Kristyn Grewell, ABR GRI

1. What Edmond neighborhoods do you like?
   
2. Are there certain schools you would like to be near?
   
3. How close do you need to be to public transportation?
   
4. Do you need easy access to I-35 or turnpike?
   
5. Do you prefer to be close to shopping centers or on the outskirts of Edmond?
   
6. What architectural style do you prefer?
   
7. Do you like/want 2 stories or1?
   
8. How old of a home would you consider?
   
9. Are you willing to do repairs or renovations?
   
10. Are there any special needs your new home must meet?
    
11. Do you need a fence for pets?

Once you answer these questions your Realtor will be better prepared to search for the Edmond home you are looking for. Check back next Friday for week 2 in the Ultimate Home Buying Guide to Edmond Home Buying when we will discuss the advantages of financial pre-qualification.

If you are like many Oklahoma home buyers, you are have been searching for homes in a price range based on a pre-approval from a lender. Maybe like many Oklahoma home buyers you have a pre-approval letter from a lender on your desk at home so you will be ready to go once you find your dream home. It's like your "Golden Ticket" proving you can have the house you desire. But how much do you know about the company that has provided the pre-approval for you?

Did you know that in the last year and a half more than 200 US lending operations have IMPLODED? To say a lending operation has imploded does not mean that they have stopped doing business. It means that the company may have filed bankruptcy, been acquired, or temprarily stopped operations. Is the company that provided your "Golden Ticket" pre-approval letter one of these 200+ companies?

Before you continue your search for Oklahoma Real Estate with Golden Ticket in hand, check out the list of Imploded Lenders here. A lender should be selected for their reputation in the industry, not the amount they will lend to you. For a selection of recommended Oklahoma lenders, click here.

The Oklahoma City Metropolitan Board of Realtors runs and maintains the MLS (mutliple list service) for the OKC metro. On April 1 they will be launching a new feature which will provide additional security to our clients and community. The technology we will be using will require a different password each time we log into MLS. When I first heard about the new requirement I did not see the benefit, only an inconvenience to me.

Yesterday I attended a half day seminar on the topic and can now see the purpose. Our new system, SAFEMLS will ensure user authentication and protect the valuable and sometimes sensitive information that is included in our listings. I am glad that our OKC Board of Realtors is taking the necessary steps and embracing new technology to protect the privacy of our clients in the metro. This added step is not an inconvenience to me, it's an added service for me. And you.

With so much talk about foreclosures and the idea that there are bargains to be had; have you ever given any thought to purchasing property at the Oklahoma County Sherriff's Sale? The process is not for the faint of heart and definitely not for beginners. Because there are so many unknowns in the process it can be very risky. Still interested? Then do your homework first. Sales in Oklahoma County are held twice a month at 2:00 on Thursdays. The next sale is February 21st. Before you go to a sale with the intent to purchase, go to a few sales as an observer. That will be the best way to learn about the process. The sales are always held at the Oklahoma County courthouse annex building, 320 Robert S. Kerr room 103. Go, watch and learn. Do not bid.

After you have observed a few sales and you feel comfortable with that part of the process you may still be interested in purchasing a property. To learn what properties will be available at an upcoming Sherriff's sale go to http://www.oklahomacounty.org/sheriff/SheriffSales/ where you can see a list of properties scheduled for sale. If a property interests you, do your homework. The house will likely still be occupied. You may drive by for a look but you may not enter the property or peek in windows. That would be tresspassing. Prior to bidding on the property you will not be able to see inside. You will need to research county records to determine market value and what liens are currently on the property. You should also consider purchasing title insurance.

To purchase a property at an Oklahoma County Sherriff's Sale the county requires the following;

• Your minimum bid must be at least 2/3 of the appraised price of proeprty
• down payment of a least 10% of purchase price in certified funds within 24 hours of sale
• sale is final and balance due within 30 days

In my opinion, unless you are experienced in purchasing distressed property a Sherriff's sale is not the best route to take on your own. In addition to the bargain price you very often will have repair and replacement costs that can amount to a negative cash flow. The services of an experienced Realtor can help you through the process of researching these properties so you know what you are getting into beforehand.