Wednesday, March 31, 2010

Full of Stuff?

Is your home or office full of "stuff". Here are a few quick and easy tips and questions to help you get it de-cluttered in no time.

  • Sometimes it can be helpful to de-clutter before tackling any cleaning. Once you de-clutter there will be less stuff to clean and less stuff on counters, floors, and tables to move around.
  • When de-cluttering, set out three boxes. One box is for things to keep, one is for things to donate, the last is for things to throw away. Consider these questions when deciding what to do with each item.
Do I need the item?
Will I ever use this item again?
When did I use it last time?
Has it got sentimental value?
If it needs repair, will the repairs be made?
  • Be realistic when de-cluttering. If you are short of space or haven't used it in a while, throw it away or donate it.
  • Don't take a lot of time when de-cluttering. Many times, the longer you spend on one item, the more likely you will convince yourself that you need to keep it. If you still find it difficult to decide, put in aside for later and come back to it.
  • If you find there is something, especially large items, that you need to keep but don't have space for, put it in storage.
For more information about storage, moving, and packing for your Tulsa, OK home or for an estimate for storage or moving services, contact Mike Ellingson of Relocation LLC at 918-459-MOVE or www.relocationllc.net.

For all your Tulsa, OK real estate needs, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Tuesday, March 30, 2010

Types of Property Deeds

There are many types of deeds for home ownership but what are they and what do they mean for buyers and sellers?

The best type of deed is the General Warranty Deed. In a General Warranty Deed the seller warrants the title from statehood until the time the buyer takes title. This means that the owner of the property is guaranteeing the buyer that they are getting a clear title.

The next type of deed is the Special Warranty Deed. In a Special Warranty Deed there is more risk to the buyer and limits the amount of the warranty. This is a common type of deed when a bank takes title to a property. When this happens, the bank will only warrant the property for the time that they owned it and no time prior.

Another type of deed is the Quit Claim Deed. The Quit Claim Deed is usually between a divorcing husband and wife. One party is giving up any interest that they may have in the property to the other party.

The final type of deed is the Sheriffs Deed. The Sheriffs Deed occurs when a foreclosure happens, the property goes to a sale and the Sheriff presents a deed to the new owner. This is a high risk situation because there are no warranties on the property. It is being sold or presented "as-is".

For more information about types of property deeds or to have your title inspected in the Tulsa, OK area, contact Ann Rollins of Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com. You may also check out the video below.

Monday, March 29, 2010

Preparing Your Home and Family for Spring!

Spring is here and with the great warm weather this week, we will see Spring come alive. With the great Spring weather, however, also come Spring storms. Preparing our home and family for Spring and for Spring storms is very important. Read on to find some information on preparing your home, family, and landscaping for Spring.

Preparing Your Home for Spring
  1. Check your windows and doors to make sure they are caulked properly and that weather stripping is properly installed. Gaps in these areas can lead to pests, water, and energy leaks.
  2. Have your A/C properly serviced to make sure that it is running properly and at its best. This will save your money and help keep you cool.
  3. Get your house treated regularly for pests. The warm weather can drive them inside. Prevent this before it becomes a problem with regular pest control.
  4. Check your smoke detectors to ensure that they work. Change the batteries if it has been one year since you have installed new batteries. Although this is not just a Spring problem, now is a good time to check it.
  5. Play the inventory game. Let your kids help by taking pictures, a video, or simply making lists of all valuables, electronics, etc in your home and their serial number and other important information.
Preparing Your Landscape for Spring
  1. If you are planning on adding new plants to your garden, get proper information about when to plant the species that you want.
  2. Make sure that you don't have drainage issues around your property. If you find that water sits around the perimeter of your home or in areas around your property, have those issues solved before Spring storms come and make it impossible to repair quickly. Water that sits around your foundation can cause cracks and other foundation problems later. Don't assume it won't happen to your home. Foundation problems are more expensive to repair than drainage problems and will affect the resale ability of your home as well.
  3. Weed around your plants now and add 3 inches of mulch to help keep the soil moist and weeds away.
  4. Ensure that you have proper insurance coverage in the event that a disaster or a theft occur. Check the link for more information.
Preparing Your Family for Spring
  1. Make sure that you have a fire escape plan, fire escape ladders, and tornado shelter in your home.
  2. Practice your fire escape plan and what to do in the event of a tornado. Practice will help keep your children calm because they will know what to do.
  3. Make sure your children are aware of what happens in a storm, tornado, etc. and what to do if they are away from the home. For example, know not to go under a bridge (in the overpass) during severe weather/tornado could save their life. Be prepared! Local TV weather station websites are great places to learn this life-saving information.
In the event that you have property damage from a Spring storm, contact home maintenance professionals to have repairs done.

For more information on these areas contact the following professionals:

Tulsa, OK Pest Control- Duane Montgomery, Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.

Roofing Repair or Replacement in Tulsa, OK- Judy Smith, A-Best Roofing, 918-587-1426 or www.abestroofing.com.

A/C Service and Installation in the Tulsa, OK area- Stephen Taylor, Air Assurance, 258-COOL or www.airassurance.com.

Ensuring Proper Homeowners Insurance Coverage

For a homeowner, insurance is one of the most important steps we can take in order to protect our investment in the event of a disaster or theft. Whether purchasing, updating or just considering insurance, keep the following ideas and tips in mind to ensure that your property is properly insured.

  1. Your insurance policy is actually a contract. As with any other contract or important document, take the time to read it. An insurance policy is not an exciting thing to read for most people, however, you may realize that your policy doesn't cover everything that you thought. Since it is a contract, realize that the insurance company will cover what they are required to in the contract and nothing more. If your contract doesn't cover it, you will be at a loss.
  2. The value of your property that is listed on your insurance policy is not necessarily the appraised value of your property. Companies use different methods to find this value. Whatever method they use, find out what the maximum amount is that can be spent should your property need to be re-built. Some companies max out at 125% of the value.
  3. Check your policy at least once every 4-6 years to ensure that your property is valued correctly and that the maximum coverage (from #2) is adequate to rebuild your property. Don't wait until a disaster happens to find out that you are under-insured.
  4. Many homeowners are under-insured. Discuss this concern with your insurance agent and your Realtor. Your Realtor or a trusted home-builder can be a great source to ensure that the value on your policy is in line with the current costs to build a new home. Ask your Realtor for a current market value of your property and discuss with him and the builder what it would likely cost to rebuild. No figure is set in stone but you will end of with a better idea of the figure you need on your policy.
  5. When selecting insurance keep two important factors in mind: the insurance company and the insurance agent. Make sure that you are not only getting a good value but that the company and the agent are reputable and knowledgeable. Don't settle for cheap insurance or an agent that is a family friend if you don't know enough about them. The right agent will help you get a good value, the right coverage, and a good insurance company.
  6. If you have questions, talk to your insurance agent. They are the expert that you have chosen to help ensure that your investment is covered. Use their expertise in this area.
  7. Check out these videos on limitations on your homeowners insurance policy and insurance coverage for expensive and unusual items. Simply click on the links or watch the videos below.
For more information about homeowners insurance coverage for your Tulsa, OK area home, contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

To find out what your Tulsa, OK area home is worth, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.







Saturday, March 27, 2010

When Are Add-on Fees on Your Closing Documents Illegal?

Last year the US District Court ruled that add-on fees on the HUD-1 closing document could be against federal law. Commissions on the HUD-1 can be a flat fee, a percentage of sales price, or a combination but should not exceed the agreed upon commission in the listing brokers listing agreement. If the fee exceeds that agreed upon amount then HUD can determine if the services provided justify the additional charges. Unjustified charges are against the Real Estate Settlement Procedures Act or RESPA and can be subject to penalties.

Want a Realtor that won't overcharge? Contact Darryl Baskin of The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com for your Tulsa, OK area real estate needs.

For questions about what fees should be on your HUD-1 document or to pre-qualify for a loan in the Tulsa, OK area contact Karen Heston of BOK Mortgage at 918-481-7353 or visit her website.

Raising Funds for Happy Hands

Happy Hands school for hearing impaired children held their annual silent auction at NSU Broken Arrow, OK campus. Founder, Al Proo, a former police officer, proudly announces near completion of their new 20,000 square foot facility on south Garnett Rd. In Tulsa,OK.

Pictured: Freddie Wasson, Beth Wasson (board member) and Darryl Baskin.

Posted via email from Darryl's posterous

Sunday, March 21, 2010

Baskin Named to Top 5 in Real Estate

CONTACT:

Darryl Baskin

McGraw Realtors

918-258-2600

Darryl@DarrylBaskin.com 

Press Release  

Darryl Baskin, of The Baskin Real Estate Specialists with McGraw Realtors, Tulsa, OK, Named a Member of Top 5 in Real Estate Network® 

Local Realtor Earns Most Prestigious of all Industry Achievements 

Reaching the pinnacle of his profession nationally, Darryl Baskin, of The Baskin Real Estate Specialists with McGraw Realtors, was accepted as a Member of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements.  

More than just a sales-driven recognition, the Top 5 in Real Estate Network® meets a need that heretofore has never been addressed – helping consumers identify the most professional real estate agents in North America. To qualify, each member must first meet a stringent set of criteria, based upon performance, as well as educational and professional skills and service to the consumer.   

Members of the Network are carefully selected and managed by RISMedia, which has provided the real estate industry with objective, unbiased news for nearly 30 years. As a Member of the Top 5 Network, Baskin is among the first real estate agents to be accepted into this elite organization.   

Allan Dalton, the president and co-founder of RISMedia’s Top 5 Network congratulated Baskin for earning this top status within the industry. “Darryl has reached the very highest level of North America’s residential real estate industry. Not only are his professional accomplishments extraordinary, he has long been a true champion for home buyers and sellers in his area. It is a pleasure to welcome Darryl into this elite group of industry leaders.”    

According to John Featherston, RISMedia's CEO & publisher and co-founder of the Top 5 in Real Estate Network, the significance of Top 5 is that consumers deserve full transparency regarding all matters related to the real estate transaction, which often begins with the need to select a highly competent, experienced and results-oriented real estate professional. Top 5 in Real Estate has been established to both empower consumers with leading real estate content through Top 5 members, as well as to ensure that consumers are made fully aware that there is a material difference between average and exceptional real estate professionals. 

In 1989, Darryl Baskin entered the real estate industry as a young associate determined to bring a different experience to buyers and sellers. Today, Baskin heads The Baskin Real Estate Specialists with McGraw Realtors closing more than $30 million in annual sales in the Tulsa metropolitan area. Specializing in high-tech service, Baskin provides sellers with an unmatched marketing program and meets the needs of his clients faster than expected. Baskin is on the Luxury Real Estate Board of Regents as well as a member of Cyberstars, a tech savvy Realtor group; and Star Power, a group of high-volume agents who share experience and train at national events. Baskin serves on the Northeastern Oklahoma Real Estate Services Rules and Regulations Committee, the Oklahoma Association of Realtors Grievance Committee and is on the board for the Oral Roberts University Golden Eagle Club. His civic involvement includes serving on the board of Court Appointed Special Advocates, providing a voice for neglected and abused children in court and a classroom volunteer for Junior Achievement. To learn more, contact Darryl Baskin at 918-258-2600 or e-mail Darryl@DarrylBaskin.com

For more information on RISMedia’s Top 5 in Real Estate Network®, please visit www.top5inrealestate.com or contact Member Relations at 203-853-2167 ext. 139.  

RISMedia’s Top 5 in Real Estate Network® is a membership network of leading real estate professionals providing leading real estate information to consumers. To qualify for membership in the Top 5 in Real Estate Network, agents must meet specific criteria in five key categories: experience; results; education; information technology; and commitment to community. RISMedia, the leader in real estate information systems, has been providing the industry with news, trends and business development strategies for nearly 30 years through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, and its renowned networking and educational events.

Posted via email from Darryl's posterous

Thursday, March 18, 2010

Top 5 Reasons Why Now Is the Best Time to Buy a Second Home

Top 5 Reasons Why Now Is the Best Time to Buy a Second Home

With all the negative news about the economy and the real estate market, in particular, there’s a good chance you’ve put any ideas of buying a second home on permanent hold.

As a Member of the Top 5 in Real Estate Network®, however, I can tell you that just the opposite is true. The reality is that now is the best possible time to shop for a second home, whether it be the vacation spot you’ve always dreamed of, a retirement home or an investment purchase. Or, if you’ve thought that a second home was not a possibility for you, it just might be now. Here’s why:

1. Just about across the board, prices are down…in some spots, they are actually down to 2001 levels. Those of you who may have been priced out of the market in past years are suddenly back in.
2. Mortgage rates are sticking at about 5%. This won’t last forever, however, especially as the market slowly starts its climb upwards.
3. If you're able to itemize deductions on your tax return, then the interest expense on your second mortgage is tax deductible.
4. If you’re buying in a popular vacation spot—such as on the shore, in the mountains, near a lake, in the city—then you can rest assured that your investment will increase as the market continues to recover.
5. If you’re not ready to retire or take advantage of a second home yet, bear in mind you’re creating an excellent source of additional income in terms of rental revenue…something we can all use in today’s economy. Consider making this purchase now, while conditions are favorable for buyers, rent it out, and then enjoy your home when the time comes.
I’ve seen many a savvy client take advantage of today’s market to make a desired lifestyle change or an investment that will pay dividends when the market picks up. Don’t let the media negativity prevent you from missing this great opportunity to buy a second home. Please e-mail me for more information and pass this article along to friends and family who might also find it helpful.

Posted via email from Darryl's posterous

Wednesday, March 17, 2010

Why Now is the Time to Move Up to a Larger Home...

"Invest in Your Future, Invest in Your Lifestyle, Why Now Is the Time to ‘Move Up." The brochure details how today's real estate market represents one of the greatest opportunities in our lifetime for your buyers to move up to that home they've always wanted. It also includes information on tax credits available to the move-up buyer. Download this free home buyer guide from www.darrylbaskin.com or shop the entire Tulsa, OK MLS listing of houses for sale.

Posted via email from Darryl's posterous

8 Ways to Make a Ceiling Look Higher

 
 

Sent to you by bb via Google Reader:

 
 

via How to of the Day on 3/14/10

Low ceilings are often found in modern homes. If you have a low ceiling that is making you feel a little cramped and closed in, here are some simple decorating tricks to make the ceiling feel less closed in.

 
 

Things you can do from here:

 
 

This story just in from my agent friend, Sid in St Louis, MO

Our title company just told us about a situation locally. A seller
had two condos for sale in the same building. A buyer agent showed
one unit, but then wrote up the contract and sold the second unit by
accident. Two weeks go by when the seller walked into the unsold unit
to discover the buyer inside completely gutting it. Everyone involved
is now suing the buyer agent.

Posted via email from Darryl's posterous

Monday, March 15, 2010

ORU Bracketology

Oral Roberts Golden Eagle Club hosted the 1st Annual Bracketology Breakfast at Southern Hills Country Club in Tulsa, OK. Former Final Four coaches, Nolan Richardson, Ted Owens, and Eddie Sutton share tips on Final Four brackets and stories from their Final Four games.  The event raised funds for ORU Golden Eagle athletics.

Posted via email from Darryl's posterous

ORU Bracketology

Oral Roberts Golden Eagle Club hosted the 1st Annual Bracketology Breakfast at Southern Hills Country Club in Tulsa, OK. Former Final Four coaches, Nolan Richardson, Ted Owens, and Eddie Sutton share tips on Final Four brackets and stories from their Final Four games.  The event raised funds for ORU Golden Eagle athletics.

Sunday, March 14, 2010

CyberStar Panelists to speak at National Association of Realtors Convention

Two of my fellow CyberStar friends will be featured at the NAR conference.

Two top agents join Allen F. Hainge, CRS, real estate’s most recognized “making money with today’s technology” speaker and instructor, to show you how to dramatically increase the income and ROI from your Web site and blog in 2010.

Guest panelist, CyberStar® Pat Wattam, CRS, generated $93,044 from her Web sites and blog in 2009.…a 1,118% return on her investment!  Her co-panelist, CyberStar® Debbie Yost, CRS, generated $338,299 from hers.…a 1,710% ROI!

87% of today’s consumers go first to the Web to search for a home or for an agent to sell their home.  You can capture a big part of this huge prospect pool by knowing and implementing a few simple techniques and strategies.  Join Allen, Pat and Debbie to find out just what you need to do in order to make your Web site and/or blog a huge income generator! http://tinyurl.com/yf8huuw for information and registration.

Posted via email from Darryl's posterous

Saturday, March 13, 2010

Tulsa's Ambassador Hotel Helps Save Lives Across the World!

Tulsa's Ambassador Hotel has helped save thousands of lives all across the world through a program called Clean the World. Clean the World takes used hotel hand soap and using a recycling process, cleans and sterilizes the soap and packages it for shipment to countries all around the world where many die from common diseases such as pneumonia and acute respiratory infections. These diseases and infections cause approximately 17 percent of deaths in infants and children. It is estimated that 60 percent of these deaths can be prevented when children wash their hands with soap and water.

Thanks Ambassador Hotel and Clean the World!

For all your real estate needs in the Tulsa, OK area, contact the Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Friday, March 12, 2010

Top 5 Tips for Securing an Accurate Appraisal

Top 5 Tips for Securing an Accurate Appraisal

When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that’s left to pay the price.

As a member of the Top 5 in Real Estate Network®, however, I have learned that there are steps you can take to help ensure an appraisal accurately reflects the home’s value. Consider the following advice:

1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they’re even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.

2. Utilize comps.
Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.

3. Put your best foot forward. If you are selling your home, make sure it’s in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.

4. Review carefully.
Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state’s real estate appraisal board.

5. Don’t settle.
You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.

An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please e-mail me for more details. I encourage you to forward this important information to your social network, as well.

Posted via email from Darryl's posterous

Top 5 Tips for Securing an Accurate Appraisal

Top 5 Tips for Securing an Accurate Appraisal

When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that's left to pay the price.

As a member of the Top 5 in Real Estate Network®, however, I have learned that there are steps you can take to help ensure an appraisal accurately reflects the home's value. Consider the following advice:

1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they're even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.

2. Utilize comps.
Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.

3. Put your best foot forward. If you are selling your home, make sure it's in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.

4. Review carefully.
Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state's real estate appraisal board.

5. Don't settle.
You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.

An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please e-mail me for more details. I encourage you to forward this important information to your social network, as well.

Thursday, March 11, 2010

Five Facts about the 203k Program

Looking to Buy a ‘Fixer-Upper’? The 203k Program Can Help Make It Happen

Today’s real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a “distressed” property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today’s home buyers is HUD’s FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced
by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don’t exceed $35,000.

2. In today’s market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you’re required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that’s over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Posted via email from Darryl's posterous

Five Facts about the 203k Program

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Today's real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced
by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that's over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Tuesday, March 09, 2010

Eastbrook Townhomes

Tulsa Luxury Property Group met at Eastbook this morning at 35th and Peoria. Prices start at $445,000. More information at www.tulsaluxurypropertygroup.com

Saturday, March 06, 2010

Habitat for Humanity 11th Annual Dream Builder's Gala

Paul Kent addresses the largest group of attendees at the annual fundraising event. Tulsa's Habitat for Humanity chapter will see 12 new homeowners this spring. Habitat is not a hand-out but rather a hand-up. Owners work hard to earn their new home in this self-perpetuating program which gives people in sub-standard housing an opportunity to better their lives through the support and stucture Habitat for Humanity offers.

Friday, March 05, 2010

Five Facts about the 203k Program

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Today's real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced
by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that's over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Weekly Update - Oklahoma State Legislation



FROM:  State Representative Pam Peterson

 

The following is a summary of activity at the Oklahoma House of Representatives for the week of March 1st – 4th, 2010, courtesy of the House Media Staff.

Legislation Giving School Districts More Financial Flexibility Passes House

Several state education mandates would be temporarily relaxed for two years to give school districts additional financial flexibility under legislation unanimously passed by the House this week.

            House Bill 3029 gives school districts more flexibility to prioritize their funds into areas that work best for their local community.

The legislation suspends several mandates, including some accreditation requirements, library media expenditures, class size requirements, advisory councils, certification requirements for library media specialists, the mentor teacher program and freezes the textbook adoption cycle.

            Combined, relaxing the mandates for fiscal year 2011 and 2012 will free up millions of dollars that school districts can redirect to general operations expenses in the classroom.

            The bill passed the House on a vote of 94-0 and will now move to the Senate for consideration.

 

Performance Pay Pilot Program Passes House

Legislation proposing a performance pay pilot program in six school districts across the state passed the state House with bipartisan support this week.

            House Bill 2836 creates a teacher performance-based pay pilot program. Under the legislation, the State Department of Education will create a grant award for a teacher performance pay pilot program and adopt guidelines for districts to follow in developing the program.

            Each district will be allowed to craft its own plan based on the input of teachers, parents, administrators and community leaders. No district would be required to participate in the program, but instead will develop a plan and apply to the state Board of Education for grant funds and plan approval.

The legislation requires that each plan include:

  • Measures of student academic growth and achievement and performance goals and benchmarks for student improvement 
  • Measures of professional growth
  • An evaluation tool to measure progress

Outside of those requirements, the district is free to craft a local plan that fits in with its community's education goals and needs.

            The grants, which will be a minimum of $1,000 per teacher, will be awarded based on district enrollment. Two grants will go to districts of less than 1,000 average daily membership and two will go to districts with more than 1,000 and less than 8,000 average daily membership. The remaining two grants will go to districts with more than 8,000 average daily membership.

The bill passed the House with a vote of 61-33 and now moves to the Senate for consideration.

 

Legislation Reforming the State's Workers' Compensation System Passes House

Legislation seeking to further protect injured Oklahoma workers while also bringing workers' compensation costs under control passed the House this week.

            House Bills 1611, 2652, 2658 and 2659 passed the House and will now move to the Senate for consideration. The titles are off the bills, meaning they remain works in progress, said author Rep. Dan Sullivan.

            The legislation seeks to significantly improve employee benefits and lower business expenses, making Oklahoma more attractive to new industry. There is currently deep dissatisfaction with the workers comp system, which is plagued by fraud and high costs and rarely produces consistently fair and equitable results.

            Despite the fact that the benefits specified in state law are comparable to work comp benefits in other states, the actual cost of those benefits in Oklahoma is the most expensive in the nation.

            Some of the reforms being sought will include defining the term "surgery" for purposes of compensation, strengthening the value-added attorney fee provision and capping the time for temporary total disability. A reduction in the number of workers comp judges may also be considered, coupled with a more equitable distribution of judges between Oklahoma City and Tulsa. 

 

House Passes Legislation Setting Alternative Energy Goals for Oklahoma

Legislation seeking to boost Oklahoma's alternative energy usage, especially locally-produced natural gas and wind, overwhelmingly passed the House this week.

            House Bill 3028 creates the Oklahoma Energy Security Act. The legislation creates a renewable energy standard for Oklahoma, which will set a goal for the state that aims to best utilize the state's abundant natural resources. The renewable energy standard will be that 15 percent of all electricity generated within the state by the year 2015 be generated from renewable energy sources, including wind, solar, geothermal and energy conservation efforts.

            About 35 states have some form of renewable portfolio standard. Arkansas is the only neighboring state without one.

            The legislation would not serve as a mandate, but instead will set a goal for Oklahoma energy companies to meet.

            The bill also creates a natural gas energy standard that will help promote natural gas energy development in Oklahoma to complement renewable energy sources like wind.

            Additionally, the bill also seeks to promote wind-energy development in Oklahoma by increasing the capability of transmitting the electricity generated by wind across the state through improved transmission capability.

            The bill calls for the state to work with the Corporation Commission and the Southwest Power Pool to develop plans to expand transmission capacity in Oklahoma.

            Finally, the bill works to increase the number of compressed natural gas fueling stations in the state by setting a goal of having one public CNG fueling station located approximately every 100 miles along the entire interstate highway system in the state by the year 2015. That goal will increase to at least one CNG station approximately every 50 miles by the year 2025.

The bill passed the House with a vote of 91-3 and now moves to the Senate for consideration.

 

Legislation Expanding State Open Books Web Site Passes House

More detailed information on state expenditures will be available on the state's transparency Web site if legislation unanimously passed by the House this week becomes law.

            House Bill 3422 would make state expenditures more transparent and available online, allowing the public to see exactly where their tax dollars are being spent.

The bill:

  • requires that all purchases made with state funds be disclosed on the online database, regardless of the amount of the expenditure 
  • requires that each individual expenditure be listed separately instead of being lumped together as one purchase (for example, instead of listing several purchases under 'office expenses', detail would be required for each item purchased) 
  • requires that the information provided on the website be searchable, either by using the name of the recipient, the entity making the purchase, or the date of the expenditure 
  • requires that the data provided on the website be in a format in which users can easily export it into a separate document 
  • requires that the Office of State Finance create an online archive database where users can access data older than 18 months

            The legislation is part of ongoing House Republican efforts to modernize state government in order to improve efficiency, all while further opening the process up to the public.

The bill passed the House with a vote of 94-0 and will next be considered in the Senate.

 

Legislation to Keep Non-violent Moms out of Prison, with Family Passes House

Legislation creating a pilot program that seeks to establish reentry and diversion programs to allow nonviolent offender mothers to receive community-based services in lieu of incarceration unanimously passed the House this week.

            House Bill 2998 would encourage re-entry and diversion programs as opposed to jail time for nonviolent female offenders in allow them to receive rehabilitative services while maintaining contact with their children.

            Oklahoma incarcerates more women than any other state in the nation. Its incarceration rate for women is 131 per 100,000 residents, almost twice the national average of 69 per 100,000.

            Most women prison inmates, 68 percent, are in prison for nonviolent offenses.

            The bill passed the House with a vote of 92-0 and will next be considered by the Senate.

 

House Approves Optional Insurance for Lawmakers

Legislation that would free up taxpayer money by letting lawmakers opt out of the state employees' group health and life insurance plans was approved this week by the Oklahoma House of Representatives.

            House Bill 3154 would let lawmakers opt out as long as they are covered by a separate insurance plan. Any money saved would be retained by the state under the legislation.

            Many lawmakers are self-employed or work outside the Capitol, meaning they have insurance coverage without the need for taxpayer-funded coverage. However, under current law, they must accept the taxpayer-funded coverage.

            If 25 percent of the Legislature opted out of the state's health insurance, the state could save around a half million dollars a year. That money could then be better spent on education, public safety or other core services.

            House Bill 3154 passed the House by a 92-4 vote and now heads to the Senate.

 

House Approves Death Penalty for Repeat Child Molesters

State lawmakers have voted to increase the penalties facing repeat child molesters.

            House Bill 2965 would expand the penalties for child molesters, allowing repeat offenders to face life in prison without parole or the death penalty.

Under current law, a child molester can face a sentence of 25 years to life for a first offense. House Bill 2965 will increase the penalty to include a maximum sentence of life without parole.

            The legislation will also allow the death penalty to be considered for those convicted of a second or subsequent offense. That provision has been crafted to comply with recent court rulings.

            House Bill 2965 will also eliminate the "homeless defense" as an excuse for not registering as a sex offender and allow those convicted of failure to register to receive a 20-year prison sentence.

            House Bill 2965 passed the Oklahoma House of Representatives 91-2. It now proceeds to the state Senate.

 

Legislation Allowing WIC Fund Usage at Farmers' Markets Advances

            Legislation allowing mothers to use their federal nutrition program funds at farmers' markets unanimously passed the House this week.

            House Bill 2775 would give low-income Oklahomans access to fresh fruits and vegetables for their children. The legislation is an effort to improve overall health in Oklahoma, especially for children.

            The bill allows usage of the federal supplemental nutrition program for Women, Infants, and Children (WIC) at local farmers' markets.

            Unfortunately, most of the low-cost food on the market is unhealthy. The legislation is designed to encourage families to include fresh fruits and vegetables and healthier options into their diets.

            House bill 2775 passed the House unanimously and now moves to the Senate for consideration.

 

Legislation Requiring an Ultrasound Prior to Abortion Passes House

Pro-life legislation further defending the unborn child passed the House this week.

            House Bill 2780 expands on pro-life legislation passed in 2006 that required abortion doctors to tell a woman she had a right to a free ultrasound at an off-site location. House Bill 2780 would require those doctors to provide an ultrasound at the clinic where the abortion would be performed.

            The legislation is designed to give mothers-to-be as much information as possible in advance about an irrevocable, life-altering decision.

            The bill passed the House with a vote of 87-7 and will now move to the Senate for consideration.

 

House Passes Dorman Legislation to Keep Student Athletes Safe

Legislation that would improve emergency medical assistance for student athletes was passed by the Oklahoma House of Representatives this week.

            House Bill 1658 would place health care service providers volunteering their services at secondary school activities under the Good Samaritan Act. As a result, those medical providers would be protected from frivolous lawsuits related to their service.

The legislation was in response to the death of Justin Barney, a freshman football player from Rush Springs who died from an injury at a game two years ago. Because no medical providers were on the scene, it took 20 minutes for an ambulance to reach the field.

The bill would allow chiropractors, podiatrists, dentists, allopathic and osteopathic physicians, physician assistants, optometrists, and nurses (advance practice, registered and practical) to volunteer their services within their specific scope of practice.

            According to a recent article in The Oklahoman, the U.S. Centers for Disease Control and Prevention estimates that there are some 300,000 sports-related concussions each year in America – a number similar to the total number of concussions suffered by service members in Iraq and Afghanistan since the start of the war.

Thursday, March 04, 2010

Residential Real Estate Statistics for Broken Arrow, Jenks, Owasso, Tulsa, Bixby, and Union Public Schools

The following reports have been pcreated by Tom Allen, appraiser and reflect the trends in Residential real estate absorption rates in the Tulsa Oklahoma area including  Broken  Arrow, Jenks, Owasso, Bixby, and the Union Public School District.   It reflects an increasing length of market time based on the available inventory of single-family homes and the rate at which they are selling. On my radio program, The Future of Real Estate on KRMG,  I have been reporting that sales have been eclipsing the increase in inventory which would create a shortened market time. This latest data shows a  different story. Discussions with Mr. Allen Center around seasonal trends and the series of bad winter snowstorms and the Tulsa Oklahoma area which seemed to put a damper on sales. Regardless of the excuses, the numbers are the facts. Mr. Allen was recently a guest on my radio program and I was taken aback when he answered that  months of available inventory for homes in the Tulsa area were increasing. Rest assured, I will be discussing the latest data as it is available. Subscribe to The Baskin Report online and listen live at www.KRMG.com  Saturdays at noon central.

Darryl Baskin
The Baskin Real Estate Specialists
at McGraw Realtors

Serving Northeastern Oklahoma since 1989
www.darrylbaskin.com
www.baskincommercial.com
Member, TulsaLuxuryPropertyGroup.com
Recognized by Who's Who in Luxury Real Estate
A Recognized Allen Hainge CyberStar and Howard Brinton Star Power Star

 

 

 

 

Months supply of Inventory is calculated using the # of properties that sold PENDING during the

month.  NAR's caluation reflects the # of properties that CLOSED escrow during the month

 



Congratulations to ReMax Top100

Congratulations to each of my top-producing CyberStar friends who were awarded ReMax Realtors Top 100:

11. James Nellis Group
12. Nate Martinez
38. Tupper Briggs
49. Leslie McDonnell
60. Brad Korb
88. Debbie Yost
89. Marilyn Kohn
98. Zac Pasmanick

Wednesday, March 03, 2010

Tulsa, OK- Alternative Energy Capitol of the World

Mayor Dewey Bartlett holds a press conference at the McBirney Mansion in Tulsa to unveil a new energy program for the City of Tulsa.  Using grant funds, the City will upgrade fixtures and equipment such as street lights to reduce operating costs and enable lights to be turned back on during these times of reduced income.  Only 2000 of the 6000 lights lining area highways are presently turned on.
 
Other plans include establishing natural gas fueling stations accessible to the public, which has been a major obstacle to individuals and businesses changing to natural gas as a fuel source.  An Office of Energy will be established by the City to coordinate programs and participation.

Leading the way sets an example for other cities and is a step in the right direction as the City establishes its program on sustainability.