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!

Should you get a 15-Year Mortgage for your Next Tulsa Home Purchase?

When you decide to purchase your next Tulsa home, you may consider a 15-year mortgage versus a 30-year. This is increasing as many homeowners consider the difference in payments compared to the amount they will save over the life of the loan. A company that provides consumer, financial and property information is showing an increase in the number of people who are choosing to pay 15-year mortgages on their Tulsa home. CoreLogic’s figures from January until June of 2010, show 26% of refinancing homeowners chose 15 years for the payment term. 

Why are more people choosing to pay a 15-year mortgage over the longer period? The interest rates, which are currently around 5% are at a low that has not been experienced for many years. In addition, choosing the shorter term for repayment of the home loan typically means a better rate. The interest paid on the Tulsa home will be far less over the entire life of the loan. The payment may be a bit more, but it is not enough to deter some purchasers or those refinancing. In addition, depending upon the interest being paid presently, the payment could be less.

Most of those who are buying a Tulsa home or refinancing are older and have more financial stability. They are also invested in staying in the home long-term. Experts recommend having at least a year’s living expenses in savings before deciding on the 15-year term over a longer loan repayment period. They also say the borrower’s debt-to-income ratio should be less than 35%. This includes the mortgage payment as well as credit cards, automobile payments and any other regular fees paid on a monthly basis.
 
If paying a 15-year mortgage rather than a 30-year is not an option, adding $100 extra each month can also help pay a mortgage off early. This can reduce the number of years being paid on the Tulsa home by as many as five or more. This method also allows flexibility if there is a month or so that the extra money cannot be paid.

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!

Getting Married and Buying a Tulsa Home? Think Wedding Registry!

If you are getting married and a Tulsa home is part of your future plans, a wedding registry can help! This is a new idea to help you use gifts of cash for your wedding to help with the purchase of a new home. A down payment wedding registry can be hired to allow those who want to give gifts of money to the happy couple. Interest earned on this money can help towards the Tulsa home you will buy.

There are a few tips that can be beneficial for finding a wedding registry.

• There are many available so you will want to ensure the one you use is a professional service. Find one with low fees and that pays interest on the money you will be saving for a down payment on the Tulsa home.
• The service you use should work with a bank that is FDIC insured. In addition, the services should be FHA approved permitting the money to be counted as cash toward the down payment on the Tulsa home.
• Some wedding registry services provide a home buying service that helps first time home buyers. This can include how to get pre-approved for the Tulsa home as well as getting financing and all that is involved in closing.
• If you would like to save even more for a down payment on your Tulsa home, consider setting up the wedding registry yourself. You can open the bank account, provide your guests with deposit slips, create the requests and mail them to everyone. This will require a little more of your time, but it will help get the down payment together much faster by saving the fees you would pay to a wedding registry.

This is just one of the ways you can use to get the down payment for the Tulsa home you want to buy after getting married. Another choice you may want to consider is the Cash Wedding registry. This also allows cash gifts to be used for a down payment on a home.

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!

Could you Use More Space? Maybe it’s Time for a Larger Tulsa Home

Is your family outgrowing your Tulsa home? Do you need to look for more space and are wondering if now is the right time to ‘move up’? There are many who are considering if now is the right time to purchase a larger Tulsa home for their family’s needs. The following will help you to determine if this is a good time for a move.

1. Can you afford a bigger Tulsa home? The cost of the mortgage is going to be higher naturally, but there are other costs associated with a larger home. The energy consumed will be more as well. The home should be as energy efficient as possible and look for one that appliances are modern and Energy Star rated.
2. Take into consideration that the move to a new Tulsa home may mean new schools and leaving behind friends. The proximity to family may be another thing you may have to give up, so consider all these aspects. Obtaining the needed space for growing families often means giving up some of the things to which you have become accustomed.
3. Looking for a larger Tulsa home will require researching neighborhoods to see how dramatically they were affected by the economy. Does the one you are considering have an equal buyer and seller balance? Your real estate agent is a good person to rely on for the pertinent information when it comes to market trends.
4. How much equity do you have in your Tulsa home? Is it enough to help finance the move to a larger home? Although many homes declined drastically in price others have weathered the latest problems and owners have maintained equity. An appraisal will be one good way to find out if your home has enough equity to fund the move.
5. Last, but not least, do you have an income that is steady and will remain so? A savings that will tide you over in the event of an emergency is something you should have planned. This should be at least enough to last for eight months. The responsibility of a larger Tulsa home will include higher costs so be certain that your income will support this move. 

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!

61st Annual Tulsa Home and Garden Show 2011

The 61st Annual Tulsa Home and Garden Show is coming up March 10 through the 13th. This is the place to go for everything for the home and garden. With more than 450 exhibitors, this was the nation’s first home products trade show and has been a Tulsa mainstay e 1949. The 2011 Tulsa Home & Garden Show will be held at the QuikTrip Center at Expo Square, Tulsa County Fairgrounds. Admission is $8 for adults, $7 for seniors and children under 12 are free with accompanying adult.

Beginning at 5 p.m. on March 10th until 9 p.m., the Tulsa Home & Garden Show is sponsored by Wells Fargo Home Mortgage. The show will feature many live demonstrations of ideas for improving the home. Joey Green, best-selling author and “Mad Scientist of Home Improvement” will be featured. The twice daily shows on Friday through Sunday will show attendees uses for brand name products that are “out of the ordinary.”

The largest display within the state, this is the place to be for the latest products from over 450 companies. Get advice from home improvement experts as well as garden companies. If your Tulsa home needs improvement, shopping for the items needed all together in one place will be a plus when attending the Tulsa Home and Garden show. The show will feature 170,000 square feet of booths this year with an array of home improvement products and ideas.

A creative exhibit, the Balloon Garden, will be constructed as a feature of the show by professional, Thad James. The life-sized garden will allow visitors to stroll through 625 square feet containing foliage, fountains and flowers that have been constructed from balloons. The options will be varied this year and there will be something for all ages. A childcare area will be available. Playtime will offer childcare for $2 per hour with a maximum of 2 hours while parents are checking out the many home improvement options.

There will be a free shuttle on Saturday and Sunday. This will operate from Hale High School and valet services are available as well with drop off behind the Golden Driller. Look for the official guide to the Tulsa Home & Garden Show in the March 9th edition of the Tulsa World. There will be a map of the show as well as a listing of the exhibitors and the location of booths. A schedule will be provided and a coupon for $1 off the admission price will also be included.

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 Homes are in Top 5 Residential Areas to buy for 2011

Tulsa homes are one of the top five best places for prospective buyers to purchase a home in 2011. This assessment is based on four factors. Taken into consideration were the affordability, the foreclosure rates, the unemployment rate and the price appreciation in several cities across the U.S. The analysis was based on the point of view as seen by those who live and work in the cities that were considered. Tulsa homes were ranked number five in the top ten cities.

Affordability of Tulsa homes was placed at 2.1 figuring how much the home would cost in terms of the number of years of income as well as the median income of those working in Tulsa. Also used was the affordability over time factor. Figuring out whether the market has the potential to go up by comparing the years from 1985-2000 and 2010, cities with markets that have this potential are considered to have a better affordability over time.

The foreclosure frequency of Tulsa homes was also used. The percentage for Tulsa was 0.312%. This lower the number of foreclosures in a city, the less the negative impact is on home values. This means that Tulsa homes that went into foreclosure in the past year numbered 31 out of 10,000 homes compared to the cities with higher numbers such as Merced, CA with a 5.35% foreclosure rate. This meant in Merced, CA 535 homes out of 10,000 went into foreclosure.

Unemployment rates for residents of Tulsa homes were 7.4%. This was calculated using the percentages from 2009 and 2010. If rates were lower in 2010 than 2009, the city received a better ranking. The last factor used was the price appreciation. Tulsa homes had a -2.9% quarter over quarter rate and a -3.6% year over year rate.

Using these factors, Tulsa homes are the most affordable of the top ten cities. The median income of 2.1 years in the Tulsa area is approximately the value of a home located here. The price per square foot is about $73 compared to the national average of $108 per square foot, making Tulsa homes a good value. 

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!