Thursday, September 24, 2009
Monday, September 14, 2009
Homeowners are in need of short sell and refinancing information and need re-posted. The March 12th Blog addresses these issues in these tough situations.
The links below will get you to the information you may need for help. This post is not intended to replace the advice from your attorney, C.P.A, or realtor... but a place for the consumer to find information among the maze of Internet sites.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Thursday, August 27, 2009
I personally see more damage near the back door where firewood has been stacked for easy access when stoking the fireplace. Termites can enter a home by slipping through cracks in concrete foundations. My son had termites enter through the AC ventilation boots poured in the foundation.
Tips for protecting your investment...
- Keep foundations from moving or cracking. Moisture on one side of your home and dry on the other, may cause foundation movements.
- Take water away from your home's foundation by using gutters and downspouts.
- Keep firewood, mulch and wood chips away from the house.
- Ventilate crawl spaces to reduce humidity.
A home owner's best defense is to schedule regular inspections with a Pest Management Specialist. When purchasing a home, it's always wise decision to do an inspection for wood destroying organisms. If the home is 5 years old or newer, it should have been "pre-treated" for termites. Ask the builder or owner for the paperwork.
Sunday, July 19, 2009
There are many homes on the market and you need to get yours sold as fast and as quick as possible. I find that some of my seller's resist my list of tips to help sell your home quickly. Of course number one is to list your home with a Realtor, and price it right. But, after that you need to...
- Move it
- Plant it
- Paint it
- Organize it
- Hide it
- Replace it
- Light it and...
- Clean it
Those wonderful customers that listen to my suggestions are usually blessed with the gift of a sale! You may not get a chance for a second showing to make a first impression. Follow these 8 tips now when you list with me, or any other real estate professional.
Friday, June 26, 2009
The other tract was just off State Highway 39 on Crestview Road, Purcell, Oklahoma, in McClain County. Washington school districts was the big draw for this customer. He he going to build a mini horse ranch. A bargain at $39,000.
I'm always so excited when I put a buyer and seller together!
Friday, June 19, 2009
Thursday, June 11, 2009
- Grand Rapids, Michigan
- Cleveland, Ohio
- Sacramento, California
- Miami, Florida
- Phoenix, Arizona
- Akron, Ohio
Local recyclig options are listed at http://wwwepa.gove/bulbrecycling or http://www.earth911.org/. Home Depot also accepts intact light bulbs for recycling.
Friday, May 22, 2009
A couple lived in another county in Eastern, Oklahoma. The couples land had shallow soils with a rocky content, that became a problem when they were digging the footing to their new home, but they worked around it. The couple also had to install an aerobic septic system with sprinklers, due to the compact, tight soils which prevented normal peculation like a conventional septic system. Trees were another problem... they could not plant the trees they chose due to the soil formation. A new job opportunity finds them looking to build another home, and they are careful to avoid their earlier mistakes when looking for land to build on again.
People can fall in love with a place they have found to purchase for their new home. The views of a rolling meadow with trees and creeks on a new tract of land may be scenic but... don't overlook important factors. Every home will need water. Does this tract of land have a drinking water source? Will it perk for a conventional septic system? Will this property be in a flood plain? Other questions are to ask are about:
- Access and Easements
- Land Surveys
- School Districts
These are great questions to ask on every plot of land in rural areas. Even a lot in a town that is last to sell, is probably still available because it was too small for a traditional house plan. Take time to check it out. A Realtor will get the answers to your questions for you. Your needs are unique and your house plans may be different than other conventional plans. Investigations before you purchase will help you find the right place!
Friday, May 15, 2009
A Broker Price Opinion, (BPO), is a letter stating an estimated value of property, using only a few indicators taken from sales of comparable properties. Indicators for analysis are price per square foot for similar age homes in similar areas.
A Comparative Market Analysis, (CMA), is a report with documentation of 3 or more sales that compare with the subject property. Sales must be within one year so that they fall in line with the current economy. Charges range from $50 to $75 for a BPO and $175 and up for a CMA. A CMA or BPO are not an appraisal. The appraisal is an in-depth, detailed report which is normally required by lending institution when making a loan and is prepared by a licenced appraiser.
For a FREE BPO for your property or information on contacting a Certified Appraiser in your area, please contact me.
Thursday, April 30, 2009
Well, just like getting the qualified for the loan, you have to talk to your lender about your intentions and the affordablitly of those renovation payments. There are loan packages out there for those types of repairs.
The Federal Housing Administration's (FHA), 203(k) loan is one of the most popular renovation loans generally used to update or improve homes or condominiums that need a minimum of $5000 in essential repairs, like new wiring, plumbing, roof repair an structural damage.
You may choose a 2nd mortgage on present home to do some repairs. It's also called a "Equity Loan". A USDA loan may work to get some repairs done before you actually purchase the home... providing the home appraises for more than the purchase price.
Your lender will need to qualify you for these types of loans. Each of these loan programs have restrictions and may not be suitable to your needs. A good realtor, lender and tax advisor can help you make the right decision with you. Call me if you have questions or need to get qualified with a great lender!
Thursday, April 16, 2009
"The public perception of the real estate professional is amongst the lowest of any on record"... I have fought this stigma since the day I took my first real estate phone call. There's a joke I was told while contemplating a real estate career. It starts like this... "There's a lawyer, a car salesman and a realtor..." I don't need to go any further, you get the picture.
This post is based on The California Association of Realtors 2008 Home Seller Survey released in July 2008, but the statistics are just as relevant today. You can read the entire survey here.
The survey gives my consumers an idea of what questions to ask when listing and selling a home or property. So many factors apply when selling a home that it would be improbable that it was all the Realtors fault. But, never the less. Use this survey to help make the right decisions for yourself... then I hope you will call me with your questions, trust and your listing.
I'd love to hear your comments. Especially here in McClain, Cleveland, Grady, Garvin and Pottawatomie counties, Oklahoma.
Thank you to Jeffery Corbett in Seattle, Washington for lending his insights from his ActiveRain Blog.
Thursday, April 9, 2009
Excerpt from Realtor Magazine, April 2009 Issue, written by Professor Karl Case of Wellesley College and contributing author of the Case-Schiller Home Prices Indices, a quarterly nominal housing price report.
The Facts on Home Purchase
Customers and friends are always asking me why aren't people buying if it's such a "good time" to purchase? Following is just "my take" on this market and economy today.
Fear. People are afraid to make the home purchase, and are waiting for fear of:
Fear of change... new president
Fear of the slowing economy
Fear of job security
Fear of rising fuel and groceries cost
That's fine to be cautious. It's wise to be prepared... if your concerned over your job security or have no money after you pay your current bills... this might not be the time for you to buy. But, if your meeting your obligations and your tired of renting or need a larger home... lets get you to a lender to see how much home you can qualify for. If you can't afford the numbers it takes to make the move you desire, then lets wait.
If your financials meet the criteria needed to make your purchase for the type and size of home your wanting... then now is a good time to buy! There should be no fear with interest rates in the 5.75% range, (with your good credit scores), and a building inventory of homes on the market. Another great tip is, traditionally... the sales price of a home is two-and-a-half times the the household income. This is not always true, but it a good rule of thumb!
Here is a short list of the necessities on purchasing a home:
A good Realtor and a good Lender!
Two years of work history, (College grads with new job counts as 2 years).
Two years of tax returns.
Three months of bank statements.
Email or call if you have any questions about how to purchase a home, or need a lender.
Thursday, April 2, 2009
Let Deborah Allison Real Estate look for your property for you! Whether it's 80 acres with a ranch home on it, 160 acres of pasture land or a home in town... I can help you find it. Lets discuss your needs to get you where your going. If you need to sell before you can purchase... I am here for that too.
Everyday real estate needs is the service I provide for my customers. I am waiting to hear from you!
Monday, March 30, 2009
Thursday, March 26, 2009
But, how do I accomplish this? Facebook, active rain, ecademy, linkedin, twitter? I am out there, but... I like this blog. My web site designer has been "evolving" my web site since it's conception. He's great! I couldn't have an internet presence without him. I was afraid my competitors would have an edge. But, I have learn I have to share, and this is the portal he has chosen for me. My fellow realtors will find me... and I hope you found me here too!
I have discovered, (or resolved), myself that.. I am, and will always be, the 'little fish' in the big sea of real estate. I do enjoy making my customers happy. I do like to work one on one and handle the entire transaction. I know what's going on ... and, SO MUCH CAN GO ON in a purhcase. My customers need me! They need information and they become my friends... I am so please when they are content and excited with their new purchase that I want to express a thank you.
So, THANK YOU! I hope you find my 'blog' amusing and helpful when you need it. There's always more to come!
Thursday, March 12, 2009
What are the options, should you find yourself on the verge of getting a foreclosure notice? You'll know it's inevitable... for some reason you have gotten behind in payments and/or have decided to let the home go back to the lender. First, if you have gotten behind, you should resist the feeling of trying to avoid the situation. If you want to truly keep your home... you should be proactive to try to work out new terms with your lender. What is hard to understand is... the puzzlement of how to accomplish this.
To try to keep your home... you must call your bank, your mortgage broker, or the servicing company. Find out who to talk/write to before much time passes. Time cost you accruing interest and penalties through the non-payment that you owe on your past due loan. The bank, who now owns your loan, will/may have a REO/Acquisitions department. This department will want everything in writing, and every page/document you send in will need the name of the homeowner and account number written on each page. This department will need/require a letter of hardship stating why you can't pay... how this situation came about, etc. Be detailed. Keep copies of every piece of documentation you send. Try to get a refinancing at a lower rate or some type of re-structure plan. The REO department will also require 2 years of your tax returns, 3 months of bank statements, 3 months of pay stubs, each month for as long as it takes... three, six to nine months of this. Then, they will tell you that you MAY be eligible for a short sale and not a refinance.
A short sale is when the lender agrees to take less that is owed on the home. They will tell you to get a Realtor to list the real estate. Now, here's a little bit on that part. You need to find an experienced Realtor to list. REO companies have the control to cut the Realtors commissions for all the hard, agonizing, professional work to get the Real Estate to a successful closing. Realtors only get paid if the short sale closes... and very few get to closing. Why do they not make it to closing? Well...
1. The seller owes more than the home is worth.
2. The seller has little equity in the home and can't pay the Realtors commissions.
3. The seller gives up on all the repetitive documentation the lender requires from the seller each month that passes. (the REO/acquisition department may ask for new letter of hardship, new pay stubs. They will not take copies stating nothings changed.
Okay... lets say you have some equity in you home, and have enough funds to pay a Realtor... if you close. The Realtor must list your property with your approval from the lender... There are over 100 items required to list one, normal property. A listing in distress of foreclosure proceedings, has many more steps. The Realtor must provide, for this type of short sale listing, a BPO, three comparison sales for the house, and three active listings for your home, in hopes of selling it. The Realtor must also provide detailed photos of the home, inside and out, and must provide a number of other documents to the lender, as well as working with the homeowner every 3 weeks, for sometimes months. All this with no guarantee that the seller will not quit on them and will move forward with the short sale. Sometimes that means the seller bringing money to the closing table.
Now you may understand why you have to have the numbers to make a short sale work and... the dedication to stay with it for yourself, as well as the Realtor, that will not get paid unless you continue to follow through with all the documentation the lender will require.
Other Potential Solutions can possibly include:
1. Negotiating a loan modification.
2. Refinancing the loan.
3. Listing the home as discussed above.
4. Selling the home to an investor on your own.
5. Declaring bankruptcy.
Click on link below to for more information
Wednesday, March 11, 2009
In my opinion, it is imperative for a seller to price their property 10% below market in order to sell promptly and avoid being left in the long line of expired listings. It may be an election year, but it will be a long wait for the inventory levels to decrease to a balanced market.
Tuesday, March 3, 2009
The factors that have the greatest affect on your credit score are payment history and amounts owed. So, pay your bills on time and don't use too much of your available credit.
The length of your credit history accounts for about 15 percent of your credit score. That's why a teen, just out of high school has a hard time with first big purchases. Roughly 10 percent is based on recent credit events. This includes new accounts and how many inquiries have been made for new credit.
Another 10 percent is based on types of credit such as credit cards, retail accounts, loans, finance companies and mortgages. The complexity of the scoring system is tough to understand. Keep in mind that if your rejected for credit, you have a right to know the reason why within 30 days.
The major Credit Reporting Companies are:
Saturday, February 28, 2009
American Recovery and Reinvestment Act is a tax credit of up to $8,000 in 2009.
The new credit is designed to boost sales in the nation's sagging housing market. Lawrence Yun, chief economist for the National Association of Realtors, predicts homebuyers will purchase an additional 300,000 homes in 2009 as a result of the tax credit.
The new credit improves on a first-time homebuyer credit passed in 2008. That credit had to be paid back over a period of 15 years, making it more of a loan than a true credit. This year's tax credit will certainly have a bigger impact because it is a true tax credit which is also refundable. For instance, if you owe $1,000 in taxes and qualify for the first-time homebuyers tax credit, (not owning a home for the past 3 years), you will receive a tax refund of $7,000.
Rules for 2009 first-time homebuyers tax credit
*Does not have to be repaid unless the home is sold within three years.
*Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
*Available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
*Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
*Tax credit is for up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
*The credit can be taken on 2008 taxes even when the purchase is made in 2009.
*The greatest part of this tax credit is that homebuyers can take the credit on their 2008 tax return even when they have purchased the home in 2009. This acts as an immediate stimulus for a lot of people.
Homebuyers can take advantage of this tax filing in one of three ways...
1. Closing on the home prior to December 1, 2009,
2. Getting an extension to file taxes later in the year
3. Or filing an amended return.
*Some state housing programs are introducing programs that allow homebuyers to access the tax credit money at settlement.
This information was provided by Lawrence Yun, chief economist for the National Association of Realtors
Click on link below to view Form 5405 to attach to your 1040 Returns:
Friday, February 27, 2009
Thursday, February 26, 2009
2008 news headlines and reports have bombarded us with foreclosure stories. The rate of foreclosures in central Oklahoma has increased substantially, but it has also created significant opportunities for Oklahoma real estate investors/owners. Though it's not for the faint of heart... investing in foreclosed Oklahoma properties can prove profitable for those willing to put in the required research, work and investment.
As APRs (adjustable interest rates) rise, and jobs are lost...more Oklahoma homeowners are falling into foreclosure. This is prompting the wave of bargain-hunting investors/owners now looking to Oklahoma courthouse auctions, (sheriff sales), and repossession lenders, (REOs), across the country. The process usually begins when Oklahoma mortgagees fall three months behind on payments. The lender sends a default notice to the Oklahoma homeowner and to the county where the home is located. If the homeowner can't pay up, a foreclosure date is set. County officials in Oklahoma handle the auction and use the proceeds to pay off the mortgage and any other debts secured by the house. Leftover money goes to the foreclosed homeowner; left over debt may become the new owner's responsibility. In many cases though, it is the property's first mortgage in default, in which case subordinate liens are eliminated in foreclosure. But watch out for exceptions! Title fees, tax liens, utility bills, etc. may need to be paid off by the new owner.
The condition of foreclosed properties in is improving in many central Oklahoma markets as more higher-end homes end up in the possession of banks and other lenders. Buyers are likely to be consumers rather than investors since many homes are near move-in condition at the time of sale. Besides looking to sheriffs sales and REO lenders, another source of foreclosures is the federal government. The U.S. Department of Housing and Urban Development has inventory of foreclosed properties.
Buying and selling foreclosures costs you dollars. You buy a house, fix it up and hope you can resell it or rent it quickly. What that means for you as the owner is that you may not need to quit your day job after all. It's possible to work and renovate, although it is often exhausting to moonlight as a "flipper". As the new owner of the foreclosed home, you can be proud that you were able to purchase at a discounted price with the right cash down, a good banker and the right Realtor.
Wednesday, February 25, 2009
Realtors encourage buyers to pre-qualify for a loan before looking for a new home. Even better than a Pre-Qualification Letter is a Letter of Commitment. Lenders will provide LOC only after all required applications and supported documentation, (W-2, tax returns, etc.), are approved through the lenders underwriters.
So first, plan ahead. Buyers would be best served by knowing their credit scores before attempting to purchase, so that the best interest rate possible can be obtained. Mistakes on credit reports can result in denial of loans. Fortunately, consumers rights are protected under the Fair Credit Reporting Act. This act gives consumers the ability to correct, update, amend and take action regarding the contents of a credit report. Credit bureaus report the information they are given by creditors, which are not verified. When an error occurs, the burden rests on the consumer. Disputing or correcting the errors require knowing what the problem is... writing a detailed letter explaining problem, and provide documentation supporting the discrepancy. So, checking your credit report for accuracy is available for free at
My customers have asked me about zoning issues inside of city limits. House Bill 1473 exempts 10 acres or more of land to be used as Agricultural use even though the city may restrict this type of use.
Read House Bill Summary Link