I love Out-of-Towners!

Working with out-of-town buyers can be grueling… just this week I had four families from out of town! So my Accredited Buyer Representative, Amanda Finch and I showed all day for the past 9 days… so it is a bit exhausting but EXCITING and FUN at the same time! We love getting to know new families and introducing them to our home town! So many transferred buyers don’t have a clue what Oklahoma is about, but always end up loving it.

Oklahoma has had many top rankings over the years. Just in the past two, we have been featured in Forbes Magazine as one of the top 10 Recession-Proof cities, and most recently, in Family Circle Magazine for one of the 10 best towns to live (Edmond).

If that’s not enough, Oklahoma is easy to learn your way around, we have extremely friendly people, and excellent schools. I’ve lived here since I was a young child and have no complaints!

First-time Home Buyers: Helping them the RIGHT Way

First-time buyers are special and they need extra guidance. This is (in most cases) the largest financial commitment they will make so far, and they want to make the right decisions. When I first got in the Real Estate business 26 years ago, I met some clients who were in a home and had not only gotten a terrible deal on the purchase, but also, had been locked into a horrible finance agenda that was “recommended” to them. I vowed then to always look out for my client’s best interest FIRST and not my commission. I was a single mom of twins and wanted to practice the “Golden Rule”.

In keeping that vow, I am notoriously known for talking buyers out of more homes then encouraging them in to! Adjacently, I always try to get them set up with an excellent local lender that never charges JUNK FEES, has competitive rates, and in-house underwriting.

In addition to the standard education about their desired neighborhood/area, I also talk to my first- timers about the investment side of buying. I advise them to keep it updated and in good shape since it is their most valuable investment. We talk about what and what isn’t updated when we look through homes, so they know how to increase value.

Lastly, I coach on the fact that buying isn’t always about the “deal” you get on a house. I think most buyers want to know they didn’t overpay for their home, and that their values will increase in the future. Oklahoma has done so much better in the last few years compared to other parts of the country, and with the right home and educated homeowner, property values should increase naturally! Is this a great state or what?!

Mortgage BROKER vs. Mortgage LENDER

The lender you choose is just as important as the realtor you choose!

A mortgage lender has complete control over the file from start to finish within their company. The money to fund loans at closing comes directly from the lender who approved the loan, nobody else. Good mortgage lenders have local processing, underwriting, and closing, but some larger lenders do have offsite processing and underwriting centers. You will never be waiting on funding from an investor at closing if you use a mortgage lender. Mortgage lenders do have to meet certain investor guidelines and loans can be sold after closing by all mortgage companies, but a lender funds the loan, and then sells the loan after closing.

A mortgage broker does not use their money to fund loans. In order for a loan to close with a mortgage broker, that broker shops the loan around to possible investors who will actually fund the loan at closing. The loan goes to the investor’s underwriter who has final sign off on loan approval. Many “approvals” from mortgage brokers are viewed weaker than from mortgage lenders because until a loan is submitted to the investor, there is no true approval. Another disadvantage is waiting on funds to close from the investor as the broker has no personal control over the loan funding. There is also a risk of lowering your credit score, as the different lenders pull your credit (while the broker is shopping your loan).

The mortgage industry is getting more and more strict in tightening guidelines and investor overlays. It’s best to choose a good mortgage lender (not broker) to limit the massive number of problems and issues that can arise through the mortgage process.

HORROR STORY: I recently received a contract on one of my properties accompanied with a loan approval letter from a mortgage broker. As always, I followed up with a phone call to talk to the lender- asking if credit had been checked, ratios verified, etc. and was assured everything looked great.

We proceeded with the transaction. The buyer paid for the inspections and appraisal. The seller completed all of the repairs, put a contract on a new home, paid for the inspections, paid for the appraisal and THAT seller completed repairs. Cohesively, the third seller went under contract and did the same thing…. you get the point. Everyone did a beautiful job of fulfilling their part of the agreement, and was ready to move!

5 days before the closing (for all 3 houses), the buyer’s loan was denied. There’s nothing anybody can do at that point. Movers were cancelled, utilities were cancelled, and most importantly… nobody got the home they wanted.

I had the buyer visit with a mortgage lender to see if they could save the deal; and it turned out his credit was way below what was required, his ratios were way out of wack, and no way could he get approved. You can see how much hardship could have been saved if he went with a mortgage lender to begin with, but how could he have known? We Realtors need to do a better job of educating our buyers on the good, bad, and ugly in the lending industry.

Don’t let your dream home slip through your fingers!

To Market, To Market!

I just got back from 4 long days shopping the 14-story Dallas Market Center! Besides my staging business (alongside my Real Estate business) I also have a little retail store. Like I need another job! Even though it can be stressful at times, it is mostly fun and provides an outlet from Real Estate.

I really enjoy seeing all the new/latest items to decorate with, and love meeting new entrepreneurs that are just starting out with a new product or business. I was always the girl that came up with great ideas but never knew how to get them off the ground, or who to turn to for help. I guess it runs in my family; my dad developed a weed eater 10 years before they were ever on the market! He took an old vacuum motor and reversed it. Then he taped fishing wire to a broom handle and trimmed away! I love watching Shark Tank on TV, where the entrepreneurs pitch their ideas to successful investors and see if they can get them on board with their business. Watching the negotiation process thereafter is exciting also.

I wish our government supported entrepreneurs and self-employed people better with healthier tax breaks!

You can shop at my store inside The Market at Quail Springs:
14001 Joel McDonald Dr.
Oklahoma City, OK 73134

Also, check my Facebook for updated pictures of new products and Sales!

Teaching is a Talent!

On June 8th, I attended a couple of classes at the OKCMAR Management Conference taught by International Speaker Terry Watson. In my 26 years of Real Estate, I have attended many meetings and classes, and Mr. Watson is by far my favorite speaker. I’ve learned so much from him that I have made it a point to see him all over the country! You could say I am a Watson “Groupie”. I have traveled to hear him in Las Vegas, San Francisco, Boise (Idaho), Tulsa, and Oklahoma City. Terry is one of only 156 people in the world to hold the Distinguished Real Estate Instructor (DREI) designation, and so far, the youngest person EVER to be named as such. He also holds the CRB, CIPS, ABR, ABRM, LTG, GRI, SRES, CFS, At Home with Diversity - One America, and e-Pro designations. Not only do you learn a wealth of information in your class to help you in your career (and just life), you laugh through the whole session! He makes a 3 hour class seem like 30 minutes… which is a plus in my book… HA!

I always look forward to seeing Terry, and recommend my Realtor and personal friends to see him when he is in your area!

Read more at www.TerryWatson.com

The Dangers of Meth

On Wednesday, my daughter/assistant Amanda and I attended a class on “How to Recognize a Meth House and the Dangers Involved”. Mike Snowden, the Agent-In-Charge for the Oklahoma Bureau of Narcotics, was the speaker and educated us on the harmful effects of a Meth-infected house, and “red flags” that can imply Meth use.
I thought I’d share some essential information we learned from the class (and further internet research) with fellow Realtors and friends. It’s unbelievable how dangerous this drug is, and the fact it can be made in less than an hour… with easily accessible ingredients… in any environment… makes it even scarier!

What is Meth?
Meth is a synthetic drug produced or sold as pills, capsules, or powder that can be smoked, snorted, injected, or swallowed. It is a powerfully addictive Central Nervous System (CNS) stimulant.

Where is Meth coming from?
Meth is both imported and manufactured locally. A majority of our country's meth supply is produced in Mexico and Southern California, and imported into our borders. The remaining third is made in the U.S. in makeshift labs found in basements, kitchens, garages, bedrooms, barns, vacant buildings, campgrounds, hotels, motels and trunks of cars.

What are signs of a meth lab?
The most common chemicals used to start the meth-making process are over-the-counter cold and asthma medications which contain ephedrine or pseudoephedrine as decongestants orstimulants. Meth can also be made from commonly available, legitimate household products.

These shouldn’t raise any concern if you see just one (maybe two) of the product. It’s when there is an abundance of it that can be a sign of a lab.

-Over-the-counter cough, cold, asthma, and allergy medicines containing pseudoephedrine or ephedrine --Acetone
-Rubbing and isopropyl alcohol
-Iodine
-Starter fluid (ether)
-Gas additives (methanol)
-Drain cleaner (sulfuric acid)
-Lithium batteries
-Rock salt
-Matchbooks (red phosphorus)
-Lye
-Paint thinner
-Aluminum foil
-Glassware
-Coffee filters
-Propane tanks

What does a meth lab smell like?
If they cook the meth the correct way, the gas that releases when cooked is odorless and harmless; however, the majority of labs are done incorrectly, therefore releasing strong chemical odors such as ether, ammonia (smells like cat urine) and acetone (smells like nail polish).

What are the Risks of Living near a Meth Lab?
The risk of injury from chemical exposure depends on the chemical itself, the concentration, the quantity, and the length and route of exposure. Chemicals may enter the body by being breathed, eaten, injected (by a contaminated needle or accidental skin prick), or absorbed by the skin.

Home-cooking meth spreads toxins to every inch of the room where the meth was cooked and beyond. Nothing escapes contamination—the carpet, walls, furniture, drapes, air ducts, even the air itself becomes toxic.

Acute Exposure (Short-term exposure): Can cause shortness of breath, cough, chest pain, dizziness, lack of coordination, chemical irritation, lesions and burns to the skin, eyes, mouth and nose, and in severe cases, death. These symptoms usually go away after several hours.Less severe symptoms resulting from a less acute exposure cause headache, nausea, dizziness, and fatigue or lethargy.

Corrosive Effects: Inhalation or skin exposure may result in injury from corrosive substances present in a meth lab. Symptoms range from shortness of breath, cough, chest pain, to burns to the skin.

Solvents: Exposure to solvents can irritate the skin, mucous membranes, respiratory tract, and cause central nervous system effects. They are also dangerous because of their fire and explosive properties.

Chronic Exposure (Long-term exposure): Not much is known about the chronic health effects from these labs. However, there is scientific evidence from animal and human toxicity studies that shows the chemicals used to manufacture meth can cause a range of health effects include cancer, damage to the brain, liver and kidneys, birth defects, and reproductive problems, such as miscarriages.

In conclusion… BE AWARE! Share this with your friends and family, and let’s help prevent dangerous situations in the future.

Hail be Gone!

After our once-in-a-lifetime hail catastrophe this May 2010, roofers are swamped! Out-of-town roofer companies are combing out the neighborhoods to get business. Homeowners should BEWARE and make sure your roofer has insurance. Also, I have heard that in many areas (Village, Nichols Hills, Piedmont, and more) that roofers are being shut down in the middle of jobs if they don’t have a permit, and can resume when obtained.

Several roofers I know who have never had to have permits before in the Village or Piedmont are now having to obtain them. I am sure these requirements will help protect the homeowner in the long run; however, it is also going to add a pretty penny the city’s revenue. The Village alone has 4,000 to 4,500 damaged roofs… times approximately $115 a permit.

The best advice I can give is to use a roofer that someone you know has used and has been happy with. I have a roofer that I have used and recommended for over 15 years.