Special Financing for Special Times!

Remember how I said last week that I keep going to classes to stay current?  Well, yesterday I went to another class on special financing.  One kind was rural development conventional loans, and the other was Native American FHA loans. 

The bottom line is that these 2 very different loans offer fantastic opportunities in Oklahoma, and especially in McLain County. 

The rural development loan is a 100% loan!!!  There are some limitations on income, etc, but ANY normal home in Newcastle would qualify. 

The Native American FHA offers a reduced down payment and reduced mortgage insurance for card carrying tribal members.

So…. If you have been thinking, gee, I wish I could take advantage of record low rates, this may be the time.  Call me and we will go through all of the details.

On Being 'Just Right'

When I started selling real estate, I was 25 years old, and I can tell you, it was pretty hard to convince anyone that I had a clue about what I was doing.  When I changed markets (from Oklahoma City to Houston) in my early 40's, I found it was much easier for my clients to believe that I could help them, simply  because I was old enough and experienced enough to know what I was doing!

Well, I must confess that I thought I had gone the other way:  Surely people now think I am too senile to actually not drool on their paperwork. 

I guess this was all in my head, because I got a statistic in a financing class today (yes, I take classes ALL the time -- it's my way of staying current!)  that gave me new confidence!  The age of the average Realtor in Oklahoma in 2009 was ........... 58!!!!!  Guess how old I was in 2009! 

Sooooo, this is my way of letting you know that real estate speaking, I AM IN MY PRIME!  Give me a call if I can help you with ANY real estate questions.  If I don't know the answer, I probably know where to get it!

ForSalebyOwner.com Founder Uses Agent to Sell Home

ForSalebyOwner.com Founder Uses Agent to Sell Home

No Silly Questions

Many years ago, when I was a young pup Realtor, I was on phone duty one day, and I got a call from a man who said his water heater had gone out.  I told him I was sorry to hear that, and he told me it was okay, because he had a ‘warranty deed’, and we needed to come fix his hot water heater! 

I must confess, I thought this was another Realtor playing a joke on me, but he was in complete earnest.  So, I had to explain to him that the warranty deed meant that he actually owned the real estate ----- broken hot water heater and all. To this day, I die laughing thinking about that poor guy and his leaky water heater.

The definition of “a general warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate, and has a right to sell it to the grantee (buyer).  The guarantee is not limited to the time the grantor owned the property – it extends back to the property’s origins.” (Wikipedia)

The point is that everyone lacks expertise in some area, and that all of us need help from time to time.  Realtors make money by selling properties, so it should not cost money to ask your Realtor questions….and after all, everyone knows there are no silly questions!  How are you going to find out if you don’t ask?  And should your Realtor be guessing what you do or don't know?

If your Realtor can’t or won’t help you, give me a call.  I’ll do my best to be of service.  Elaine 405-243-7981

Money Talks

Working through financial jargon with a mortgage lender can be confusing, but you can make the process easier if you clarify queries up front. Real Estate ABC and About.com offer a few tips for talking to your lender and finding what home loan best fits your needs.

     Don’t be afraid to ask about the pros and cons of each type of loan — fixed-rate loans are good if you are likely to have a lower interest rate and can pay it off quickly, while an adjustable rate mortgage will fluctuate during the term of the loan. And keep in mind that the total cost of a loan includes many fees, such as the appraisal, request for credit report, inspection reports and recording fees. Sometimes these fees are negotiable, so be sure to ask your lender if there’s room for more savings.

     Ask about the lender’s relationship with the financial institution they represent. The closing process moves quickly, and it’s important to have a lender who feels comfortable getting in touch with the financial institution and making changes for his or her client as often as needed. When determining a closing date on the property, it’s best to work with a lender who can guarantee funding and turnaround of the loan within 48 hours of signing the necessary paperwork to avoid delays.

     The most important tip? Trust your gut when choosing a lender. If at any time you’re not comfortable with the answers given, or if the lender is vague or defensive, consider looking elsewhere.

Kitchen Cosmetics

Could your kitchen use a facelift? According to Remodeling magazine’s latest Cost vs. Value Report, the average minor kitchen remodel costs $21,695. And considering the amount of time people spend in their kitchens, it could be well worth the investment: Homeowners typically recoup about 73 percent of the cost, according to the report.

     If you’re hiring contractors to do the work, make sure you do your research. Estimate how much the down payment will be (usually about a quarter of the total project cost) and be sure to discuss a schedule for the payments. Walk through and make a list of what (if anything) in the kitchen won’t be replaced during the remodel. Keep in mind that you can save thousands if your remodel allows you to keep existing wiring and plumbing in place. Still, unexpected costs do pop up, so experts recommend keeping about 20 percent more cash on hand to cover unforeseen cost overruns. '

     When it comes to the details, costs can certainly add up. But there are ways to get the luxe look for less. Kitchen counter materials range in price, from a top-of-the-line expensive granite surface to a wallet-friendly durable quartz countertop that has the look and feel of granite. If you do go for a luxurious countertop, consider installing a less expensive backsplash (beadboard, DIY mosaic tiles, or faux pressed tin are some options). Refacing cabinets, painting them or just replacing the knobs for a fresh look might be a more viable option than replacing the entire set.