Tulsa OK Homebuyers: What You Need to Know About Contract Timelines


Darryl and Dan Newberry of TTCU discuss the latest State contracts for home mortgage loans and how they can impact Tulsa home buyers.

When you make an offer on a Tulsa, OK home, and it’s accepted by the seller, the clock starts ticking, and there’s only so much time available to get everything done so you can close on your new home on time. As Dan Newberry of TTCU explained on our latest episode of The Future of Real Estate, this is a vital piece of the process for home buyers to understand.

The most recent state contracts for Oklahoma home mortgages provides a 5-day window for lenders to have everything in order for the closing process, including the scheduling of an appraisal. This 5-day time limit was put in place to help both buyers and sellers be assured of the funding process, that a home buyer will in fact be able to purchase the home they have made an offer on.

This is great news, but home buyers need to remain diligent in their part of the process as much as they should be in choosing a lender to work with. As a Tulsa home buyer, as soon as you have an agreed upon offer signed by the seller, you’ll want to contact your lender immediately to get the ball rolling on the process.

You’ll also want to have a lender who understands the time sensitive nature of this type of transaction. A lender with built-in practices and processes to keep the 5-day time table attainable will be key to helping you avoid losing your earnest deposit. The way TTCU understands the new real estate contracts for Oklahoma, this is a real possibility which home buyers may now face. If the 5-day period isn’t met, a buyer can lose their earnest money to the seller.

One way to help lessen the possibility of delays is to get full pre-approval from your lender before you make an offer. Having the documentation in hand which shows how much of a mortgage you are approved for will make a big difference in how quickly the process of getting your funding in order can happen. TTCU offers loan approval options, when you’re ready to buy a home in the Tulsa or Green Country region, visit www.ttcu.com to start the discussion of mortgage options.

For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com

Tulsa OK Real Estate Review: Home Warranties

Darryl talks with Penny Roth of Home Warranty of America, reviewing the benefits of this important added insurance for your home.

A home warranty is something every Tulsa, OK seller, buyer and homeowner should seriously consider. Just as with other types of insurance, a home warranty is in place to help you defray the costs of repairs when things go wrong. As explained by Penny Roth of Home Warranty of America (HWA), this type of coverage is often over-looked yet can be quite beneficial.

With a home warranty close to 120 items which fall under household appliances and systems are covered for repair. This goes beyond standard homeowner insurance policies; good news for policy holders faced with significant damages or repairs. Home warranties can cover items such as appliance repair and replacements, leaking gas or water pipes, plumbing fixtures, alarm system repairs, garage door systems and so much more.

Suppose you have a water pipe leak and your wood floor is damaged. Chances are your homeowners’ insurance will cover the damage to the floor, but what about fixing the pipe? Unless you have a home warranty, you’re looking at having to cover that expense yourself. With a home warranty you can save considerable funds when it comes to home repairs.

Tulsa, OK and the surrounding areas of Bixby, Broken Arrow, Collinsville, Glenpool and Sand Springs, are in a growing sellers’ market. An excellent incentive for home sellers to provide to buyers is a home warranty with the sale of their property. Home buyers can also opt to purchase their own warranty; typical plans last for a year and give a measure of peace that should anything go wrong after moving in, the expense won’t be cost prohibitive.

Even if you’ve been in your home for a while, you can still benefit from a home warranty, the fees are a bit higher, but the expense is worth it for the extra insurance against the unexpected.

Find out more about home warranty options by checking out the Home Warranty of America website: www.hwahomewarranty.com For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com

 

Featured Properties

NEW LISITNG: 1203 W. Austin St. $127,000 3-bdrm, 2-bath, 2 car garage, in South Broken Arrow, great low price for the area- check out the eXp 3-D tour online, this is not expected to be on the market long!

1181 E. 131st Street 16,000 sqft; close to 55 acres, Courtyard, Pool, 4-car garage, $2,400,000. Check the eXp 3-d online tour of this incredible listing. Jinx/Bixby area. Great for a Bed & Breakfast investment.

940 E. College St.  Very affordable condo ideal for convenient living. $68,000. 2-bedroom, 1.5-baths, 2 level unit in Broken Arrow, close to downtown, recreation center across the street. Great for active lifestyle with the best of urban village living and a home-town atmosphere.

2748 E. Admiral Blvd. Reduced Price $104,500. 4-bedroom, 2-bath. Value-priced property. Multiple offers Pending, yet it may not be too late, call today to find out if you can get this incredible home.

26721 E. 80th Pl. South $268,000, 2,698 sqft. need a workshop? Love your cars and recreational vehicles- this is a haven for you- attached garage AND a separate 500 sqft. insulated garage; in Kensington Ridge, near Forest Ridge MPC.

Save Stress and Time by Calling an Expert in Electrical Repairs

Our discussion with Steve from Murray Electric reviews the benefits of having an expert you can call for help

We all have things we need to get done at home, and often we can take care of them ourselves. But when you are faced with an issue you don’t have experience in or are stumped as to what the source of a problem may be, you can save yourself stress and time by calling on an expert to help.

When it comes to electrical concerns at home, here in the Tulsa OK metro area and Green Country, we have an excellent resource to turn to. The folks at Murray Electric follow a similar business model to eXp Realty, providing help and support with compassion and understanding. So many of us get the run around when we call a business seeking answers, a human voice seems almost impossible to reach. Not with Murray Electric, there is a person on the other end of the line who genuinely wants to help.

Just the other day I was at home working, yet again, on my exterior lights. I took all the basic steps to try and figure out why my lights weren’t working. Then I got to a point where I couldn’t go any further, so I called Murray Electric. When I explained my situation, they asked me questions to try and troubleshoot the problem. These guys are not just looking to make a buck, they really want to help. They’re not afraid to try to help you avoid a service call, they just want you to get the problem fixed, service call or not. This is the key difference to search for when it comes to finding local services and businesses to work with.

The next time you have an electrical issue come up at home, save yourself a lot of stress and time, by having a conversation with Steve at Murry Electric yourself. This is one local service where there is a live person on the other end of the phone. With two locations in Tulsa (918-835-9605) and Broken Arrow (918-254-9771), help is just a phone call away. Find more information at their website: www.murrayelectric.com.

 

Junior Achievement Aids in Financial Literacy for Tulsa OK Students


Special Guest Erika Irvine, joined Darryl in our latest show to review Financial Literacy Month and JA Programs

 Junior Achievement in Tulsa, OK, is an incredible community program which brings the experience of local business and students together to work towards a brighter future. One important way for kids to be able to grow and choose their own destiny is through learning the vital life skill of financial literacy. April is National Financial Literacy month and JA is spending this time focused on specific programs to teach our Tulsa students about what it means to understand how finances work.

Through the JA program Finance Park, students experience real-life scenarios centered around establishing and using a budget to take care of one’s basic needs. Many kids don’t know, much less think about how they will take care of themselves once they reach adulthood. Finance Park shows them with the support of local volunteers.

Through the program kids are given a role to play as an adult, going to work and bringing home a paycheck which is ‘used’ to pay the bills of everyday life. This is a great way for students to see a direct link between the career path they choose and their own quality of life; that they do have choices, and with the right kind of education, they can make choices for their own benefit.

JA Finance Park needs volunteers! If you have been considering being a part of this great organization, Financial Literacy Month is a great time to get started. Contact Erika Irvine directly to find out how you can help by emailing her at eirvine@jaok.org, or calling her at 918-660-2158. Find more information at their website as well jaok.org. For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com

 

Smoke and Guns V MMA Event in Tulsa Supports OK Special Olympics and Firefighters Burn Camp

Tulsa, OK BOK Center:  Firefighters and Policeman face off in Smoke and Guns, the ultimate MMA event, raising money for Oklahoma Firefighters Burn Camp and Special Olympics of Oklahoma.  Watch America’s finest compete for the coveted title in the nation’s only charity MMA event between the two.

Sponsored by The Baskin Real Estate Specialists at eXp Realty, Myers-Duren Harley Davidson, Quiktrip.

All About Real Estate Appraisals

If you have ever wondered why real estate appraisers don’t give credit for square footage in certain areas, what they can and can’t give value to, how values are calculated, what happens when real estate prices are improving or declining?  Listen to these appraisal experts as they explain the latest rules and how they affect home buyers and sellers.

This presentation took place at the Home Builder’s Association of Metro Tulsa and was sponsored by Gateway Mortgage.  OKLiveevents.com stream made possible by Gateway Mortgage andThe Baskin Real Estate Specialists at eXp Realty.