Sheila Stringer

I am assuming that you are purchasing this property "for sale by owner" without a real estate professional...but generally speaking, depending upon the issue, a title company that closes the transaction might be able to assist in clearing up some outstanding paperwork (such as deeds not filed, or mortgage liens that need to be released, etc) as part of their process in giving you a clear title commitment for title insurance. However, depending upon the issue -- possibly here, an "inheritance" may mean that there is no will, property has not been probated, no quit claim deed has been filed, etc. -- then, this "owner" needs to contact an attorney who may have to do a "quiet title action" which can take some time and cost some money. Whatever happens, please have your chain of title reviewed by a reputable title attorney and title company, and purchase for yourselves "owner's title insurance." Best wishes. - Sun Jul 13 2008, 06:17

Hi Elizabeth! I have been helping several families relocate to our area from California, South Dakota (most recently), and several other states. Our community is made up of families in all different socio-economic areas and we're becoming very diverse.

You may have already seen that Owasso schools are listed under the Academic Performance Index (under the No Child Left Behind) with excellent ratings - 2 elementary schools received the highest ranking possible (1500). Most of these schools have pretty low and acceptable student/teacher ratios. We have several brand new elementary schools so your children would not be attending a large school until they are much older and would have had time to adapt. We also have a smaller private Christian school in the area and several other private schools in the Tulsa area if you prefer.

I am an Oklahoma native and grew up in Collinsville/Owasso. I have seen this area change tremendously over the last several years, and now it offers some wonderful conveniences, yet it still feels small town with excellent community activities. I currently have my 5 year old enrolled through the local YMCA in soccer and we are having a great time!

As for homes in the 2500-3000sf range, we have many new construction as well as exisiting homes -- some on 1-2 acres in an affordable price range. If you prefer to rent, I can work to locate a rental that might work for you. Please contact me if you'd like more information so I can assist you better! I look forward to talking to you, and I would like to be the first to welcome you to our community! - Tue Apr 22 2008, 08:52

Hi Becky -
This is a great question and the answer depends upon what resources you already have -- and what your goals for the future are. Many homes are affordable, and could be purchased in and around the TU area to fit (most likely) into your price range. There are considerations in paying for property taxes and insurance. However, there are still some great programs to assist in homebuying and now is a great time to buy. Owning a home adds to your net personal value and can improve your credit and your ability to buy another home. It can build equity (especially if you put in some work yourself on a home - called sweat equity), and if you "buy" right -- that is, don't pay too much for a home. We cannot guarantee resale in any market -- but chances are good that another graduate student around the TU area will in four years be looking for a great home to buy as well. At least you know that the $600 you are putting into a home is something you OWN and you are not helping to pay for someone else's property. By the way, there is nothing more satisfying that putting on a layer of paint on something you own! As a TU Law school graduate, and as a real estate professional who has sold property in the Tulsa metroplex, and around TU, I'd love to visit with you about the potential of buying a home. - Tue Apr 22 2008, 08:34

Anne, I'm sorry that you are caught in this situation. Talk to both lenders and they may could work out a situation where the mortgage will not increase in August. They all realize the situation in your area. An attorney could also help negotiate this change in mortgage agreement.

Also, sometimes in a short sale, you can talk to the 2nd mortgage company (in addition to the first), and get them to realize that there will be no money for them either through the sale or through bankruptcy. Occasionally, the first lender will take a little less to allow the 2nd lender to have a little because they both realize this is a no win situation. Bankruptcy will force a foreclosure and sale in which case both lenders will likely get less entirely. The 2nd lender is definitely the least secured.

Lastly, have you considered an auction in your area? Auctions are unique in that they reverse the supply and demand economics of real estate -- i.e. this is the only house currently on the auction block today... Sometimes, auctions will get more than market value. In our area, these are also sold "as is" with no required repairs, and the seller can reject any offers that do not meet the reserve amount or are not sufficient. I don't know that they can improve your market dynamics and get you to $346, but they might could net a little more than the first mortgage -- especially if your home is in great shape. Additionally, auctioneers like to auction off personal items as well... And, if in the end, bankruptcy becomes the final solution, carefully research and interview bankruptcy attorneys. They are not all created equal. You want someone who definitely specializes in bankruptcy, not a general practitioner who occasionally does a bankruptcy in the course of practice. And, bankruptcy although painful, does not carry the stigma it once did. Best wishes. - Tue Apr 22 2008, 08:19

Hi Dan -
Truly the first step should be in selecting a realtor to help you in your market. I find that most first time buyers are unaware that it usually doesn't cost the buyer to work with a realtor (please verify this in your area), and the benefits in having a knowledgeable professional working for you are tremendous. The second step should be locating a reliable, affordable, and reputable lender. Your professional should be able to assist you with this.

In general, in selecting a condo, you will want to consider the factors that you mention above, but there are some additional questions you should ask -- such as condo fees for maintaining exteriors of the condos and the common areas. Do they have a pool, club house, etc. What are the requirements for the association, such as can you enclose a back patio, etc. These are all factors to consider. However, don't be overwhelmed, a good real estate professional will walk you through all these considerations and you will feel more in control of the overall process. Best wishes for finding a great home! - Tue Apr 22 2008, 08:05