Suffered a Casualty Loss within your Tulsa, OK Home?

If you have suffered a casualty loss within your Tulsa, OK home and are under-insured or do not have insurance, these losses can be tax deductible. There have been many weather related events across the country lately resulting in damage to property. Floods, earthquakes and tornadoes have ravaged several areas. There are several types of causes of casualty losses including: 

• Fires
• Earthquakes
• Hurricanes
• Tornadoes 
• Landslides
• Volcanoes
• Sonic Booms 
• Vandalism

If your Tulsa, OK home has been damaged due to an event that was unexpected, a deduction for a casualty loss for the amount that is not covered by insurance may be taken. If the loss was fully covered by insurance, there is no deduction. A claim must be filed in order to take a deduction for a casualty loss. In addition, the loss can only be deducted on a personal home if you itemize deductions, the loss is more than $100 and the total of the losses is more than 10% of your adjusted gross income minus the $100 for each loss. 

Tulsa, OK Annual Parade of Homes is Underway!

Over 140 Tulsa, OK homes will be featured in the 2011 Greater Tulsa Parade of Homes. Located in 14 communities in the Tulsa area, the homes will be open for viewing during the event, which will take place June 11th through the 19th. Sponsored by the Home Builders Association of Greater Tulsa, this is an opportunity to view a variety of floor plans as well as home decorating styles and the latest trends in building. The Tulsa, OK event will feature homes from more of the top builders and in a diverse price range.

Participating in the Tulsa, OK Parade of Homes will be over 140 homes with a price range from $130,000 to over $1 million. The sponsor, the Home Builders Association of Greater Tulsa, was established in 1942 and was the first to host a Festival of Homes. Today the Festival of Homes is known as the Parade of Homes. Supporting the home building industry, the association also hosts a Home & Garden Show in the Tulsa, OK area that typically has over 450 exhibits.

Featured subdivisions for the Tulsa, OK Parade of homes are:

• Stone Canyon, Owasso
• Nottingham Hill, Owasso
• Chisholm Ranch, Bixby
• River’s Edge, Bixby
• Berwick on Cedar ridge, Broken Arrow
• Village at Southern Trails, Broken Arrow
• Forest Ridge, Broken Arrow
• Yorktown, Jenks
• StoneBrooke, Tulsa

The homes will be open daily from 1 p.m. to 7 p.m. and there is no charge for admission. In addition, there will be twilight hours at Berwick on Cedar Ridge on June 14th from 6 p.m. to 9 p.m. and at Stone Canyon, June 16th from 6 p.m. to 9 p.m.

There are a number of area builders that will be participating in the Tulsa, OK Parade of Homes. The sponsor, the Home Builders Association of Greater Tulsa is a non-profit organization that allows members to contribute services, time and money to local community projects as well as to local education initiatives.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

How to Keep your Pets Happy when Moving to Tulsa

If you are moving to Tulsa and want to make the transition as smooth as possible for your pets, there are a few things you can do to reduce stress. Helping them to feel as safe and secure as possible is not only less stressful, but can keep them healthier. A lowered immune response can be the result of a change in routine. Here are a few tips to help keep your pet happy and healthy while moving to Tulsa.

1. Make certain you have a good supply of their normal food. An upset stomach can result from eating a different type of food. Packing this where it is easily found will save you from running around trying to find pet food as soon as you arrive.
2. Before the move your pet should be current on their vaccinations.  If prescriptions need to be filled, doing so ahead of time will save you time and worry. Microchipping is also a good idea in case your pet would become lost.
3. When moving to Tulsa, bring your pet’s favorite blanket and a couple of their toys for the trip. This will help them to feel more secure.
4. If traveling by plane, do not feed them 6 hours before the flight. If traveling by car, be sure and take breaks so they can get out and walk. It is good for you to stretch your legs as well.
5. If you have movers coming in, it is a good idea for your pet to spend the day with a family member or friend. Strangers and constant traffic are upsetting to pets.
6. After moving to Tulsa, set up an area of your new home for your pet. This is where you will want to put their bed, blanket, toys and items that make them feel at home. Make certain they know where the litter box is as well as water and their food.
7. Getting back into your normal routine as soon as possible after moving to Tulsa will help. If you can keep to the schedule you had for taking walks and mealtimes, this will help your pet adapt more easily.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Tulsa, OK Homes Sell the Quickest

Tulsa, OK homes do not spend a great amount of time on the market once they are listed. According to Realtor.com, this city is among the top 11 that spend the least amount of time on the market. Three cities, Tulsa, OK, Fresno, CA and Anchorage, Alaska all spend 71 days on average on the market before being sold. The median list price for Tulsa, OK homes is $147,900, for Fresno, CA it is $170,000 and Anchorage, Alaska’s median price is $279,975.

The review included 146 markets for this report. According to the report, the median time on the market for homes nationally was 160 in March. This is a 40% increase in a year. Others outside this market were listed for much longer before selling. Part of the reason for the long wait is the high number of homes that are held by lenders. With a great many homes in foreclosure, banks and mortgage companies are inundated with thousands of properties.

In addition to the Tulsa, OK homes, several others did not spend as long on the market. They include Oakland, California with an average of 50 days on the market and San Francisco with 63 days on the market. The average price of homes here were $319,000 and $639,000 respectively.

Data from RealtyTrac show that the large number of foreclosures (872,000) being held by banks and lender is almost two times the numbers that were held a few years ago when the crisis began. There are several million that have not been foreclosed on yet that will be added to this number in the next few years. The expectation is that it will be about three years before lenders can sell the properties they are holding presently.

A little good news for borrowers is that lenders are beginning to work with them more in an effort to avoid foreclosure. As they begin to realize that selling even for a loss is better than foreclosure, there are some areas that are benefiting with an increase in the rate of sales. Additionally, there has been a slight rise in prices in the last couple of months. Presently it looks as if Tulsa, OK homes, several cities in California, Alaska, Iowa and Colorado are leading in the least amount of time between listing and selling properties.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Tulsa Home Sales gain Momentum with HAFA Programs

The HAFA Program or Home Affordable Foreclosure Alternative plan was created to help those who own a Tulsa home by making the short sale process more efficient. Complaints have been ongoing about the many problems of short sales. The lenders take months to make decisions. Buyers get frustrated with the long wait and often give up on the home. Those trying to sell the Tulsa home are left with a foreclosure on their credit records, making it impossible to buy another home for many years.

These are just a few of the problems the HAFA Program was created to combat. In addition, they can help homeowners and lenders. They provide incentives to both and buyers can get an answer on their offer within 10 business days. The benefits include $3,000 in relocation assistance for the homeowner. They are able to get their credit in order and the possibility exists of buying another home within two years.

The lenders also get an incentive of $2,000 or more for each short sale they complete on a Tulsa home. They do not have to foreclose, which can cost far more than a short sale. Typically, a short sale saves 20% over foreclosure.

Real estate agents will benefit as well by receiving their full commissions, which have often been cut by lenders looking to save money. The all-around benefits are designed to bring relief to more than 10 million people across the U.S. that are now in financial distress.

The requirements to participate in the program include:

• The amount owed on the Tulsa home cannot be more than $729,750.
• The residence must be the homeowner’s primary residence and they must have lived there for the last 12 months.
• There must be a hardship affecting their financial situation.
• The home must have a mortgage that originated by January 1, 2009 or before and they must be behind in payments or expect to be in the near future.  

It is hoped those who own a Tulsa home as well as many others across the U.S. will benefit from the HAFA Program. The need for a program that created options that were not available in the past was crucial. The program is still new, but there have been more HAFA transaction in January and February 2011 than in the whole year of 2010.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Sell your Tulsa Home Faster with these Important Tips

How can you sell your Tulsa home faster? There are a few tips that are quite useful to help your home appeal to the largest number of prospective buyers. Knowing how to price the home is one. Many times people think their home is worth far more than it actually is worth. Overpricing your Tulsa home is one way of ensuring that it stays on the market for a long time and often experiences many price reductions before finally selling. The message this sends to prospective buyers is there is something wrong with the home or that they have a lot of negotiating room.

Several aspects should be considered when choosing the right listing price for your Tulsa home. The homes in the area that have sold should be considered. How does your home compare to these homes? Do you have more space? Are there more upgrades to your home? Do prospective buyers know this information?

Relying on this alone is not a good way to price your Tulsa home. In addition, you should take a close look at the home from a buyer’s perspective. Is it near attractive amenities? Good schools, public transportation, grocer’s and other shopping venues as well as parks and easy access to main routes are features that need to be mentioned.

Are photos of your Tulsa home appealing? Would you want to look at the home in person if you saw the photos? Curb appeal and touring the home via the Internet are two features used by home shoppers today more so than in the past. With the availability of the web, the first place most people go when they are considering a home purchase is the Internet. This is typically where they narrow down the number of homes they want to see in person. Do not let your home be passed by due to poor photos.

It is currently a buyer’s market and using the good points of your home to help it to sell quickly is the key. Your Tulsa home should list everything possible that would appeal to a buyer when it is placed on the Multiple Listing Service. While it may not be possible to list everything, you can help by making a list of the advantages and having it available for those who come to an open house. Additionally, this will allow a prospective buyer to remember your property in detail, thus it will stand out from other properties they have seen.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Tulsa OK Homes are Flying off the Shelves … to Australians!

The recent sale of Tulsa OK homes is attributed to the economy abroad. Australians are experiencing a boom in the export business. Top exports include gold, iron ore and coal, which are being bought at an increasing rate by China. Add the fact that the home prices average about $500,000 and unemployment is only 5.1%. Australians have cash to spend and they are spending it to invest in Tulsa OK homes as well as homes in many other U.S. cities.  

With the help of real estate professionals, they purchase foreclosed Tulsa OK homes, renovate them and rent them. The real estate brokers handling the transactions make a commission on the sale and they receive a percentage of the rent each month to manage the homes. The properties purchased have a building inspector’s report and a clear title when purchased. The homes are often purchased at foreclosure sales at the courthouse.

Realtors say the business of buying the homes is booming and they are seeing investors from New Zealand, Singapore and Europe as well as Canada. Prior to this latest trend, the main buyers of foreclosed Tulsa OK homes and short sales were Americans. Today realtors report nearly 30% of their clients are from abroad. Targeting areas such as the Southeast and the Midwest, where homes are sometimes as much as 50% less than their 2002 peak price, investors have purchased hundreds of homes.

While critics of this latest trend view the process as taking advantage of the misfortune of others, investors say they are helping to stabilize home prices. Additionally, the Tulsa OK homes are not sitting on the market for a long time and falling into disrepair. Opponents of the investments say this may give lenders an incentive to foreclose rather than working with the homeowners.

A typical investor in Tulsa OK homes may make a profit of $400 per month from the purchase. This is after the monthly note, insurance, taxes and a percentage is put away for maintenance. In addition, about 8% of the rent is paid to the real estate professional who arranged the sale to find tenants, take care of maintenance and any other issues that may arise.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

Top Things to be Aware of if you Foreclosed on your Tulsa Home

What should you know when your Tulsa home is foreclosed on besides the fact that it will not likely sell for what you still owe? The amount that it sells for minus what you owe can be forgiven by the lender, but that does not mean the IRS will not figure that you owe taxes on this amount. If you owed $5,000 in credit card bills and the company settles with you for a percentage of the amount owed, the remainder can be counted as income and you will be held responsible. The IRS followed the same policy for mortgage debt until the Mortgage Forgiveness Debt Relief Act was passed in 2007. The act meant those who owned a Tulsa home that was foreclosed on did not have to pay taxes on the difference.

This may change by next year when the act expires. There are some instances when the amount between what the Tulsa home sold for and what was owed may be taxed as income. The following are examples of exceptions to the Mortgage Forgiveness Debt Relief Act.

1. The Tulsa home you owned was worth several million dollars. This seems impossible, but homes worth millions have been foreclosed on as well as average homes. Two million is all that is covered under this provision in the law and the remainder will be taxed as income. This can end up being quite a tax bill.
2. If you did a cash-out refinance on your home and the money was spent to pay down your credit card, for a new vehicle or taking a vacation, this money will be treated as income. The IRS only allows the refinance money to be used for improvements on the home in order for it to be non-taxable.
3. The Tulsa home you lost to foreclosure was a vacation home. If you did not live in the home as your primary residence two of the last five years, you will pay taxes on the difference between the amount paid and the amount still owed on the home.
4. A home equity line of credit works very much like the refinancing. Only the amount that was actually spent on improvements on the Tulsa home will be forgiven. You may be asked for proof when claiming this, so keep your receipts for tax purposes.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!

How to find the Best Mortgage Broker when Purchasing a Tulsa Home

You are ready to find the Tulsa home you want to purchase. First, you will need to find a mortgage broker that can provide the best service and information that is needed. This process is crucial if you are going to have the information needed to make the right choice. Buying a Tulsa home is a big step and being prepared will allow the process to go a lot smoother.

One of the first things a lender should do is ask you a few questions to give them an idea of what type of loan is best for your situation. The financial information they gather will allow them to determine the right loan for your Tulsa home. If the mortgage broker does not ask these questions, you should look for another broker.

The loan recommended should be explained to your satisfaction. If you do not understand something, the mortgage broker should be able to answer your questions so that you do understand. Before committing to a loan for a Tulsa home, ensure that you have a mortgage broker with whom you can communicate. The pros and cons of the loans recommended should be considered as well.

Does the loan have a prepayment penalty? Will you be able to lock in the rate that was quoted at the time of your application? If it was a good rate, this is important if rates may increase in the near future. If you do not lock in the rate, the interest that is prevalent on the day the loan is funded will be the one you end up paying.

When buying a Tulsa home, you will be provided with a ‘good faith estimate’ of the costs associated with the purchase. This will include the appraisal, home inspection, title fees, taxes and credit report fees as well as others. Although the lender is not required to guarantee this is the amount you will be paying, many lenders will guarantee the good faith estimate. You should receive this within three days of applying for the loan, as required by federal law.

Finding the right mortgage broker will be the difference between making the purchase of your Tulsa home an enjoyable experience or a nightmare. Do not choose the first one you talk to when you are looking for a lender. Interview several and choose the one that you feel comfortable with and the one that provides the information needed to make your purchase as informative as possible.

If you would like more information about Tulsa homes, please give me a call at 918-231-5734 or visit my Contact Us page and send me a quick message.  I’ll respond right away!