Midtown Tulsa Real Estate - Lori Cain

Representing home buyers, I lost out in TWO multiple offer situations in a ten day period. Ouch!

 

When a Buyer finds themselves in a multiple offer situation, they need to put together an offer that will be most attractive, because you ARE COMPETING. Multiple offers create a "frenzy, auction-type" atmosphere. Not only does more than one person want the same home, everybody wants to WIN!

 

A few questions to consider in a multiple offer situation include:

• How will you feel if you lose this home to the other bidder? Will you feel slightly disappointed or will you feel miserable?
• Do you have a 2nd or 3rd choice that you would be happy with?
• Does THIS home offer features that you are not likely to find in other homes? Is it unique and does it meet your wants and needs?
• If you pay slightly over list price while getting a very low interest rate, will the amount of your monthly mortgage payment increase enough to prevent you from paying more? OR, does the thought of paying more than list price just not sit well with you?

The National Media is still telling the public that "it's a Buyer's market," inferring that Buyers can bring Sellers to their knees and have their way with them. Please remember that all real estate is local and that is not the situation in the greater Tulsa real estate market.

 

The single best way to make your offer more attractive is to offer a higher sales price. Additionally, don't litter your offer with requests - keep it simple and clean. If you have a good work history, are paying a significant amount down; or are flexible on closing date, make those factors known to the Seller's Realtor.

 

If you've found the home of your dreams and wind up in a multiple offer situation, be prepared to fight for it. And if you have an Ace to play, NOW is the time to play it!

 

Copyright 2011-2012 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Tulsa Home Buyers - don't skip the final walk-through before closing!

I encourage all my Tulsa Home Buyers to do a final walk-through of the property they're purchasing prior to closing. You haven't seen the home since we did inspections or perhaps re-inspections.

If the house flooded since then and the carpet is covered in mud, that will be YOUR mud after closing. If something was SUPPOSE to be painted that didn't get painted, YOU'RE going to be responsible for getting that done. Your ONLY chance of rectifying a problem is BEFORE you hand over a large money order at closing. Once you've closed on your Tulsa home purchase, all of that property's problems will be yours.

Yesterday my Tulsa home buyers Robert and Michelle and I did our final walk-through two hours prior to closing. When we scheduled this appointment through the Listing Realtor, we discovered that the Seller has taken a very nice chandelier from the dining room and replaced it with something much cheaper. If you aren't aware, that's not permitted.

The Oklahoma Real Estate Contract specifically states what remains with the property. It lists items that remain with the property unless specifically excluded or reserved by the Seller - including, but not limited to - light fixtures, window treatments, bathroom mirrors, etc.

Already aware that the Seller had switched out a light fixture, we were going to walk through the home a little more scrupulously than normal. But it didn't take long at all to discover that the home Seller had removed every single window covering!!

Thankfully my Buyers are calm and reasonable people. I contacted the Listing Realtor to let her know our findings, and we were able to work out a solution. The Sellers agreed to return all of the window treatments and related hardware. The gracious and professional Listing Realtor agreed to reimburse my Buyers a dollar amount for the switched light fixture.

Had my Tulsa home Buyers NOT done a final walk-through, they would have been out the expense to purchase all new window treatments - not an expense they would comfortably bear right after closing. And what a disappointment to enter your new home with champagne in hand, only to find unexpected and distressing surprises.

Tulsa home Buyers have no recourse AFTER closing - or at least nothing short of hiring an attorney. So, don't skip that last, crucial step in your home buying process.

And Tulsa home Sellers, if you want to keep a bathroom mirror that has sentimental value, please EXCLUDE it from the sale of your home at the time of listing!

Copyright 2011-2012 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

You have finally found the home you wish to purchase and negotiated the sales contract. What's next?

First we get a copy of the executable contract to your Lender and Title Company. You'll begin gathering Lender requirements which should include two years' tax returns, two months' recent paycheck stubs and bank statements. Other items may be required depending on your type of financing and income sources. For example, if child support is going to be considered part of your income, you'll need documentation showing consistent payment of that. The Lender will also order an appraisal on the property.

The Title Company will order the abstract for the subject property and verifying that the Seller indeed has the ability to convey a clear title to the new Buyers.

We will schedule inspections at the soonest possible date. We want time to discover what needs to be repaired, get bids and complete repairs prior to closing. In some instances, the needed repairs will exceed the cap negotiated in the sales contract - in that case, time is needed for Buyers and Sellers to further negotiate.

You'll need to contact your insurer to get quotes for your homeowner's insurance. That information needs to be sent to your closer. Now is a good time to shop for rates, particularly if the home you are purchasing has energy-efficient or safety features that may reduce your rate. Don't forget to check the age and shape of the roof!

If all is on track, you'll want to schedule your utilities to be transferred and contact your internet service provider. And now, it's time to begin packing!

After repairs are completed, you may want to have your inspectors reinspect. You'll also want to plan a final walk-through of your new home the day before or morning of closing.

It can be a fun and exciting time!! The better prepared you are, the more pleasant your home buying experience will be!!! Call me, and let's buy a house together!!

Copyright 2011-2012 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Tulsa Home Buyers - What to expect at your home inspections!

We shopped and shopped until we found the perfect home for you, we negotiated the contract and now we're ready for your home inspections - here is what you should expect.

Typical inspections are roof, structural, EMP (electrical, mechanical and plumbing), termite and chimney, if your home includes a fireplace. Other inspections are available to you as outlined in your sales contract.

The inspectors are working for you, the home Buyer. They typically ask you at the beginning of the inspection if you have any concerns or if there is any particular area you would like them to check thoroughly. Feel free to speak up!

The inspectors each go their separate ways to begin their inspections. You are welcome to follow inspectors if you choose. When they are done, they will give you a verbal report of their findings and will take you around to show you areas that they are calling out in their report. This is the best time to ask questions. Typically, inspectors provide written reports within 24 hours.

Inspectors are sensitive to the amount we have negotiated in our contract for repairs, so if we are likely to exceed the amount allotted, ask the inspectors to prioritize repairs. When we purchase older homes, there will almost always be a few leaky faucets and ungrounded electrical outlets, for example. What you may want to focus on is the dryer that's not vented properly or the improper flashing around your chimney on the roof.

Tulsa Home Buyers - What to expect at your home inspections!

Inspectors are also excellent resources for suggesting what you might do at a later date to PREVENT problems. Termite inspectors suggest that you have them come out once a year to inspect for possible new activity. The structural inspector might suggest guttering to keep water away from your home's foundation. The EMP inspector may suggest having your furnace or cooling system serviced to promote a longer life of your units.

The bottom line is that your home inspectors are there to serve, protect and educate you. Particularly if you are a new home owner, the time of inspections is a good time to ask all the questions you can possibly think of. And, inspectors will be happy to answer questions if you think of something the following week or even after you move in to your new home.

On my listings, I encourage my home Sellers to be present for inspections, because they often can answer questions for the inspectors. And, since the Seller is responsible for making repairs, it's good to hear first-hand from the inspector what type of repair is acceptable.

Also, a note to home Sellers to have clear access for the inspectors to the electrical panel, attic and hot water heater. We understand that you are moving packed boxes to your garage, but make sure they are not restricting access.

Homes age and sag as time goes on. Roots creep into your plumbing lines and hot water heaters eventually wear out. It's nice when we can do preventative maintenance on our homes instead of making repairs, but we don't always have that luxury.

So, Tulsa home buyers, take your camera and a note pad to your inspections. You will learn a lot from your inspectors because they are there to represent YOU!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

First-time Tulsa home buyers - how to choose the perfect house

We've been shopping for a few months now and have looked at over fifty Tulsa homes for sale. It's been an experience watching the two of you become more educated about your home selection, the buying process - learning when, where and how to compromise.

You've done all that I asked you to do, including meeting with a local Lender of my choosing. You're in good hands and will probably never purchase another home in your life-time at this low interest rate. You are starting with that awesome advantage.

Now we're close to making a decision on which Tulsa home for sale you will make an offer on. We've narrowed all of our efforts down to a short list and I've provided all "the dirt" that you need to make that final decision.

We've pulled comps on neighboring properties, discussed resale value, investigated age and condition of heat, air and roof, speculated about what dilemma the Seller may or may not be in and how flexible they might be with price . . .

So, how DO you make a decision? As I told my first-time buyers today,

"Try to decide which house you see yourself raising your family in - which house FEELS more comfortable to you, which one seems like home."

As long as you are paying fair value for the home you ultimately choose, please don't make this decision more complicated than it already is. You've taken this process seriously and done your due diligence.

It's time to let your EMOTIONS take over.

If I knew what to predict for the real estate market when your 3rd child is due, I would be using that power to end world hunger. [Smile.]

So, relax and pick the home where your heart is.

I'm ready to write the offer.

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Tulsa Realtors tell Tulsa home buyers - it's OKAY to pay a FAIR price

Tulsa home buyers, it's OKAY to pay a FAIR price for a home you love! Most Tulsa Realtors work with both home buyers and home sellers, so we see both sides of the coin.

Tulsa Realtors who work with home buyers thoroughly understand what home buyers are looking for - the majority want a home that is move-in ready, updated, open and maintained. So when Tulsa Realtors work with home sellers to prepare their home for market, we encourage them to update, make repairs and remove possible buyer objections.

MOST Tulsa Realtors also encourage home sellers to price their property competitively. Tulsa Realtors don't get paid until their listing sells, and we understand the ramifications of an overpriced, stagnant listing.

Tulsa Realtors can provide home buyers with a lot of pertinent information to help in deciding an amount to offer on a home. We can generally determine the amount paid for the house, amount owed on it, improvements made and what comparable properties in the area have sold for.

Tulsa Realtors tell Tulsa home buyers - it's OKAY to pay a FAIR price

If after digesting all this information, you discover that the list price is FAIR, be prepared to pay full price or close to it. If your brother Vinnie from Minnesota tells you that you should pay $20,000 less than list price REGARDLESS, please tell Vinnie that Tulsa is not the same real estate market!

Buyers and Sellers in a real estate transaction don't have to be adversaries, and a Tulsa home seller who priced their property competitively shouldn't be punished. If you love the house and it meets your family's needs, go ahead and offer a FAIR price.

And then tell your brother Vinnie that he needs to move to Tulsa and buy a home here too!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Tulsa Realtors – Walk together through the home-buying process

Tulsa Realtors work with real estate transactions on a daily basis and we sometimes forget what may need to be explained. Whether you are a first-time home Buyer or your last purchase was ten years ago in another state, Tulsa Realtors need to walk you through the process - specific to your situation.

Tulsa Realtors first need to explain the commitment between Buyer and Realtor, defined in a Buyer's Broker Agreement. This defines the commitment, loyalty and obligations of Tulsa Realtors and home Buyers in a real estate transaction.

Next, Tulsa Realtors need to explain all terms of the real estate contract, including amount of earnest money expected, inspections, repairs, rights of cancellation and how possible conflicts are resolved.

Tulsa Realtors will set up a search based on the home Buyers' criteria and should be familiar with the neighborhoods, schools and nearby amenities. Searches typically begin online to narrow possibilities before we hop in the car to shop.

Tulsa Realtors – Walk together through the home-buying process

ALL home buyers need to be pre-qualified and Tulsa Realtors are happy to provide a list of local Lenders from which to choose. Just as Buyers choose among Tulsa Realtors for representation, they are also encouraged to compare Lenders.

What to do when repair costs exceed the contract repair cap is something Tulsa Realtors need to explain as well as the benefits of a Residential Service Agreement.

When choosing among Tulsa Realtors to represent you in your next home purchase, be sure you select one with the patience to walk with you together through the home-buying process!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Is NOW a good time to buy a Tulsa home for sale?

Whether or not NOW is a good time to buy a Tulsa home for sale is probably the question Tulsa Realtors are most often asked. My answer to this question is unequivocally, "YES!"

John Paulson was quoted this past fall, "If you don't own a home, buy one. If you own a home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy a home."

Interest rates are still at an all time low. As of this writing, interest rates are still below 5%, and I have midtown Tulsa home buyers closing tomorrow on their Tulsa home for sale that locked in under 4%. Compared to a 7% or 8% interest rate, do you realize how much MORE of a Tulsa home for sale you can afford with these historically low rates?

The inventory of Tulsa homes for sale is high, so a Buyer has much from which to choose. Regardless of price range, a Buyer will have a significant number of choices depending on search criteria. Is NOW a good time to buy a Tulsa home for sale?

What is your next step? Call a Lender. Call a LOCAL Lender and find out the amount for which you can qualify to purchase a Tulsa home for sale. Is the area in which you are searching eligible for Rural Development financing which requires ZERO down-payment (parts of Owasso are, for example!)? Are you a first-time home buyer eligible for state bond money which will pay your required 3.5% down payment? Are special programs available to home buyers based on your occupation? You won't know the answers to these questions until you call a Lender.

Bank of Oklahoma, Phillip Morrow, 918-488-7147
Spirit Bank, Deidre Robinson, 918-746-7363
F & M Bank, Kyle Bradley, 918-748-7187
Elite Financial Services, Elizabeth Favell, 918-392-3485
First Mortgage, Hazel White, 918-496-2241

Mortgage interest is tax deductible. At the end of the year, the full amount of interest you pay towards your mortgage is deducted from your gross income.

Low interest rates, high inventory from which to choose, multiple financing programs available, mortgage interest deductions . . . YES, it IS a good time to buy a Tulsa home for sale!

Visit my web site to search the greater Tulsa MLS or call me to set up a custom search for you - together, we'll shop based on your budget and criteria, because there may never be a better time to purchase a Tulsa home for sale!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Greater Tulsa Luxury Homes

Tulsa luxury homes are not an anomaly - in fact, Tulsa luxury homes date back to the midtown mansions built by oil barons at Tulsa’s inception and now expand to areas of south Tulsa and surrounding suburbs.

Whether your Tulsa luxury home is an authentic French chateau with acreage or an English traditional home in the heart of midtown, you will discover many Tulsa luxury homes from which to choose.

Tulsa luxury homes include amenities such as outdoor kitchens, salt-water pools, fountains, circle drives, culinary kitchens, gated communities, slate roofs and heated floors. Custom grade finishes, acreage and even new construction can be found in Tulsa luxury homes for sale.

Always professionally landscaped, many Tulsa luxury homes offer breath-taking views, beautiful gardens and walking paths.

Greater Tulsa Luxury Homes

Whether you are searching for a Tulsa luxury home or a prestigious executive estate in the greater Tulsa area, you can find several that are minutes from downtown Tulsa or in surrounding towns and suburbs.

Fun facts for Tulsa luxury homes:

The highest price Tulsa luxury home is currently listed at $9,000,000 and is an authentic French Chateau on 3.5 acres located near 71st and Evanston.

The historic McBirney Mansion built in 1927, located at 14th & Galveston is listed for only $2,375,000.

If Tulsa luxury homes are what you desire, we have much to offer! Search for Tulsa luxury homes today!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

Finding an updated Tulsa home for sale in midtown Tulsa

Tulsa home buyers who want to purchase in midtown Tulsa are attracted by our stoic and handsome mansions built by oil barons of yesteryear, yet want the amenities of a newer home such as a master bedroom on the first floor and open living areas. How do midtown Tulsa home buyers find this?

Remember that our homes built in the 20s and 30s were built in a compartmentalized manner for purposes of heating and cooling efficiently - before we had central heat and air.

Because our homes were built with high ceilings, dropped ceiling tiles were later installed to further reduce the area to heat and cool. Sleeping porches were built at a slant to accommodate water runoff and have been slowly converted to inside living space.

Now that our older historic homes have central heat and air, slowly but surely, the dropped ceiling tiles have been removed, yet many homes still have a "choppy" layout.

As we transition from owner to owner, improvements have been made and walls have been taken down to produce a more "open" living space. Sleeping porches have been converted to sunrooms or sitting rooms.

Finding an updated Tulsa home for sale in midtown Tulsa

My husband's and my home in Buena Vista in the Riverview neighborhood was built in 1915 and we have done a lot in the past few years to update our midtown Tulsa casa.

We built a kitchen addition in 2006 and later knocked out a wall separating the kitchen and formal dining room. Knocking out that load-bearing wall was costly, however, it really opened up the living space. Because we entertain a lot, we wanted to achieve a nice flow through the rooms.

For midtown Tulsa home buyers searching for an updated home - well, you just have to keep looking or you have to be prepared to do some updating yourself.

And when you DO find an updated Tulsa home for sale in midtown Tulsa, be prepared to write an attractive offer promptly!

Copyright 2011 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain