Why Sellers Should Consider a Pre-Inspection

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Why Sellers Should Consider a Pre-Inspection

Traditionally in the real estate process, an inspection is requested by a home buyer around the time they are applying for a mortgage. In fact, more than 85% of home buyers request an inspection as a way to uncover hidden faults and costly repairs that may need to be taken care of. In today’s buyer’s market, revealing such faults prior to closing can serve as a bargaining chip for sellers, forcing the seller to either accept a lower price or foot the bill for repairs prior to closing.

That’s why an increasingly important strategy for home sellers in today’s market is to have your property inspected before even putting it on the market. Here are some reasons why:

  • When potential buyers are considering your home, knowing that an inspection has already been done can make your home much more attractive to them. A pre-inspection can give you an important competitive edge by making buyers more confident about placing a bid on your home; with a pre-inspection, buyers know there will be no hidden surprises awaiting them down the road.
  • If defects are uncovered once the buyer has already placed a bid and is applying for a mortgage, you are suddenly under the gun to either accept a lower offer or cough up the funds for repairs. Conversely, a pre-inspection allows you to take care of any repairs within your own timeframe. If expensive repairs are uncovered before putting your home on the market, you can budget accordingly over a period of time and comparison shop for the best pricing.
  • A pre-inspection also allows you to decide which repairs are not necessary before putting your home on the market. Certain problems you might have been worried about may turn out not to be as bad as you originally thought…and, therefore, not make a difference in how you price your home.
  • Having a pre-inspection affords you more control in the negotiating process. Being aware of your home’s pros and cons in advance, helps put you in the driver’s seat when it comes to price negotiations. In fact, a pre-inspection allows you to price your home more accurately in the first place.

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Darryl Baskin
Darryl@DarrylBaskin.com
McGraw Realtors
Office: 918-258-2600
http://www.DarrylBaskin.com



Changes Coming to Tulsa, OK Trash Service

Tulsa City Manager, Jim Twombley, addressed the Tulsa County Republican Group over lunch at the Summit Club in Tulsa today. An interesting topic of his presentation was the coming changes in Tulsa trash service. While no decision is made on the type of services, many proposals are on the table as options to the pending change. Budget constraints and a landfill change are two reasons cited. Proposals include fees derived from the amount of trash each resident discards, recycling, single service providers, and charges for authorized waste bags.

Public input will be sought in the near future. Be on the lookout for more information.

Tulsa Metro Housing Supply Continues to Rise

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The Tulsa, OK metro area housing supply has continued to increase. This graph represents the increase in month's supply of inventory. Although recent reports have claimed the Tulsa, Oklahoma real estate market has hit bottom, the increase in supply indicates the bottom has not yet been reached. Tom Allen, a local appraiser, says "When the month's supply is over ten months, prices drop." Darryl Baskin of McGraw Realtors and host of the television and radio programs "The Future of Real Estate," says "This increase in inventory has less to do with the growing supply and more to do with a slowdown in sales. People just haven't felt confident about making a home purchase. Others have had financial changes which keep them from qualifying. Recent elections may help ease consumer's apprehension." However you view the real estate market, Tulsa area home buyers and sellers should know the facts before entering into a contract to sell or buy a home. For additional information, contact the Baskin Real Estate Specialists of McGraw Realotrs at 918-258-2600 or visit www.darrylbaskin.com.

From Our Top 5 Team: 7 Moving Mistakes that Can Cost You

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7 Moving Mistakes that Can Cost You

Keeping your household organized is a challenge in the best of circumstances, let alone when you're in the midst of dealing with the disruption of moving.

As a member of the Top 5 in Real Estate Network®, I, along with my team, always take the extra steps necessary to help my clients experience a stress-free, successful move. Throughout my years in the real estate business, we've witnessed many common mistakes that people make during the course of a move.

Here are seven to avoid:

  1. Packing everything. Prior to moving, it's important to take a look around and decide what you don't want to keep. This will cut down on costs by not having to transfer unnecessary items.
  2. Sending it all to storage. Storage is usually expensive and just delays the inevitable. Eventually, what you store will need to be moved into your home, so try and bring it all the first time.
  3. Shopping on the Internet for move quotes without dealing with a live person. This is one instance where dealing with a live person is necessary. You need to be able to ask specific questions and have your estimate explained to you line by line so that you can see where costs can be cut.
  4. Not looking into what your homeowners' insurance covers. For a nominal cost, these types of insurance policies may cover your goods in transit.
  5. Not taking photographs of items before disassembling them for the move. You will be unable to process an insurance claim if you don't have proof of what the item looked like before you packed it.
  6. Overlooking the box count. If you are paying for boxes by the piece, keep track as things are being packed as each box has a different price attached to it. You don't want to end up with 300 boxes when you only needed 200. Also, if the moving company sees that you're keeping track, movers will be less inclined to hit you up for additional costs when the job is done.
  7. Forgetting to take inventory. If you don't create an inventory, there's no fool-proof way to know if you've left something behind or if it somehow got lost in transit.

Work closely with your real estate professional to help avoid these and other common pitfalls of moving. You can also e-mail our team for more information. Please share these moving mistakes with friends and family, too, so that the journey to their new home is a happy one!

Sincerely,

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

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First-Time Home Buyers Stoke Demand for Smaller, Less Expensive Homes

Hello, Valued Member! Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits.

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Add newsletter@rismedia.com to your address book to ensure email delivery.

Buying Selling Owning Financing Home Improvement My Website My Listings
Darryl Baskin
Broker Associate
McGraw Realtors
My Website
Member, Top 5 in Real Estate
Phone:918-258-2600
Cell:918-740-0077
Fax:918-398-5110
Email Me


This month’s newsletter provides a detailed look at first-time home buyers and the changing landscape of homes in demand. Real Estate Matters also explores strategic default and what you need to know,  advice for home sellers, remodeling update and more. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time!

This Month's Top Story

First-Time Home Buyers Stoke Demand for Smaller, Less Expensive Homes

RISMEDIA, November 1, 2010—A growing segment of the housing market—first-time home buyers—are contributing to an increase in demand for smaller and less expensive new homes, according to research from economists at the National Association of Home Builders (NAHB). Delving into data from the most recent biennial American Housing Survey, which was conducted by the Department of Housing and Urban Development and the Census Bureau in 2009, the study, “Characteristics of New and First-Time Home Buyers,” finds that 41% of the 8.4 million households who bought a home between 2007 and 2009 were first-time buyers.

More Top Stories
Strategic Default - What You Need to Know Before You Decide to Walk Away
RISMEDIA, November 1, 2010—(MCT)—The moving truck pulled away from the curb, loaded with Wallace Farmer’s possessions. He locked the front door for the last time and left town—clutched by a long-simmering anger that finally gave way to relief. Farmer didn’t sell his Baltimore house, worth far less than the $180,000 he paid in 2006. And he didn’t lose it to foreclosure. He walked away from the rowhouse and the mortgage. It’s the bank’s problem now.
Be Market-Smart: Dos and Don'ts for Home Sellers and Buyers
RISMEDIA, November 1, 2010—It would be unrealistic to say that the real estate market is utterly rosy right now, but neither is it thorn-filled by any means. In fact, things are decidedly looking up: July got some good news, when the National Association of Realtors reported that pending home sales rose 5.2% from downwardly revised June levels, beating economists’ expectations. This is good news for both buyers and sellers.
Home Remodeling Projects Stabilize in 2010
RISMEDIA, November 1, 2010—The fall 2010 U.S. Remodeling Sentiment Report shows that after a year of steady remodeling declines in 2009, the interest in remodeling stabilized in 2010. However, the size and scope of the remodeling projects are much smaller when compared to 2007/2008.
Bedroom Design Ideas for Better Sleep and Comfort
RISMEDIA, November 1, 2010—Creating a relaxing and comfortable bedroom environment is an important part of getting better sleep. Bay Area interior designer Lisa Staprans offers these interior design ideas for bedroom designs that enhance sleep and rejuvenation.

Have You Heard About The Top 5 Real Estate Social Networking SystemSM?
Sign up to receive my free, weekly e-Articles - brief, compelling, home-related informational articles that you or your family and friends will find helpful in pursuing your real estate goals! Here are some article samples recently sent out to my Real Estate Social Network:

* This monthly newsletter is brought to you by your Top 5 in Real Estate Network® Member Agent and is intended as educational information only.

RISMedia's Top 5 Real Estate Network® is a network created by, for, and of "leading real estate professionals" who are dedicated to providing "leading real estate information to consumers." The RISMedia Top 5 in Real Estate Network is backed by the commitment and resources of RISMedia. Top 5 was created to fill a profound void in how high-impact consumer relevant information was presented by leading real estate industry members to increasingly sophisticated, discerning, and demanding consumers, in order to both sustain and elevate the ongoing viability and appeal of the industry's leading professionals. For more information, visit www.top5inrealestate.com

RISMedia, publisher of Real Estate magazine, is dedicated to providing real estate professionals with the most up-to-date news, information and business development resources in the industry. To submit questions, comments, suggestion, press releases or story ideas, please e-mail realestatemagazinefeedback@rismedia.com.

RISMedia, Inc./Top 5 in Real Estate Network®
69 East Avenue, Norwalk, Connecticut 06851
P (203) 855-1234 F(203) 852-7208
www.top5inrealestate.com
© 2010. RISMedia, Inc. All Rights Reserved.

RISMedia Real Estate News RealTown Real Estate Network

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How New FHA Changes Could Affect Home Buyers

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How New FHA Changes Could Affect Home Buyers

Earlier this week, the Federal Housing Administration (FHA) implemented changes to the premium structures for an FHA-backed mortgage.

My membership in the Top 5 in Real Estate Network® requires that I, along with my team, remain committed to keeping our clients and consumers informed, so it's important that we let you know that these changes may make it more costly for home buyers to procure FHA loan products.

In the wake of the real estate decline and credit freeze of the past three years, FHA-insured loans soared as borrowers sought alternative avenues for securing affordable mortgages. The FHA loan is popular because its minimum down payment is 3.5%, whereas most conventional loans require a much higher down payment. Recently, however, housing experts have raised concerns about FHA's shrinking funds and its ability to handle increasing defaults, sparking the agency’s impending regulation changes.

According to CNNMoney.com, FHA reported that its reserve fund has dropped to 0.53% of its insurance guarantees, well below the 2% ratio mandated by Congress and the 3% ratio it had last fall. This fund covers losses on the mortgages the agency insures. FHA borrowers pay for the insurance that backs their loans in the form of an upfront premium and an annual premium.

The agency has seen a spike in delinquencies amid the mortgage meltdown. Some 14.36% of FHA loans were past due in the third quarter, according to the Mortgage Bankers Association. To compensate for its rapidly depleting reserve fund, the following changes will be implemented to FHA lending:

  • Upfront mortgage insurance premiums will decrease from 2.25% to 1.00%.
  • At the same time, the 0.55% annual premium will be increased to 0.85% for mortgages with loan-to-value ratios up to and including 95%, and to 0.90% for loan-to-value ratios above 95%.
  • Borrowers will be required to have a credit score of at least 580 to qualify.

These changes in FHA lending may be paving the way for conventional financing with private mortgage insurance (MI) to make a comeback in lending for low down payment buyers. According to loan experts, both MI and FHA have their place, but borrowers should consult with their real estate professional and lender to determine what loan options are best for their particular situation.

For more information on FHA lending, please e-mail our team, and please forward this email to others who might be unaware of how they may be impacted by these important changes.

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

Mortgage Shopping 101: Making Sense of the Mortgage Market

Hello, Valued Member! Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits.

Having trouble seeing this email? Click to view it as a web page.
Add newsletter@rismedia.com to your address book to ensure email delivery.

Buying Selling Owning Financing Home Improvement My Website My Listings
Darryl Baskin
Broker Associate
McGraw Realtors
My Website
Member, Top 5 in Real Estate
Phone:918-258-2600
Cell:918-740-0077
Fax:918-398-5110
Email Me


This month’s newsletter provides a detailed look at today's mortgage market and what you need to know in order to negotiate it today. Real Estate Matters also explores what to watch out for so that your home construction costs don't exceed your budget; great places to find foreclosure bargains; seasonal home insurance questions and more. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time!

This Month's Top Story

Mortgage Shopping 101 - Making Sense of the Mortgage Market

RISMEDIA, October 4, 2010 - Shopping for a mortgage can be time-consuming and difficult for homebuyers, especially in today’s market where many buyers don’t know where to begin. The Federal Reserve Board has put together the following tips so that you can make sense of the mortgage market and be sure you are getting the mortgage that is right for you.

More Top Stories
Change Orders and Overrun from Ineffective Design Drive Up Construction Expenses
RISMEDIA, October 4, 2010—In taking a closer look at dealing with ways of controlling cost overruns in construction projects, we'll look at a couple of issues identified in attorney Barry LePatner's recent book, Broken Buildings, Busted Budgets: How to Fix America's Trillion-Dollar Construction Industry.
5 Best Places to Find a Foreclosure Bargain
RISMEDIA, October 4, 2010—With a number of real estate markets still reeling in the midst of the nation’s economic crisis, bargains persist for savvy investors looking to add to their portfolios of rental properties. Prices have even gone low enough in some markets for so-called flippers to purchase, rehabilitate and resell properties in the short term.
Top Questions to Ask Your Insurance Agent about Seasonal Home Coverage
RISMEDIA, October 4, 2010—For anyone who owns a seasonal or vacation home, it is crucial to be sure it is properly covered and insured. If you are unsure of the terms under which your seasonal home is insured, now is the time to get in touch with your insurance agent.
Simple Tips for Safer Social Networking
RISMEDIA, October 4, 2010—The popularity of social networking sites such as Facebook, Twitter and LinkedIn is continuing to grow dramatically, but not just with users. Cybercriminals increasingly are targeting these sites and their troves of sensitive, personal information.

Have You Heard About The Top 5 Real Estate Social Networking SystemSM?
Sign up to receive my free, weekly e-Articles - brief, compelling, home-related informational articles that you or your family and friends will find helpful in pursuing your real estate goals! Here are some article samples recently sent out to my Real Estate Social Network:

* This monthly newsletter is brought to you by your Top 5 in Real Estate Network® Member Agent and is intended as educational information only.

RISMedia's Top 5 Real Estate Network® is a network created by, for, and of "leading real estate professionals" who are dedicated to providing "leading real estate information to consumers." The RISMedia Top 5 in Real Estate Network is backed by the commitment and resources of RISMedia. Top 5 was created to fill a profound void in how high-impact consumer relevant information was presented by leading real estate industry members to increasingly sophisticated, discerning, and demanding consumers, in order to both sustain and elevate the ongoing viability and appeal of the industry's leading professionals. For more information, visit www.top5inrealestate.com

RISMedia, publisher of Real Estate magazine, is dedicated to providing real estate professionals with the most up-to-date news, information and business development resources in the industry. To submit questions, comments, suggestion, press releases or story ideas, please e-mail realestatemagazinefeedback@rismedia.com.

RISMedia, Inc./Top 5 in Real Estate Network®
69 East Avenue, Norwalk, Connecticut 06851
P (203) 855-1234 F(203) 852-7208
www.top5inrealestate.com
© 2010. RISMedia, Inc. All Rights Reserved.

RISMedia Real Estate News RealTown Real Estate Network

This email is intended for: post@posterous.com.
If you wish to edit your subscription or unsubscribe from Real Estate Matters, please click here.

Ten great reasons to live in Tulsa, OK

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Tulsa, OK is corporate headquarters to QuikTrip Convenience Stores which has recently opened several Gen5 concept stores in the Tulsa metro area. The new concept features ten selections of freshly brewed tea and various uncarbonated fountain drinks (shown here) in addition to the usual soft drink line-up and an attended food counter.  QT is recognized as one of America's top employers.  It is truly a feature Tulsans miss when they travel to less fortunate  locations not selected as a QT market.

Homes for sale in Tulsa, OK and surrounding communities www.darrylbaskin.com
Relocate your business to Tulsa, Oklahoma. Find commercial properties for sale at www.baskincommercial.com

Mayor Dewey Bartlett State of the City Addresss for Tulsa, OK

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Mayor Bartlett addressed business leaders at the annual State of the City address in Tulsa, OK. Bartlett expressed optimism for Tulsa as the city has endured significant changes and prepared itself for substantial future growth thanks to solid long-term decisions.

The recent comprehensive study on government operations and efficiency by KPMG has identified additional areas for efficiency.  Tulsa, OK  is one of only a handful of cities across the nation to take this monumental step. Bartlett was also positive about cleanup efforts for Tulsa's blighted neighborhoods.   His presentation continued by reinforcing Tulsa's worldwide role in engergy development and alternative sources beyond the historic oil production.

Elected officials and business leadersifrom Tulsa County ncludiingMike and Mark Tedford of Tedford Insurance,  Darryl Baskin of McGraw Realtors, and Tom Kudirka of Tornado Studios were in attendance.