Midtown Tulsa Real Estate - Lori Cain

Tulsa FHA Approved Condos

Thu, 16 May 2013 00:55:59 -0700

This truly has become a significant issue in Tulsa because not having a HUD-approved condo means the Seller has to wait for a cash buyer or one with conventional financing with 20% down. I hope all Tulsa condo Sellers and their Realtors are reading this post!

Via John Regur Mortgage 918-949-7248 (Midtown Mortgage):

Tulsa, OK HUD-Approved condos are hard to Find. For Tulsa condo owners this is a concern because FHA mortgages and Section 184 Indian Loans (for residential real estate anywhere in Oklahoma) represent a significant share of the purchase-market buying power.

HUD Certified condominium complexes offer distinctive advantages over Non-Certified properties by qualifying for:

Lower down payments

Section 184 allows for 100% financing

6% seller contributions = less costs at closing for the buyer

Debt to Income Ratios and credit underwriting are much more lenient

You can borrow up to 110% = purchase and remodel in one loan

You can do an energy efficiency loan to replace windows, appliances, water heater, doors, etc.

Down Payment Grant Programs and Bond money often amend FHA loans

Loans can go up to $417,000

Owners can be selling to a larger portion of the home buying market

It increases demand

Get an FHA mortgage quote here

So what is HUD approval?

HUD oversees the FHA mortgage program (checks and balances). HUD also oversees the Section 184 Indian Loan Program (100% Financing - can be used anywhere in OK). Since 2009 HUD has required condominium complexes to be “warranted” to be accepted for HUD mortgage programs. This generally means an audit needs to be done to make sure the common areas are maintained, the complex is fully insured, association dues are 85% current, mostly owner occupied, the association is controlled by unit owners, etc. – mainly: just being well managed.

So Why are HUD Approved Properties hard to find?

Up until 2009, HUD allowed FHA mortgages to be placed on condo units through a process called a “spot check”. That meant they would gather papers from the condo complex in a random, per-transaction method, and approve the quality of the complex on each individual loan. This was inefficient and FHA absorbed many foreclosed loans due to condo association failures.

Then came 2009. HUD does not allow spot checks any more. The complex must get certified.

How To Become a HUD Certified Complex?

HUD is pretty friendly when it comes to approving well-managed properties. They want to promote urban growth and are rebuilding their HUD approved roster.

The Distinction of Certification comes from one of two ways:

Go to HUD Directly – Called a HUD Review Approval Process (HRAP).  The process, if done well by you mortgage consultant, should take 6-8 weeks.  The application itself is free, but self-managing the process is not wise for amateurs and in reality fees will be paid to attorneys, management companies, appraisers, etc. to prepare the finalized application.

Use a HUD Direct Endorsed Lender – Called a Direct Endorsed Lender Review Approval Process (DELRAP).  Now a HUD direct lender is not the same as a lender that offers FHA mortgages.  Contact me to avoid middlemen and find one in your area.  This recommended route would usually take approximately 2-3 weeks.  DELRAP generally costs on par with a HUD direct approach but the process is faster and moderately more stream lined.

We will need some basic Condominium Association Documents:

The Declaration of Condominium, CC&R's (Covenants, Conditions & Restrictions)

By-Laws of the HOA with (if applicable) amendments

Copy of the Current Annual Budget

Insurance Certificates held by association which should include General Liability and Hazard on Common Element Buildings

90 days balance sheet

I can get you there.  Condo associations should usually be protecting the interests of the owners by keeping the condo development HUD-Approved.  This will increase the number of buyers who can purchase units in the development, which in turn increases the demand to buy into the development and helps support property values.

____________________________________________________________

Providing mortgage and liability management on
an ethical and objective basis.

NMLS ID#831824

Senior Loan Officer, Midtown Mortgage
Tulsa, OK
918-949-7248
email: jregur@gmail.com
web: www.Tulsa-Mortgages.com - coming soon!

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Sunset Terrace Market Report May 14, 2013 - Midtown Tulsa Real Estate

Thu, 16 May 2013 00:49:00 -0700

Sunset Terrace Market Report May 14, 2013

As of today in Sunset Terrace, there are nine active listings under 4,000 square feet (two over 6,000 square feet); six properties pending and 15 closed in the past six months. The sizes of homes in the midtown subdivision are so varied - from 1565 square feet to 6,000+ square feet.

In this market report, we are only considering homes between 2,000 to 4,000 square feet.

In this range, there are eight active properties, five pending and eight closed.

The active properties vary in price from $325,000 to $675,000 with an average list price of $456,975. The closed properties range in price from $262,000 to $719,000 with an average sales price of $434,562. Average cumulative days on market are 310 with only one property selling during its first listing period.

Sunset Terrace Market Report May 14, 2013

The pending properties, however, are showing that activity is increasing with homes going under contract in as little as two weeks, two between 136-140 days and one slightly over one year.

Sunset Terrace is nestled in midtown just south of Maple Ridge - between 21st and 31st Street, between Riverside and Peoria.

Within walking distance is Woodward Park, Philbrook Art Museum, Tulsa's Riverparks, Congregation B'nai Emunah, Swan Lake, and Veteran's Park. Also close by are the popular dining and entertainment areas known as Utica Square, Brookside and Cherry Street.

Do call if you are interested in buying or selling a home in Sunset Terrace or midtown Tulsa today! 918-852-5036.

Content written and published by Lori Cain.

_______________________________________________________________________________________________________

Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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No, No, No. Please Do Not Do These Things While You Are In Escrow

Sun, 05 May 2013 10:29:12 -0700

This Carlsbad CA Mortgage Banker is much kinder than me when giving advice for what NOT to do while you are in escrow (the time your loan is in Underwriting before you close on your home purchase). I tell my clients not to breathe. Don't even use your credit cards. Pay everything early. The "soft" credit pull immediately prior to closing is becoming standard - and you don't want any surprises.

Via Kevin Kueneke (Carlsbad CA Mortgage Banker):

As part of Fannie Mae's Loan Quality Initiative (LQI), lenders are required to monitor a borrower's credit throughout the loan process. This can include a "soft" credit pull immediately prior to funding to look for new accounts and inquiries.

Here are ten things that a homebuyer should avoid while in escrow:

•1.     Don't do anything that will cause a red flag to be raised by the scoring system. This would include adding new accounts, co-signing on a loan, changing your name or address with the credit reporting agencies. The less activity on your reports during the loan process, the better.

•2.     Don't apply for new credit of any kind. Including those "you have been pre-approved" credit card invitations that you receive in the mail or online. A new inquiry can potentially lower your credit score.

•3.     Don't pay off collections or charge offs. Unless you can negotiate a delete letter, paying collections will decrease the credit score immediately due to the date of last activity becoming recent. However, in some cases, collections or charge offs must be satisfied as a condition of loan approval, but your lender will most likely only need to update that particular account with a credit supplement vs. a new credit report.

•4.     Don't max out or over charge on your credit card accounts. This is the fastest way to bring your scores down. Try to keep your credit card balances below 30% of their available limit at ALL times during the loan process. If you decide to pay down balances, do it across the board. Meaning, pay balances to bring your balance to limit ratio to the same level on each card (i.e. all to 30% of the limit, or all to 40%, etc.).

•5.     Don't consolidate your debt onto 1 or 2 credit cards. It seems like it would be the smart thing to do, however, when you consolidate all of your debt onto one card, it appears that you are maxed out on that card, and the system will penalize you as mentioned above in 4. If you want to save money on credit card interest rates, wait until after closing.

•6.     Don't close credit card accounts. If you close a credit card account you will lose available credit, and it will appear to the FICO that your debt load has increased. Also, closing a card will affect other factors in the score, such as length of credit history. If you HAVE to close a credit card account, do it after closing.

•7.     Don't pay late. Stay current on existing accounts. Under the new FICO scoring model, one 30-day late can cost you anywhere from 50-100 points, and points lost for late pays take several months if not years to recover.

•8.     Don't allow accounts to run past-due - Even one day! Most cards offer a grace period, however, what they don't tell you is that once the due date passes, that account will show a past due amount on your credit report. Past due balances can also drop scores by 50+ points.

•9.     Don't dispute anything on your credit report. When you send a letter of dispute to the credit reporting agencies, a note is put onto your credit report, and when your lender notices items in dispute they will not process the loan until the note is removed and new credit scores are pulled. Why? Because credit scoring software will not consider items in dispute in the credit score -giving false date to the lender. Disputed accounts are a no-no.

•10. Don't lose contact with your mortgage and real estate professionals! Don't do anything without the ok of both professionals in the transaction, until you have your keys.

These might seem obvious, but better safe than sorry.

Kevin Kueneke, NMLS # 284800
San Diego County Mortgage Specialist
FHA Mortgage Loan Specialist/VA Mortgage Loan Specialist
Direct Lender, Mortgage Banker
Phone 760-500-1919 | Fax 619-419-2324

Visit My Website

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Carpet runners in Mamaroneck NY | Carpeting for stairs

Fri, 19 Apr 2013 07:54:01 -0700

The Flooring Girl, Debbie Gartner, blogs about everything you'll ever need to know about carpet runners. Demetrius and I are ready to add carpet runners at the casa, so this timing is perfect for me. Get in touch with Debbie with any flooring questions you may have!!

Via Westchester Flooring - Debbie Gartner -Hardwood Floors Carpet Tile Refinish - (Floor Coverings International Westchester NY & Stamford CT):

Everything you ever wanted to know about Carpet runners.

In Mamaroneck NY, carpet runners for the steps have become more and more popular.

What are carpet runners?

A carpet runner goes on top of your hardwood steps. Unlike wall to wall carpet, carpet runners cover most of the step, but still show the hardwood on either side. They are bound on the sides for a finished look.

Why are carpet runners so popular in Mamaroneck NY?

Carpet runners serve 2 purposes: 1) they make the stairs safer - they help prevent slipping and 2) they add a decorative element. By having a some sort of carpet on the steps, it adds traction and friction so you are less likely to fall, especially if you are wearing socks in your home. Also, it makes it easier on your feet, knees and back when you are walking up and down the steps if there is some cushion underneath your feet.

What are the most common reasons customers ask for carpet runners?

Believe it or not, the most common requests I get for carpet runners are because of dogs. I have many customers with small dogs who have difficulty making it up and down the steps, and as a result, my customers are carrying the dogs. Also, many aging dogs have challenges making it up and down the steps, and as a result, they will often stay on one floor and look and feel sad as they can't spend as much time with their owners. Once, the carpet runners are in place, everyone in the household is much happier.

The second most popular reason for carpet runners are for families with young children and/or just starting a family. Toddlers of course have challenges with the steps, but unfortunately, it's often even more difficult for the mom. I have had many customers who are 8 or 9 months pregnant and have taken a fall. And, I've also had many new moms who slipped down the steps with her newborn. These scenarios are never fun, and unfortunately, they are fairly common. Thankfully, runners help alleviate the situation. And, they will help all members of your family - young, and old, 2 legged and 4 legged.

When selecting a carpet runner for your home in Mamaroneck, what are the considerations?

This really depends on which factors are most important to you: safety vs. look/quality. For some of my customers, safety is really the main and only consideration, and they are looking to minimize the cost. If that's they case, almost any type of carpet runner will do. For others, they care about the combo of style/look as well as safety. They would rather spend a bit more to have a nice looking runner and one that will last longer. An important consideration here is the location of the steps. If these are the front steps, and if they can be seen from the front door/entry way, remember that this is the first impression your guests have of your home...so you probably want it to look a bit nicer. If, on the other hand, these are back steps, steps that go up from the kitchen, or go down to the basement, you may care less about how it looks. So, everything needs to be done in the context of where it is going.

From here, it depends on preferred style and quality of carpet. In general, cut wools will hold up better (and cost more), tight cut dense nylons, followed by looped nylons, followed by looped olefins/polyesters.

I do not recommend most looped wools for steps, especially the needle points, as they do not tend to hold up well on the steps. These carpets are phenomenal for bedrooms and area rugs and can last 30+ years, but they often do not hold up as well on steps, and if you have a cat, especially one with front claws, these carpets will not last very long at all...the cats tend to love to use these as a scratching post and the the backing on wool will not hold up very well to this treatment. (However, the backing on nylon looped carpets holds up better so this is not usually an issue for looped nylons). When it comes to regular quality nylons, looped carpets hold up better than cut carpets as the cut carpets tend to show foot prints and wear down much faster vs. the looped carpets which are tighter. That being said, the very high end tight dense carpets with multicolored patterns can hold up extremely well. (it's probably best to consult an expert here for the best advice pending to compare different options).

From a style perspective, this really can depend on the customer's taste as well as decor in adjoining rooms - there is no one size fits all. Some of my customers prefer multicolored. Some want a more traditional/oriental look; others want a more contemporary modern look; others want a simpler one color or tone on tone look. Some people like borders; others do not. Runners are not the simplest carpet to pick out...because they need to be practical (i.e. be able to hold up to the traffic) and they often open up into other areas of the home (e.g. living room, dining room) which may already have area rugs and may be painted different colors. You also want to look at the color of the carpet vs. the wood stain color. It's generally best to contrast the color (rather than to blend in with the color of steps). Sometimes, I'm able to find a great contrast color that then has a secondary color that picks up the wood tone color.

Also, it's important to look at whether you have simple straight boxed steps, or if your steps change direction and/or have curved or pie steps. When your steps turn, this creates some additional complications when picking a pattern. With pie steps, the patterns won't line up, nor will pre-cut runners with borders - the geometry just doesn't work. In these instances, it's better to choose a carpet with a smaller pattern and a broadloom carpet that can be cut and custom bound on site.

If you have a landing, this area is optional as to whether or not you add the runner - it depends on the look you are going for as well as your budget. Some of my customers prefer to do the landing; others don't. If the landing is on the steps (e.g. if you half a flight and then a landing where the steps turn and another half of a flight), you can usually continue the runner here, provided that it is standard size. If the runner is pre-cut with a border, then it will cost extra as you need to mitre each of the corners so that the border lines up. This requires ordering additional carpet to cover both sides and some extra labor.

If you have a landing or hallway on the 2nd floor, you also have the option of adding the runner here as well. Some customers prefer to do this...not so much from a safety perspective, but rather from a design perspective and the sound upstairs. Sometimes, the carpet helps muffle the sound/noise from your family/pets; other times, there is a pre-existing creaking condition in the floors (happens often in older homes) and the runner helps muffle the sound. If the landing or hallway is wide, usually a pre-cut runner is not wide enough for the space. Instead, you need to try to find a runner that comes in broadloom as well so that it can be custom cut and bound on site.

Other times, the hallway is narrow and doesn't have a lot of light...and adding a runner actually makes the space look smaller. Again, there is no one size fits all, and I try to give customers advice and provide options so they can decide.

My thoughts on carpet runner rods

I'm not a big fan of carpet runner rods. They simply seem to add to the cost and serve no functional purpose...and can in fact cause some other issues. Way back when, the rods were functional...they helped keep the carpet in place; now they are simply decorative. Most customers feel they are a bit dated and formal and not right for their home. (But, in some homes, especially with very wide steps) they sometimes do work and go with the style of the home. On normal size steps (ones that 3-4 ft wide), they tend to create a bit of a tripping hazard, especially if you have younger kids, and they damage the steps by creating holes.

Waterfall style vs. cap and band for carpet on steps

There are 2 ways to install the carpet on steps - either cap and band (where it wraps around the step/stair nose for a close fitted look or waterfall style where it "falls" from the step to the tread below. Most customers tend to prefer the traditional cap and band method as it looks neater and more premium. It's a more professional type of installation. With the waterfall method, it sometimes causes a bit more slipping and the carpet is harder to clean...dust tends to get caught in between and I'm not a big fan of that.

Carpet runner video

Below is a video I made showing some examples of runners and why they are important.

If you live in Mamaroneck NY and are looking for a carpet runner, give me a call and I'd be happy to help you. 914-937-2950.

Map of Mamaroneck NY 10543

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Carpet runners for Mamaroneck NY 10543

Hardwood Flooring - Carpet - Tile/Natural Stone - Laminate - Refinish Hardwood - Backsplashes

"The Flooring Girl"

Debbie Gartner, "The Flooring Girl" and owner of Floor Coverings International Westchester NY

You can download our free flooring guide. Or, visit our flooring selector - 2,000 options. We install hardwood floors, carpeting and runners, tile floors and backsplashes.

Call us for a free estimate 914-937-2950.

"We bring the store to your door."

If you enjoyed what you are are reading, feel free to to my blog.

WC19920-H07, HIC619252

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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FSBOs (For Sale By Owner) – please value my services and profession

Sun, 14 Apr 2013 10:11:45 -0700

FSBOs (For Sale By Owner) - please value my services and profession It's spring and the inventory of homes for sale by owner (referred to as FSBOs in our industry) is creeping up, right along with the beautiful azaleas. How hard can it be to sell a house? Stick a sign in the yard, show it, sell it - or so many think when they begin.

Many will advertise through Zillow or in their literature that "Owner will work with Buyer's agent," which is appreciated when that's clarified up front. So, if my Buyer would like to see the FSBO listing, I know that the Seller is agreeable to pay my commission. Please note that the FSBO will NOT be paying a Realtor to represent him, so he's still getting by at 50% of the cost of full Realtor representation.

But, I'm going to help him anyway, because working with a less than educated Seller has the potential of hurting my Buyer in the long run. So what do you think I'm going to do for this Seller FOR FREE?

First, I'm going to present AND EXPLAIN my Buyer's offer to him. I can't email it to his Realtor for her to present and negotiate, because he doesn't have a Realtor. If I just deliver it without explaining it, he's going to wind up as one frustrated Seller and I'll wind up with multiple phone calls with questions.

It doesn't stop with presenting, explaining and negotiating the offer. It must be accompanied by a Net to Seller reflecting the offer. If he doesn't understand what charges are required by the state, city and federal government in order to sell his house, it could be disastrous or failed transaction if all that were discovered the day prior to closing.

FSBOs (For Sale By Owner) - please value my services and profession

I'm going to introduce the Seller to my contact at the Title company who will bring his abstract up to date and get his title work done. I'll be present at inspections and help him locate repairmen if he doesn't have his own sources. I'll probably loan him a keybox so that workman can have access to his home if needed. As you can imagine, there's more explaining, negotiating and hand-holding throughout this process.

I don't know what the Seller does for a living, but if his boss asked him to do MORE work than expected for HALF the amount he is normally paid, I doubt his response would be favorable. But few people have any qualms about asking a Realtor to do just that or to discount our fees.

So, Mr. FSBO, please read this over again and tell me that you don't need or value my services. In fact, you might consider paying me a bonus above the standard commission.

Content written and published by Lori Cain.

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Does the size of a property matter - its square footage, that is?!

Sun, 14 Apr 2013 02:32:59 -0700

Does the size of a property matter - its square footage, that is?!

Realtors estimate a property's value based on the price per square foot of surrounding properties that have sold. If most comparable properties have sold for $110-$120 per square foot, that's where we're going to price our listing, depending upon other property variables.

Did one property sell for less per square foot because it backed up to an arterial street or expressway? Are we comparing a home with an updated kitchen with new cabinets and granite to one that still had Formica?

Particularly in midtown Tulsa real estate, there are many variables that will add value to a property. For example having a 2-car garage is not common and homes with an inside laundry (not in the basement) will sell for more per square foot. First-floor master bedrooms are a huge selling point in midtown Tulsa real estate. I am showing a home in Florence Park today that has a bathtub AND a separate shower in the main house bathroom - unheard of!

Does Size Matter? Square footage, that is!

I think we value properties by square footage simply because we haven't found a better method. Appraisers will give credits (or subtractions) for some of the amenities mentioned. Does the property have an awesome view that can't really be quantified?

It's important that we don't guess on square footage when we market a property for sale. If there is any question that the court house records are incorrect, please spend $75 on a square footage only appraisal. It is always the responsibility of the Buyer to verify reported square footage, but the Seller should try to provide as much accurate information as possible.

So, does the size of a property matter? You bet it does!!! Please be pro-active and report it correctly!

Please visit my web site for more home selling tips and do call if I can be of service! 918-852-5036

Content written and published by Lori Cain.

_______________________________________________________________________________________________________

Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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What does downspout length have to do with a dry basement?

Mon, 01 Apr 2013 08:54:48 -0700

This Chicago area home inspector shares valuable information about the need for guttering, downspouts and drainage systems to keep water AWAY from the base of your home. The best way to ensure the structural integrity of your home is to keep the water AWAY!

Via Tom Jansson, Chicago Area Home Inspector - InterNACHI Certified (Acuity Home Inspections):

What does downspout length have to do with a dry basement?

"Downspout extensions too short," says the report. "Should extend six feet from building. Have corrected by licensed contractor as needed."

Why on earth would a home inspector care about something like that?

The reason is simple. There's a relationship between downspout discharge points and the probability of basement leakage. Ideally, we like to see the downspout drain six feet away from the building. As an inspector, I know that this isn't always possible. But surely we can do better that just having a downspout going straight down and draining against the foundation wall.

After all, the whole purpose of having gutters and downspouts is to direct water away from the house. Water that's directed against the foundation wall can find its way into the basement, and can eventually lead to structural damage.

In the photo above, a splash block is being used to direct water away from the house. I'll grant you, it's better than nothing. Unfortunately, it is only partially effective; note the sunken earth at the houses' perimeter. This area will collect water in heavy rains where it can eventually find its way into the basement.

Another wet basement clue is a sidewalk that slopes in toward the building.

Combined with a dysfunctional gutter system, you have a tremendous amount of water that's being channeled against the house. Remember, the entire area of the roof is collecting rainwater; a bad gutter system merely concentrates that volume of water in an area where we really don't want it to be. When I see a walk that looks like this, I'm especially on my guard for a damp basement.

Often, with a walk that looks like this, it's not unusual to see a band of roofing tar that's been applied to the joint between the sidewalk and the masonry. This "seal" is really a short-term measure; the tar is usually cracked up pretty bad by the time I see it. It also has an unfortunate tendency of accelerating masonry deterioration.

Basements aren't built like boats. If water's allowed to collect against the foundation wall, it has a good chance of finding its way inside. The best chance you can give your basement is to have lot grading that slopes away from the house, combined with a good gutter/downspout system that will channel water off the roof and away from the foundation wall.

Tom Jansson - Acuity Home Inspection Service

Home Inspections in Chicago and Suburbs

State Licensed - InterNACHI Certified

_______________________________________________________________________________________________________

Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Earnest Money and your offer on a real estate contract

Thu, 28 Mar 2013 08:35:58 -0700

Earnest Money and Your Offer on a Real Estate Sales Contract

While writing an offer on a real estate sales contract yesterday, my Buyers and I contemplated how much earnest money to offer. We are making a fair offer but are also asking the Seller to contribute towards the Buyer’s closing costs. In our market, earnest money amounts are expected to be approximately 1% of the sales price.

Whatever amount a Buyer pays in earnest money is credited towards his required down-payment at the time of closing. So why not write a 2% earnest money check and impress the Seller? A larger amount of earnest money seems to offer the Seller more comfort that a Buyer’s financing is solid and that he intends to proceed and successfully close this transaction.

So, on a $120,000 home, we wrote a $2,500 earnest money check. Hopefully it will show the Seller that the Buyer is truly earnest about purchasing his property and he will agree to the Seller concessions requested!

Earnest Money and your offer on a real estate contract

Earnest money is cashed when all parties are in agreement on all terms of the contract. It is NOT held until closing. It is deposited (usually in the Listing Brokerage's Escrow Account), then credited to your down payment at closing. If you have a loan that requires no down-payment, such as a VA loan, your earnest money deposit can be applied towards your closing costs at the time of closing - with these types of loans, a lower earnest money amount may be acceptable.

A large amount of earnest money is one way to make your offer appear stronger. As we transition to a Seller's market, offering a high amount of earnest money is one way you can make your offer stronger without actually spending more money.

Here's a quick video explaining earnest money - its purpose, the amount and when it is cashed.

Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area. Call 918-852-5036. Content written and published by Lori Cain.

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Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Open updated 3 bed 2 bath 2 car home for sale in Broken Arrow OK

Tue, 26 Mar 2013 16:51:13 -0700

Enter through the covered porch to this cozy home - open and updated and ready for you to move in! Florence Court is just west of Elm (161st Street) and slightly north of Florence (111th Street). It is conveniently located less than a mile north of the Creek Turnpike for easy access to other parts of the city.

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This two-story home offers maintenance-free vinyl siding with brick accents and mature trees. The home has been updated and is ready to move-in! The two-car garage is ideal in entering the home as it provides direct access into the kitchen – perfect for bringing in the groceries!

MLS 1308331

Open updated 3 bed 2 bath 2 car home for sale in Broken Arrow

Offered at $115,000

Light and bright laminate wood flooring is found throughout, with ceramic tile in the kitchen and dining room and carpet only on the stairs and in the master bedroom. The focal point of the living room is the gas-burning fireplace and you'll notice a beautiful glass door leading to the yard. Down the hall is a coat closet. Crown molding surrounds the living room defining and separating the space from the adjacent dining room. Earth tone wall color warms the room and a ceiling fan circulates the air and help control the temperature in the room.

The adjacent dining room is on tiled floor and can be seen from both the kitchen and the living room.

The kitchen has a beautiful glass-tile backsplash and the cabinets have been refinished in a contemporary flair. On one side of the kitchen is a large pantry; the other side houses the inside, separate washer and dryer. The microwave is built in. A window over the kitchen sink brings in lovely sunlight.

The master bedroom is large and has access to the downstairs' bath also accessible from the hall.

Off the master bedroom is an addition (enclosed porch) used as an office - it has a vaulted ceiling, laminate wood flooring, several windows and a door leading to the back yard.

Upstairs is a spacious game-room, two large bedrooms and a full bath. Laminate wood flooring is throughout. Both bedrooms have two large closets and the multiple windows keep the area looking light and bright!

The gameroom and full bath are in between the two upstairs bedrooms.

The back yard is fully fenced with a privacy fence and the back yard deck provides a nice area for grilling! An attached 2-car garage completes the package!!

Please call 918-852-5036 to schedule your private viewing today!

Content written and published by Lori Cain.

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Shift from a Buyer’s to a Seller’s Market Tulsa OK

Mon, 25 Mar 2013 08:54:48 -0700

The Tulsa real estate market has remained fairly steady the past few years, never really reaching a high or a low. For the most part, it has been a Buyer's market with different pockets of homes, different price ranges and locations selling in a reasonable amount of time. General rule of thumb has been that if a home is in great condition, staged well, priced competitively and marketed well, it should yield 95-97% of list price in a timely manner.

I network with Realtors across the country and have always marveled at the California Realtors receiving 20+ offers on a property the first day on market. They have been working to educate Buyers on how to write a competitive, attractive and clean offer. And I wondered how long it would take for this shift from a Buyer's market to a Seller's market to trickle down to Tulsa Oklahoma.

Well, it's coming, and I can smell it. Are Buyers ready for the shift from a Buyer's market to a Seller's market, or are we going to experience some growing pains?

I got a call last week from a Buyer interested in seeing homes for sale in the Lortondale subdivision. What? There is not one single home for sale in Lortondale, and I had nothing to show her! Pretty sure that the next home to go up for sale in that subdivision is going to sell pretty quickly.

Now I have Buyers relocating to Tulsa in search of a two-story bungalow or colonial type home (any style other than ranch) in midtown, and their criteria is pretty basic. They need three bedrooms, 1.5 baths, a 2nd living area to be used as a playroom (could be a sunroom or fourth bedroom), and their price range is $200,000 - $350,000. Ideally the Buyer would like a detached quarters to rent out if they spend in the higher range, and she needs some place to store a large, heavy piece of printing equipment - could use the garage if nothing else is available.

FOUR of the homes they wanted to see went under contract over the weekend, so their choices today are limited. The inventory of homes available is not as high as it use to be.

Shift from a Buyer's to a Seller's Market - the growing pains

What does this mean for home Buyers? You are going to need to be prepared to make an offer when you find the RIGHT house. You had better have spoken to a Lender to be pre-approved and be ready to write an offer at the coffee shop.

Home Sellers are still going to need to prepare their home for sale and price their home competitively. I haven't talked to a Buyer in two years that wanted a fixer-upper. But, if you keep doing what your Realtor advises, your home should sell closer to list price and in a shorter amount of time.

And when we begin receiving 20+ offers on our listings, I'll pass along the blogs my California Realtor friends are writing now!

Content written and published by Lori Cain.

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Formal dining rooms - trending out of style?

Mon, 18 Mar 2013 18:14:43 -0700

Every house has a formal dining room - or are they trending out of style?

My experience with Buyers is that younger families don't see a need for a formal dining room. They would prefer an open kitchen, preferably adjacent to the family room - with an area for a large table. But, they're not purchasing dining room sets with formal buffets or hutches.

Dining itself has become less formal.

However, baby boomers still want the formal dining room for large family gatherings, entertaining and holiday dinners. They DO still have nice crystal and need somewhere to store that. There is still a desire to segregate the dining area from the cooking area.

Formal dining rooms - trending out of style?

Younger Buyers are more conscious of their social footprint and frown upon using an area for only one purpose, with some exceptions. And, as more couples are working from home (or working at home after coming home from the office), a home office is more desirable than a formal dining room.

One only need to take a look at Pinterest to see what types of dining areas are in style. I would say, hands down, that OUTSIDE dining areas are more desirable than inside formal dining rooms.

What does this mean for home Sellers? If there's any way possible to reconfigure (or stage) your formal dining area into an office, a 2nd living area or den, I would consider that. It might be worth having an architect look at your home to explore possibilities.

And if you have the budget to add an outdoor fireplace, patio and outdoor dining furniture, I would highly recommend that. It's not as expensive as you think - and to the Buyer, they view that as an added value to your home for sale.

For more home selling tips, please visit my blog! And, do call me if you're interested in selling your home! 918-852-5036

Content written and published by Lori Cain.

_______________________________________________________________________________________________________

Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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What I need to know when buying a house

Sun, 10 Mar 2013 18:16:55 -0700

You're ready to buy a house and are wondering what you need to know. You've shopped and have picked out the perfect home and are ready to write an offer - how exciting!

Sales price. What you offer in terms of the sales price is going to depend on whether the home is priced competitively and how long it's been on the market. Obviously, the longer a home has been on the market, we assume that the Seller is going to be more negotiable. But if the list price is now where it should have been to begin with, you may not want to insult the Seller with too low an offer. Have your Realtor pull comparable sales and guide you.

Earnest money. The amount of earnest money should be one percent of the sales price. If you want to make your offer appear stronger, write a larger amount. It will be cashed once all terms of the contract are agreed upon; however, it will be credited towards your down-payment at closing.

Closing date. We typically set our closing dates thirty days out. This amount of time is needed for the Lender to qualify you through Underwriting; and the Title company needs this amount of time to bring the abstract up to date and ensure a clear title. Asking for more than thirty days makes Sellers nervous, so keep it in line with the norm if possible.

Repairs. We're going to ask the Seller to be responsible for an amount for repairs before we've had an opportunity to inspect the property. Keep this amount close to the amount of earnest money.

Closing costs. Many Buyers are asking Sellers to contribute to their closing costs and with most financing, you can ask for up to six percent of the sales price. However, if you want to keep your offer clean and attractive, try to come up with this money on your own. You might ask your Lender to increase your already-low interest rate slightly and cover your closing costs through that avenue.

Residential Service Agreement. It never hurts to ask for a home warranty, particularly if you are a first-time home Buyer. Keep in mind that the residential service agreement is another $500+ Seller expense, so consider purchasing this on your own IF you need to write an attractive offer.

What I need to know when buying a house

You are apt to negotiate a great deal if your offer does not look like a laundry list. If you need to ask for the washer, dryer and refrigerator, consider what those items would cost new and keep that in mind when determining your requests.

An experienced Realtor who knows property values in the neighborhood can help you craft a great offer. You are on the right track if you've selected a Tulsa Realtor to be your Buyer Broker!

Content written and published by Lori Cain.

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Do I Need A Bath?

Sun, 10 Mar 2013 10:19:07 -0700

I'm actually the guilty Realtor who questioned John Regur of Midtown Mortgage about whether any type of financing required that a home have a bathtub. As always, he does his homework before replying and answers my question in this very hilarious post! Enjoy!!

Via John Regur Mortgage 918-949-7248 (Midtown Mortgage):

A realtor working on a remodel asked me, “Does not having a bathtub in a home de-value the home and/or prevent any type of financing?” I scratched my head. There is nothing in the underwriting guidelines about the absence of bathtubs.

So I posted on Facebook. I made some calls. And I took the following notes:

"Yes, a house needs at least one tub if you have a family. Purpose of tub - washing the dog, filling the mop bucket, searching for leaks in your kids Sponge Bob inflatable, washing vomit from the bedspread that's too darn big for the machine when you don't have enough time for the Laundromat, and other reasons soon to be discovered." – My Sister in Law

"It’s really hard to say. The market will tell you and it really is a buyer preference thing. If you have two people that don’t take baths - no biggie. You have a young couple that has little kids or wants to have kids - problem! It’s really in the buyer. It won’t affect value unless no one in the market place wants to buy without a tub and you have to drop the price in order to sell. What I would say is that it might decrease your number of possible buyers - and that is not a good thing - you want to appeal to the most buyers possible." – My Local Appraiser

"For most people looking to buy a home, a whirlpool tub is not very high on their list of “must haves.” Probably right up there with a corner lot." – My Local Realtor

"Does that make it a 3-bedroom/0-bath home?" – My Random Idiot

"I looked over the construction codes and I can’t find anything that prohibits or requires a bathtub when building a home" - My local Contractor

"I can only take showers. And I would like to drag my chair in there!" – My Nana

"Trends in bathrooms: heated floors, multiple showerheads, doorless showers and towel warmers. Out: whirlpool tubs." – My Local Remodeler

"A recent survey of whirlpool tub users revealed that these tubs are used an average of 3 times." – My Sarcastic Buddy

Well it seems that, like a lot of things, the bathtub vs. shower is a personal preference. While eliminating a bathtub and only allowing for a shower is attractive to homebuyers who are older-aged and/or physically limited, it will discourage buyers with children from buying the home.

So the next question is: who represents the bigger share of your market, baby boomers or families?

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Dogville Daycare & Boarding – Tulsa OK

Sat, 09 Mar 2013 16:48:25 -0800

After our pup Osage's very traumatic surgery, we boarded him at Tulsa's locally-owned Dogville Daycare and Boarding. Dogville Daycare is co-owned and managed by Dr. Delana Taylor McNac, a graduate of the OSU College of Veterinary Medicine, a licensed professional counselor and hospice chaplain.

Osage's surgery included opening his bowels and intestines, so strict confinement after surgery was a must. Keeping him crated at home and taking him on a leash to go to the bathroom would be impossible with Penny and Theo wanting to play with him.

Thankfully, Dogville Daycare is a 24-hour operation with Delana, her husband and several staff on site at all times.

They'll make sure Osage doesn't disturb his stitches, watch to see that he's recovering as expected and give him required medication. Demetrius and I are relieved that SOMEONE will be watching him at all times and that a vet is on the grounds.

Dogville Daycare & Boarding - Tulsa OK Dog Boarding

After we dropped Osage off today and he was made comfortable, Delana gave us a tour of their 4,000 square foot facility. Dogville Daycare offers different boarding packagestailored to meet your pup's needs. They have a large inside playroom and a half-acre "mini dog park" in addition to individual boarding rooms.

"A dog is the only thing on earth that will love you more than you love yourself." ~ Josh Billings

You can drop your pup off for the day or while you are on vacation. They offer dog day care, dog boarding with spacious suites, comfort care for special needs dogs and senior dogs.

Visit their web site to see the many options available. In addition to several choices for your special needs pet, there are alternatives for "cage free" boarding.

Here are a few photos I snapped during our tour.

Delana's hubby playing with a pup in the inside playroom.

Sweet little pup with an E-Collar!!

Boarding suite decor matches Delana's personality!

And if your pup is use to sleeping in a bed - a bed it shall have!

This LARGE senior pup could easily jump out of his room, so see-through bars for everybody's safety!

This pup is being boarded with a sibling. They need to be segregated, but want to see each other, so they're across the hall from one another. Sweet.

Call Delana at 918-949-6070 to find out more about this awesome dog boarding facility in Tulsa. It's conveniently located at 9525 East 47th Place in a really BLUE building!

Oh, and I guess I should show a photo of Osage post-surgery. He is showing off his stitches obviously - and requesting a belly rub! By the way, he ate a TOWEL that was lodged in his bowel and intestines - and had to be surgically removed. Now we are missing a $3,000 towel.

Content written and published by Lori Cain.

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Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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Midtown Tulsa homes with first floor master bedroom

Wed, 06 Mar 2013 15:29:46 -0800

We give up a lot of luxuries in our historic midtown homes, but more and more Tulsa home buyers are demanding a first floor master bedroom. In our traditional 2-story homes found in Maple Ridge, Sunset Terrace, Swan Lake, Terwilleger Heights, and more - the bedrooms are typically all on the second floor, unless a major renovation has been done.

Searching from 11th Street to 51st Street, Riverside to Harvard, I found 58 2-story properties with a first floor master bedroom. Prices certainly vary!

Below $500,000, there are 21 properties that meet this criteria. The average price is $398,304 and average square footage is 2,958.
Between $500,000 and one million, there are 28 midtown Tulsa properties with a first floor master bedroom. Average price in this range is $737,296 and average square footage is 3,951.
Above one million dollars list price, there are nine midtown Tulsa properties with a first floor master bedroom. AVERAGE price is $1,692,100 with only one property listed over two million dollars. Average square footage in this search is 6,598.

Of the original 58 properties that meet the criteria of a 1st-floor master bedroom, 36 were built after 1985, with the majority built since 2006. That shows that the builders are responding to Buyer's needs.

Home buyers are flocking to midtown Tulsa because of the convenience to entertainment, restaurants, parks, downtown Tulsa, several hospitals, the airport and more. In addition to enjoying a plethora of locally-owned businesses and farmer's markets, midtown Tulsa is minutes from the Tulsa Riverparks, BOK Center, new baseball stadium, museums, art galleries and Utica Square shopping center.

Midtown Tulsa homes with first floor master bedroom

One midtown Tulsa property for sale with a first floor master bedroom that I would like to highlight is 2434 South Norfolk, in the heart of Sunset Terrace. Although built in the 1960s, this home was gutted and remodeled in 2008 - so updated electrical, plumbing - and the openness of new construction.

If you have particular needs or wants in your midtown Tulsa home search, please call me. 918-852-5036

I know midtown Tulsa well, because I live here!

Content written and published by Lori Cain.

_______________________________________________________________________________________________________

Let's Get Connected!

Please visit my web site if you are shopping for Tulsa homes for sale in Midtown Tulsa OK or call 918-852-5036 if you need more information about Midtown Tulsa Real Estate.

While you're at my web site, please sign up for my monthly e-newsletter to receive a complimentary calendar of events for activities in the midtown Tulsa area!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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