Karen Weldin’s Blog

When you buy a home or land, do you know what the rules are?  Do you ask for a copy of the covenants and restrictions?  As a REALTOR, do you read the covenants and restrictions of the properties you have listed or the property you have under contract?  It is important for your as a REALTOR to help educate your clients and customers and it is important for buyers to ask for a copy of these covenants and restrictions.  It is also important for the seller to offer a copy of the same to the REALTOR and buyer.  REALTORS and sellers also need to remember that they are not attorneys.  Don’t read these documents and try to interpret them on your own.  Many times it may appear as though the restrictions and covenants may not apply any longer - don’t assume this.  Ask for an attorney’s opinion.  Don’t assume you don’t have to abide by these rules just because there may not be an active Home Owner’s Association.  Get a copy of the restrictions and covenants and if you have any questions - seek an attorney’s opinion.  It is best to be safe rather than sorry!

When buying or selling a house it is important to remember what expertise each person involved has - especially a REALTOR.  As a REALTOR, my expertise is in marketing and selling property for a seller and finding a home based on the needs and wants of a buyer.  A REALTOR is NOT an attorney, a structural engineer, a plumber or an electrician.  It is important to remember that if there is a question about a home you need answered - go to the expert in that field.  If you are concerned about a foundation - call a foundation/structural engineer. If you are concerned about a plumbing problem - call a plumber.  Don’t ask a REALTOR to diagnose a problem they are not qualified to diagnose.  Save yourself heartache and disappointment - for everyone.

I encourage all buyers to get a home inspection.  With a home inspection buyers can collect more detailed information on the property they are considering in in order to make a more informed decision.  However, most people think only of a general home and termite inspection when they think about what to look for.  A lot of people do not think about other types of inspections such as environmental and structural inspections.  As a REALTOR in a rural lake area, I believe it is important to consider a septic system inspection and if a property includes a dock - a dock inspection.  I know of people who have closed on their properties only to begin having septic system problems and then having to put in an aerobic septic system which is about double the cost of a traditional septic system.  Likewise, people buying property which includes a boat dock and have no knowledge of docks or boat lifts, would be wise to get these structures inspected prior to closing.  Dock repairs can be quite costly.  Be informed and know the specifics of the property you are planning on buying.  It could save you a lot of money down the road.

While most of the country is talking about lowered homes prices and a slowed housing market - Oklahoma and especially S.E. Oklahoma is still on the rise!  According to a report released by the Southeastern Oklahoma Association of Realtors, home values in Southeast Oklahoma rose by 4.3 percent in 2007.  The problem;however, is we have more buyers than sellers.  What we need is for property owners to realize the facts in S.E. Oklahoma and not be afraid to put their property on the market.  Now is a good time to both buy and sell in S.E. Oklahoma.  Since 2002, the sales price of an existing home in S.E. Oklahoma has risen by an average of 6.4 percent a year!  It is important to know the facts about your local area.  What is happening locally is much more important than what is happening on the national level.  Don’t always listened to what you hear on the national news - call a REALTOR and find out what is going on in your neighborhood.  Read the attached article to learn more facts about S.E. Oklahoma.

The other day I read an article stating that consumers are satisfied with mortgage lenders. This conclusion came from the 2007 Primary Mortgage Origination Studyand the fact that consumers rated the origination experience 750 out of a 1000 point scale.  However, I have had several reports from consumers who have been sorely disappointed with the process starting with the loan origination through the underwriting.  There are consumers who are receiving loan pre-approval letters only to be denied by the underwriters.  So, what does the pre-approval letter mean to the buyer and other professionals involved?  Are pre-approval letters of any value?  I believe underwriters are tightening up on the requirements for loans.  Perhaps not all originators have changed their mind sets yet to be in line with the underwriters.  It is just another reminder to REALTORS that the transaction is not certain until it is closed! 

According to the National Association of REALTORS®, nine out of ten buyers use a REALTOR in their search for a home.  88% of people use a REALTOR to sell their home. And, in 2006, people who used a REALTOR to help them sell their home received an average of 32% more than for sale by owners.  These two facts alone are reason enough to call or e-mail Eufaula Lakeshore Realty.  It is a good thing, too if you are in Oklahoma where the price of homes continued to rise last year while many places in the United States went down.  In Oklahoma, the value of homes were up 4.88% according to the Oklahoma Association of Realtors.

All of this to say, it is good to be living in Oklahoma and if you are in the market for a home or to sell a home - choose a REALTOR to help you.  Call or email Eufaula Lakeshore Realty and let us help you meet your real estate needs.

 REALTORS are committed to a Code of Ethics that makes our services high quality and professional.  We can help sellers prepare their homes for sale, provide a comprehensive market analysis; offer suggestions getting your home ready to sell; walk you through the legalities of selling your home, familiarize you with the paper work; help screen potential buyers by making sure they are pre-qualified; and assisting you through the closing process.  We are knowledgeable of the communities around Lake Eufaula, can assist with home inspections, home warranties and neighborhood questions.

We have the expertise in marketing your property as sellers and the ability and resources to search through hundreds of properties if you are a buyer through the local Multiple Listing Service.  We have the contacts with potential buyers and sellers and other REALTORS to assist you selling your home or finding the right one in a timely manner.

We take the time to do things right.  We help you prepare your home, market your home and make sure the “i’s” are dotted and the “t’s” are crossed.  Buying or selling a home is one of your biggest investments in life.  Don’t go it alone - be protected and represented by calling a REALTOR today!  Call Karen at Eufaula Lakeshore Realty - 918-605-7405 or email Karen@KarenWeldin.com
 

 So you think you want to buy a lake home or a lot and you begin to drive around.  You spot a place that looks interesting and you call the number off of the Real Estate sign.  You meet the REALTOR® and boom - you are hooked into using this person to help you find your dream place regardless whether or not you really click with this person or not.  This is what happens to most people searching for real estate.  You should FIRST shop for a REALTOR®.  Find someone you like and feel comfortable working with - THEN shop for property.  Don’t get the cart before the horse.  Ask your friends for a referral, ask supporting vendors in the housing market who they suggest and/or go online and look for REALTORS® and read their “testimonial” page.  Feel free to call REALTORS® and interview them on the phone or in person.  (Future entries will cover “Why Use a REALTOR® At All?” and “What To Look For In A REALTOR®.”

Customer service is what we sell as Real Estate professionals.  Therefore, regardless of how automated we become, how tech savoy we pride ourselves in aspiring, it still boils down to meeting our customers/clients needs and wants.  This is our number one goal and priority.  We must take time to learn what our customers’ needs and wants are.  This involves actively listening and paying attention to their verbal and non-verbal cues.  Once we know what their needs and wants are we can go to work and find them the property they are looking for.  I had a gentleman the other day - businessman tell me that the customer had to adjust to the service person - regardless of whether or not the service person was providing efficient and competent work.  I disagree with this.  I believe all of us need to hold the service professionals to a higher standard and get back to the basics of good service and sales qualities. 

This week I was curious to see what consumers were going through trying to get a loan.  I had a situation where I became aware of someone who had the option to apply for a Home Equity loan or pay cash for a transaction.  They chose to apply for a Home Equity loan. They wanted the loan approved based on the fact that they had more than enough equity in their home and more than enough assets to cover the amount of the loan.  The lending institution still came back to them and wanted more proof of monthly income.  I was left wondering just how hard it is for the average citizen to obtain a loan today.  It appears as though regardless if you have enough money in the bank or assets to cover the loan you must still show proof that you have the monthly flow of income to make the payments on the loan.  I find this interesting information for retirees and others who live off of investments and self-employed persons who may not necessarily be able to show a consistent monthly cash income but there is no doubt they can afford the payment.  Buyers be aware!

I live and work in the Lake Eufaula area in Oklahoma and there are a lot of mobile homes around the lake.  However, it is a problem for both buyers and sellers trying to find lenders who will loan money on a used mobile home - especially a single-wide.  Many clients do not understand this difficulty when they first start looking at property.  There are some good articles online defining the differences between mobile homes, manufactured homes, modular homes and SFR-site built homes.  Single-wide mobile homes are usually about 16 feet wide while double wides are 24 feet wide.  Mobile homes have axles and tongues and are pulled by trucks.  Modular homes are brought in on flat bed trucks and placed on permanent foundations.  Mobile homes can be transferred to real property but there are certain criteria to do so.  Each state is different and one should check the regulations in their particular state to find out how to do this; however, there are some common guidelines.  Lenders follow much of these same guidelines. They include:  be affixed to a permanent foundation; skirting all around the mobile home; mobile home anchored and tied down; wheels, axles and tongue removed; and be connected permanently to a septic tank, sewage system or public sewer and to other utilities.  This is only some examples of the requirements of lenders for mobile homes.  If you are interested in purchasing a used mobile home, you should check with a lender and ask for the list of requirements.  I believe we should be making it easier for people to purchase used mobile and manufactured homes.  They are more affordable and often times the only option for some people to purchase their own home.  Some even argue that the quality of construction in newer mobiles and manufactured homes have greatly improved lessening the depreciation factor that historically has made lenders shy away from such loans.  If you know of lending resources for used mobile homes - and especially single-wides, please comment back and share the information.  You could be helping lots of people.