How Earnest Are You to Buy a Tulsa OK Home?

Darryl & Stan discuss earnest deposits and how they can help Tulsa OK home buyers as a negotiation tool.

There are some misconceptions about earnest deposits that are worth clearing up. As a Tulsa home buyer, an earnest deposit can be a powerful bargaining chip, especially in a multi-bid situation. Often home buyers are concerned about losing their earnest deposit should a sale fall through. While this is possible, the chances are greater a home buyer will retain the money put down, unless they simply change their mind without cause.

In the Tulsa real estate market, once an offer is made, there is a 10-day period to get an inspection completed. During this time, a buyer can also walk away from an offer without losing their earnest deposit; they need only provided a reason. What the reason could be is very broadly defined; adding is a good measure of security for home buyers.

So how can an earnest deposit be a good negotiation tool for home buyers? The greater your deposit, the more serious you are, or the more Earnest you are in acquiring a property. For a home seller, this is a valuable way to know if they are dealing with a buyer who not only wants the house, but is ready to buy it. Having significant earnest deposit can even help a lower offer trump a higher bid.

As a home buyer, when you put down an earnest deposit, the funds go towards your purchase of the home. Essentially, you are establishing a down payment before the closing to help secure your offer on a property. A good starting point for an earnest deposit is $1,000, but a greater amount will give Green Region home buyers a better advantage. If two buyers make an offer on the same house, the seller is more likely to go with the one with a greater earnest deposit; a $5,000 deposit shows more earnest than one for just $500, for example. 

Earnest deposits can be a powerful negotiation tool for Tulsa home buyers. Whether you choose me to be your Realtor® or not, my goal is to help educate the community and my clients towards achieving their home dreams  For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com

 

1203 W Austin Street, Broken Arrow

 

 

 

 

 

 

1203 W Austin St, Broken Arrow, OK

Take an eXp 3-D Virtual Tour!

 

Affordable home that’s in south Broken Arrow. This home features several updates including granite countertops, stainless Frigidaire appliances, and laminate wood flooring. You’ll be in a quiet area that’s close to shopping, restaurants, entertainment, and only one block away from grade school.

Contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com.

 

 

752 N Knobhill Drive, Cleveland, OK

 

 

 

 

 

 

 

752 N Knobhill Drive, Cleveland, OK

Take an eXp 3-D Virtual Tour!

 

This home offers an excellent split-level plan with two bedrooms on the main level. It also features a flexible space downstairs that could be a mother-in-law plan with a separate entry. It also features an island kitchen, wrap around balcony with views of the lake, covered patios, and storm cellar. The home is on three lots which total 3 acres.

Contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com.

 

 

1181 E 131st Street, Jenks, OK

 

 

 

 

 

 

 

1181 E 131st Street, Jenks, OK

Take an eXp 3-D Virtual Tour!

 

This estate was custom designed for lifetime family memories. It has a unique design, and completely surrounds the pool, spa, Koi pond, and courtyard for total privacy. The home features a private gym/entertainment area, indoor workshop, two story great room with open ceilings to upstairs, a lookout tower for special events with friends or solitude. It has a functional floor plan, two master suites with fireplaces, two laundry rooms with project areas, an office with second open 2nd level library, and the lower level has a gathering room with entertainment kitchen. The home measures 15,835 sq ft, which includes the walk-out basement. A commercial grade sprinkler system is throughout the property.

There’s nothing else like this masterpiece, it’s your next family legacy home.

 

Contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com.

Realtor® Myths Busted with 20 Questions You Must Absolutely Ask Your Next Agent

Darryl & Trina review some common myths about Realtors® and why interviewing your next agent is important to do

Like many industries, real estate has many myths which can cause unnecessary worry or anxiety for people when they are faced with the not-so-everyday-task of selling or buying a home. The process can be made much easier when you have an experienced professional on your side, whom you trust and can rely on.

Asking questions is also a great way to dispel some Realtor® myths, such as the one which says, “Real Estate is Glamorous.” Sure, before the internet there was a climate of glamour around real estate, with many successful agents touting fast cars and fancy suits. Big brand name signs were of high prestige for home sellers to have in their yard, almost guaranteeing a quick and successful sale.

The reality is much different however. Real estate involves a lot of work, especially for a sale or purchase to succeed. With the internet, the entire game of real estate changed once the MLS (Multiple Listing Service) was established. With online searches now being the initial place home buyers look, being up to date on the latest marketing solutions will impact an agent’s success rate as much as their own attention to detail and efforts put forth in advising their clients.

The advent of the internet and the MLS system also helped to dispel another myth, that “Agents are only interested in selling their own listings.” Naturally an agent wants their listing to sell. But sometimes, home sellers can be left feeling as though other agents, perhaps a Realtor® they turned down as their own agent, will purposefully avoid showing a listing they didn’t get to their buyer clients. This feeling can often come about due to a lack of activity around a listing. Chances are there may be either something in a marketing plan that is missing the mark to attract home byers, or there may not be many buyers interested in a specific type of property.

With an experienced Realtor who understands the ups and downs of the local real estate market, and who have their clients best interest in mind, home sellers can move past these myths and enjoy the process of selling their property. Client or not, I encourage anyone looking at residential real estate in Tulsa, Broken Arrow, Sand Springs, or anywhere in the state or nation, to check out the 20 Questions I have compiled which can help you start the conversation with potential agents.

This in-depth guide is a valuable resource to assist you through the process of finding the right agent. Download my FREE home seller and home buyer report,20 Questions You Absolutely Must Ask Your Next Agent Before You Sign on the Dotted Line for a complete list of questions include in an agent interview when hiring a Realtor®.

 

Featured Properties

752 Knobb Hill Dr- Sand Springs- New Listing! $170,000, Split-level, 4 bedrooms, 3 full baths, 3 acres with a lakeside view, wrap around bac porch, storm cellar.

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.

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

 

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

Understanding Tulsa Home Loan Locked Interest Rates

Darryl and Dan Newberry of TTCU discuss what it means to have a locked interest rate on a home loan

If you’re ready to invest in Tulsa real estate or in Broken Arrow, Sand Springs, or anywhere in the region, you’ll have an edge over other buyers if you have a pre-approved loan. This is a key step to take for home buyers, yet your loan interest rate will not be locked until you are in the process of buying an actual home.

Once you have an accepted offer for a home, you, your Realtor®, the seller and their agent enter into the negotiation process. Part of this process includes getting your actual loan interest rate locked in. Once this is done you will have a pretty good idea what your monthly mortgage payment shall be. But what happens if negotiation go awry and your offer falls apart?  Can you still apply your locked interest rate and loan to a new house?

The short answer is no, and Dan with TTCU has helped to explain why. Major investments such as Tulsa Real Estate, involves multiple institutions and funding resources. When a loan request is processed, a specific property is taken into account as part of the loan value and collateral. This helps give the funding institution, your lender, additional capital back-up for the process of acquiring the monies to purchase the property.

If a home sale falls through, the property is no longer available regarding the specific loan, so the process of determining an interest rate has to begin anew. Residential real estate interest rates change regularly with economic and investment climate fluctuations. Should you as a buyer need to find a different home to buy, you will need to then determine again what your interest rate will be with your lender

How can you be sure you have a good deal with the best loan options for you and your family? Working with a portfolio lender such as TTCU is a good place to begin. By having one single business to work with on your loan, you will have better access to a variety of loan options and solutions no matter the outcome of your home buying negotiations. Visit www.ttcu.com to start the discussion of financial solutions for you and your family.

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

 

What is CSST Bonding and Does Your Tulsa or Broken Arrow Home Need it?

Our discussion with Steve from Murray Electric Explains what CSST Bonding is and why you may need it in your home.

I recently worked with Steve at Murray Electric and a client to ensure their home was up to code and ready to sell. One big question came up which I have been hearing more and more around Tulsa and Broken Arrow. CSST Bonding was required to be installed along their gas pipes. The question was what exactly is CSST Bonding and why do I have to have it?

CSST or Corrugated Stainless Steel Tubing has been required on new homes around the Tulsa and the Broken Arrow region since 2007, when the national electrical code recommendation for this additional safety measure was adopted. Since then, new Tulsa and Broken Arrow homes are built with CSST Bonding incorporated along gas lines. Home owners seeking to remodel, or to sell their property may need to also include CSST Bonding as an update.

So, what’s so special about CSST Bonding? This is a specific safety measure to help lessen the potential for home gas line explosions which can be caused by lightning strikes. When lighting hits a building, the energy of that bolt will continue to travel until it reaches the ground. If lighting is traveling alongside a metal gas or electrical pipes which are next to one another, it’s very easy for the lighting to arc over from one pipe to the other; if this happens, a gas leak can occur if the pipe is damaged.

This can potentially be an un-detected issue with a pin-size hole being the only damage caused. Yet even this small of a hole can allow gas to leak and collect within a home. Over time if enough gas leaks, it can be ignited by a spark source, serious damages or injuries can result.

In essence, CSST Bonding is an extra safety measure which Steve & Murray Electric highly recommend. It’s one of those better safe than sorry scenarios worth knowing about. Not sure if your Tulsa or Broken Arrow home needs CSST Bonding? You can find out 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 in Tulsa OK: The Bridge to Positive Life Experiences

Special Guest Erica Irvine, joined Darryl in our latest show to highlight the positive impacts which JA brings to our community

We’ve shared information about the Tulsa, OK chapter of Junior Achievement (JA) on The Future of Real Estate before, and they are worth mentioning again. Our special guest this week, Erica Irvine of JA helped shed some light on the social and economic impacts this amazing organization brings to our community.

The focus for JA is under-privileged students. Their various programs are designed to help kids starting as young as kindergarten, on up through high school, gain beneficial knowledge and experiences which can help them chart a fulfilling course into adulthood. By starting at a young age with the basics of understanding money, how it works and why we need it, JA volunteers foster a direct connection with community adults outside their realm of school and family.

Older students are given life-experience opportunities to put their own knowledge to work and guide them towards future career possibilities which can be achieved by anyone, provided they have a bit of support and solid education. Throughout their school career, Tulsa students also receive positive, real-life teaching which reinforces what our school curriculum aims to provide, a win-win for all students regardless of their background.

The overriding impact of Junior Achievement in Tulsa can be felt community-wide and will continue to have far reaching results as students grow. JA is the bridge between connecting the business world with our schools, and helping kids understand there is a reason education is important. JA also encourages business and companies to volunteer their time, creating a sense of personal accomplishment which can increase the overall morale within a company through their support of such an incredible program, and by providing their employees with a real opportunity to make a difference.

The students who experience programs such as JA BizTown are given the opportunity to understand what it’s like to earn an income in their own right, finding a stronger sense of self-worth where before there may have been none. Many of our kids are lacking personal positive role models to help guide them towards positive life choices, through JA, not only are these role models making a difference, they are also showing these kids what really is possible when it comes to creating a life they can be proud of.

Listen to the full discussion in detail on our March 24th Future of Real Estate episode and discover more about how Junior Achievement has a positive impact in our Tulsa OK Communities. You can also 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

 

Are You an Earnest Tulsa, OK Home Buyer?

A quick review of house a serious home buyer can prove their interest, with an earnest payment.

As a Tulsa home buyer, if you’re serious about a property you’ve found, you have a valuable tool at your disposal which can help get your offer accepted. I’m talking about an earnest payment. This is, in essence, is a deposit towards a home, and then some; an earnest payment shows how serious you are about purchasing a specific home.

Do you earnestly want the house you’ve made an offer on? Or are you just considering it in case there’s a possible bidding war? Would you mind walking away from $500 if a better house came along? Or is this the home you’ve been dreaming of in the Tulsa or Broken Arrow real estate market? You can show just how earnest you are in your offer with significant earnest payment; and the good news is, provided you do follow through and buy the home, it won’t cost you any extra.

With an earnest payment, a seller receives a measure of assurance that you will not simply change your mind and walk away. They’re taking a risk of losing potential money and time when they have their listing off-market once an offer is made. If a buyer isn’t serious and no earnest payment is made, these losses can add up for a home seller. With a sizable earnest payment included from a home buyer, a home seller is more likely to accept an offer knowing there’s a measure of protection for them.

As a home buyer an earnest payment can also protect you. These payments are made to go towards the final purchase price. If a home seller doesn’t follow through on their part of the offer agreement, you can recall your earnest payment and walk away. This type of situation is contingent on specific criteria not being met; which leads towards the importance of educating yourself in the residential real estate process and working with a Realtor® whom you trust to guide you throughout.

When you’re ready to start the conversation about your needs as a Tulsa home buyer or seller, our goal isn’t just to show you how much we know, but to ensure you know how much we care. Real estate around the Tulsa region including Bixby, Broken Arrow, Collinsville and Glenpool areas is in demand. As a home buyer or seller, you deserve the support of a local, experienced real estate team.  For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com

 

Featured Properties

 4706 S. 178th East Ave. Tulsa. $259,000, 5-bedroom with a full suite on upper level, 3-car garage, 3,000 Square feet, Broken Arrow school district.

2748 E. Admiral Blvd. Reduced Price $104,500. 4-bedroom, 2-bath. Value-priced property. Older home with remodeled interior, hardwood floors, and pass through garage.

1013 S. Cypress Ave. New Listing. $274,900- 5-bedroom with master suite on first level, 3-car garage, private lot on cul-de-sac; property borders natural fielded area, no backyard neighbors, 2,000 square feet.

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