the loan payment to only $386,512. At 6%, the amount of interest paid rises to $231,676; a 24% increase is seen whereas at 7%, it is $279,018, which is a 49% increase.
More investment options are around as home prices and mortgages rated have dropped drastically since the recession began in March of 2008. This has made the real estate market a heaven for buyers with the percentage of median household income needed to purchase a home on a median priced home at a 30 year low.
Tax Credit for Military home buyers and home sellers
February 15, 2010
Congress has been hard at work creating the home buyer tax credit legislation with all kinds of sections hidden away in nooks and crannies. One main program offered to help military home owners has seen a change and that one happens to be the one to aid military home owners that are in a place where they must sell their homes for less than is owed.
In November 2009, the Worker, Home ownership and Business Assistance Act was signed into law. Under this legislation, military personnel along with a few other federal employees that are serving their country on foreign land have an extra year in order to qualify for the $8,000 tax credit which is being offered to first time home buyers along with the smaller $6,500 credit for repeat buyers.
The recapture rule has also been put aside for uniformed service members, employees of the intelligence community, and members in Foreign Service.
The new law provides eligible taxpayers that enter into a contract to purchase a residence by April 30 and close prior to June 30 to benefit from the tax credit. All service personnel have another 12 months in which to benefit from the tax credit with their dates to sign a contract being April 30, 2011 and closing no later than 90 days after signing the contract.
This new rule for service personnel does include the spouse or the service personnel that serve on qualified official extended-duty service outside the United States for at least 90 days between January 1, 2009 and April 30, 2010. The Internal Revenue Service explains that only spouse must be stationed overseas to qualify for the tax credit.
For the majority of home buyers if they sell the home or the home stops being the primary resident within three years of purchase, the credit will have to be repaid. However, if the home belongs to eligible service personnel that provision will be waived if the home sold is sold due to orders sending the service member to another location that is at least fifty miles from the home. The post can be any location as long as it is 50 miles from the sold home and the service personnel will be at the new post for ninety days or more.
Military personnel may be eligible for aid if they find themselves in a bind and must sell their home for less than is owed on their mortgage, if the bind is due to a mandatory permanent transfer of duty.
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Flood Insurance for Tulsa Home Owners
February 10, 2010
Many residents of Oklahoma may not even consider purchasing flood insurance however, there are all kinds of areas that suffer from repeated flood damage and this is true in the Tulsa area. You may think that if your home or property is not listed in a designated floodplain then you do not need flood insurance, but this is a misconception. Many of the areas around Tulsa suffer from flood damage when heavy rains pour down.
Tulsa homeowners should consider purchasing flood insurance and when looking to purchase a new home talk with your Tulsa Realtor to learn if the home or area is prone to flooding.
Tulsa County during the 1970’s and 1980’s actually had more federal disaster declarations than any other location in the United States. In 1984 alone, a flash flood was the result of 14 deaths and a total of $180 million in damages. Tulsa has been since that time working on flood projects and many have been finished; however, more are in the works. The new flood program has been used as a national model and the risk of flooding of course has been reduced significantly. Tulsa homeowners, on the other hand, must remember that even though the risk has been reduced, does not guarantee that flooding will not occur.
One thing that Tulsa homeowners or potential Tulsa County homeowners must remember is that all of the creeks and rivers in the area periodically have flash floods. Flood damages have occurred along the Arkansas River and many of the creeks in the area including Bird, Bigheart, Coal, Crow, Cherry-Red Fork, Dirty Butter, Elm, Flat Rock, Fred, Fry, Hager, Harlow, Haikey, Joe, Mingo, Mooser, Nickel, Perryman, Park View, Oak, Valley View, and Vensel.
The good news is that flood insurance is available for all properties in the Tulsa area. The majority of homeowner’s policies do not cover any losses due to flooding; therefore, homeowners need to protect their home and their belongings by learning more about the National Flood Insurance Program.
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Protecting your Tulsa Property from Flood Damage
February 7, 2010
The City of Tulsa has had its fair share of floods and over the last few years has implemented various flood control projects to help protect the city; however, it is impossible for Tulsa to be 100% free from flooding. Due to this, Tulsa homeowners should learn what they could do to help protect their property in case of flooding.
You can request a free flood zone determination, which is detailed floodplain boundary map by contacting the Mayor’s Action Center and providing them with your address and the legal description of your Tulsa property.
Even if your property is not deemed to be in a flood area, you may still want to take some precautionary measures such as:
- Retrofitting buildings
- Regrading your yard
Retrofitting buildings or regarding the yard is nothing more than elevating those buildings above flood levels and then installing backflow preventers, which will ensure that your floors are protected from damage of sewer backups, which is always a problem during flooding. You may even consider creating structural barriers such as floodwalls or levees. If you do wish to add a structure to your property to help protect your Tulsa home from flooding, you will need to get a building permit.
The Federal Emergency Management Agency better known as FEMA has published a pamphlet, “Homeowner’s Guide to Retrofitting: Six Ways to Protect Your House from Flooding”. This publication will provide Tulsa homeowners information on protecting their property as well information regarding financial assistance.
Temporary Measures
Spring is just around the corner and this is the season that the majority of the flooding occurs in the Tulsa area. Being prepared is the best way to protect your property if only for a temporary time period.
Before spring arrives, have a plan of action. Know how and where you place your belongings out of the way of the rising water if it reaches your home. Keep specific materials on hand such as lumber, plastic sheeting, sandbags, and plywood. Ensure that all brush and debris has not collected in storm drains or ditches, this only adds to the water coming onto your property.
If you are considering a building structure, you should speak with a qualified Tulsa city staff member at the Permit and Licensing Center. Since flood control is a city-wide problem, you do not want to build a structure that will save your property but may cause the water to flow into other areas and cause damage. Talking with city staff to learn your options and receive qualified help to build a safe project while complying with the floodplains set forth by the City of Tulsa will be your best bet.
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Feng Shui Tips for buying a home
February 3, 2010
The way to look at a home in the Feng Shui concept is to use what is called Feng Shui eyes. You do not have to use Feng Shui eyes until you have ensured the house has all your requirements such as square footage, the number of bedrooms, etc… that you have on your requirement lists. Now, get your Feng Shui eyes working.
When buying a home the problem is that most homebuyers only list a few objections when looking for a home, which include location, size, and price. The problem is there is so much more to include in your search. If you happen to use the concept of Feng Shui, you will be able to learn of possible problems in a house besides just the number of square footage and the number of rooms. More Realtors are beginning to learn this concept in order to help their clients find the best possible home that will meet their needs in all ways.
Buying a home can be a very stressful adventure as the home is the place you rest, sleep, enjoy the family, and everything else in life. Your home is the center point to your life and has to meet all needs in order for you and your family to enjoy your home.
As you, begin your close up look at the house start with the exterior. You know the house your requirements but now look deeper. You want neighbors that will not drain your energy with negative energy. From the property, you may see negative energy in the way of garbage dump, cell phone tower, cemetery, funeral home, large buildings, dead vegetation such as trees, plants, and flowers, railroad, airport, and highway. All of these are great examples of negative energy or energy draining places. These things can lead to physical stress, emotional, or psychological stress if a person lives nearby these places and sees them on a daily basis.
The lawn should not slope downward in the front or the back of the home. If the lawn slopes download in front it can cause career problems, sloping in the back can cause wealth or relationship problems. Very steep slopes can cause those that live in the home to feel insecure and unsafe.
The front entry should be clearly seen from the road and be very welcoming. This will also welcome all kinds of great opportunities to come into your life.
The International Feng Shui Guild, the Feng Shui Bagua states that “consists of eight external houses and a central one called the Tai Ji… Each of the eight houses… (Represents) life aspects in resonance with that trigram sector.” Thus, your lot should be square or rectangular along with the house. If the house and lot is not of this shape, the owner will be missing a section and may cause problems to arise. The issues relate to life aspect such as wealth/power, reputation, romance/relationships, children/creativity, helpful people, career, knowledge, and family. The center of the home represents health.
The number of your house should not include the number 4. Using Chinese numerology, the number 4 stands for death. Therefore, this number is to be avoided. The number 8 symbolizes longevity and the number 9 symbolizes wealth.
A house facing south is favorable in Feng Shui. If the home is in the Northern Hemisphere the south does receive more sunlight, which represents growth and vitality. Homes that face east embrace the morning sun, which provides new beginnings. Homes facing west embrace the setting sun and will have more energy for endings. Homes facing north are to be avoided as they receive the least amount of sunlight at the front of the home.
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How to buy a Tulsa Foreclosure
February 1, 2010
One of the main problems in the current real estate industry is the abundance of foreclosures. The banks are not releasing their foreclosure inventories for several reasons. They are in the business to loan money and not to sell properties that they have in taken over do to foreclosure, therefore they are understaffed and their response procedures and times have a lot to be desired.
The coastal regions have been hit really hard, do to the costs associated with those regions. They experienced a much faster inflation of prices, compared to the Tulsa Real Estate market and therefore resulting in many more defaults since their prices have declined and now there are very few that can actually refinance to get out of a loan they cannot afford.
When it comes to foreclosures, there are several different types, just like there are different types of homes. Unfortunately a tremendous amount of foreclosures, start off by being listed in a Short Sale scenario on the MLS. Unfortunately this has proved to be a very frustrating path, for all parties concerned. Not just the seller that is going into default, but also the listing Agent’s, buyers Agent’s and most importantly the buyer. More times than not, the buyer makes an offer, to the current seller, and then 30-90 days later there is still no answer, or even a reply from their bank. In the meantime the buyer is getting upset with the entire buying process. Our Tulsa Real Estate Team, tries to do their best to inform the buyers of the this Short Sale offer process, and how frustrating it can be, before making an offer but unfortunately, a very high percentage of buyers insist on moving forward with the offer anyway. These transactions are very tough on all parties involved and the really sad part is in a lot of cases the buyer misses out on the dream home of their choice that they could have purchased in a standard transaction.
If a buyer is insistent on buying a foreclosure property, the absolute best way is to make offers either on Bank owned, REO’s Lender owned or Corporate owned. More times than not, these will be a much smoother process, and will result in the buyer having a home of their dreams, in the standard 30-60 day time frame. Instead of waiting 30-90 days on a Short Sale only to realize the banks were not going to reply.
Please contact our office so we can help you find the dream home of your choice.
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