Prohibited Dealings When Buying and Selling Real Estate in Oklahoma – Know What Your Realtor® Shouldn’t Be Doing

Join “The Future of Real Estate” to hear more about prohibited dealings to avoid in real estate.

The Oklahoma Real Estate License Code and Rules provides a list of 23 prohibited dealings.  These standards are important for all people to know. As a consumer looking to buy, or sell real estate in Oklahoma, you should be aware of the commission rules. These are established to protect you from a potentially negative outcome. Licensed real estate agents are expected to adhere to a certain standard. If they don’t follow these rules, they can be held accountable by the licensing commission and the law.

One prohibited dealing listed by the Oklahoma Real Estate Commission is “The making of a brokerage service contract without a date of termination”. In other words, it’s an open-ended contract. As a consumer, you don’t want to sign a contract that doesn’t list a termination date. It’s too ambiguous and creates conflict.

A second prohibited dealing is “Purchasing of property by a licensee for himself or herself or another entity in which the licensee has an interest as defined in 605:10-15-1 (c), if such property is listed with the broker or the broker’s firm, without first making full disclosure thereof and obtaining the approval of the owner, or the failure by the licensee to exert the licensee’s best effort in order to later purchase or acquire the property for themself or another entity in which they have an interest as defined in 605:10-15-1 (c)”. It’s not wrong for a Realtor to sell a property in which they have an interest; however, they must make it known.

These are 2 of the 23 prohibited dealings. Visit the Oklahoma Real Estate Commission for a complete list of prohibited dealings in Oklahoma.  Check out the License Code and Rules (effective November 1, 2017) document.

For additional real estate questions, or to schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.

Investing in Real Estate in The Pearl District, Tulsa, OK

Click here for more information on the Pearl District in Tulsa, OK

If you’re shopping for residential property in the Pearl District, you may have missed your opportunity for the best buys. Some segments of the market have stalled; however this is a great time for other sectors.

Kevin Anderson, Commercial Real Estate Broker in the Pearl District, said the Pearl District has experienced incredible appreciation. A paired analysis shows appreciation has been in the area of 20% per year for commercial properties. (A paired analysis is a study comparing a property which sold, and then sold again a couple years later, with no work done.) In regards to residential properties, we have seen more than a 20% increase.

The formal designation of the Pearl District is 11th Street to 244, and from the downtown area to Utica Ave. We also try to include the businesses around the Pearl District.

An exciting development in the area, is the City of Tulsa funding for the Peoria Avenue bus rapid transit system. This will provide buses along Peoria, every 15 minutes, in each direction. Service is expected to continue into the evening and on weekends. The Peoria route will be operational in August 2019, according to Tulsa Transit, and the 11th Street – 66 Route will be operation in 2021.

The addition of public transportation in the Pearl District will make a significant contribution to the development of the area. Reliable transportation is a necessity to meet the demands of people living in the community and visitors alike. If you live on Peoria, you’ll be able to take the bus downtown and save money on parking. In addition, when you own property along this corridor, it becomes transformed into more diverse use and higher demand.

To further re-invent and develop the area, a second Pearl District pond will go in, north of the VFW club. The pond will cover 3-4 blocks and will have a boardwalk around it. New housing developments are being built and are expected to open in March 2018. There are two restaurants coming in as well, and there are 130 businesses in the Pearl area.

If you are interested in buying and fixing up a home, TTCU Credit Union offers a home loan program which allows you to buy, and make home repairs. TTCU provides a home renovation loan, in which you can borrow up to $40,000 in a signature loan to make updates to your house, including light fixtures, kitchen, carpet, and/or bathroom. The home renovation loan allows you to do the work without having to get a traditional construction loan. The appraisal may be an issue on some types of repairs, however TTCU has addressed this.  They do the appraisal on the purchase price only and don’t take into consideration the improvements on the $40,000 signature loan. However, if your expenses are going to exceed $40,000, and you need to get a contractor involved to do more strenuous work, then you’re going to want to get a construction loan. On a construction loan, TTCU will provide the appraisal on the completed house, not on the current condition. Visit ttcu.com to fill out an application online, or get more information.

If you’re interested in commercial property in the Pearl District, contact Kevin Anderson, commercial real estate broker at Kevin Anderson and Associates via email:  kevinanderson@tulsarealtors.com or phone 918-406-3197.

Schedule an appointment with The Baskin Real Estate Specialists, with no cost or obligation, visit askinforbaskin.com.

 

Featured Properties

  • 7201 W Edison St – Beautiful setting, less than 12 minutes from downtown Tulsa, 6BR, updated Kosher kitchen, 24-stall barn with many possibilities. Listed at $1,750,000
  • 1013 S Cypress Ave – Located in Broken Arrow, 5BR, 3-car garage, Union Schools, over 3,000 SF, downstairs master suite. Listed at $279,900
  • 3510 E 104th Place – Located in Tulsa, nearly 1 acre, 1-level home, 3,400 SF, private master suite, updated kitchen, and new roof. Listed at $299,000
  • 30961 E 65th Street – Emerald Falls, new construction, backs up to former golf course. $40,000
  • 6708 S Atlanta Pl – Amazing buy! 5 bedrooms – 2 bedrooms on 1st level! Office with separate entry. New hardwood floor and plenty of closet space! Listed at $294,000

For a complete list of active listings, visit homeguidetulsa.com.

Photo Credit – tulsapearl.org

Map image – Google maps

 

Buy a Home with No Down Payment in Tulsa, OK! See all Your Financing Options at TTCU Federal Credit Union

Click here to learn more about your home financing options in Tulsa

TTCU Federal Credit Union, in Tulsa, has a selection of financing options available for home buyers. They offer two conventional type loans which allow for no money down. These options include:

  • 100% Financing – You can buy a home without a down payment. This 100% single loan requires a 720 credit score, with adequate credit history, plus closing costs.
  • 80/20 Combo Loan – This loan breaks up the costs, 80% is applied to a first mortgage and 20% is applied to a second mortgage. This loan requires a 680 credit score. and some established credit history, plus closing costs.

Keep in mind, down payments and closing costs are separate. The down payment is the amount being paid towards the home. With the financing options mentioned above, no down payment is needed; however, the buyer is responsible for closing costs. Closing costs include all the “extras”, such as taxes, insurance, escrow, and lender fees. When you purchase a home, you’re required to pay 1 year of insurance upfront. Also, money has to be put into a monthly escrow account so when insurance and taxes are due, the money is available.

There are options available to help with closing costs as well. Most programs will allow the seller to pay up to 3% of the sales price towards your closing costs and “pre-pay” items. Take the time to investigate all your options and see how they fit in with your budget. Often, when closing costs are quoted, they don’t include the escrow, so be sure to ask about all fees. Be vigilant when choosing a lender. There have been instances in which buyers received a pre-approval letter, yet they weren’t actually pre-approved! As a Realtor®, when Darryl Baskin sees a pre-approval letter from TTCU, he knows he can trust it.

If the financing options listed above don’t meet your needs, TTCU offers additional programs, such as VA, bridge, home equity, and home improvement loans. Also, TTCU Federal Credit Union will take 0.125 off your interest rate when you close with them; the loan must be a purchase transaction and close at Integrity Title and Closing. TTCU offers some of the lowest closing costs in Tulsa! Visit ttcu.com to fill out an application online, or get more information.

Taking the time to research financing options is part of the “18 Essential Steps” suggested by Baskin Realty Specialists. Buying a home can be a challenge, but when done correctly, it’s a smooth process.

For more information on interest rates, or to complete a loan application online, contact Dan Newbury at TTCU Federal credit Union or visit ttcu.com.

To schedule an appointment with Baskin RE Specialists, with no obligation, visit askinforbaskin.com.

Featured Properties

  • 7957 S 78th East Ave – 4BR, 3 baths, 2-car garage, outside entrance office, pergola. $225,000
  • 8954 W 51 St – 5 acres, 9042 SF welcoming, beautiful family home with classic colonial style entry. The 8-car garage offers room for a workshop or storage. $999,999
  • 6708 S Atlanta Pl – 5BR, 3 full baths, office w/separate entrance, new hardwood floor, 2 bedrooms downstairs and optional 2nd master upstairs with private staircase $296,000

 

20 Questions You Must Ask Your Next Realtor Before You Sign on the Dotted Line

Download the 20 Questions ReportThis is the valuable free report that will simplify your decision in electing your next Realtor.  Written to give you, the home seller, powerful and insightful questions to ask as you interview.  Don’t settle for a part-time real estate agent who is “giving real estate a try.”  Use this guide to find the best agent for YOU and your property.

Click here for your free report;

20 Questions You Absolutely Must Ask Your Next Realtor Before You Sign on the Dotted Line.

How to Choose a Real Estate Agent When Selling Your Home in Tulsa County

What is “the best deal” when listing your home?

Perhaps you have been thinking of adding your home to the Tulsa real estate market, and now you are ready to call an agent. How do you go about hiring a real estate agent who will get you the best deal at the best commission rate? Listen in to “The Future of Real Estate” at the 7:40 mark to hear Darryl Baskin tell you how to get the best commission rate when listing your house for sale in Tulsa.

When you are thinking of listing your home, what do you have in mind as “the best deal”? We often think we are getting a good deal when our home is listed at a low commission rate, but is this true? Consider what your objective is in regards to listing your house. What is your goal? The real objective is to get your home to a closing. If you get a good deal on the commission, but never make it to the closing stage, did you get a good deal? Alternatively, just because you paid the full rate commission, this does not mean you will get “full rate” service.

Take the time to interview your agents and get to know them. Ask yourself if you can trust this person – is this the person you want sitting across from you at closing? Does this person have my best interests at heart? Darryl offers a free report of “20 Questions to Ask Your Agent Today”. To receive a free copy, text Darryl at 918-732-9732.

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

What do you need to know about flood insurance?

When you are in a situation as the people of Houston, Texas presently are, the best thing to do is call FEMA at 1-800-525-0321. This is an unimaginable situation and our thoughts are with the people in Texas. For more information, listen in at 30 minutes to learn more obtaining flood insurance in Tulsa.

Did you know that most home insurance policies do not include “loss of use”? Home owners who live in a flood zone are required to have flood insurance; however, people who do not live in a flood zone, typically do not give it a second thought. As a home owner, flood insurance is something you should consider, even if you are not in a flood zone. There is always a possibility of outside water getting into your home, even if you do not live close to a body of water. In addition, flood insurance does not cost very much. The policy itself is a government policy which is underwritten by your local agent. Call your local insurance agent, or call Bryan Smith at State Farm 918-794-0001, for more information, and pricing.

Transform a Room with Canned Lighting

Many older Tulsa homes don’t provide much in terms of recessed lighting. The good news is that you can easily transform a room with canned lighting.

Join in at 40 minutes to hear more about adding canned lighting to your home. Canned lights are recessed lights which look similar to a can. They are appealing in that they are nearly flush with the ceiling, meaning you do not have fixtures hanging all over your ceiling. Recessed lighting also makes the room feel, and look, bigger.

You may be wondering “how much will this cost”? Steve, at Murray Electric in Tulsa, is able to add canned lights at an estimated $165 per light (including parts and labor). If you wish to have LED lights, that adds an additional $25 per light. Another option is that you can purchase the lights and inserts yourself (based on recommendations from Steve) and Murray Electric can install the lights for you. Murray Electric can send someone to your house to evaluate your needs and provide a quote.

The job in itself may not be a “big job”. If the space exists from previous light fixtures, they can use this space to insert the can light. Otherwise, they will need to cut the sheetrock – a process which they are very careful about. As Steve said, they will not “butcher” your ceiling. They will cut channels and are very considerate of the fact that someone will have to patch up after they are done.

Steve also recommends that you consider adding a whole-house surge protector to protect your circuit board. Lightning does not have to hit your house directly to leave damaging affects; it can hit a transmission line nearby.

For all your Tulsa electrical needs, contact Murray Electric at 918-835-9605 or www.murrayelectric.com.

The Future of Real Estate Discusses Homeowners Association Trouble at Closing

Avoiding Trouble with your Tulsa Homeowner’s Association at Closing–  Understanding what happens with your Tulsa HOA and how to navigate it is part of the process of closing your Tulsa home.  When you first decide to put your Tulsa house on the market. have the restrictive covenant made available up front.  That will make the process go a little more smoothly when a contract is accepted on your Tulsa home.  It will also make the covenants available immediately upon request from either agent.  Also make sure your HOA dues are paid in full and there are no past due payments. If they are not paid, they will be taken out of your proceeds at closing.   When you close you must get a clear HOA letter from your HOA.  If you or your Tulsa county abstracting company  can’t get a hold of someone, there might need to be an affidavit signed or they will have to track down the HOA management company to get the information or letter that is needed.  Make sure you give your HOA plenty of notice of the sale or listing of your house so that you are not scrambling at the last minute to get the documents needed for closing.  For all your questions related to closing on your Tulsa home for sale or abstracts on your Tulsa home, contact Guaranty Abstract at 918- 496-9090 or www.guarantyabstract.com.

 

What to Do When Your Light Stays on When the Light Switch is Off– Have you ever turned your light switch off only to have the light bulb stay on?  In some situations, especially with an LED bulb, if there is any current coming through it will light the LED bulb even when the switch is turned off.  If you have a dimmer on that switch, it is possible the dimmer is not zeroing out when the light switch is turned off.  Likely, you can simply switch out the dimmer switch to one that is rated for LED bulbs.  Every electronic device in your Tulsa home is drawing power even when you have it off. If it is plugged in, it is drawing power.   There are special outlet plugs that shut down all electricity to the device when the device is powered off.  This can be helpful for certain devices that are not used as often but are still plugged in.

 

What is it That Gets You Caught on Unlicensed Work on Your Home?  If a Tulsa home isn’t going to be your forever home, be especially cautious.  Many homeowners think they will save money by doing the work themselves or by hiring someone unlicensed.  The problem occurs when the Tulsa homeowner goes to sell the home and an inspector notices that the work was not done to code. Often, the work done initially, that saved the owner so much money, costs much more to repair later.  That is often much more than if a professional was paid to do the work to begin with.  Many of the problems we encounter are simple but will cost someone to fix because it wasn’t done properly.  It is important to have licensed professionals do the repairs because the buyer does not want to buy someone else’s problem.  The inspector is likely to find things that are not done to code and will report it.  The buyer doesn’t want to buy that problem so as the home seller, you will likely be paying to fix it in order to sell the home.  Also remember to check and find out if you need a permit before you do any work.  If you want the value of your home to be as high as it can be, either for you or for your family, use a licensed professional up front.  For all your Tulsa electrical needs, contact Murray Electric at 918-835-9605 or www.murrayelectric.com.

 

The Differences of VA Loans– When it comes to closing your Tulsa home, there are some differences.  You  must have a DD214 when getting a VA Loan.  With a VA loan you are not required to pay mortgage insurance, which is generally required when you don’t make a 20% downpayment.  The VA guarantees the loan and you can get 100% financing and zero downpayment.  There is some difference in the VA loan process however.  On the closing side, most of the time, the seller will pay for the termite inspection (roughly $100).  There are also some lender fees that show up in this type of loan.  The seller is required to pay certain fees that the Tulsa buyer is not allowed to pay.  The lender sets those fees.  Make sure you know what those fees are, since each lender has different fees at different rates.  As a seller, you may need to set limits about which lenders you will work with, if the fees are very high.  Most of the time the fees are pretty low, however always make sure that you check up front. It is important to choose a Tulsa lender that has reasonable fees and is committed to getting to closing.  For all your Tulsa mortgage needs, contact TTCU The Credit Union at 918-749-8828   or www.ttcu.com.

 

 Tulsa Real Estate For Sale on Tulsa MLS

5101-5103 E 32nd Street Tulsa-$159,900- Duplex, 4 total bedrooms, 4 total bathrooms, 2 bedrooms and bathrooms in each side. One side is currently vacant.

1004 S Willow Avenue Broken Arrow- $215,000- 3 car garage, Union Schools, over 2500 square feet, new paint inside, large rooms.

7201 W Edison Street Tulsa- $1,750,000- 55 acres, beautifully remodeled home, custom Kosher kitchen with 3 sub zero refrigerators, 24 stall barn, plus more.

6718 S Atlanta Avenue Tulsa-$245,000- Short sale, 4 bedrooms, 2 full 1 half bathrooms, great convenient neighborhood.

For all your Tulsa real estate needs, contact Darryl Baskin of eXp Realty at 918-732-9732 or for One Address, Thousands of Homes and the entire Tulsa MLS visit HomeGuideTulsa.