Lori Cain - Midtown Tulsa Real Estate www.tulsahomeforsale.net 918-852-5036

Local Realtors are working with the DA and sheriff's office to make sure that when homes are foreclosed, the residents are notified that they should surrender pets to the animal shelter or a rescue group when the move, if they cannot take their pets with them. If you hear of any incidents where people leave pets when they move, they should contact Jamee Suarez-Howard at the Oklahoma Alliance for Animals, at info@animalallianceok.org.

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. The American Recovery and Reinvestment Act of 2009 expands the first-time homebuyer credit to include purchases made before Dec. 1, 2009.

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.

The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 federal tax return. If the home purchase closes after April 15, a taxpayer can still claim the credit on a 2008 tax return by requesting an extension of time to file or filing an amended return. News release 2009-27 has more details on these options.

The credit is claimed using Form 5405.

For first-time homebuyers who bought in 2008, the maximum credit is $7,500 and must be paid back over a period of 15 years.

I was scheduling showings yesterday and THREE out of the five properties my Buyers wanted to see had just received contracts. Today, two out of ten just went under contract. The deadline to qualify for state bond money is fast approaching, and the deadline to close to qualify for the stimulus incentive will creep up as well. All the while, interest rates are rising.

So, does this mean it's a good time to sell? You betcha! Five people I spoke with in the last two days just SOLD their home, so the Buyers are out there signing contracts.

It's a great time to buy/sell in Tulsa, Oklahoma! Call me and let's sell or shop!

Many, many years ago when I traveled in the summer to visit my Dad, I would call airlines individually to compare rates. I mentioned this to my Dad who asked why I didn't just call a travel agent to do the work for me. I assumed that a travel agent charged for that service, so I did the leg work myself. Wrong. Travel agents were compensated by the airlines, resorts and others in the travel industry. They could have provided me with the most convenient and inexpensive flight and made all reservations, taken care of all details, if I had just enlisted their service.

Same is true with Realtors. Many homebuyers assume that Realtors charge to represent them. So, my mantra is "Buyer Representation - it's key and it's free."

When the Seller lists his property for sale, he agrees to pay a commission to the Listing Realtor and the Selling Realtor - in Tulsa, Oklahoma, that's typically 3% on each side - sometimes more and sometimes less. Regardless, the Seller is responsible for paying the commission, so my representation to a buyer is free.

My representation to a buyer is "key," because I am looking out for your interests. I will connect you with a Lender who, for example, has state bond money available for down-payment assistance. I will set up a custom search for your dream home - much simpler than you searching on various web sites or realtor.com. I will walk you through the entire buying process, coach you through negotiations and be by your side at the closing table.

If you are driving around and call the Listing Realtor on the sign to get more information about a property, that Realtor will be representing BOTH the Seller and the Buyer. It's not impossible to do this ethically and fairly, but wouldn't you prefer your own representation?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. The buyer's representative works for the property buyer and has the buyer's best interests in mind throughout the entire real estate process.

If you see a home you're interested in while out house shopping, call me to show you the home and represent you in the transaction, I will represent you as a single-party broker and look out for your best interests. Remember, the Seller pays the commission, so my representation is free to you. If you are considering purchasing property, you will want your own representation in negotiating the terms of the contract. Key and free - please call me!

For more about this, read, http://www.loricain.com/main/buyer_representation.php

I have two clients in this dilemma: one is down-sizing from a midtown Tulsa 3-story condo to a one-level home, and the other couple needs to leave their midtown Tulsa starter home for something larger to accommodate their growing family. Both are nervous about how it is possible to buy/sell at the same time, so I thought I would address the steps.

First, you have to put your midtown Tulsa home for sale on the market. Unless you can afford two mortgage payments at the same time, you have to shop while you sell. Your Listing Realtor should be able to estimate the amount of time your home will be on the market, but because we don't have crystal balls - the best laid plans will sometimes surprise us. The custom searches Realtors are able to set up now allow you to view prospective midtown Tulsa homes for sale comfortably from your home so that you can rule out what you don't like and identify homes that meet your needs.

Ideally, you and your Realtor will be out shopping for midtown Tulsa homes for sale on Saturday and Sunday while cooperating Realtors are showing the home you wish to sell. Yes, it's entirely possible that you will find a home that you fall in love with before your home sells, but that usually works out. Every Buyer I've worked with in that situation wound up finding a home later that they loved more, so I remind my Buyers that if it wasn't meant to be, there's probably a good reason.

Once you receive an offer on your midtown Tulsa home for sale, you hopefully have your choices of homes you would consider purchasing narrowed down to a few. Now, shop fast! As you negotiate the details of the home you are selling, you will be preparing an offer on the home you'd like to buy.

In a perfect world, you will wind up at the closing table selling your home at 10:00 am and be back at the closing table at 1:00 to purchase your new home. You may have your household belongings in a moving truck while all the paperwork is being signed, but it CAN be a smooth transition.

Remember that Buyers and Sellers don't have to be adversaries - and a GOOD Realtor will do all he/she can to keep a transaction together. I am remembering a transaction where the Seller needed two additional days to close on the home they were purchasing - my Buyers were moving from a rental, so in trade for extending the closing date two days, we asked the Sellers to pitch in additional monies on repairs. There is always a solution and a possible" win-win" for all.

So, yes, you can shop and sell at the same time. Jump in and start the process!