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.

Appliance Rebate Program (Details)

I saw this article on the Oklahoma Department of Commerce website and thought I'd share! It sounds pretty cool!

The Oklahoma Appliance Rebate Program for Consumers officially begins at 9 a.m. on Saturday, May 8. That's the time and day Consumers may start making purchases that are eligible for a rebate. But it's a good idea to shop early and know what you want.

Are you eligible to buy? You must have a current Oklahoma address and own your appliances. Landlords may NOT purchase appliances for a rental property and receive a rebate. However, if you live in a rented home but own your appliances, you may participate in the program.

HOW THE PROGRAM WORKS

1. Beginning May 8th, an Consumer can walk into a Registered Oklahoma Retailer to make an appliance purchase.

2. The Consumer will inform the sales person of the specific appliance or appliances they wish to purchase.

3. The Retailer will access an online web page to check to see if funds are available.

4. If funds are available, the Retailer will continue the web process and enter in consumer information and the specific appliance information.

5. Once the information is entered in online, the Retailer will hit "submit" and the rebate funds will be reserved for the customer. The Retailer will then print the rebate form and hand it to the Consumer.

6. The Consumer will then complete the purchase of the appliance at the store’s cash register.

7. The Consumer will have their new appliance installed or delivered and have the old appliance removed from the home. (See FAQ below concerning proof of removal.)

8. The Consumer will then mail in the rebate form provided by the Retailer, along with the original sales receipt, to the rebate fulfillment company. The address will be provided on the rebate form.

9. The Consumer will have a unique rebate ID number and will be able to check the status of their rebate via an online system anytime.

10. Rebate forms must be postmarked by June 30th to submit for rebate fulfillment.

11. The rebate check will be mailed to the Consumer within 4-6 weeks of rebate submission. The Consumer will provide the mailing information at the time of purchase.

12. If the Consumer loses the rebate form, if the consumer knows the rebate confirmation number, the retailer where the consumer purchased the appliance can re-print the rebate form.

To be added to the Commerce mailing list to receive email updates about the program, please send name and email address to appliancerebate@okcommerce.gov.

CONSUMER-SPECIFIC FAQs

Q - How do I know who is a participating retailer?
A - Go to okappliancerebate.com. The Retailer or Installation Contractor Search on the Where to Purchase tab allows you to search for a vendor by name or based on the type of appliance sold. A distance search option let’s you determine how near or far you’re willing to go to find a vendor.

Q - What appliances will qualify for rebates?
A - The state estimates approximately 23,000 rebates for ENERGY STAR appliances will be awarded through this plan. The appliances and rebate levels are below. For a detailed list of ENERGY STAR models visit http://www.energystar.gov.

•Clothes Washers $200
•Refrigerators (Minimum 14 Cubic Ft.) $200
•Room Air Conditioners $50
•Water Heaters $100
•Central Air Conditioners $100
•Gas Furnaces $100
•Ground Source Heat Pumps $250
•Air Source Heat Pumps $250

Q - If I buy one of the approved appliances as an addition to what I already own, will it qualify?
A - No. This is an appliance replacement program, designed to take inefficient appliances out of service and replace them with high-efficiency models. Old appliances must be removed from the property in order to qualify. First-time buyers of these appliances also are ineligible. The new appliance must replace an old appliance.

Q – Can I buy an appliance over the internet (online) as long as it meets the requirements?
A – No. Online purchases are not qualified purchases.

Q - Will the old appliances be recycled?
A - Recycling is encouraged, yet not required; however, old appliances must be hauled away, either by the retailer or through some other method that you determine. The rebate application you mail in will have a place where a retailer, recycling center or disposal site representative can sign or stamp, or you can self-certify, acknowledging you will properly dispose of the old equipment.
Go to a list of Oklahoma Appliance Recyclers
Go to Today's Topic: Appliance Disposal

Q - Can I keep, sell or gift the old appliance to someone else?
A - No. You must dispose of the old appliance.

Q - The nearest retailer to me is actually in a neighboring state. If I purchase there, can I still get an Oklahoma rebate?
A - No. You must purchase from a registered , Oklahoma retailer.

Q - How many rebates can I get?
A - Oklahoma residential consumers will be eligible for rebates in Oklahoma, and there is a maximum of one rebate per appliance category and two rebates per household.

Q – Are there other rebates available?
A – Yes. Many Oklahoma utilities and electric coops offer rebates on energy efficient appliances and the federal government offers tax credits on a wide variety of efficiency systems and products. Some utilities also are offering loan programs for heat pumps. See Today’s Topic: More Rebates, Tax Credits Available for Energy Efficient Appliances

Q – My retailer says I can buy today and come back on Saturday to get the rebate reservation form. Is that okay?
A – No. The sales transaction must take place at roughly the same time the rebate reservation is reserved. Receipts that have a time stamp before 9 a.m., Saturday, May 8 will be rejected.

Q – What else could cause my rebate to be rejected?
A - If a retailer is going to dispose of the old appliance, the retailer must sign the rebate reservation form. If the consumer is going to dispose of the appliance, he/she must sign the form and check the box stating you are "self-certifying" to dispose of it properly. Your rebate form and receipt must be mailed and postmarked by 5 p.m., June 30.

Mamma said "Mind Your Manners!"

Happy Mother’s Day to all! Celebrating our mothers today reminds me of one of the most repeated expressions that we all heard growing up… and that is to “Mind your manners!” Too often, I find myself irritated with the lack of courtesy among fellow realtors when it comes to showing property. I know as Realtors we are busy, but it’s not hard (nor time consuming) to practice professional habits such as turning lights off, locking doors, courtesy calls, and feedback.

I have recently stopped by a pretty high-dollar listing I have, only to find the back door unlocked about four times now! It is a vacant home, but should that matter? Most of the time the alarm has not been re-set, as requested, and lights are left on. Not very green… or considerate to a homeowner paying utility bills on two properties!

My other pet peeve is when I have an occupied property and a realtor makes an appointment to show, and then no-call-no-shows. We have all had buyers who change their mind at the last minute for whatever reason, but it just takes a minute to pull over and call to cancel… even if it’s past the time you are supposed to be there! Many times the seller is driving around with kids and pets in the car waiting to go home.

FEEDBACK!! It is just as tedious to ask for feedback as it is to give it, and I’d be shocked to hear that a Realtor has NEVER had a homeowner who asks for feedback after every showing. It is important for Realtors to listen to their buyer’s likes and dislikes when viewing a home.. so it shouldn’t be that hard to translate that into some constructive feedback! It’s a little frustrating when I DO get feedback that has generic comments such as “Didn’t work for them”, “bought another one”, etc. Specific comments about paint colors, dated anything, smells, or price are the kind of remarks that can go a long way in helping Listing Realtors and Sellers when trying to sell quickly!

It’s a win-win situation when homes sell quickly. Let’s all practice the “Golden Rule” and make our Mom’s proud!

There is a reason behind the saying “A picture is worth a 1,000 words"

Since approximately 87% of home buyers are selecting their homes online… the importance of exceptional photos representing your listing is crucial. We keep a file in our office of bad MLS photos... and you would NOT believe the collection we have.

Here are just a few examples of careless photos that have been found in our MLS database.








What in these photos would speak to a potential buyer and say “come in?” It‘s more like “EEEEK, run for your life!”

On another note, I strongly believe that NO listings should go into the MLS without photos immediately after. “Photos Coming Soon” in the remarks will not keep a buyer invested in your listing. You only get a couple seconds to draw potential buyers into your listing, and if there are no photos, buyers will look right past yours. The same rule applies to bad photos. There are simply too many homes available in this market that will out-shine yours if they have better pictures.

Digital cameras are so easy to use now and they all come with software where you can adjust almost anything, so there should be no excuse for dark or blurry photos! Realtors should take pride in the photos, and if they are unable to take decent ones, they should hire a professional to take them. PHOTOS ARE WHAT GET THE BUYERS IN THE DOOR!

We all know that the preparation of a home for sale is extremely important. If you don’t have good photos, you have shot yourself and your seller in the foot!

Understanding Short Sales

I have been completing Short Sales for over 5 years now, and have completed the SFR (Short Sale & Foreclosure Resource Certification) class. I can tell you that it NEVER gets easier, but can be less stressful, if you know what you’re doing.

When a homeowner is in financial trouble, there is always light at the end of their tunnel. Many times a homeowner needs to sell quickly after purchase, and hasn’t had enough time to build equity, or has taken out a 2nd mortgage and owes more than the property is worth. In some areas of the country there has been a decline in home values which has also caused financial problems. I am seeing so many financial misfortunes with my Sellers... and it is important to know how to help them out of their crisis.

If the Seller can’t make their mortgage payments, there are a couple options for them to get out of the downward spiral.

If they want to stay in the home:
They may be able to do a mortgage workout to lower their payments….

If they know there is no way they can stay regardless (loss of job, divorce, illness, etc.):
Instead of giving the house back to the bank or going into Foreclosure,
I talk to them about doing a Short Sale.


A Short Sale is defined as “a sale of Real Estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the Short Sale process, because it allows them to avoid Foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.”

What do the banks need from the Realtors and their Sellers?
- Most banks prefer that the home is not abandoned, and in most cases, to qualify means they are at least 30 days past due on the mortgage (I am NOT recommending to skip house payments!)
- The homeowners’ financial worksheet, showing income vs. debts and monthly obligations
- Current Tax returns
- Current paystubs
- A hardship letter, explaining why they can no longer make their payments (and an apology is always good)

If the bank approves a Short Sale this could make a big difference on their credit score, as it will be lowered… but not NEAR as much as a Foreclosure. In most cases, the lender will pay the Realtor fees and the closing costs, and the homeowner cannot receive any money from the sale.

Who is a good candidate for purchasing a Short Sale property?
For a Buyer looking to purchase a Short Sale property, there are two things they must possess: plenty of time and patience! The average turnaround time once you submit an offer on a Short Sale is 90 days! That is 90 days to hear ANY kind of response (your offer may or may not be accepted). Most Buyers don’t want to, or simply can’t wait that long. I had one sale that took 6 months to complete and close. If a Buyer is considering making an offer on a Short Sale, they will have to be pre-approved and cannot make a contingent offer.

In most cases, the Buyer must purchase the home in “AS IS” condition. This doesn’t mean they can’t inspect the home and walk away if there are too many problems… but the Seller doesn’t have money for repairs and the lender won’t make any. If they have plenty of time and are willing to wait, they have the opportunity of getting a great deal!

For Realtors: there is a plethora of paperwork that must be submitted, followed by tons follow up calls to check the status of the sale. It is important to keep a log of all your calls and emails, as you may (let’s be honest, you WILL) be told conflicting things with every phone call, regarding what is needed, and the time to except things to happen. If you don’t have a lot of patience and determination, this may not be a place you want to go. If you are committed, it can be a WIN-WIN for the Buyers and Sellers.

Another Successful Sale

Today, I completed a sale on a small older home. My seller was a very sweet senior citizen, and had lived in this home for 54 years. Selling her home was bittersweet for her. When meeting the young buyer, she listened to how excited she was to make this "her" home, how much she loved it, and how she was looking forward to her grandmother coming to visit. My seller, who had tears in her eyes 5 minutes prior, now had a big smile on her face.

Many people don't realize how emotional buying or selling a home can really be. It has been compared (stress-wise) to death, divorce, and illness! My job is to make your buying/selling process as smooth and worry-free as possible. The outcome should be a joyful experience for all!

So many times I know that God has a plan when he brings the perfect person to buy one of my listings. Most homeowners want a good person/family to live there because they have put so much into their home and want to make sure it is cherished like it should be... and I feel God has provided that over and over for me and my clients. I am very thankful!