Midtown Tulsa Real Estate - Lori Cain

Breach of Oklahoma Real Estate Contract - Possible Repercussions

The Oklahoma Uniform Contract for Residential Contract of Sale of Real Estate is very specific about repercussions when the contract is breached by the Buyer or Seller. During the time period allowed for inspections and finalizing of financing, there are several instances where either party can legally cancel the contract.

However after that time period is up, there are possible repercussions if one party elects to not follow through with the transaction.

If the Buyer changes his mind after the allotted time period and if the Seller has performed all obligations as outlined in the contract, the Seller may terminate the contract and retain all sums paid by the Buyer, not to exceed 5% of the purchase price. Needless to say, the Buyer will lose his earnest money. The Seller may also pursue any other remedy available at law or in equity, including specific performance.

I've never seen this go to court and hope that I never do. But if the Buyer changes his mind at the last minute, I can't imagine what damages the Seller might seek. Could someone else have purchased his property during the time period it was taken off the market? I would think that the possible suffering of the Seller could be very subjective and very costly.

Virtually the same options are available to the Buyer if the Seller changes his mind and fails to close. He is entitled to the return of his earnest money and can pursue any other remedy available at law or in equity, including specific performance.

Please understand that a real estate contract is an enforceable contract, and don't ever enter one lightly. There is always a domino effect in a real estate transaction, because everyone is moving somewhere else and getting on with their life.

If you think your earnest money is the maximum amount you can lose if you breach a real estate contract, please read the verbiage again about remedies available and specific enforcement.

There's a reason why we use a written contract instead of making a handshake deal.

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

Easy Moves Tulsa - locally-owned Tulsa moving company

You know that I love to support locally-owned business, and I'm pleased to tell you about a new Tulsa locally-owned moving company called Easy Moves. I met with President, Andrew Wilson who recently returned from Afghanistan, and he is all about proficiency, consistency and customer service - qualities that are a "must have" for any business I endorse.

Easy Moves is a moving company that will do small or large jobs, residential or commercial. One big plus is that they only have a 1-hour minimum - well BELOW the industry standard. There are no extra or hidden charges for fuel or various surcharges that some moving companies charge - just the hourly rate of $85 for a two person crew or $110 for a three person crew, plus a flat one-time travel fee of $75.

Because I'm a Tulsa Realtor, I'm constantly asked who to recommend for moving. Tulsa really hasn't had many options, so I'm happy to see Easy Moves start up here. They offer FULL-SERVICE moving, including wrapping and boxing your belongings. They are bonded, fully-insured and cover all the legal stuff.

Andrew says that their quality employees is what he is most proud of - in addition to their lower rates. All Easy Moves employees are highly trained, professional movers and dressed in uniform. But, as you can see from the photo, they seem to have a sense of humor too!

They throw in ten free boxes with every move, so I would take advantage of that if you are planning to box your items yourself. I have moved several times personally, and I hate using the liquor store boxes - for me, it's new boxes and very thorough labeling!!

They really seem to be the best choice among Tulsa movers because they'll do as little or much as you need. They'll move your furniture and boxes from one house to another or from your home to storage - whatever you need. Deme is in process of moving his office from our first floor to our second floor, and you can bet I'm calling Easy Moves to move his 600-pound desk!

Easy Moves is the answer to your need for an honest, cost effective Tulsa moving service. Easy Moves services the entire Tulsa metro area including Tulsa, Broken Arrow, Bartlesville, Sapulpa, Owasso, Sand Springs, Claremore, Bixby, Jenks, Glenpool, Coweta, Wagoner, Catoosa, and Collinsville.

Please do call Andrew for your next move: 918-895-1551 or contact him through their web site, www.easymovestulsa.com. Tell him Lori Cain sent you~ he may give me a discount on the 600-pound desk!

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

Dilly Deli Restaurant in Blue Dome District, downtown Tulsa

One recent Saturday morning, Deme and I decided to go for brunch, and we wound up at Dilly Deli in the Bluedome District in downtown Tulsa. I LOVE this restaurant on so many levels! I had eaten lunch there previously with girlfriend Sharon, But Deme had not been there before.

The restaurant is as fun as its logo implies. It's a locally-owned business. That alone makes the food taste better and makes me want to spend my money there.

The bread: Dilly Deli's rye and Tuscan breads come from the Farrell family organic bakery right here in Tulsa. My husband is a bread lover and his heart was completely won over.

The coffee: I'm a serious coffee drinker but have never liked the snooty stuff. The Dilly Deli house coffee is a special blend prepared for them locally by Topeca Coffee Company. Topeca is a family-owned, seed-to-cup company, and their beans are roasted right here in Tulsa. You'll love it.

The meat: Dilly Deli's turkey and chicken are all natural - no funny ingredients you can't pronounce, no preservatives, artificial ingredients or MSG - no nitrates and gluten free.

The decor is welcoming and comfortable - you can go dressed up or down. There is an upper and lower level of inside dining featuring mismatched chairs, and there is a lovely dining area outside that we'll enjoy in the spring months.

When I had lunch with Sharon, I had a pumpkin soup and grilled cheese sandwich. Sharon had tomato basil soup. When Deme and I went for brunch, we split a "Tina" which included lox, cream cheese, tomato and red onion on an everything bagel. I had an omelet and Deme had a "Glenn & Joan" which was corned beef, pastrami, Muenster & Swiss cheeses served on rye. Yep, we ate it all.

Their sandwich menu is set up like a "mix and match." Although they have many preset items from which to choose, you have the option to choose your bread, your meats, cheese, veggies and condiments.

Check out their web site for specials and get on their mailing list. I am making note that Reuben sandwiches are only $3 on Monday nights and their house Bloody Mary is calling my name! Oh, and kids eat free on Thursday nights.

In addition to soup and sandwiches, they offer breakfast, salads, sides, a kid's menu and a variety of beverages including beer and wine. They also offer catering and homemade pastries.

Hours are Monday through Thursday 7aam-8pm; Friday and Saturday 8am-8pm; and Sunday 8am-4pm. Great spot to go after work or on the weekends - I know we will be visiting more often.

And you can follow them on Twitter @DillyDeli or friend them on Facebook: https://www.facebook.com/dillydelitulsa. Phone is 918-938-6382.

If you are as supportive as me of the revitalization of downtown Tulsa, please support the locally-owned businesses that are making this possible. For those that don't often drive downtown, 2nd and Elgin is EASY-PEASY to get to, and you will love the Bluedome District!

And when you go to Dilly Deli, please tell them Lori Cain sent you. They don't know me yet, but I'm hoping to have a regular table and discount soon!  

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

Repairs in the Oklahoma Real Estate Contract

Confusing to both home Buyers and Sellers are how repairs are handled in the Oklahoma Real Estate contract. Repairs are handled differently from state to state, so if you're not purchasing or selling real estate in Oklahoma, this may not apply to you at all.

When a Buyer makes an offer on a Tulsa home for sale, we literally "guestimate" how much we think we'll spend in repairs. So, we negotiate a figure for repairs which is a "repair cap" that the home Seller agrees to. We do not conduct inspections until all terms of the contract are agreed upon, earnest money is deposited and we have an executable contract.

Once inspections are done, the Buyer's Realtor submits a form called a TRR (Treatments, Repairs, Replacements) to the Listing Realtor which includes a list of requested repairs. We generally perform the following inspections: EMP (electrical, mechanical, plumbing); Structural; Termite; Roof and a Chimney inspection if there is a fireplace - pool inspection if there is a pool.

It's the Seller's (or his Realtor's) duty to get estimates for requested repairs. IF the repair cap is exceeded, either party (Buyer or Seller) can cancel the contract. But WHY would you want to do that?

The Seller is often confused because something was discovered that his inspector missed five years ago when HE bought the home. Buyers are sometimes uncomfortable with the type or quantity of needed repairs. It can all be very emotional, and keeping a real estate transaction together AFTER inspection is often more challenging than negotiating the sales price and other terms of the contract.

NOBODY would have anticipated that the home in Legacy Park built in 2004 would require over $2,000 in repairs, but it just happened that improper flashing around the guttering caused the exterior stucco veneer to separate from the home - and that was an expensive repair. We knew the Owen Park home built in 1925 had not been updated, but did not realize that the entire basement walls were crumbling beneath the earth.

After the repair bids come in, Buyers and Seller begin a second round of negotiations when the repair bill exceeds the agreed-upon repair cap. Sometimes Buyers will cross a few items off their list and complete those repairs later on their own dime. Sometimes the Buyer will insist that all repairs are made or they will walk away from the transaction and find another home to purchase.

Home Sellers need to ask themselvesif they really want to put their home back on the market and wait for another Buyer when they will likely have to make the repairs anyway. And depending upon the type of financing the Buyer has, the Seller may be REQUIRED to make all repairs, regardless of cost, to sell their home at all.

This is an emotional part of a real estate transaction and an opportunity for a true real estate professional to keep all parties in check, feet on the ground and remind everyone that "one of you wants to sell this house, and one of you wants to buy it - let's figure this out to make it work for all."

This is yet another reason why I encourage Tulsa home Sellers to have their home inspected PRIOR to listing - the fewer surprises after you're under contract, the better.

If you have questions about inspections or how repairs are handled in the Oklahoma Real Estate contract, give me a call - I'll walk you through it.

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

MLS #1201881 ~ offered at $300,000
6504 East 84th Street, Tulsa

You'll love the stone and brick exterior of this home in The Crescent, the side-entry garage, plus additional garage and widened driveway.

Enter this home from a covered patio to a stunning entry. The vaulted ceiling, elegant stairwell and beautiful crown molding will take your breath away.

Immediately to your left is a formal office or formal living room with a large window facing the north - the room can be closed off for privacy by beautiful glass-paned French doors.

The formal dining shares a magnificent vaulted ceiling with the open entry. Beautiful accents include crown molding, baroque inset carpet, chandelier and doors separating the dining from the butler's pantry. Another set of doors separates this living space from the den living area and kitchen. The den living area is spacious and includes a beautiful tiled fireplace with wood mantel. A large wall of windows overlook the back yard and covered patio.

This living area is combined with the chef's kitchen which features granite countertops, tiled backsplash, new appliances, double ovens, large pantry, under-mount sink, canned lighting and handsome hardwood flooring. There is a built-in display cabinet or bookcase between the living area and kitchen and a built-in desk area in the kitchen. The butler's pantry and storage pantry are conveniently located between the kitchen and formal dining room.

Beyond the kitchen is an adjoining breakfast nook with chandelier with bay windows and an entrance/exit to the covered patio. Handsome hardwood floors are throughout the entry, hallways, kitchen and breakfast nook.

There is a convenient powder bath in the hallway with a built-in cabinet display.

The huge master bedroom is on the first level and features a coffered ceiling, bay window seating area and entrance/exit to the covered patio. Beyond that is a built-in dresser with drawers and shelving behind glass-paneled doors. To the right of that is a HUGE walk-in closet. To the left is the master bath, including tiled flooring, a double-sink marble vanity, separate shower and whirlpool tub.

The inside laundry is off the hallway on the first floor and includes a sink, cabinetry, counter space, hanging rods, shelving and a fold-out ironing board. Also off the laundry is a 2nd first-floor half bath.

At the top of the stairs to the left is a 2nd bedroom with a private full bath. The 3rd and 4th bedrooms up are separated by a Pullman bath. Each room has a walk-in closet, and off the 4th bedroom is a bonus room for yet more storage.

A large gameroom and office area are upstairs and over the garage. The window seats seen upstairs do have hinged openings for storage and seating.

There is new carpet and fresh paint throughout the home, and the handsome hardwood flooring was just refinished. The back is a retreat with the full privacy fence and covered patio.

The Crescent is a subdivision in the Union school district that offers beautifully landscaped entrances, sidewalks, a park and courtesy patrol.

Please enjoy a virtual tour of our home for sale, and do call for a private showing: 918-852-5036!

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

Midtown Tulsa New Construction Market Report - Year End 2011

There is a need for new construction homes in midtown Tulsa and there is indeed a market for them. For the purpose of this market report, I am including single family homes built in the year 2000 and after.

Of the 32 active properties listed, the average price is $768,928 and five of the 32 are listed above one million dollars. Average square footage is 4,221. The single property under contract is listed for $998,000 and it was only on the market for 94 days.

Of the 36 properties that closed this year, the least expensive sold for $297,000 and the most expensive sold for $1,700,000. Average year built was 2007 and average square footage was 3,885.

Midtown Tulsa New Construction Market Report - Year End 2011

I think builders who try to build to match the neighboring houses are most successful. You can't build a $500,000 home in a neighborhood with an average sales price of $175,000 - and expect it to sell. Often what we find in midtown new construction is that the newer homes are overbuilt for the neighborhood.

But many builders are successful at creating homes that fit within the architectural styles, character, size and style of existing homes in the neighborhoods. Those are the ones that will sell quickly and for top dollar.

The fact remains that while many want the location and many benefits of living in midtown Tulsa, they are leary of owning an older home.

During 2011, 36 homes built since the year 2000 successfully closed, one is pending and there are 32 active listings. Because we have almost as many active listings as were sold in 2011, we have almost a one-year inventory or supply. This is favorable news for Buyers who desire new and newer construction homes for sale in midtown Tulsa.

Midtown Tulsa is a great little corner of Tulsa! Call me if you are interested in purchasing new construction in midtown Tulsa, or start your search here!

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

Midtown Tulsa Luxury Homes Market Report Year End 2011

This 2011 year end market report and absorption analysis is for midtown Tulsa luxury homes listed above $500,000.

Midtown boundaries in this report are Riverside to the west and 51st Street to the south.

In 2011, 81 midtown Tulsa luxury homes sold, with an average of 6.75 homes selling per month. The highest priced home sold for $1,700,000 and eleven homes sold for one million or more. Many properties sold in a timely manner; however the CUMULATIVE days on market for this broad group is 178.

There are currently 67 midtown Tulsa luxury homes for sale ($500,000 and above). Because homes are selling at a rate of 6.75 per month in this geographic area and price range, this reflects almost a ten-month inventory or supply. A six-months supply reflects a balanced market, so this data indicates somewhat more of a buyers' market in this price range.

Relocation to midtown Tulsa can be a breeze because midtown Tulsa real estate is very condensed within a few square miles. When shopping for homes for sale in midtown Tulsa, I’m happy to give you a tour of our parks, art galleries, farmer’s market and midtown shopping areas!

Whether you are down-sizing, upgrading or buying your first home, midtown Tulsa may be where you find your perfect Tulsa luxury home!

It's good news to see this much movement in this price range. If you are interested in purchasing a midtown Tulsa luxury home, now is a good time to shop while interest rates are low. And, if you are selling a midtown Tulsa luxury home, let me assure you that those that are "move-in ready" are the ones being chosen by home buyers.

Midtown Tulsa is a great little corner of Tulsa where we enjoy multiple parks, varied architectural styles, as well as extraordinary shopping and dining at Utica Square, Cherry Street and Brookside. If you're interested in buying or selling a midtown Tulsa luxury home, do please give me a call or start your search here!

Copyright 2011-12 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain