If you are house hunting and looking to down-size or right-size and don’t want to spend as much time with yard work, a zero-lot line home could be for you. Typically a zero-lot line home can be a home with a shared common wall with the home constructed on a lot line. A home built along the property line allows maximum use of indoor space and outdoor living of a smaller lot. A focal point of the layout can feature a large private outdoor courtyard with minimal lawn or garden yet have space for a decorative water feature and plantings with hardscape. Baby Boomers and Young Professionals alike find attractive such a casual relaxing lifestyle. Sometimes called Garden or Patio Home these homes could offer just your type of home ownership.
With temperatures in Tulsa well over 100 degrees for several weeks now (just look at the local KJRH Channel 2 forecast), I thought it might be a good time to remind everyone about the importance of watering your foundation to prevent future foundation damage and costly repairs.
Why should you water your foundation?
Because the soil underneath your home expands and contracts constantly every year. Most of the time it isn’t enought to cause any severe damage to your home, but in drought like temperatures the lack of water can be hazardous to your foundation. As the soil gets extremely dry, it will contract and leave less support for you foundation and the weight of your home.
The best way to keep your soil moist is to use a soaker house and place it about 6 inches away from your home’s foundation. Let it run long enough to not just soak the surface, but to penetrate enough to soak the soil well beneath the surface, keeping in mind that your foundation is about 2 feet deep.
While you may see a big increase in your monthly water bill, the cost to keep your foundation in tact is well worth the cost. Keep in mind that recently, a client of mine made an offer on a home and backed out after inspections revealed that the home needed $9,000 worth of foundation repair.
Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.
When a person inherits property, the basis is “stepped-up” to fair market value at the time of the decedent’s death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.
As an example, let’s say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the property eventually. In an effort to settle things early, unnecessary income tax may be incurred.
If the home was purchased for $20,000 and worth $100,000 at the time of transfer, there is a possible gain of $80,000. However, if the adult child inherited the property at the time of the parent’s death, their new basis would be $100,000 or the fair market value at the time of death and the possible gain would be zero.
This is meant to be an example and many other variables could be involved. If you’re concerned about a situation, you should seek specific advice from a tax professional and your attorney.
As always, I’m here to help you as your real estate professional. If you find you are in a situation where you wish to sell the property, I can guide you through the process of getting the home ready to sell. I have a team of reliable, reputable and reasonable resources from cleaning, staging, hauling, repairs and estate sales that can help you through what is sometimes an overwhelming process.
I am always available to answer your real estate questions.
First, what is a short sale? A short sale is opposite of what it sounds like…. a short sale does not take a short amount of time, it often take 3-6 months (or longer) from offer to close. A short sale is when the sellers mortgage holder is accepting less than full payoff of their mortgage in exchange for releasing the lien. But if you are long on patience, have an open time frame in which to purchase and are hoping to get a good deal, the short sale market may be a good choice for you.
I asked him if he could proceed with a Tulsa purchase IF his home in Houston did not sellfor some reason. Did he have accessible funds to purchase a 2nd home regardless if his Houston home sold?
Well, at first he looked at me like I was crazy, but admitted that he would NOT be able to proceed with a home purchase in Tulsa if his Houston sale fell through. What kind of predicament would he be in if the first domino did not fall?
“Then, you need to write an offer contingent upon the sale of your Houston home,” I replied.
A contingent offer is NOT a detriment if your home is already under contract. Yes, it slightly increases the unpredictability of the transaction, but it’s not the same as writing a contingent offer when your home is only listed for sale, but NOT under contract.
When you submit an offer contingent upon the successful sale of your home under contract, the Seller and Listing Realtor will want to see: (1) your executable contract; (2) that Buyer’s pre-qualification letter; and if available, (3) inspection reports and appraisal.
When to write a contingent offer in real estate
In this case, the inspections and appraisal had been completed, so no surprises there. Knowing that those two issues are out of the way will make them much more comfortable about accepting your contingent offer.
Everyone involved in a transaction deserves to know where everybody else is and what they’re dealing with. The quickest and surest route to a smooth transaction is 100% honesty and transparency when possible.
If you are relocating to Tulsa – whether selling a home elsewhere or not – I would love to welcome you to Tulsa and help you find the perfect home. Please call me to assist you! 918-852-5036
Midtown Tulsa – the best little corner in Tulsa
Midtown Tulsa is not just a geographic area – it’s a culture, a mind-set, if you will.
Yes, we love our historical neighborhoods and the architecture of our older homes, but midtown is more than that.
We have the highest walkability score in our city, and we have multiple public parks. Within two blocks of my midtown home are four parks: RiverParks, Veterans Park, the Creek Stickball park and the Creek Council Oak Tree site, which is listed on the National Registry of Historic Places.
We want to walk to our jobs and cycle to our activities. The expansion of the Riverparks has been a huge aid in these endeavors. In fact, our city officials are currently discussing plans to make our roads more bike-friendly.
We have the highest concentration of locally-owned businesses, and we support those businesses. Whether in Utica Square, downtown, Cherry Street or Brookside, we have many restaurants, groceries, pet supply stores and a variety of retail stores owned and operated by fellow Tulsans. We take pride in keeping our money local.
We love our farmer’s markets and local diners. Our farmer’s market on Cherry Street on Saturday morning has become quite the gathering place with opportunities to purchase locally-grown, organic produce¸ dairy products, meats, breads, soaps and more.
Ask Chinowth & Cohen REALTORS about midtown and enjoy our video – We GET it!
Most of the city’s 5K runs begin at Veteran’s Park and our ethnic festivals are found on the RiverParks, the Greek church at 13th & Guthrie or the German American Society which is on the border of the historic Gillette neighborhood.
But midtown is STILL about our historic neighborhoods and older homes with beautiful architecture – often still containing knob and tube electrical wiring. We regularly clean out tree roots from our sewer lines, because we refuse to eliminate our beautiful old oak and maple trees. We restore our homes steadily and patiently – always a project on the horizon.
And you’ll get different answers from different people as to the boundaries of midtown. I consider midtown boundaries to be Riverside to the west; Yale to the east (with the exception of White City and Lortondale); Tulsa University area to the north; and 41st Street (maybe 51st Street) to the south.
And it will be their home where they will build lasting memories. All for less than a $650 monthly payment.
What was the sales price, you ask? Does it matter? We did indeed get a good deal on the house – a gem that we jumped on quickly. It appraised for $10,000 more than the list price, which probably made ME feel better than anyone else involved.
Interest rates are rising and there’s no reason to believe that they shouldn’t or that they will drop at some point. NOW is a good time to buy.
If you are considering home ownership, call a local Lender and ask how much you can spend to keep your monthly payments at $800 per month or $2,000 per month – whatever fits your budget. Stay within your comfort zone and don’t over-spend.
Don’t wait until you get your credit score up ten points in order to get a better interest rate. It will be a wash at best and may actually hurt you to wait. Don’t linger until you have more money saved up for closing costs. Don’t put off calling a Lender. Don’t be embarrassed to ask family for help.
If you are qualified to purchase a home, contact a Realtor and start shopping now. And, if you’re shopping in the greater Tulsa area, give me a call – I pick out great homes! 918-852-5036