Category: Sellers (13)

Quit Claim Deeds

Quit Claim Deeds

 

A lot of people that own land or Lots typically transfer ownership via a Quit Claim Deed. Which if done correctly is not a problem at all. However with the internet making form so readily available I am seeing more and more deeds that are completed incorrectly or not filed.

In the last 2 months I have run into these type problems in several forms. One person use commas (,) in the legal description of land instead of the word “of”  i.e. Northwest ¼ of the Northwest ¼ –NOT—Northwest 1/4,Northwest 1/4 . Another common mistake is the use of the owners names John Doe and Jane Doe need to have a further description behind the names. i.e. John Doe and Jane Doe Husband and Wife or John Doe and Jane Doe single persons.

Another common problem we have been seeing is a tract of land being deeded off to someone else after a bankruptcy of divorce has been filed. I don’t think these were done to hide anything from the bankruptcy or divorcing spouses at least not in the case of the one I have run into lately. But if the Quit Claim Deed transfer takes after the date of the bankruptcy or divorce filing it now has a cloud on the tile. In the case of a bankruptcy the bankruptcy will have to be reopened and the property dealt with. In the case of t a divorce the ex-spouse will have to sign a new quit claim deed.

And the final problem is someone give you a quit claim deed and you do not file it at the county court house in the county the land is located in you may or may not have legal ownership, I will leave that to the attorney’s.

The bottom line is have an attorney or title company review it for you and check to make sure no leans have been levied on the property before you take ownership. The small fee they would charge you will save you a big headache and possible legal fees in the future.

 

April Housing Market Tulsa, Oklahoma Metro Area is Booming. The following stats will give you an idea why you should list your home now IF you are thinking of selling it. Broken Arrow home Value from $100,000 – $200,000 has a 1.54 months supply, $200,000 – $300,000 has a 3.95 months supply in the April housing market. That means if your home should sell if priced properly within 1.54 months or 3.95 month respectfully April Housing Market , Wow you better be ready to move. Broken Arrow is not the only hot spot Jenks $100,000 – $200,000 has a 1.70 month supply, $200,000 – $300,000 has a 3.68 months supply. Bixby $100,000 – $200,000 has a 2.12 months supply, $200,000 – $300,000 has a 3.89 months supply. Lastly Owasso $100,00 – $200,000 has a 1.50 month supply and $200,000 – $300,000 has a 2.88 months supply of homes on the market April Housing Market . And all the other metro cities and Towns have similar numbers from Collinsville to Skiatook to Glenpool, Sapulpa, and Sand Springs.

Interest rates are still favorable, but remember as our economy keeps getting stronger the rate will keep rising which in reality is a good thing. So if you are thinking about buying or selling now is a really good time to get started. The Bigelow group would by happy to meet with you to go over this information or anything else to help you decide if now is the right time for you to put you home on the market. I also want to remind you we are never to busy for a referral – so if you know a Family member, Friend, Co- Worker or neighbor thinking of selling or buying please refer us to them our website www.jimbigelow.com of just have them call Jim Bigelow 918-640-4657 / Jim@jimbigelow.com or my daughter Lindsey Stucky 918-269-7652 / Lindsey@jimbigelow.com

 

Real Estate Market

Good morning Northeast Oklahoma. I have to remind everyone of the obvious … Tax filing deadline is April 15th which is only 13 days away.

But on a happier note good news for the housing market as the Fed’s Freddie Mac’s average interest rate has stayed at 4.06% for a 30 year mortgage last month it was 4.28% and 2018 end was 4.95%. this news is especially great news as nationwide the existing home market saw sales jump to 11.8% in February, which is the largest gain since 2016.

So if you are considering listing your home in the Tulsa metro area this would be the time to call me and discuss what your house may be worth on today’s market.

Spring Preperation

Okay, now that daylight savings time has come and gone we should all be acclimated and full of energy again. so it is time to prepare for spring by following these quick reminders.

Clean Gutters and down spouts before the spring rain comes.

Have your mower serviced as it wont be long until you need it.

Replace the batteries in your smoke detectors/fire alarms.

Have your air conditioner checked and serviced.

Run your lawn sprinkler system and check for defective heads and broken pipes.

call an exterminator to check for swarming termites.

Have your clothes dryer exhaust cleaned – leading cause of house fires.

Reseal & paint bare exterior wood/

Vacuum & Rotate your mattresses

Check your fire extinguisher to make sure it is fully charged.

Now once you have done all of these items enjoy the spring and summer months.

Okay Tulsa, Oklahoma the Federal Reserve announced that the Fed officials would take a (patient approach) to future interest rate moves. Jerome Powell Chairman of the Federal Reserve commented on economy by stating it is healthy, but did note some conflicting signals along the last several months.  Powell also commented inflation was not a concern with respect to Wage growth.

In addition president Trump decided postpone the 15% tariff increase on additional Chinese imports that were supposed to go into effect in March. Officials said the Tariffs are suspended until further notice.

With all of this good new the BAD news is the housing supply of home for sale in the Tulsa metro area are in short supply. In others word we need listing.

Total Homes For Sale In Tulsa Metro

The following chart is a breakdown of all the homes for sale in the Tulsa Metropolitan area by price range. It show all the Homes listed which is the total of the Home pending (Sold but not Closed) plus  the Active homes (still available). in the listed school districts below.

Total Homes For Sale In Tulsa Metro Area = 3,663
              Price Demand Closed
                Range T.O.M. Supply Active Pending < 6 Monthes
$0 $49,999 100 2.73% 3.45 69 2.47% 31 3.55% 174 3.35%
$50,000 $74,999 124 3.39% 3.70 74 2.65% 50 7.80% 201 3.86%
$75,000 $99,999 148 4.04% 2.93 92 3.30% 56 6.41% 303 5.00%
$100,000 $199,999 1,214 33.14% 2.95 830 29.75% 384 43.99% 2,466 47.41%
$200,000 $349,999 1,160 31.67% 4.72 942 33.76% 218 24.97% 1,474 28.34%
$350,000 $499,999 492 13.43% 7.15 416 14.91% 76 8.71% 413 7.94%
$500,000 $999,999 326 8.90% 13.40 280 5.00% 46 5.27% 146 2.81%
$1,000,000 UP 99 2.70% 24.75 87 3.12% 12 52.00% 24 0.46%
3,663 100% 2,790 95% 873 153% 5,201 99%
-44.36% -35.29% -14.85%
Per NORES MLS system for school districts 1,2,3,4,5,6,7,9,,10,11,13,28,30,49,50
Market Status Information

Fell free to call me if you would like to discuss anything about this chart or any other real estate questions

 

Jim Bigelow

Coldwell Banker Select

Tulsa Oklahoma

918-640-4657

Jim@jimbigelow

HOME SALES AND PRICES UP!

 

            As the chart below shows, during the first half of 2017 home sales and prices are up when compared to same period in 2016. In fact, both the number of home sales and average sales prices are on a record pace.

 

                                                                Avg.

                                                         # Closed                +/- %                        Sales Price                  +/- %

 

Entire MLS                              9126                +  4.3%            $175,581                     + 7.2%

5 County                                  6826                +  5.6%            $191,997                     + 8.0%

Tulsa Schools                           1814                +  3.7%            $167,869                     +11.9%

Broken Arrow Schools             1152                +  6.7%            $194,453                     +  9.2%

Jenks Schools                             590                +15.2%            $286,988                     +  4.3%

Owasso Schools                         528                +  6.0%            $227,072                     +  4.3%

Union Schools                            497                –  6.9%             $174,960                     +  5.3%

Bixby Schools                            417                + 7.2%             $292,251                     +  6.7%

Claremore Schools                    211                +27.9%            $139,781                     +  5.9%

Coweta Schools                         156                +28.9%            $181,039                     +11.7%

 

*Note: If your Home area is not in one of the school districts shown above, you

                         should call me so I can get the numbers for your school district and include them

                        for you. 

 

Jim Bigelow 918-640-4657

Broker Associate

Coldwell Banker Select

jim@jimbigelow.com

www.jimbigelow.com

 

What is a first response certificate? Well in Tulsa and Broken Arrow Oklahoma as well as other cities around the State it is a permit or fee to register your alarm system with the city’s emergency management system.

Instead of fining owners for excessive false alarms, the city now stops providing an immediate Police response unless certain conditions are met.

A first response certificate that is not renewed within ninety 90 days after its expiration shall not be renewed. CITY OF TULSA Application for First Response Certificate. Complete all sections of the application and submit it to City of Tulsa Business Licensing with the 30.

The costs of these vary by city but generally cost $30.00 per year.

Bottom line is that if you don’t have a certificate/Permit the Police are not responding to your next alarm. The bad thing is most people don’t know this even though alarm companies tell us about it when they install or activate a new system or user. It just seems to be one of those things that goes in one ear and out the other so to speak.

Take 5 minutes and google your city no matter what state you live in to see if you are required to have a First Response Certificate or similar permit. You will be glad you did some day.

Jim Bigelow and Lindsey Stucky from Bigelow Group Real Estate
The Bigelow Group team: Jim Bigelow, daughter Lindsey Stucky, Scot Jobe, Ali Herrmann, Kathy Zwart

I know some of this may sound silly but it will affect your ability to qualify for a mortgage.

  1. Don’t change jobs even if you get a large raise. Ask the new employer if you can wait to start until your mortgage is closed. Also don’t reduce hours, quit or start your own company.
  2. Just because you are on vacation don’t make a late payment for anything. Make the payment early and be safe.
  3. Don’t buy a vehicle for any reason again wait until after closing. You will be glad you did.
  4. Okay maybe your new house deserves some new furniture but don’t buy it until after closing. Just writing up the ticket or getting no payment for a year can and will jeopardize your mortgage closing.
  5. Don’t close a credit card, increase the balance or max out the limit.
  6. Oh yah Don’t Shop for any new credit cards of any type either.
  7. Do not co-sign for a loan or credit card with another person.
  8. Don’t spend any of your down payments money even if you think you have more than enough.
  9. Do not take a loan against your retirement/investment funds or get a gift for the closing cost without talking with your lender first. There are specific guidelines that must be followed.
  10. Don’t make any large deposits into your bank account outside of payroll. And if you do have the funds documented as in some case these funds will not be allowed to be used for closing.
  11. Do not deposit cash
  12. Do not change bank accounts or transfer funds to a new bank
  13. Continue to pay all of your existing bills timely
  14. Do check your email on a regular basic as your lender may need addition documentation and respond as timely as possible.

I know this sounds like common sense but will all do things on a daily bases without thinking that yes we can afford but causes an underwriter to ask for additional information or just reject the loan at the last minute.

Call me anytime and let’s discuss real estate. We are here to help or Check Out Heather Jobe at First Mortgage  www.firstmortgageco.com/heatherjobe