Lori Cain - Tulsa Realty www.LoriCain.com

No FHA or VA financing? Recently I’ve seen several property listings state in the Broker’s remarks (area that the public can’t see) that the Sellers will not accept offers with FHA or VA financing. Do these Sellers realize that they’re possibly ruling out 95% of the market by not accepting that type of financing?

I’m shopping in a range for first-time home buyers who will typically have FHA or VA financing. I’ve explained to my Buyers that if they choose an “as-is” property, they will be responsible for whatever repairs may be required by the type of financing they choose. They understand that and we’ve steered clear of properties that will require more repairs than they can afford.

Years ago, there were more financial costs for the Seller when accepting FHA or VA financing, but those costs are truly insignificant now. Repair costs can be negotiated and the prospective appraisers are not as stringent as they once were.

Remember that FHA and VA appraisers are looking for safety and health issues. They don’t care if your dishwasher doesn’t work or your air conditioner is old – they care if the hot water heater needs to be raised or if there is chipped and peeling paint.

Come on Sellers – don’t turn away such a large portion of your potential market!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown, Owasso, Sand Springs, Broken Arrow, Bixby and Jenks. Visit Lori's web site, LoriCain.com or call 918-852-5036 today!

Via Mike Jones (SUNSTREET MORTGAGE, LLC):

$8,000 / $6,500 Tax Credit Legislation Extended and Modified for Home Buyers

Until the new legislation was signed into law, first time homebuyers could apply for and receive a tax credit in the amount of $8,000. when they purchased a home before the sunset date of November 30, 2009.

The new legislation, signed into law by President Obama on Friday, November 6, 2009

• extends that date until April 30, 2010 for civilians, and to April 30, 2011 for certain military buyers.
• increases the income limits so that millions more can qualify for the tax credit, and
• enacts a reduced tax credit of $6,500 for move-up buyers who are not first time homebuyers.

Extended Timeframe

The existing sunset date established by the Housing & Economic Recovery Act of 2008 has been extended to April 30, 2010 for most buyers. Qualifying members of the military who served outside the borders of the United States at any time during the period from 1/1/2009 to 4/30/2010 will have an extra year to apply for the tax credit.

Increased Income Limits

The earlier legislation put caps on income for single buyers at $95,000. Married buyers filing jointly capped out at $170,000. The new legislation allows single wage earners to make up to $145,000, and married couples can earn up to $245,000.

NEW: $6,500 Tax Credit for Move-up Buyers

The new legislation provides a tax credit incentive for people who are not first time homebuyers. (A first time homebuyer is defined as one who has not owned a home in the last 36 months.) You may qualify for this $6,500 tax credit if you owned and lived in your home for five consecutive years out of the past eight. Who does that help? Let’s say you sold your home in 2008. You’re not a first time homebuyer, but if you meet the “five of eight” criteria, you can buy a move-up home and still qualify for the $6,500 tax credit. Check with your tax professional for advice on your particular situation.

NOTE: Additional Requirements

There are other rules of eligibility in the legislation. (This list is not exhaustive, so you’ll want to check with your tax professional.)

• You can’t buy the home from a relative.
• You must be 18 or older
• You cannot be claimed by any other taxpayer as a dependent
• If you’ve sold a home, and that sale affects your eligibility, you must included the settlement statement (HUD-1) with your tax return.
• Most buyers (check with your tax professional) must live in the home for a minimum of three years or face a government demand for repayment.

Above originally published on InvestmentRealEstateCorner.com by Mike in Tucson

Helpful links regarding the tax credits:

Basic explanation of the extension/expansion for 2009/2010

Quick chart of features (pdf file format)

Form to amend taxes if you close in 2009 (pdf file format)

Helpful article if buying & selling a home at the same time: if you are leaving your starter home for a larger home, read this to find out how to sell and buy at the same time!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown Tulsa, Broken Arrow, Owasso, Bixby, Sand Spring and Jenks, Oklahoma. Please visit Lori's web site, LoriCain.com or call 918-852-5036.

Home Buyers: Don’t fall in love with a house and ignore the old roof!

I bought my first home before I became a real estate professional. I was in that home for less than two minutes before I knew it was the perfect home for me.

Because I saw the home in daylight, I never noticed that there was no electricity in the detached garage. My cousin gave me an electric overhead garage door opener as a house-warming gift, which of course couldn’t be installed until I ran electric lines to the garage.

I also didn’t pay attention to the fact that "the new roof" advertised by the Seller was a third layer. That was insurable eleven years ago, but isn’t now.

The better insurance companies have the same basic criteria regarding roofs.

• If a roof is ten years old or newer, the property owner can purchase replacement cost coverage on the roof.
• If the roof is 11 – 15 years old, the insurer will write the property insurance, but only if they can write the roof on an actual cash value (ACV) basis.
• And if the roof is over 15 years old, most companies won’t write the insurance period.

By replacement cost, I mean the insured would get a new roof, less their deductible. For ACV, the company would depreciate the roof, and only give the value of what the roof is. So, if the roof was 20 years old, and it was originally roofed with shingles rated for 20 years, than the company could say that the roof is fully depreciated, and not give much to the insured as far as a claim check.

It’s okay to fall in love with your new home’s granite counter-tops, hardwood floors and landscaped yard – you’re SUPPOSE to do that.

Home Buyers: Don’t fall in love with a house and ignore the old roof!

But, please don’t overlook the big ticket items that can drain your bank account in the future:

• roof,
• electrical updates,
• plumbing,
• heating and air,
• hot water heater.

If you are selling your home and can’t afford to roof your home prior to putting it on the market, ask your Realtor about including verbiage stating that a new roof will be installed prior to closing. Many roofing companies work with Realtors and will install a new roof once you have a contract on your home and will wait to be paid out of your closing proceeds.

If you are buying a home and an allowance is made for a new roof prior to closing, ask about the type of shingles the Seller is planning to install and seek guidance from your insurer. You may want to upgrade to a better quality shingle and pay the difference.

Go ahead and fall in love with your new home. Just make sure your Realtor is investigating the condition of the higher repair and replacement components, and don't ever skip the inspections available to you!

Lori Cain is a residential Realtor with Chinowth & Cohen Realtors, serving the greater Tulsa area, including midtown Tulsa, downtown, Owasso, Jenks, Sand Springs, Bixby and Broken Arrow. Visit Lori's web site, LoriCain.com or call 918-852-5036.

Outgrown your starter home? NOW is the time to upgrade & here are three reasons why.

Okay, it’s time to sell your house.

You've outgrown that cute little starter home with two bedrooms and 1 bath that you bought after you got married and before you had two children. It’s time to pass that along to another young couple and find a larger home in a school district of your choice with a separate bathroom for the kiddos.

You may have heard that the Senate & House extended the 1st-time home buyer $8,000 tax credit. They ALSO added a $6,500 credit for home buyers who have lived in their current home at least five years – this is an effort to get the $200K-$300K inventory of homes moving.

Both have to have written contracts by April 30th and must close by June 30th.

I know that you’re nervous about trying to buy a home while selling yours at the same time. The thought of double mortgage payments scares me, so I know it scares you. Here is a post I’ve written about how best to buy and sell at the same time – it can be done!

Your home is likely to be purchased by a 1st-time buyer, so you really need to take advantage of this opportunity now that they’ve extended the deadline. Honestly, towards the end of the original deadline, the inventory of homes in 1st-time Buyers’ price range was getting scarce – in fact, prices were getting somewhat inflated, because buyers were panicking that they would not close in time. Now that the deadline is extended, I expect the frenzy to start up again.

The legislature added the $6,500 credit to existing home-owners needing to upgrade in an effort to stimulate the inventory of homes in the $200K-$300K range – something the 1st-time buyers couldn’t afford. There are a plethora of homes in that price range that have been on the market a while, so good deals are available.

So, you want to get your home ready to market to first-time buyers AND you can cash in on the $6,500 credit on your purchase. Rates are still low, and we have no clue how long that will last.

It’s time to make the move up NOW, because:

1. Your home will likely be purchased by a 1st-time buyer taking advantage of the stimulus extension;
2. You can cash in on the $6,500 credit since you’ve owned your current home for five+ years, and finally,
3. Rates are great.

So, what are you waiting for? The stars may not align like this again for several years.

Let’s get your home ready to put on the market and set up a search for your larger dream home.

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Bringing the Dream of Homeownership Within Reach (Source: National Association of Realtors)

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010.

Helpful links regarding the tax credits:

Basic explanation of the extension/expansion

Quick chart of features (pdf file format)

Form to amend taxes if you close in 2009

About the author: Lori Cain is a residential Realtor with Chinowth & Cohen Realtors, serving the greater Tulsa area. Please visit Lori's web site, LoriCain.com or call 918-852-5036!

Creek Stickball Park of the midtown Tulsa Riverview Neighborhood Association

My neighborhood, the Riverview Neighborhood Association, is home to a recent Oklahoma Centennial project, a sculpture in Creek Stickball Park. Located at 18th & Cheyenne in Tulsa, Oklahoma, the sculpture features three Native American youths playing stickball – a traditional game with ceremonial significance in the Native American Culture.

The statue in Creek Stickball Park was made possible through a $250,000 donation from the Oklahoma Centennial Commemoration Commission. Besides the sculpture, this provided park amenities including wrought iron fencing, new sidewalks, landscaping, irrigation and benches.

Dedicated in December 2008, the park is located directly across the street from the Creek Council Oak Park. The sculpture in the Stickball Park was created by Talala-based sculptor Sandra Van Zandt. Her work is detailed and magnificent – please drop by to enjoy our new beautiful park.

Creek Stickball Park of the midtown Tulsa Riverview Neighborhood Association

A-ne-jo-di, or Stickball, is a Creek game played around a
single 5-10 meter pole, topped with a
brightly painted animal skull, and a blue painted ring 60 cm toward the top. Points are scored by hitting the pole
above the blue ring, or better yet, hitting the skull atop the pole with a small ball. The players use sticks
that resemble a smaller version of ones used in LaCrosse. Games are played to four points.

Visit Lori's blog for more information about the Riverview Neighborhood and its many parks, mansion & hidden treasures.

About the author: Lori Cain is a residential Realtor with Chinowth & Cohen Realtors, serving the greater Tulsa area, including midtown Tulsa, Owasso, Jenks, Sand Springs and Broken Arrow. Please visit Lori’s web site, www.LoriCain.com or call 918-852-5036.

Visit Lori's blog to learn more about Tulsa's neighborhoods, community, events and real estate!