Considerations for Home Purchases

This show originally aired August 22, 2009.

Listen to the Show Here!

Things to consider when purchasing a home
When purchasing a home keep several things in mind:  School District, Geographical Area, Livability (does the house have a steep driveway for example), Price, Neighborhood (are homes in the neighborhood appreciating or depreciating).

If you are considering purchasing a home, drive through the neighborhood on a Saturday and other various times.  Find out how many cars are parked on the street, how many kids are playing outside, are neighbors mowing or are they drinking.  Find out what the neighbours are doing and ask yourself if you want to live or want your kids growing up around neighbours that are doing those activities.

For more suggestions to consider when purchasing a home or for other real estate needs, contact Dawn Seing, McGraw Realtors, 918-592-6000 or Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com

GLENPOOL City Hall to have Sapulpa address.
The new City Hall being built for Glenpool, OK, will have a Sapulpa  address. So will the
new Glenpool convention Center. These buildings will be in the city of Glenpool but in
an area where the Postal Service has established Sapulpa addresses.

Tulsa Oklahoma new housing starts up 18.7% in July
Although year-to-date housing starts of 1481 are still 19.1% below 2008, July marked a
significant increase over the same month in 2008. New orders weekly says 22 cities in
five counties in the Tulsa area recorded 292 housing starts in July-up from 246 one year
ago. Broken arrow had the highest with 49 starts-52% more than the 32 from July 2008.
Tulsa had two less than in 2008. Owasso-28, Jenks-27, Bixby-26 starts for the Month of
July

Renters beware of Defaulting landlords!
Landlords losing their properties can be life changing events for the ranchers who
occupy the homes. Renters should use extreme caution when considering prepayment
of rent or considerable improvements to the property. If the landlord  falls behind  on
mortgage payments and faces foreclosure, a tenants investment in the property may be
completely lost.
A new federal law will significantly reduce the chaos in these situations. It will be
important for renters to understand how to protect themselves. This new law allows
tenants of foreclosed properties to have at least 90 days to move from the date of
foreclosure auction, unless the tenant has a lease. Tenants with the lease can stay until
the lease expires. But, there is one exception.  If the purchaser of the property intends
to use the property as a primary residence, the renter must leave after 90 days.
Money is not the only issue at stake here, however. Many times tenants with handicaps or special
needs will make alterations to a property in order to accommodate those needs
with the intent of staying in the property for a long period of time. These alterations can
be time-consuming to repeat in a new property and sometimes impossible to do quickly
when a tenant is forced out of the property with little notice.

More homeowners fall behind on house payments
The mortgage bankers Association reports 13% of American homeowners with a
mortgage have fallen behind on their payments or are in foreclosure. According to this
report, sub-prime loans with adjustable rates are not the culprit. More delinquencies are
being attributed to job layoffs and are affecting homeowners with traditional fixed-rate
mortgages. Good thing you’re in Tulsa!

Important considerations for Condo Insurance
When purchasing insurance for your condominium, there are several important things to keep in mind.  First,  know your covenants and bylaws.  Each condo association is different and has different covenants and bylaws.  With some, if the condo is destroyed, they will rebuild the outside but the owner is responsible for everything from the sheetrock in.  This type of information will help your insurance agent determine the proper coverage for your policy.    Also, remember that you may be responsible for extra fees if the condo association falls short of funds (to replace the roof, for example).  That can also be added as coverage for your policy.

For more information about condo insurance, renters insurance or another type of insurance, contact Mike Tedford, Tedford Insurance, 918-299-2345, or www.tedfordinsurance.com

First-time homebuyers — the $8000 tax credit expires December 1, 2009
While there is some discussion the first-time home buyer tax credit may be extended,
there simply is no guarantee it will be. First-time homebuyers can receive a tax CREDIT
of up to $8000 on a home purchase prior to December 1, 2009. Find out more
information at: www.darrylbaskin.com/tax_credit or contact Becky Wolf at 918-260-7644
for information about homes for sale and Oklahoma area consultation for
first-time homebuyers interested in taking advantage of this program.

Short sales-how homeowners avoid foreclosure

Homeowners  who can make their house payments but must sell their home to relocate
their family can sometimes find themselves upside down and unable to sell their home for
enough money to pay off the mortgage. Many property owners have simply walked
away from the property resulting in foreclosure — an unnecessary move that damages
your credit significantly. Short sales are a way to negotiate a  lower loan payoff with your
mortgage company in order to sell the home at the current market value. Mortgage
companies are more eager than ever to cooperate in this process because they see
value in selling the property before it becomes vacant, neglected, vandalized, and legal
expenses are incurred in foreclosure. If you or someone you know may be in this
situation contact The Baskin Real Estate Specialists at McGraw Realtors 918-258-2600
or www.darrylbaskin.com  for more information.

Multifamily property sales are up in Tulsa but price per unit is down
1071 units sold the first half of 2009 compared to 857 in 2008-a 25% increase
according to David Burnett of Sperry Van Ness.   The price per unit is down 15%.

The Box Elder Bug- How do I get rid of them?
Box Elder Bugs are red and black bugs that will infest a Box Elder Tree or a Rain Tree.  They will not destroy the tree but will completely cover them at times. They can also be found around your home, garage, and windows.    They are pests but need special treatment besides regular pest control treatments to kill.

To have your property treated for Box Elder Bugs or other pests, contact Duane Montgomery, Montgomery Exterminating, 918-438-4885 or www.montgomeryexterminating.com