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Home Buying in Oklahoma City : Real Estate Advice

  • All427
  • Local Info35
  • Home Buying153
  • Home Selling42
  • Market Conditions11

Activity 187
Sun Oct 14, 2012
Josh Barnett answered:
Good Morning Pam,

Sorry I missed this last week. There are 25 homes available within 1 mile of the Fair Grounds.

Ranges:
1. Year Build Range: 1912 - 1950
2. SQFT Range: 802 - 2491
3. # of Bedrooms Range: 2 - 5
4. Listing Price Range: $34,900 - $179,900

Shoot me an email at Josh@JoshBarnettOKC.com, and I will forward you the list of available homes.

Hope this helps,

Josh Barnett, Realtor
Metro First Realty
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Sat Oct 13, 2012
Peanutheads2008 answered:
I live in texas. I have a mobile home I would like to pay off. Mobile home is in a community park. MH has to be paid off b4 I can move it out. I need a private buyer to help me pay off the MH / help me move it and buy a small piece of land. Does anyone know of a buyer that can help me?

Sheila
San antonio tx
Peanutheads2008@gmail.com
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Mon Oct 8, 2012
Jshyresha answered:
Try GOSection8.com. It is a website that has ONLY Section 8 rentals on it.
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Thu Sep 6, 2012
okiedoke answered:
What about a "kick out clause" to protect the seller?

It could allow the seller to continue to market the home to other buyers.

I can't imagine many sellers being very excited about having to wait for the buyer's house to sell-- if it sells. The buyer's current house could be overpriced, in a bad location, outdated, bad floor plan, in need of many repairs, etc. Or, the buyer's "buyers" might not qualify, might walk away from the deal, etc.

Personally, I wouldn't want to take that gamble on "indefinitely" waiting for a buyer's house to sell... and not being able to continue to market to other buyer's. Make sure the seller (and buyer) is protected. The average house sale time in OKC now is what, 6 months, for the market average priced house? If it's a million dollar house, less than half a dozen of $1 million+ houses that aren't new construction have sold in Edmond in the past 1.5 years... if I recall correctly. You don't want to be a seller waiting 1.5 years for someone's house to sell before you get yours officially sold in that bracket. A $150,000 house sits on the market much less long, on average.

If a seller is even considering a contingency offer, the contract should be carefully drafted to allow the seller a good "out" so they're not waiting "indefinitely" for the buyer to sell their house.

A good number of people offer based on contingency. You just have to make sure the seller is protected and not stuck.

A strong priced offer with a reasonable contingency duration might be a win-win.
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Sun Sep 2, 2012
Josh Barnett answered:
Trulia,

The area North of the new I-40, with the boulevard and charter school going in, this area has double in value already and will be worth 5 times the current value at the completion of both previously mentioned projects.

Hope this helps,

Josh Barnett, Realtor
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Thu Aug 30, 2012
okiedoke answered:
Renting it comes with risks (and likely taxable income). You'll need a strong lease and to screen your tenants well. Renting out the property can be a good way to ride the market tide, but you just have to make sure you get good tenants and insurance. And, you'll have to have someone to repair the place (unless you're doing the repairs).

6 months isn't terribly long on the market back in 2011 when you posted this. You could wait it out.

Are you getting many "bites?" Are you getting many showings, but no offers? It could be price. Or very specific tastes in a house. Or something else.

But, you're in a great position in that the house is paid for.

If you lowered your price, would you lose money? Or, would you just be making less money?
How much has the house gone up in value since you bought it?

Is it a convenient location?

Is the kitchen and bathrooms dated? Is there dated wallpaper?

Did you try removing personal knick knacks and depersonalizing the space?
Removing very taste-specific wallpaper, painting neutral wall colors, trying to make it look newer?

Did you try removing some of your furniture and staging the home to a neutral taste?

Is the floor plan dated, or desirable?

What about school districts and location... desirable?
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Wed Aug 29, 2012
Julie Barnett answered:
That's a loaded question! It all depends on how much the new house is, how much money you already have to put down on the new house before you receive your equity from selling the old house, and whether the sales price on the new house is in line with its true value. It could also depend on the type of mortgage loan you are getting, the interest rate, the length of the loan and what your credit score is.

My suggestion: If you DON'T want to use all the equity from the sale of your old home, I would be particular about the new home I chose and how much it costs.
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Thu Aug 23, 2012
Josh Barnett answered:
Ik4home,

Here is the link to the Restrictions on River Bend Estates, Sec 6 (below).

http://clerkpi.oklahomacounty.org/DocDescMain.aspx?sk=1998079091&ref=506bc2e5-7b28-4702-ab24-94ad9df0ed5e

Click the blue "View Image" link at the top left to review the PDF.

Hope this helps,

Josh Barnett, Realtor
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Wed Aug 22, 2012
Josh Barnett answered:
Call Terri Cowger at 405-620-6555, she is a local lender that will be able to help you with the potential programs in your area. If there is something out there for you, she will know about it.

Tell her Josh sent you.

Hope this helps,

Josh Barnett, Realtor
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Fri Aug 17, 2012
Bill Hayden answered:
Here is the website for Oklahoma Bond money and then as the others mentioned discuss with your Lender / Mortgage company;

http://www.ohfa.org/HomeBuyers.aspx

Please do not hesitate to ask if I may help you. ... more
0 votes 8 answers Share Flag
Sat Jul 21, 2012
Josh Barnett answered:
Arlyssa,

The HUD website is ran off an automated computer system that automatically turns on the next scheduled bidding notice at midnight, the day of the scheduled end to current bidding. If your bid was high enough to be considered, i.e. no less than list price for example on good deals, your bidding Realtor will be notified via email w/ 1) Highest & Best, 2) a HUD counter or 3) acceptance.

Call your Realtor, who submitted your bid and they will be able to give you up-to-date info on where you are in the bidding process through their HUD login panel.

Hope this helps,

Josh Barnett, Realtor
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1 vote 3 answers Share Flag
Sun Jul 15, 2012
Christie Baker answered:
Hi Bec, in my experience it is very hard for home owners to emotionally detach themselves from "their home". They may be basing their price on what it is worth to them rather than current sales in their area. Even when I explain that once you put your house on the market, it is not "your house" anymore. The goal is to provide a house in which prospective buyers can invision THEIR family. Until sellers can accept that premise for selling their house, it will be hard for them to be realistic about it's value.

Many sellers believe that their is something so special about their house that it is worth more than what the comparables in the area show. Also, there is the issue of the seller being able to make a profit that will allow them to purchase a new home. Sellers may realize that they have their home overpriced, but they need that much to be able to upgrade or make a move for employment purposes that creates a need for a certain return on the their home. In today's market, when sellers have not been in their house long enough to increase the equity (value) of their house, they still want and need to get more than it is worth based on the current market in the area.

Hope this helps.
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Wed Jun 27, 2012
Sandra Dawson answered:
Hi Jonathan,

Most of the the advice given has been pretty good. I dont mean to beat a dead horse but I wanted to give you my two cents! What you are describing is very common and there is a part of it that I have noticed as a trend. I work with 100's of home buyers and I cant help but notice an overwhelming trend of buyers wanting to work/see homes with the listing REALTOR and the listing REALTOR only. I am not sure where this is coming from, but my personal feelings are that this is a mistake. It has been something that for years certain industry leaders have tried to educate the public about but it never seems to stick.

I clearly agree that the listing REALTOR may have more knowledge of the home than a buyers REALTOR, though a REALTOR representing the buyer and get any information they might want. Also, the listing REALTOR has already agreed to work to the best interest of the homes seller, not its potential buyers. Does this make sense?

The analogy that I like to use is if someone was suing you for whatever reason, would you hire the same lawyer to defend you as the other person has already hired to sue you?? I don't think so, yours is a very similar situation. P.s. this is not legal advice ;) think I should add that just in case!

Jared Kennedy : Assistant to Sandra Dawson
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Fri Jun 22, 2012
Rose Wilkinson answered:
I sold a house over in Grady Musgrave, and there are a lot of new homes being built in the area. This will pull up the value of existing homes surrounding this area.

When an appraiser looks at your home, he / she will compare it by:

A) Pulling up homes that were built 5 years before and 5 years after your home was built
B) Pulling up homes that are 500 square feet more and 500 square feet less than your home
C) Making sure all of the comparable homes have the same beds and baths
D) Making sure all of the comparable homes are either all brick or all frame
E) Making sure all of the comparable homes have the same number of car garages
F) If the property is NOT in foreclosure, then they would only compare it to other NON-distressed sales. If it IS in foreclosure, they will compare it to other foreclosures / short sales in the neighborhood.
G) Finally, they will only pull up recent sales going back as far as 6 months based on all of the comparability factors mentioned above to determine an average price per square foot.

Here is a more concrete example of how an appraiser would look at the home:

123 Grady Musgrave Street: Built in 1965, 1532 sqft, 3 bed, 2 bath, 2 car garage, brick home $75
152 Grady Musgrave Street: Built in 1961, 1501 sqft, 3 bed, 2 bath, 2 car garage, brick home $72
143 Grady Musgrave Street: Built in 1964, 1350 sqft, 3 bed, 2 bath, 2 car garage, brick home $70

The number on end is price per square foot. All of these would sell within last 6 months.

Hope that helps.
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Fri Jun 15, 2012
Josh Barnett answered:
Sang,

Call Kurt Swink, Owner of Financial Concepts Mortgage, he will tell you exactly what it will take. His number is 405-722-5626. Let him know, Josh sent you his way.

Hope this helps,

Josh Barnett, Realtor
Metro First Realty
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Sun Jun 10, 2012
Rachely355 answered:
try looking at 11817 Cedar Valley Ter. Easy highway access to Airport- 10 minutes away. Nice, quiet neighborhood.
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Thu May 3, 2012
Monique Robinson answered:
Thank you, so very much. You guys have given me the best advice for me to move forward. I am -just going to continue to save my rent, they will not give me info on where to send.
0 votes 7 answers Share Flag
Mon Apr 23, 2012
Reyna Elizalde answered:
yes James the bank wants to see a good mortgage history and they will not give you a loan if you are not current on your present loan. In other words if at the time of your new loan they see a late payment with in 12 months they will not give you another loan. consider that late means more than 30 days past your due date that is when the bank will report to the credit burial. ... more
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Tue Apr 10, 2012
Russell Benson answered:
Top two results in google when searching:

Oklahoma City Real Estate - Oklahoma City, OK Homes for Sale ...www.realtor.com/realestateandhomes-search/Oklahoma-City_OKCached - Similar
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Homes for sale in Oklahoma City. Check out listings for available Oklahoma City, OK real estate on REALTOR.com.

2 Bedroom in Oklahoma City - 3 Bedroom in Oklahoma City - Oklahoma City LandOklahoma City Real Estate - Find Homes in Oklahoma City at ...www.realtor.com/oklahomacity/nbregion.asp?st=okCached - Similar
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Select an area of Oklahoma City Click on the map or links below to search for homes and real estate in Oklahoma City. 1. NW Oklahoma & Edmond. 2.


Nuff Said!

Russell Benson, REALTOR®
Prudential Alliance Realty
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Thu Mar 29, 2012
Joanna Haley answered:
I have sold several home creation homes. My nephew bought one. Everyone has been very happy with their home and the customer service they offer! I would be happy to help you find a home! ... more
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