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Home Selling in Oklahoma City : Real Estate Advice

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  • Local Info34
  • Home Buying151
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Activity 60
Sat May 5, 2012
Josh Barnett answered:
For clarification, is the "home owner" the same as the "staying in the nursing" home or the current "tenant" of the home?

First: If the trust has given the "home owner" the right to live in the home for the rest of the "home owner's" life, yet the "home owner" and the trust can come to a written agreement removing this right, i.e. doctors orders that the "home owner" must remain in the nursing home due to ill heath or because the Trust deems it necessary, this right can be removed.

Second: If the "home owner" and the individual/persons currently renting the home are not the same person and the trust and the "home owner" come to a written agreement removing the right to occupy the property for the remainder of the "home owner's" life, the Trust can not renew/extend the current individual/person's lease on the property's and sale the property vacant or sale the property to an investor while still rented and the purchaser can raise the rent rates to market value once the lease is up for renewal/extension.

Third: If you do sale out of both homes, you will have enough cash on hand to place a large enough down payment w/ any rent-to-own options in Oregon, check the local papers for these options.

Every problem has more than one solutions, these are just some thoughts.

Hope this helps,


Josh Barnett, Realtor
Metro First Realty
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0 votes 4 answers Share Flag
Thu Apr 5, 2012
Cathy Chrost answered:
De-clutter and CLEAN and paint are the 3 primary and least costly and effective ways to prepare. Your agent should be able to provide a list of items that need attention. If you have concerns about anything more serious needing attention, hire a home inspector on your behalf prior to listing. This is usually a very helpful tool to be used in the marketing of your home as you can get a jump on items that will no doubt be a concern to buyers. Good luck! ... more
0 votes 3 answers Share Flag
Thu Apr 5, 2012
Irina Karan answered:
I once attended a house party in Ipswich, MA.
The owners told me about their house being haunted.
They knew it was before they bought it, and loved the feeling of living in this one of the oldest houses in the nation, actually. The sellers were inundated with the Hollywood scouts offers of filming
in their house, but declined the offers - didn't want to upset the gosts, they said.
They claimed that the spirits were "nice"...

In FL, we have to disclose all of the "material" facts that effect the value...
Do we make the gosts "material" then?
I guess it is subject to each state's interpretation...:)

Thank you for this fun question!

Irina Karan 305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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0 votes 12 answers Share Flag
Thu Apr 5, 2012
Irina Karan answered:
In our neck of woods the clients hire an attorney to handle a foreclosure law suit, and they pay $400 per month "maintenance fee" for several years - 2.5 to 3 years is not uncommon, without paying a mortgage. When they get closer to the point of foreclosure, only then they either do a loan modification or a short sale, and rarely Deed in Lieu. We even have a phenomenon now - so many people go shopping that the economy is doing much better (shopping with money freed from the mortgage payment that is)...

There are great ways of handling bad banks.
If the negotiator is not doing his job to get him/her replaced.
If the negotiator is decent, but slow, to escalate.
If the escalation does not work, go to the next management level.
If there are too many managemenet levels and they are not effective, go to the president and ceo of the company.
If that does not work, involve the media and FTC etc...

In the end, the short sale will close successfully.

I had only 2 bad short sales so far, and I've done many many shortsales.
In both cases it was not the banks, but the seller or the buyer issues.

Banks can be conquered!

Irina Karan 305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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0 votes 2 answers Share Flag
Fri Mar 23, 2012
Becky Beagles answered:
We contested once and the same appraiser was allowed to go out 25mi instead since we are a niche market. It allowed more comps and better price a little.
0 votes 7 answers Share Flag
Wed Mar 30, 2011
Rose Wilkinson answered:
Janice,
I've noticed a lot of your questions posted. It seems to me you are also a real estate investor, like I am. I do a lot of contract assignments, and I may be able to find you some great wholesale deals. Also, I buy houses if you get your plate too full, and you want to make a quick buck.

I use to recruit Realtors for a major franchise in Oklahoma City before I started in my investing career, and I would tell you anybody who is savvy enough to be on this website answering questions will probally be a good Realtor for you. But I personally use Dawn Reuter, with Reuter Realty to assist me with buying and selling my own homes. Her number is 405-340-4377 and tell her Rose sent ya! ;-) She also has a property management company.

Rose Wilkinson, 405-881-5958
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0 votes 10 answers Share Flag
Wed Mar 30, 2011
Rose Wilkinson answered:
I was a Realtor for several years, but I believe a good Realtor not only gives you a good, traditional marketing plan for your home (fancy websites, email campaignes, open houses, virtual tour, and advertising your home in brochures) they will also be familiar with:

1. Lease Options (Rent to own)

2. Owner Financing

3. Wrap Around Mortgages

4. Cash As-Is Offers Versus Selling to a retail buyer

5. Partial owner financing

6. FHA and VA regulations (Because 90% of your retail buyers will only be able to get a government loan - which means the home you are selling has to be in PRISTINE condition!)

In this market climate, it is my humble opinion that traditional knowledge about retail sales and service is no longer "good enough." A seller needs to be armed with ALL of their creative options - not just some of them.

Rose Wilkinson, Equity Estates LLC
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0 votes 13 answers Share Flag
Wed Mar 30, 2011
Rose Wilkinson answered:
I am a real estate investor, and I can make you an as-is cash offer on your home if you don't want to fool with repairs. I will give you a break down of all my expenses to get it up and running as far as selling it to a retail buyer.

Or, if you prefer, I am a mortgage loan originator for a construction loan company, and I can structure you financing to fix the home up yourself and list it with one of these fine Realtors. ;-)

Also, to the Realtors... if you run across sellers like these and we make them a cash offer, we will pay you 4% commission or $1,000 dollars - whichever is greater!

Call or text Rose Wilkinson (405) 881-5958
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0 votes 16 answers Share Flag
Thu Oct 28, 2010
The Levinsons answered:
While it is not unusual for the seller to pay a portion or all of the buyers closing costs, every contract is unique to itself. Contract negotiations are just that -- 'negotiations'. Ultimately most buyers are interested in getting the best combination of terms - to include price and/or seller-paid closing costs. ... more
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Wed Oct 20, 2010
Lanell White answered:
Hello Again PrettyinPink,

When selling a home, there are certain expenses the Seller is required to pay. With a normal sale, these expenses are taken out of your proceeds at closing and nothing need come out of your pocket. However, if your property sells for less than what it costs to pay off your current loan and cover these costs, you may have to bring money to closing to cover them. There is really no way to say how much you will need to net out of your home until a thorough market analysis and expense estimate are completed. Please call me and I will be happy to do some research and go over everything with you.

LaNell White
Red Mountain Realty
1601 SW 89th Bldg C Suite 400
Oklahoma City, OK 73159
Office 405 688-5555 Cell 405 833-1445
Email: lanellwhite@dishmail.net
Website: http://LaNellWhite.Point2Agent.com
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0 votes 6 answers Share Flag
Wed Oct 20, 2010
Lanell White answered:
Hi April,
Yes, you're right, it might be a little difficult to find just what you're looking for in your particular price range, but it's not impossible. Several small towns or communities that you might want to check out are Shawnee, Harrah, McLoud, Choctaw, Nicoma Park, Midwest City, and Del City. These are all on the east side of Oklahoma City and each is just a short drive to TAFB, with Shawnee being the farthest (about 30 min away).

But your top priority should be to find a REALTOR who is knowledgeable about property availability and values in these areas. He/she should be able to find just what you're looking for if they know their markets. If you don't have a realtor who is knowledgeable in these areas, please call me and I will be glad to help you.
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0 votes 9 answers Share Flag
Fri Jul 23, 2010
Jennifer Blackwell answered:
Perhaps the buyer that is interested in your home NEEDs seller to pay his closing costs in order to be able to purchase a home. However, it is NOT a rule that seller must pay buyers closing costs. Seller does have his own costs and Buyer has his own costs. It's very, very commom in todays market that sellers pay a portion of buyers closing costs but not a definite.

Good Luck!

Jennifer Henning
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1 vote 11 answers Share Flag
Fri Jul 23, 2010
Homdelema answered:
Finally the house closed on the 17th of June, my lender Sun west Morgtage, reviewed the appraisal 3 times and ask for it to be changed to reflect a lower price on the garage which was set at 15k against ahone valued at 143000, the appraisser put a lmae comp on it and my lender eventually accepeted it, thing is I matched to the original and not much had changed, i saw it as a delay tactic by my lender, so they could have time to find a bank to sell it to, this is an MFH after all, all in all tho I got a real bargain, it was worth the hassle.

Thanks for all the replies.

PS I have 7 days to go til first payment and no one from any of the financial bodies has contacted me to tell me how to or who to pay my mortgage payments, no statment, account details nada, guess I have a free house LOL.
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0 votes 10 answers Share Flag
Thu May 13, 2010
Jennifer Blackwell answered:
Hey Phyllis: I just came across your question. If I am too late to help you, perhaps it can be helpful to someone else. Here is 100 Questions & Answers About Buying A New Home via US Department of Housing & Urban Development (HUD). http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm

Hope it went well for you, or goes well for you!
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1 vote 7 answers Share Flag
Thu May 13, 2010
Jennifer Blackwell answered:
Exactly, we are told our soil is "not good " for basements but I think there's a more rational explanation for the typical lack of basements in the South and there prevalence in the North.

The further North you go, the deeper the building codes require you to excavate to place a home's footing below the frost line. If you're excavating 3-4' already, plus placing the house 2' out of the ground, it's foolish to not dig an extra foot or so and just create a basement. In the South, the codes may only require footings to be 1-2' deep, and therefore the addition of a basement would require much more excavation (and therefore cost) beyond what's required.
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1 vote 6 answers Share Flag
Wed May 12, 2010
Jennifer Blackwell answered:
If you don't mind, let us know how it all worked out for you. I'm very interested in hearing if the bank was willing to work with you.

Thanks!
0 votes 8 answers Share Flag
Tue Sep 8, 2009
Jennifer Blackwell answered:
Hello PrettyinPink:

The broker is responsible for the actions of their Associates. If that doesn't work, I would be happy to call the Broker myself and ask to get the HASP code to unlock the lockbox so that it can be removed from your property. A Realtor's MLS eKey is the only thing that can unlock the lockbox... well, that and a pair of bolt cutters (lol.) Did she happen to pick up her sign or is it still on your property too?

I am truly unhappy to hear what a bad experience you have had!!! Like I said before, there are MANY professional and diligent Realtor's. However, just as with everything else, a few bad seeds as well. Again, feel free to call me at (405) 625-1576 or email at Jenn@JenniferSellsOklahoma.com if I can help. Good luck and please keep us posted.
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1 vote 12 answers Share Flag
Thu Jul 16, 2009
Fred Griffin answered:
The Appraiser (sent by the Bank) will state his or her opinion of value using comparable sales, income approach to value, or replacement cost. They will emphasize the Comparable Approach if possible.

Based on that Comparable Approach, if other houses in your neighborhood are selling for X dollars, then chances are that your house will only appraise for X dollars.

The Appraiser might make some upward adjustments for the improvements you described, but the new Home Valuation Code of Conduct is pressuring Appraisers to keep things down.

http://www.freddiemac.com/singlefamily/hvcc_faq.html


You could go ahead and order (pay for) an Appraisal, but keep in mind that the Bank's Appraisal at the time of sale may be substantially different from the appraisal that you ordered.

------------------------

Questions for you: is the finished basement compliant with any applicable building codes, and were any necessary permits obtained? Were the gas lines / gas fireplace installed by a properly licensed Gas Technician?

If not, you may have Insurance issues, and potential Liability.


----------------
Best wishes to you,
Fred
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0 votes 1 answer Share Flag
Tue Sep 9, 2008
Ryan Hukill answered:
Robin, the answers you've received here are right on. As a result of recent changes to the standard purchase contract in OK, buyers can back out at any time during that inspection period without risk of losing their earnest money. It's highly unusual to have that many buyers back out on purchasing your home, so I would guess that there is a glaring issue that has been uncovered in each inspection that is scaring away your buyers. Your listing agent should inform you on what the issue(s) is, so it can be addressed. Until the issue(s) is addressed, you'll likely continue to experience the same problem with each buyer, and will likely end up selling your home for less than if the issue(s) is addressed prior to inspections. Good luck. ... more
0 votes 4 answers Share Flag
Wed Oct 3, 2007
Brad Kimmelman answered:
Also, find out where the appraiser does most of his/her work. If he/she does not do a lot of work in your market area. If it turns out this particular appraiser does not know your market as his primary market. You have a stronger case to get a second, "opinion". ... more
0 votes 11 answers Share Flag
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