Lori Cain - Tulsa Realty www.LoriCain.com

By the time you and your Realtor select a property and sit down to write the sales contract, your Realtor has probably been pointing out some areas of caution, such as wood rot or a hot water heater that needs to be raised.

In the sales contract, we ask for a dollar amount for repairs, replacement or treatment for which the Seller will be responsible. This is the amount the Seller will obligate himself to pay and must be prepared to spend. However, if you agree that the Seller will be responsible for $1000 in repairs, but only $200 is spent, the Buyer does not receive the $800 that was not spent.

So, you want to be fairly accurate in the amount requested when you make an offer. Experienced Realtors can notice many things clearly visible while viewing a home. There are things that will come up during inspections that we could not possibly have foreseen or anticipated. Not every crack indicates structural damage and we have no way of knowing if there is water standing in the crawl space.

If I know that the hot water heater needs to be raised in order to be compliant, I will request that in the contract in the "Additional Provision" section, so that expense is not included in the repair amount.

If the Buyer and the Seller agree that $600 is the repair cap, and the repair estimates reach $1,000, there are several ways to resolve this. The Buyer can elect to make repairs not required by the Lender at a later date, for example. Or the Buyer and Seller may elect to split the $400 excess and make all the requested repairs. Good Realtors will negotiate together to reach a win-win situation for both Buyer and Seller. At this point, the Buyer has already spent money on inspections and an appraisal, and the Seller has taken his home off the market for several weeks - don't let a small amount in repairs kill the deal at this point - there's always a solution!

I have two listings almost ready to go on the market. One Seller is a previous client, so she knew to expect "assignments" from me. The other Seller is a referral, so at our first meeting, I was faced with the difficult task of itemizing what they needed to do to prepare their home for sale: paint this, re-carpet that.

Unless impossible from a financial standpoint, I like to get my listings move-in ready. The inventory of homes is so high that Buyers will not spend a minute considering a home that has dingy carpet, hot pink walls or outdated curtains. When Buyers walk into your home, you want them to say, "Oh my gosh, this is perfect and I don't need to do a thing!" Your home must "WOW" the Buyers in the first ten seconds, which is why your front lawn/garden and entry way are critical.

Buyers also must see themselves living in your home. They must feel comfortable that their furniture will fit in your living and dining rooms and that your closets are large enough for their home. Realtors don't ask you to empty 40% of your closets because we think you have nothing better to do - if your closet is crammed, the Buyer will think that there is not possibly enough room for their clothes. If your kitchen counters are cluttered with canisters, spices, toasters and mixers, Buyers will think that there is not enough counter space for them to prepare dinner.

Hiring a home stager for a consultation can pay off in the long run. We know that your favorite 20 year-old recliner is exactly where you want it to watch television, but is it making the room appear crowded? The National Association of Realtors reports that staged homes bring almost 7% more in price than homes that were not staged. So, while your furniture is arranged the way you want to LIVE, it may not be arranged in the best manner to attract a Buyer.

Yes, it's an inconvenience to store that toaster if you are use to keeping it out, but wouldn't you store it if it would decrease your days on market and increase the price you could get for your home? So, consult with your Realtor about what you need to do to prepare your home for market. Typically, fresh paint and new flooring will be the least expensive improvements that will immediately increase the value of your home.

Remember that in addition to selling homes, we work with Buyers. So, we know what turns Buyers on and what turns them off. Get your home 100% ready to sell before your Realtor puts that sign in your yard!

After you and the Seller are in agreement of the major components of a real estate contract (sales price, amount of earnest money, closing date, etc.), you will want to perform inspections on the property you intend to purchase. Typical inspections include structural, termite and EMP (electrical, mechanical and plumbing). Additional inspections are available to you and are outlined in the real estate contract, but these are the basic three that should be performed.

Your Realtor should already have pointed out if there is wood rot that may not pass an FHA appraisal or have noted that the hot water heater needs to be raised in order to be compliant. However, there's a lot that we can't see or predict. Not every crack is an indicator of structural damage, and we have no way of knowing if the dishwasher works properly.

After your inspections are done, you and your Realtor will go through the reports together and identify what you would like the Seller to repair, treat or replace. Depending on what you have asked the Seller to be responsible for in the initial contract, you may not elect to have all repairs done. Or, you may ask for all repairs to be done and offer to chip in on the expense, if it exceeds the amount agreed upon in the contract.

Inspectors are very helpful in identifying items that are currently in working order but should be serviced or budgeted for replacement. Remember that you are paying the inspectors and they are working for you. Ask all the questions you want!!

Several Buyers have asked me lately WHY they have to write an earnest money check when submitting a contract or they question why it is cashed prior to closing.

An earnest money deposit is to show the Buyer's sincerity. Period. Once all the terms of the contract (sales price, repair cap, closing date, etc.) are agreed upon by all parties, the Seller will take his property off the market, the Realtor will discontinue marketing the property and the earnest money is deposited -- usually in the Listing Realtor's escrow account.

Should problems arise with financing or inspection results, the earnest money could be refunded to the Buyer. And of course the earnest money amount is credited towards the Buyer's closing expenses.

The point of earnest money is to show the Seller that you are sincere in your intention of purchasing his property and moving forward in a diligent manner to ensure a successful transaction. I usually ask my Buyer's to write a check for 1% of the sales price for the amount of earnest money.

I can set up a search through MLS to help you look for your dream home. I can search by geographical boundaries, school district, square footage, number of bedrooms, age of home, list price, etc. This sets up a web "portal" for you, and you are notified by e-mail when anything new comes on the market that meets your search criteria. Once you receive the link, you click on it to view the properties that meet your criteria. You can then view photos and virtual tours, and basically preview homes before ever getting in your car. You can rank homes as "favorites, "possibilities," or "not considering." There is an area where you can write notes, for example, if you want to know how old the roof is or how long the property has been on the market. I can respond to you via the portal.

It's a great way to shop for homes, whether you're in a hurry to purchase or if you are just "looking." It helps you be aware of what's available in your price range, what homes are selling for in the area you want to purchase, and most valuable of all, it provides a pressure-free way to shop. The search can be modified at any time if the search results are not producing what you are truly looking for. When you find something you would like to see, just call or e-mail, and we'll set up a time.

So, if you'd like to send me the criteria for your search, I'm happy to set it up for you. The feature that I like the best is that we can truly search from Lewis to Harvard and 21^st to 31^st - if geographical boundaries are an important criteria for you. I'm not a pushy Realtor, so I really like how this search works - it allows you to go at your own pace.

If you're interested in me setting up a search, let me know your criteria and which e-mail address(es) you'd like to receive notifications. 918-852-5036; lcain@tulsarealtors.com