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Wednesday, 02 January 2008
Neil Dailey of Baskin-Dailey Commercial Real Estate Services of McGraw Realtors has been appointed to the RCA committee for the GReater Tulsa Association of Realtors.
The RCA Education Committee’s mission is to anticipate and prioritize existing educational needs and future trends; to plan, coordinate, and monitor interesting and relevant educational programs for all commercial GTAR members; to utilize GTAR staff, members, and other assets to provide top quality programs for continuing education as well as general knowledge. The RCA Education Committee is also responsible for organizing the annual Commercial Market Update, which is held in March.
Friday, 28 December 2007
Home buyers trying to find homes for sale in the Jenks school disctrict of Tulsa, OK are having a hard time finding houses with pools and large lots measuring a half acres or more. There are only a select number of homes which met this criteria -29 to be exact and the price quickly escalates from $175,000 to 2,250,000. See the current list of homes for sale which meet this criteria.
Friday, 03 August 2007
My daughter Madalyn helped me prepare for this weekend's radio shows on News/Talk 740KRMG and 1170 KFAQ by posting her first podcast which inclued good news about the real estate market in Tulsa, OK. Pending home sales are up by approximately 250 for the first half of 2007. What remains to be seen is how we will finish with actual closed sales since at the same time pending sales are up, closed sales for residential single family homes is nearly equal to last year.
For up-to-date market information for your home if you are considering selling, contact The Baskin Real Estate Specialists for specific information customized to your property. 918-258-2600
Monday, 23 July 2007
It is a blessing to have a name that is not common like Jim Smith but the spelling seems to give people a bit of a problem when they are trying to find the Tulsa, Oklahoma Realtor / real estate broker named Darryl Baskin when they are searcing for homes for sale in Tulsa, OK. So, for the benefit of all those who wonder (and the search engines trying to find me), it is NOT spelled:
Daryl Baskin, Darel Baskin, Darrel Baskin, Darrel Baskins, Darrold Bascom, or Darold Baskins. Nor is it spelled Darly Baskin, Darrly Baskins, Derrel Baskin, Derrell Baskin, or Darryl Baskins.
It is simply spelled Darryl Baskin but no matter how you choose to spell my name, I hope you have made it to my web site so we can help you find your new home or sell your current one.
Saturday, 30 June 2007
A recent survey of the Tulsa metro area real estate market shows Tulsa, Jenks and Bixby with the highest single home values for homes under contract today. Tulsa, Broken Arrow and Union Schools have the highest number of pending sales. Bixby School District has been a surprising contender for luxury homes as Jenks and South Tulsa have run out of land for residential developement. Other areas such as Union and Broken Arrow, which have contiguous land to Jenks' School district, have not yet captured the high end market as tightly as Bixby. While high-end luxury homes are prevelant in all area school districts, Bixby has more than its fair share.
Activity for home sales remains strong and numbers stable. For the summary data for area pending sales as of the date of this post, Click Here.
Saturday, 30 June 2007
Darryl Baskin of The Baskin Real Estate Specialists and Jeff Sargent of Pinnacle Mortgage will discuss Reverse Mortgages in an upcoming show, but wanted to share the following information about a topic important to many clients that are approaching age 62. The following information will help you learn about whether a Reverse Mortgage is something that fits into your “life plan.”
Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.
To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions.
Three Types of Reverse Mortgages
The three basic types of reverse mortgage are: single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U. S. Department of Housing and Urban Development (HUD); and proprietary reverse mortgages, which are private loans that are backed by the companies that develop them.
Single-purpose reverse mortgages generally have very low costs. But they are not available everywhere, and they only can be used for one purpose specified by the government or nonprofit lender, for example, to pay for home repairs, improvements, or property taxes. In most cases, you can qualify for these loans only if your income is low or moderate.
HECMs and proprietary reverse mortgages tend to be more costly than other home loans. The up-front costs can be high, so they are generally most expensive if you stay in your home for just a short time. They are widely available, have no income or medical requirements, and can be used for any purpose.
Before applying for a HECM, you must meet with a counselor from an independent government-approved housing counseling agency. The counselor must explain the loan’s costs, financial implications, and alternatives. For example, counselors should tell you about government or nonprofit programs for which you may qualify, and any single-purpose or proprietary reverse mortgages available in your area.
The amount of money you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the appraised value of your home, current interest rates, and where you live. In general, the older you are, the more valuable your home, and the less you owe on it, the more money you can get.
The HECM gives you choices in how the loan is paid to you. You can select fixed monthly cash advances for a specific period or for as long as you live in your home. Or you can opt for a line of credit, which allows you to draw on the loan proceeds at any time in amounts that you choose.You also can get a combination of monthly payments plus a line of credit.
HECMs generally provide larger loan advances at a lower total cost compared with proprietary loans. But owners of higher-valued homes may get bigger loan advances from a proprietary reverse mortgage. That is, if you have a higher appraised value without a large mortgage, then you may likely qualify for greater funds. Location (for example, your neighborhood) is only one part of the determination of appraised value.
Loan Features
Reverse mortgage loan advances are not taxable, and generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.
As you consider a reverse mortgage, be aware that:
 Lenders generally charge origination fees and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the term of the mortgage. The lender generally sets these fees and costs. The amount you owe on a reverse mortgage generally grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases over time as loan funds are advanced to you and interest accrues on the loan.
Reverse mortgages may have fixed or variable rates. Most have variable rates that are tied to a financial index and will likely change according to market conditions.
Reverse mortgages can use up all or some of the equity in your home, leaving fewer assets for you and your heirs. A “nonrecourse” clause, found in most reverse mortgages, prevents either you or your estate from owing more than the value of your home when the loan is repaid.
Because you retain title to your home, you remain responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses. So, for example, if you don’t pay property taxes or maintain homeowner’s insurance, you risk the loan becoming due and payable.
Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.
Getting a Good Deal
If you are considering a reverse mortgage, shop around to compare your options and the offered terms. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. It will help you ask more informed questions, which could lead to a better deal.
If you want to make a home repair or improvement or need help paying your property taxes, you may want to find out if you qualify for any low-cost single-purpose loans that may be available in your area. Area Agencies on Aging (AAAs) generally know about these programs. To find the nearest agency, visit www.eldercare.gov or call toll-free, 1-800-677-1116. Ask the AAA for information about available “loan programs for home repairs or improvements,” or “property tax deferral” or “property tax postponement” programs.
If you are interested in a federally-insured HECM, know that all HECM lenders must follow HUD rules, and that many of the loan costs including the interest rate will be the same no matter which lender you select. Still, some costs including the origination fee, other closing costs, and servicing fees may vary among lenders.
If you live in a higher-valued home, you may be able to borrow more from a proprietary reverse mortgage. But it generally will cost more. The best way to see key differences between a HECM and a proprietary loan is with a detailed side-by-side comparison of future costs and benefits. Many HECM counselors and lenders can provide you with this important information.
No matter which type of reverse mortgage you are considering, be certain you understand all the conditions that could make the loan due and payable. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates, which show the projected annual average cost of a reverse mortgage, including all itemized costs.
Be a Savvy Consumer
Be cautious if anyone tries to sell you something, like an annuity, and suggests that a reverse mortgage would be an easy way to pay for it. If you don’t fully understand what they’re selling, or you’re not sure you need what they’re selling, be even more skeptical.
Keep in mind that your total cost would be the cost of what they’re selling plus the cost of the reverse mortgage. If you think you need what they’re selling, shop around before you buy.
No matter why you decide to take a reverse mortgage, you generally have at least three business days after signing the loan documents to cancel it for any reason without penalty. Remember that you must cancel in writing. The lender must return any money you have paid so far for the financing.
Reporting Possible Fraud
If you suspect that anyone is violating the law, let the counselor, lender, or loan servicer know. Then, file a complaint with:
your state Attorney General’s office or state banking regulatory agency, and
the Federal Trade Commission (FTC). You can do that online at ftc.gov or by phone, toll-free, at 1-877-FTC-HELP
(1-877-382-4357).
Whether a reverse mortgage is right for you is a big question. Consider all your options. You may qualify for less costly alternatives. Contact the following organizations for more information:
Reverse Mortgage Education Project
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
*The information contained in this article is from the F.T.C. (Federal Trade Commission) and meant to educate the consumers when considering whether the reverse mortgage is the choice they wish to make for various situations.
Should you have questions on this or any mortgage related topic, please contact residential mortgage expert Jeff Sargent of Pinnacle Mortgage Corp/ONB bank at 918.491.6833 or send questions to: jsargent@pinnaclemortgage.com
Wednesday, 20 June 2007
How to Improve Your Credit Score
It's a very important number - but one most people don't think about until it's time to buy a house, refinance, make home improvements or pay for college. It's your credit score, and it can determine whether or not you get that loan you want.
Lenders and other agencies use credit scores to gauge how likely you are to pay your bills. Your credit score is based on the information in your credit report, which is a record of your credit payment history. That's why it's vitally important to manage your credit responsibly over time.
Credit scores are also known as "FICO scores", named after Fair Isaac, who began his pioneering work with credit scoring in the late 1950s and designed the credit rating scale.
What Constitutes a Credit Score - There are five components that make up your credit score; 1) payment history 2) amounts owed 3) length of credit history 4) new credit and 5) types of credit used. You must understand and manage these components, as they are critical to your current and future credit rating.
What You Can Do - Scores can range from 350 to 850. The higher the score, the less risk you carry, and the more likely it is that a lender will grant you a loan. If your score is on the low end, there are some things you can do to improve it.
Pay bills in full and on time: Your debt payment history is 35% of your credit score. It takes into account any type of credit that has been extended to you by a lender, such as, car loans, credit cards, mortgages, student loans, etc. Missing a payment or submitting the minimum due each month can lead to a lower score. The longer you pay your credit accounts on time, the better.
Carry small balances on multiple cards: Constituting 30% of your total score is what is known as your "credit utilization" level balance. This means how much of your available credit is being used. Using 50% or more of your total limit can be problematic. Pay down your debt to keep your utilization low. But don't open a lot of new accounts just to increase your available credit. (We'll tell you why later.)
Keep old cards open to establish a history: Your credit history makes up 15% of your score. The longer you can show you've been fiscally responsible and can maintain a low balance-to-limit ratio, the better off you are. Also, closing an account doesn't make it go away; it still shows up on your report and may affect your score.
Avoid opening new accounts: 10% of a credit score is comprised of new accounts. Opening new lines of credit rapidly can make you look risky to a lender. Also, new accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information.
Carry an assortment of loans: The last 10% of your score is decided by diversification. Maintaining only one type of credit (i.e., credit cards) tends to make you look riskier than someone who has managed both credit cards and installment loans responsibly.
*A helpful website for credit repair questions is: Federal Trade Commission/Protecting America's Consumers @: www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
For free credit reports once every 12 months go to: annualcreditreport.com
For more information about this topic or other mortgage related questions, please contact mortgage expert Jeff Sargent of Pinnacle Mortgage Corp/a division of ONB bank @ 918.481.6833.
Saturday, 24 March 2007
2006 Year end home sales statistics for Oklahoma show tremendous discrepancies in certain cities or regions of the state.
Reports show the following:
Units sold Sales Price
Norman - up 12.07% up 1.92%
Western Oklahoma - up 38.7% up 4.25%
Tulsa Metro area - up 7.58% up 5.88%
Texoma - DN 43.6% Down 8.66%
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The Baskin Real Estate Specialists
Darryl Baskin
McGraw, REALTORS
308 N. Aspen Avenue
Broken Arrow, OK 74012
Phone: (918) 258-2600
Email: info@darrylbaskin.com
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