LISTING OF THE WEEK
HOUSEPLAN
Room for horses
Enough space
The Listing of the Week is a large two-story brick house with a horse barn, stalls and riding arena on 5.3 acres in Yukon.
With a grand total of five bedrooms and five bathrooms, the Casselman is a large family’s dream.
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REAL ESTATE
Ellen James Martin
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THE OKLAHOMAN | NEWSOK.COM
SATURDAY, MARCH 12, 2011
HOMEBUILDER LEARNED TO ROLL WITH HOUSING MARKET CHANGES
SMART MOVES
WINNING STRATEGY
BY DYRINDA TYSON
Considering a home that has languished on the market could be a way to get a surprisingly good deal on a home of your choice.
Special Correspondent dyrinda@gmail.com
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Today’s Heartland Homes isn’t your father’s Heartland Homes — but then neither are its customers. “Buyers are demanding more,” sales manager Mike Wade said. “The market has flipped. The qualified buyers we’re seeing are more informed due to HGTV, DIYs (do-it-yourself projects), and they’re demanding features in the house, luxury. They might go for a smaller house, but they want a gourmet kitchen.” And that’s what Dave Watson took on when he was named president of Heartland Homes in January: changing customers, changing financial scene, changing industry. “We’ve made a lot of changes to our products not only cosmetically but the bones of our structures,” Watson said. “We’re doing things differently — we’re changing because the market is changing.” The model home at 2400 NW 176 may be a case in point. A natural stone fireplace dominates the living room. More stone forms an intricate pattern underfoot in the entryway. And some touches aren’t apparent: a built-in fresh air system to filter out allergens, blown-in insulation and a 10-year limited warranty. “I don’t know of anyone else in the industry doing that,” Watson said.
IN BRIEF
DRY CLOTHES IN THE WASHER
Dave Watson, the new CEO of Heartland Homes, shows a model home at 2401 NW 176 in the Silver Hawk addition in northwest Oklahoma City. PHOTO BY JOHN CLANTON, THE OKLAHOMAN
Leading a company The Oklahoma City native returned to the Sooner State in 2007 after seven years with a construction supply company in Albuquerque, N.M. His reason for leaving the Land of Enchantment? Family. He and his wife, Shelly, were born here and grew up here. He graduated from Putnam City High School and Oklahoma State University. In the 1990s, he worked for Garrett and Co., whose busiSEE BUILDER, PAGE 2F
The GE Profile steam washer has an Overnight Ready cycle that lets you leave your laundry in the washer and dries it so it will be ready in the morning. The cycle keeps the clothes moving gently for up to eight hours and uses fans to remove moisture. It’s meant for small loads, although how many garments you can dry depends on the fabric. The clothes won’t be any more wrinkled than if they were dried on a clothesline, the company said. The washer has a suggested retail price of $1,499.
Heartland Homes, like other builders, is shifting away from speculative construction to concentrate on custom homes. This is a model home at 2401 NW 176. PHOTO BY JOHN CLANTON, THE OKLAHOMAN
Homebuyers expect top home at starter price WASHINGTON — Picky, picky, picky! Are today’s first-time homebuyers passing up great deals because they insist on flawless “move-in ready” houses requiring little or no changes — even at the starter-home price levels where shoppers traditionally have been willing to factor future fix-ups and renovations into their offers? Or are they simply reflecting market realities? They see record inventories of houses sitting unsold, they’ve got plenty to choose from, and they may not have the money, time or inclination to do fix-ups after making the purchase. Large numbers of real estate agents see this as a significant and perplexing issue, one that’s having a negative effect on the housing recovery. New research suggests that they may be on to something. A survey by Coldwell Banker Real Estate of 300 firsttime buyers found that a startling 87 percent said that “finding a move-in ready home is important” to them. A posting about fussy purchasers on the 203,000-member “Active Rain” online real estate
Kenneth Harney THE NATION’S HOUSING
network in late February drew strong support from realty agents across the country. Holly Kirby Weatherwax, an agent based in Reston, Va., who wrote the original blog post, said in an interview that some shoppers are so picky that they walk out of well-priced houses solely because of relatively minor imperfections such as: The kitchen appliances are by different manufacturers. There are no granite counters — despite the fact that the house is a modest-priced starter home. A carpet needs replacing, or the color doesn’t match their furniture. Wall colors are “wrong,” such as white, when for today’s tastes, they should be some warmer hue. “They’re missing out on some excellent, older lived-in houses. It’s a shame,” she said, “simply
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because they can’t overlook” flaws that would not have bothered shoppers during the previous two decades. Zillow, the giant Seattle-based online real estate research and data company, suggests any shift by consumers toward greater attention to home details may be an inevitable byproduct of today’s higher down payment minimums and more stringent loan qualification requirements. According to Zillow researchers, the median down payment in 11 major metropolitan areas has jumped to 20 percent, compared with “close to zero” in some of the same areas just five years ago. In other words, first-time buyers today often have to put a huge effort into coming up with their down payment cash, and they want to make sure that equity investment goes into a near-perfect house — the one that will need the fewest and least costly upgrades and changes for the next couple of years. Also, said Zillow spokeswoman Katie Curnutte, shoppers in 2011 “are really in the driver’s seat. Nationally, buyers
who purchased homes (last) December paid 4 percent less than the asking price. That points to a lot of room for negotiating and opportunities for buyers to be choosy.” Some agents suggest that buyers today tend to be hipper and more sophisticated about home design, furnishings, floor materials, counters and appliances because they are exposed to far more information on cable TV than earlier generations of first-timers. Michael Jacobs, a Coldwell Banker agent in Pasadena, Calif., said cable channels such as HGTV “certainly have opened the eyes of more buyers” to design and presentation details. For example, he said he’s held open houses where young buyers walk in and say immediately, “Oh, this house has been staged” — an observation virtually unheard of in earlier years, when shoppers wouldn’t have spotted the telltale signs. “HGTV certainly has made these sorts of things more obvious,” Jacobs said. But constant exposure to cable real estate design
shows may also be fostering a lack of realism on the part of some shoppers, according to agents. Cindy Westfall of Prudential NW Properties in Lake Oswego, Ore., said the shows have “given some buyers the impression that all homes should have granite counters, stainless-steel appliances, etc. There are a few (shoppers who) want all the bells and whistles of that $500,000 house for $200,000, and no amount of talking to them on the realities can change their minds.” In an interview, Westfall said she recently had a buyer who was interested only in older houses under $200,000 — starter-home pricing territory — but who wouldn’t tolerate even the sort of minor imperfections and nicks that older houses typically display. “The fact is,” Westfall said, “you just can’t have it all. You can’t have the big yard, the top-line updates and all that in a starter home. You’ve got to compromise somewhere or else you’ll never buy anything.” Kenneth R. Harney’s e-mail address is kenharney@earthlink.net. WASHINGTON POST WRITERS GROUP
PENDING SALES ABOVE LOW Pending home sales eased moderately in January for the second straight month, but remained 20.6 percent above the cyclical low last June, according to the National Association of Realtors. The Pending Home Sales Index declined 2.8 percent to 88.9 based on contracts signed in January from a downwardly revised 91.5 in December. The index is 1.5 percent below the 90.3 level in January 2010 when a tax-credit stimulus was in place. The data reflects contracts, not closings. FROM WIRE REPORTS
INDEX Permits Stone
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THE OKLAHOMAN | NEWSOK.COM
Left: A work island is the only thing breaking up the open and expansive kitchen and eating area of the Heartland Homes model. PHOTO BY JOHN CLANTON, THE OKLAHOMAN
Builder: Adapting to new markets FROM PAGE 1F
ness interests range from oil and gas exploration to manufacturing to building — and Heartland Homes. “When I got ready to relocate back here, I called and talked to them,” Watson said. “And they said, ‘Hey, we want you to think about coming to work for Heartland Homes.’ Then one thing led to another.” He worked as Heartland’s marketing director until he was named president on the retirement of longtime President Dave Osborn. Now Watson is leading the company as it reinvents its core. “We used to build the same things over and over again,” Watson said. “Now every house we’re building is different than the last one built. We’re using a new interior decorator to design and decorate the houses, and I think our houses have a more customer and street appeal than they’ve had in the past.” It’s not your father’s housing market either. Heartland is edging away from the traditional business model of building “spec” — speculative — homes to attract buyers. “Last year we did more customs than ever,” Watson said. He estimated that about 60 percent of Heartland’s homes were custom builds in 2010. Heartland builds mainly in Oklahoma County but started tiptoeing into the countryside last year, staying within 60 miles or so of Oklahoma City. “We’ll go out on people’s property and do some customs on acreages,” Watson said.
Contemporary meets tradition in this niche of the living room of the Heartland Homes model. PHOTO BY JOHN CLANTON, THE OKLAHOMAN
Young professionals make up most of Heartland’s customers these days, Wade said. Tinker Air Force Base “has kind of been our No. 1 community here in the last four months,” he said, thanks to transfers from other bases. Boeing is bringing in inquiries as well as it moves jobs to the area from Long Beach, Calif., he said. The biggest challenge among first-time homebuyers lies in closing costs. They can cover their down payment, Wade said, “But they pretty much have to have help with the closing costs.” So Heartland, like many builders, is picking
up those costs, which Heartland heavily advertises. Is it worth the investment on Heartland’s part? “Oh yes,” both said.
Branching out Heartland is also keeping its footing by branching out beyond singlefamily home building. It’s finishing out other properties, including the history-and-hipster hybrid that is The Brownstones at Maywood Park near downtown. Its parent company Garrett built the shells, Watson said. “Idea originally was people would walk in and decide how they want to
The Heartland Homes model at 2401 NW 176 has a wide-open living area.
finish it out,” he said. “Market changed, and people can’t walk in … they see the shell, and they don’t know what to do with it. So we’re going in and doing all the interior finishes and basically decking them out from that point.” All along Garrett has been quietly buying land, building up a substantial land bank in the process. And that’s good news for Heartland. “When things do pick back up,” Watson said. “We’ll have the advantage of having lots available and some properties and locations that were bought at the right price.”
PHOTO BY JOHN CLANTON, THE OKLAHOMAN
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, MARCH 12, 2011
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HUD gives $324K grant to local housing council
HOUSE PLAN
INDUSTRY | ENDING DISCRIMINATION, HELPING VICTIMS ARE GOALS FROM STAFF REPORTS
The U.S. Department of Housing and Urban Development has awarded Metropolitan Fair Housing Council of Oklahoma Inc. a $324,808 grant to educate the public and combat housing and lending discrimination. The council will take complaints; test rental, sales and lending practices; and conduct disability accessibility audits of multifamily housing. The council also will provide information on renters’ rights, reasonable accommodation for the disabled and foreclosure prevention. Nationally, $40.8 million was awarded to 108 fair housing organizations and nonprofit agencies in
The Casselman’s space is perfect for larger families With five bedrooms and five bathrooms, the Casselman is a large family’s dream. And every bedroom has a roomy walk-in closet to boot. Gathering spaces, too, are expansive enough to accommodate the entire crew, and the three-car garage offers plenty of storage. In this updated Craftsman-style home, a characteristic low-pitched, hipped roof overhangs rows of sparkling clerestory windows on two sides. Abundant natural light washes down through those high rows of glass to naturally illuminate the vaulted, two-story great room. In the kitchen, an extended conversation bar rims a sizable work island outfitted with a six-burner cook top. Counters and storage spaces line three sides and include a walk-in pantry. The fourth side is completely open to the great room. Standing at the kitchen sink, you can gaze out over the covered patio. If desired, this area could be screened for bug-free outdoor dining. The roomy dining area has windows on
two sides and can easily accommodate a long table. Down the hall is a den. Some families may prefer furnishing it as a library, office or home entertainment center. The Casselman’s spacious owners’ suite is at the end of the hall. Its huge walk-in closet and luxurious bathroom do double duty, buffering sound from the great room. Diffused light washes into the bathroom through high windows and glass blocks. Upstairs, an open balcony overlooks the vaulted great room while linking two sets of bedrooms. Each set shares a handy two-section bathroom. Conceivably, two people could be brushing their teeth while a third uses the toilet or bath in complete privacy. Bedroom three has a cozy window seat with built-in storage. For a review plan, including scaled floor plans, elevations, section and artist’s conception, send $25 to Associated Designs, 1100 Jacobs Drive, Eugene, OR. Please specify the Casselman 30-432 and include a return address when ordering. For more information, call (800) 634-0123.
LISTING OF THE WEEK
The Listing of the Week is at 2401 Lost Lake Lane in Yukon. PHOTO PROVIDED
2-story brick home has a rural setting The Listing of the Week is a large two-story brick house with a horse barn, stalls and riding arena on 5.3 acres in Yukon. The 3,917-square-foot home at 2401 Lost Lake Lane has four bedrooms, 2½ baths, one living room, one dining room and an attached three-car garage. The family room has a fireplace and ceiling fan. The kitchen has a fireplace, work island and pantry. The master bedroom has a his-and-hers bath and walk-in closet. All secondary bedrooms
have walk-in closets and ceiling fans. The home has a theater room upstairs, laundry rooms upstairs and downstairs, a balcony and office space. The home has a covered patio and security system, The home, built in 2001, is listed for $499,900 with Joanna L. Haley of Keller Williams Realty. For more information, call 5702337. Nominations for Listing of the Week are welcome. Send information on single-family homes to The Oklahoman, Richard Mize, P.O. Box 25125, Oklahoma City, OK 73125. Nominations may be faxed to 475-3996.
36 states and the District of Columbia, a $13.2-million increase over last year’s award. Of it, $10 million will fund activities that address lending discrimination, including mortgage rescue scams targeting minorities. “The record increase in support to local fair housing and community organizations demonstrates the Obama administration’s firm commitment to ending housing discrimination and providing help
to families victimized by mortgage scams,” said Shaun Donovan, secretary of the Department of Housing and Urban Development. The grants are funded through HUD’s Fair Housing Initiatives Program and will be used to investigate allegations of housing discrimination, educate the public and the housing industry about rights and responsibilities under the Fair Housing Act, and work to promote equal housing opportunities.
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REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
Mortgage deduction under renewed scrutiny BY CHRISTINA REXRODE McClatchy News Service
CHARLOTTE,
N.C.
—
There’s a hallowed rule in U.S. housing policy: If you own a home, you get a tax deduction on your mortgage interest. But there’s also a growing push to sacrifice this sacred cow, and the reasons vary. Some people argue that the policy should be changed because it doesn’t really encourage homeownership like it’s supposed to. Others say the government shouldn’t be encouraging homeownership anyway. Some people say the government can’t keep giving out such a big tax break when it’s facing huge deficits. Others say the policy isn’t giving enough of a tax break to lower-income families. Despite the buzz, it will be difficult to revamp a tax deduction that’s been in place for nearly a century. The housing industry’s powerful lobby is sure to fight any proposal that it believes would discourage home buying, particularly given the weakness of the housing market. Both Congress and the White House would have to approve any change to the tax code, but they could be reluctant to take on such a controversial issue before the 2012 presidential election. “Realtors, homebuilders, everybody who has a vested interest in preserving this, have a very strong voice on Capitol Hill,” said Guy Cecala, publisher of Inside Mortgage Finance. “They’ve done a pretty good job of keeping everybody’s hands off of it.” The conversation about changing the mortgage deduction policy was sparked again this month when the Obama administration released its plan for winding down the government-sponsored mortgage giants Fannie Mae and Freddie Mac. Though the report didn’t offer specifics on the mortgage-interest deduction, it did note that the deduction had encouraged investment in housing “over other sectors in the economy.”
Deduction vs. credit The mortgage-interest deduction works like this: Say a homebuyer makes $50,000 a year, and paid $5,000 last year in interest on his mortgage. If he claimed his mortgage-interest deduction, the Internal Revenue Service would tax only $45,000 of his income (or less if he claimed other deductions). The IRS also lets people claim deductions on interest they pay on a second home or a home-equity loan. The home mortgages must be $1 million or less, and the home equity loans must be $100,000 or less. The mortgage-interest deduction is probably most helpful for people who bought their homes recently. That’s because when you first buy a home, a large portion of each monthly payment goes toward paying down the interest. As you live in your home longer, the portion of your monthly payment that goes toward interest will shrink, and the portion that goes toward principal will increase, at least in most traditional home loans. Some consumer groups such as the Greenlining Institute, a Californiabased group that pushed the banking industry to modify low-income borrowers’ mortgages, propose wiping out the deduction. Instead, the government should give a yearly tax
credit of up to $5,000 to moderate- and low-income families who buy midpriced or low-priced homes, the consumer groups say. (A credit, unlike a deductible, would simply wipe out the first $5,000 that the family owed to the IRS.) The Greenlining Institute and the National Asian American Coalition say this plan would add to the govern-
ment’s tax coffers, while also giving tax breaks to the people who most need them. The Obama administration’s proposed 2012 budget would leave the deduction in place, but places some limits on the deductions claimed by families making more than $250,000 a year. The Office of Management and Budget, which
helps the White House develop its budget, estimates that the mortgage-interest deduction cost the government $79 billion in forgone taxes in 2010. That could rise to as much as $144 billion in 2016, the OMB estimates. While some observers argue that the government should get rid of the deduction to help plug its budget gap, others say homeowners should be
allowed to keep their money. Robert Pozen, chairman emeritus of MFS Investment Management, estimates the U.S. could save $15 billion a year if it got rid of the deductions for home equity loans and second homes, and decreased the eligible mortgages to $500,000. He doesn’t think the mortgage-interest deduction will disap-
pear in the U.S. But he said there’s perhaps a 30 percent or 40 percent chance that one of the three proposals he advocates will be adopted. “Five years ago, I would have rated it at 1 percent,” Pozen said. “People are starting to come to grips with the budget problems.” MCCLATCHY-TRIBUNE INFORMATION SERVICES
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Permits Oklahoma City Water Utilities Trust, 3827 W Hefner Road, public building, erect, $35.5 million. Oklahoma City Water Utilities Trust, 3827 W Hefner Road, public building, erect, $4 million. G. David Neff, 9505 N Kelley Ave., office, erect, $1.4 million. Harbolt Custom Homes LLC, 11817 Lorenta Circle, residence, erect, $750,000. Oklahoma City Water Utilities Trust, 3827 W Hefner Road, public building, erect, $500,000. Neal McGee Homes Inc., 12316 Carriage Way, residence, erect, $462,382. McCall Design, 7654 W Reno Ave., retail sales, remodel, $460,000. J.W. Mashburn Development Inc., 9105 Acre View Drive, residence, erect, $450,000. Clark Construction, 210 E Interstate 240 Service Road, automotive sales, remodel, $420,000. Davenport Homes LLC, 1504 NW 187, residence, erect, $415,000. Kyle Blair, 10900 Hefner Pointe Drive, office, remodel, $400,000. D&R Development, 13800 Santa Fe Crossings Drive, office-warehouse, erect, $390,000. Black Diamond Custom Services, 5416 NW 132, residence, erect, $386,849. Aaron Tatum Custom Homes LLC, 5209 NW 117, residence, erect, $375,000. Group 1 Automotive, 13130 Broadway Extension, automotive sales, remodel, $375,000. Group 1 Automotive, 13300 Broadway Extension, automotive sales, remodel, $340,000. Nashert Constructors, 7501 W Britton Road, retirement housing, add-on, $300,000. Manchester Elite Homes LLC, 14609 Paddington Ave., residence, erect, $288,350. Manchester Green Homes
LLC, 1508 NW 187, residence, erect, $284,550. Silvergate Construction Inc., 6300 NE 105, residence, erect, $273,000. Quick-Mincey, 2829 NW 173, office, erect, $250,000. Allenton Homes & Development LLC, 7000 NW 159 Place, residence, erect, $240,000. Gary Owens Carpet & Construction Inc., 5212 Horizon Blvd., residence, erect, $240,000. Group 1 Automotive, 13130 Broadway Extension, automotive sales, remodel, $225,000. J.W. Mashburn Development Inc., 2724 SW 141, residence, erect, $220,000. Brass Brick III LLC, 19145 Meadows Crossing Drive, residence, erect, $212,000. Heartland Homes LLC, 2420 NW 176, residence, erect, $210,530. Group 1 Automotive, 13300 N Broadway Extension, automotive sales, remodel, $200,000. Taber Built Homes LLC, 5005 NW 152, residence, erect, $200,000. Joe Roberts Construction Co., 8405 Heather Glen Drive, residence, erect, $199,000. Timber Craft Homes LLC, 8409 Heather Glen Drive, residence, erect, $195,500. Aaron Tatum Custom Homes LLC, 320 SW 173, residence, erect, $183,000. Clark Construction Inc., 200 E Interstate 240 Service
REAL ESTATE Road, automotive sales, remodel, $180,000. M&G Homes LLC, 12213 Kimberlyn Road, residence, erect, $180,000. S&D Homes, 704 Drover Lane, residence, erect, $177,000. S&D Homes, 716 Abilene Way, residence, erect, $177,000. S&D Homes, 708 Drover Lane, residence, erect, $167,600. S&D Homes, 712 Abilene Way, residence, erect, $166,700. Gary Owens Carpet & Construction Inc., 1808 Wheatfield Ave., residence, erect, $160,000. Treasure Built Homes, 7615 Deer Meadow Drive, residence, erect, $160,000. Sycamore Development LLC, 6601 S Indian Meridian, residence, erect, $157,000. Bruce Carlson Architect, 2150 W Memorial Road, retail sales, remodel, $150,000. Western Construction LLC, 2401 NW 23, office, remodel, $145,000. McDermott Construction Co. LLC, 9109 NW 90 Circle, residence, erect, $142,000. Westpoint Homes, 6228 NW 158, residence, erect, $130,000. Westpoint Homes, 6236 NW 158, residence, erect, $130,000. Westpoint Homes, 6232 NW 158, residence, erect,
$130,000. Jeff Click Homes LLC, 17305 Hawks Tree Lane, residence, erect, $120,000. D.R. Horton, 6208 NW 162, residence, erect, $114,000. Home Creations, 16113 Capulet Drive, residence, erect, $114,000. Home Creations, 16112 Capulet Drive, residence, erect, $114,000. D.R. Horton, 2320 NW 154, residence, erect, $107,050. Home Creations, 19716 Adagio Lane, residence, erect, $102,400. Fitzsimmons Architects, 2801 NE 120, residence, remodel, $100,000. Monarch Construction Co. LLC, 3025 Canton Trail, residence, erect, $100,000. Sam Gresham, 1225 N Broadway Ave., automotive sales, add-on, $100,000. Mark Kesner, 529 Rancho Estates Blvd., tower-antenna, install, $100,000. Mark Kesner, 8537 NE 122, tower-antenna, install, $100,000. Mark Kesner, 14117 N Santa Fe Ave., tower-antenna, install, $100,000. Home Creations, 15816 Sonador Drive, residence, erect, $99,400. Home Creations, 15820 Sonador Drive, residence, erect, $98,700. Home Creations, 1000 Willowood Drive, residence, erect, $97,000. Home Creations, 6825
THE OKLAHOMAN | NEWSOK.COM NW 157, residence, erect, $92,800. Ideal Homes of Norman LP, 2617 NW 183, residence, erect, $89,000. Home Creations, 6829 NW 157, residence, erect, $87,600. Cedarland Homes LLC, 2529 SW 66, residence, fire restoration, $81,000. Rausch Coleman Homes LLC, 11500 SW 24, residence, erect, $80,000. Rausch Coleman Homes LLC, 11504 SW 24, residence, erect, $80,000. Rausch Coleman Homes LLC, 11508 SW 24, residence, erect, $80,000. Rausch Coleman Homes LLC, 11512 SW 24, residence, erect, $80,000. Mark Kesner, 529 Rancho Estates Blvd., equipment, move-on, $80,000. Mark Kesner, 8537 NE 122, equipment, move-on, $80,000. Mark Kesner, 14117 N Santa Fe Ave., equipment, moveon, $80,000. Jeremy Gardner, 10025 N Indian Meridian, barn, erect, $79,200. D.R. Horton, 7501 Runner,
residence, erect, $77,000. YSM Design, 13130 Broadway Extension, automotive sales, remodel, $75,000. YSM Design, 13300 Broadway Extension, automotive sales, remodel, $72,000. Copeland Construction Inc., 9701 N University Ave., residence, fire restoration, $54,077. CLS Group, 7416 NW 164, tower-antenna, install, $40,000. Lingo Construction, 324 N Robinson Ave., office, remodel, $40,000. Lynn Stephenson, 7416 NW 164, equipment, moveon, $40,000. Bryan Cain, 16120 Rim Road, residence, remodel, $40,000. Pro-Tech Painting & Handyman Co., 2624 Warwick Drive, residence, addon, $34,000. HPS Roofing, 1707 N Kelham Ave., residence, fire restoration, $31,000. Ricardo Martinez, 9901 NW 122, residence, erect, $30,000. Sara Steiner, 5917 SE 49, SEE PERMITS, PAGE 7F
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
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Home inspector downplays major flaws DEAR BARRY: When we bought our home, we hired a home inspector who was recommended by our real estate agent. The inspection report contained what appeared to be two minor disclosures: “minor lean to the home” and “some minor seepage in the basement during heavy rain.” The only recommendation was “monitor for further movement.” After we moved in, the rains came, and none of this turned out to be “minor.” For nearly three months, we had a foot of water in the basement. The contractor we hired found that the house is leaning nearly 9 inches. Leveling the home and fixing the drainage will cost many thousands of dollars. We do not believe our
Permits FROM PAGE 6F
manufactured home, moveon-mobile home park, $30,000. Sara Steiner, 2001 S MacArthur Blvd., manufactured home, move-on-mobile home park, $30,000. George Baxter, 11001 SE 95, residence, add-on, $30,000. James Shuler, 6120 Country Ridge Lane, erect, erect, $16,000. Richard Key, 11124 S Peebly Road, storage, erect, $15,000. Cooking Girl, 8020 N May Ave., retail sales, remodel, $10,000. Griffin Properties, 9024 SE 29, retail sales, remodel, $10,000. Henderson Lavi, 13520 N Eastern Ave., restaurant, remodel, $7,500. Leo Perez Construction, 945 SW 49, residence, add-
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home inspector did a competent job. Instead, he portrayed major defects as no big deal. Who is liable for the repairs, and what can we do about it? Tim DEAR TIM: There are two problems with the disclosures in the home inspection report: 1. Conditions such as leaning of a building and water intrusion in a basement should not be presumed to be minor; and 2. Such conditions warrant further evaluation by qualified experts. Faulty drainage should
have been reviewed by a geotechnical engineer. Leaning of the building called for analysis by a structural engineer. What you needed was someone who is licensed in both fields of engineering. Instead of recommending that you “monitor for further movement,” the inspection report should have said, “Further evaluation by a qualified, licensed engineer is recommended before close of transaction.” Your home inspector’s job was to point out significant defects and to
make appropriate recommendations. Building settlement is obviously a major concern, as is water intrusion into the building. Determining the extent of these issues was not something to be done by monitoring movement after you purchased the property. You were in the process of making an important purchase decision. That was why you hired a home inspector. He should have considered this when making his recommendation. Your home inspector may be liable for faulty
on, $7,000. Dorothy Forman, 18827 Dawn Road, barn, erect, $5,000. Laurie Odom, 14001 Bermuda Circle, storm shelter, install-storm shelter, $3,995. Anita Power, 4908 NW 32, storm shelter, installstorm shelter, $3,700. Smart Safe Enterprises, 12109 Pepper Tree Place, storm shelter, install-storm shelter, $3,195. Shaun D. Thomas, 9109 Checkerbloom Drive, storm shelter, install, $3,195. Kelly Murphy, 4612 Tamarisk Drive, storm shelter, install-storm shelter, $3,100. Qung Do, 9721 SW 18, residence, add-on, $3,000. Matt Wilson, 18108 Calle Way, storm shelter, installstorm shelter, $3,000. Jonathan Day, 13216 Cedar Trail, storm shelter, installstorm shelter, $2,995. David R. and Marvene R. Bauman, 8912 Shannon Ave., storm shelter, installstorm shelter, $2,880. Mary Lee, 3717 Marywood
Circle, storage, erect, $2,828. Ground Zero Shelters, 8605 NW 111, storm shelter, install-storm shelter, $2,800. Ground Zero Shelters, 5700 SE 61, storm shelter, install-storm shelter, $2,800. Lymon Maytubby, 3000 Hampshire Lane, storm shelter, install-storm shelter, $2,800. Sean Leigh, 5009 SW 123, storm shelter, install-storm shelter, $2,800. Joe Cox, 2716 Renwick Ave., storm shelter, install, $2,800. Tobi Gordon, 3105 Canton Trail, storm shelter, installstorm shelter, $2,800. Bailey Pletcher, 1916 Alexander Way, storm shelter, install-storm shelter, $2,800. Marue Branch, 13004 S Robinson Ave., storm shelter, install-storm shelter, $2,800. John Scott Sindelear, 7818 NW 8, accessory, erect, $2,700. Ground Zero, 801 Glenlake
Drive, storm shelter, installstorm shelter, $2,500. Sahar Chavili, 2913 N May Ave., restaurant, remodel, $2,000. Jesus Olivas, 505 NW 47, residence, add-on, $1,500.
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OWNER FINANCING $2000 down No Credit Ck 522 E Douglas Dr 2/1, $49k ¡ 596-4599, 410-8840 ¡
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BANK OWNED 3/2/2, 2 liv, 1600sf, corner lot, brick $99,900 ArleneCB 414-8753
Acreage For Sale
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OKC Northeast
323
DEER, TURKEY, SOLITUDE 40 Acres for sale in beautiful Southeastern Oklahoma. Located in the Potato Hills near Tuskahoma in northern Pushmataha County. Call 580-271-1022 or 580-271-2450 for more information.
For Sale, OBO 4500 N Terry Ave, 3/2/2, 1347 sq ft, $72,500; 2119 Hardin Drive, 3/2, 1426 sf, $55,000; Emery Realty, 405-921-6606.
Move Your Mobile Hm FREE. 9 OKC properties to choose from, Move before 2/28 & receive $100 lot rent for 6 mo. Some Conditions Apply Call Today 405.326.5728
Lse op 2506 NW 20 in Crestwood 2321', 4,2.5,2 Like new • 417-2176 www.homesofokcinc.com
1N to 10A, E. of OKC, pay out dn. before 1st pmt. starts, many are M/H ready over 400 choices, lg trees, some with ponds, TERMS Milburn o/a 275-1695 paulmilburnacreages.com Tenkiller Lake area, 5 acres, water, elec. Illinois River access. Owner Finance, small down and $169 per mo. 918-774-3741 OWNER FINANCING 1-28 Acres Many Locations Call for maps 405-273-5777 www.property4sale.com Payout dn pmt before 1st pmt starts. Your opportunity to own land, 40 areas, E, NE, SE of OKC 1N A. Milburn o/a 275-1695 terms
OKC Northwest
OKC Southeast
324
325
Sharp Spacious 2bd home, 1.5 bath, 2 car garage, great condition, only $38,500 Fidelity RE 410-4200, 692-1661
OKC Southwest
326
4bed Executive home, Westmoore schls, corner lot, 2.5ba 2car garage, 2 dining areas, excellent condition. Great area! $175,000 Fidelity RE 410-4200, 692-1661 Extra sharp 2bd brick home with 2 living areas 1 car garage, fireplace, ch/a, large shop w/elec, back yard. Only $85,000 Fidelity410-4300, 692-1661
Call for Maps! See why we sell more acreages than anyone in Okla. E of OKC. o/a 275-1695
Just Reduced $6000! Nice 3bd 2 living (or 4th bed) ch/a, nice area, only $79,900 Fidelity RE 410-4200, 692-1661
Farms, Ranches For Sale, Okla. 308
OWNER FINANCING $2000 down No Credit Ck 3208 SW 38, 3/1 $49,000 1504 Johnston 3/1 $61K ¡ 596-4599 410-8840 ¡
Northern Okmulgee County 1500 acres less than 10 minutes from Bixby. Consider the long term value. Rolling topography, native/improved grasses, timber, recreation fishing lake with cabin, many ponds, caretaker home, barn, owners minerals pass. $2500/acre. John Williams Co. 918-341-5757
RE for sale Del City
313
OPEN HOUSE!
SUN, March, 13th 2-4pm, 4004 SE 23rd St, $63,900, 1231 sq ft, www.castlerockrealty. info for pics, Tonya Moore, CastleRock Realty, (405)694-5225
SALE/RENT TO OWN $145K, 1939sf, 3/2/2. 1/4 AC. 16 SW 102. WestMoore Schools 401-0139
Piedmont
Your home inspector’s job was to point out significant defects and to make appropriate recommendations.
Barry Stone
8914 N.E. 13th St, MWC 2 bed, 1 bath. Fixer Upper, owner financing or cash discount. $750 down, $480 month, $60,350. 1-803-403-9555
Moore
disclosure, depending on the inspection contract that you signed and pertinent laws in your state. An attorney should evaluate those issues. The sellers of the property may also share some liability. If they lived in the home for more than a year, they were probably aware of the drainage problem in the basement and should have disclosed it. And here’s a question for your real estate agent: Was this the most qualified inspector the agent knew? Some agents recommend the best home inspectors; some do not. DEAR BARRY: I just bought a house with six large trees in the front yard and am worried about root damage in the main sewer line. The cost of repiping sends chills through my checkbook.
327
PIEDMONT OPEN SAT 2-4 & SUN 2-5. Model home. New hms on 1/2 ac lots. Info also available for new hms in other additions. From NW Expwy & Sara Rd go 4.5 mi N Cleaton & Assoc 373-2494. 4 bd 2 ba on 1/2 ac open flrs plan new carpet & paint. Close to town & schls. $138,500 Lisa 919-5717 Cleaton & Assoc 373-2494 3bd 2 ba w/office on 1.25 ac MOL. Lrg bds, walking distance to new elem schl. $197,000. Lisa 919-5717 Cleaton & Assoc 373-2494
'83 Redmond DW 1300 sq ft 27x48, 3 bed, 2 bath, ch&a, with fp, Must Sell Fast. $15,500 OBO. 405-549-6779
Bank owned 18 units $350K, 4 plex near OCU $169K - 6 units hrdwd flr $225K, Income Property $200K 12% CAP, $1 MM earns $10,000 per month, Seabrooke Rlty 409-7779
1312 Dawn Ave in Sunrise Hills. 3/2/3 approx 1791' $159,900. Carmen 833-0106 Cleaton & Assoc 373-2494
’ $281mo. ’ Refurbed doublewide ready NOW! 3 bd/Island/ Decks/Shop/Fence 405-470-1330
Nichols Hills, we have 3 huge lots with Duplex’s on them. Choice location. All rented 405-409-7779 Seabrooke Realty
HALF RENT SPECIAL 727 E. Culbertson Near OU Medical Center,3 bedroom, 1 bath $560,1 bed, 1 bath $375, cozy apartments near capital. Water Paid. Call Haley 405-826-0983
Priced for quick sell 3/2/2 1577sf, blt '95, new roof $114K Arlene CB 414-8753
ZERO DOWN with your trade-in!! w.a.c. 1-866-764-3200
Brick duplex in El Reno, 2 bed, 1 bath, ch&a, double carport, rent $400 ea side, $82,500, 354-6974.
Open Houses 334.2
2bd 1ba $14,900. Delivered to you 301-2454, 517-5000
4/2/3/ on .75 ac MOL open flr plan, fenced backyd $203,000 Lisa 919-5717 Cleaton & Asssoc 373-2494
Yukon
330
PIEDMONT OPEN SAT 2-4 & SUN 2-5. Model home. New hms on 1/2 ac lots. Info also available for new hms in other additions. From NW Expwy & Sara Rd go 4.5 mi N Cleaton & Assoc 373-2494.
Mobile Home Parks Community /Acreages 338 Move Your Mobile Hm FREE. 9 OKC properties to choose from, Move before 2/28 & receive $100 lot rent for 6 mo. Some Conditions Apply Call Today 405.326.5728
Mobile Homes, Manufactured Houses 339 Huge clearance sale!! Special Program. Own Land/Family Land ZERO down. Financing avail. for most everyone. Turnkey, we do it all. 1000 Furniture package w/purchase. Free Phone Application/ EASY.WAC 888-878-2971 405-204-4163 2X YOUR TAX REFUND Use your refund as your down & we will DOUBLE IT (SEE RULES) Bring us your w-2’s and we'll do your taxes 405-787-5004 thcok.com $5000 Towards Your DREAM HOME! Properties located in SW/NW/SE/MWC/ Choctaw. Good Schools, Call for Details No App Fee~405.326.5728 $5000 Towards Your DREAM HOME! + $100 lot rent for 6 months, expires 2/28 Call for Details, Some Conditions Apply No App Fee~405.326.5728 As Low as $1250 Down Buys a NEW 2 bd Mobile Hm $550/mo. in Quiet Park No App Fee Call for Details 405.326.5728 $$$ Do you think you cannot qualify for a new mobile home? Think again!! Free phone application YES YOU CAN! 405-631-7600
Mobile Homes, Manufactured Houses 339
Repo 28x56 Solitaire 918-617-7742 Rent to Own: Nice 2&3bd MWC $350&up 390-9777 Repo 28x84 Solitaire 301-2454, 517-5000
Out-of-State Property
341
Trade your place in Moore /Norman area for mine, 3 blks f/ beach in Florida butler659@comcast.net
Real Estate Auctions
342
90 Acres
1 hour West of OKC will be sold at auction on March 26. Offered in 6 tracts ranging from 5 to 12 acres and a larger 42 acre parcel. NO MINIMUMS! NO RESERVES! Tremendous Location, High Visibility, Easy Access w/I-40 Frontage. Visit Website OR Call entzauction.com UC Entz Auction at Hydro, OK. 405-663-2200
Real Estate Notices
431
$200 off
1 & 2 BEDROOMS Furnished & Unfurnished NEWLY REMODELED GATED COMMUNITY
3037 North Rockwell
Industrial Property For Rent 361 Perfect facility for a trucking company available in SE OKC near interstate. Office, mechanics shop, up to 40 acres rocked secure yard for parking or storing. Call 405-834-3174 or 405-823-8440.
Office Space For Rent
363
GREAT Space OFFICE Various NW locations MOVE IN SPECIALS 300-6000sf 946-2516
1, 2 & 3-Room Offices $175 & up ‘ 50th & N Lincoln area 235-8080
Warehouse Space For Rent 363.5 K Office, K Warehouse for lease. Various sizes. 221 W Wilshire 842-7300
345
495-2000 $100 off
First Month’s Rent LARGE TOWNHOMES & APARTMENTS • Washer, Dryers, pools • PC Schools, fireplaces
Williamsburg 7301 NW 23rd
787-1620 “ Find your POT OF “ “ GOLD at Gateway “ 2 & 3 bedrooms Starting at $599/mo $150 Deposit Special OFHA & OCHA accepted. “ “ Gateway Apts. ““
405-478-3260
Walford Apts-Midtown518 NW 12th 1bd 1ba Studio 700sf, all electric, $575/mo $475/dp OR basement studio $425mo $325/dp 409-7989 Florence Apts-Midtown1bd 1ba Studio 600sf, Granite Counter tops, wood floors, CH/A, All Elect, Free laundry $650 $400 dep. 409-7989 $149 First Month Your choice, any apartment ALL BILLS PAID 293-3693 Drexel on the Park $98 First Month 18 Floor Plans 416-5259 Wilshire Village Soon to be Tuscany Village Lower Rates on our Townhomes. Washer/dryer connections in select units. PC Schls 720-6888
I BUY HOUSES Any condition. No cost to U 495-5100
Real Estate Wanted
OKC Northwest
CAVE CREEK Business Property For Rent 360 ON ROCKWELL Small Business/Storage 1250sqft, 28Wx50L, 14x14 O/H door, $500 month. 89th St. & I-35 S. OKC, 631-4447
1419K NW 17th 2bd 1ba wood floors, 1200sf, $575 mo, $250 dep, 409-7989 no sec 8
346
I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM
Plaza Apts 1740 NW 17 1 bed 1 bath wood floors $500/mo $250dp 409-7989 no sec8
Vacation Property For Sale 347
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818
EUFAULA LAKEFRONT 4 Bed/2 Bath/2 Garage/+ Bonus room built in 2008 near Porum Landing & dam. $260K Danny 405831-9472 or 831-9146.
Commercial RE
REPO! REPO! REPO! 3bd Vinyl Sided/Shingle/ 2x6 walls. Free del/set, Financing available @$335mo. 405-787-4035
Commercial Property For Sale
Abandoned D/W set up w/ 4.5 acres. Brick foundation, driveway &all improvements Read to move in. WAC 405-631-7600 405-635-4338
Car Lot or Garage For Sale See at 301 SW 59, Okc $159,900. 631-7947 or 219-9985
Apartments Edmond
422
MOVE IN NOW! Pd. water/garbage Quiet. Try Plaza East•341-4813
MWC
424
1 & 2 BEDROOMS, QUIET! Covered Parking Great Schools! 732-1122
Moore
425
Sharp 1bd spacious apt 112K SE 1st only $375 Fidelity410-4200, 692-1661
ACTION COAST PUBLISHING
Ray’s Reucking, 2233 NE 22, residence. Treasure Built Homes, 7615 Deer Meadow Drive, vacant. William H. and Kelly J. Davis, 807 SE 38, residence. Jessie and Oletha Orange, 10829 NE 36, house. Midwest Wrecking, 3732 SW 42, house. Midwest Wrecking, 628 NE 29, residence. Midwest Wrecking, 612 NE 29, residence. Midwest Wrecking, 608 NE 29, vacant. Midwest Wrecking, 620 NE 29, residence. Midwest Wrecking, 616 NE 29, residence. Ray’s Trucking, 1317 NW 3, residence. Ray’s Trucking, 1317 NW 3, shed.
OKC Downtown 429.5
327
To write to Barry Stone, visit him on the web at www.housedetective.com.
Demolitions
Investment Property For Sale 355
Piedmont
Hardware stores sell products that claim to kill the roots in drainpipes. Are these products any good, or are they just a waste of money? Pat DEAR PAT: There are a number of effective root killers on the market. What you want is a product that contains copper sulfate and that foams when it is in the pipes. Be sure to look for those features when you read the product labels. You should also consider hiring a plumber to do a video inspection of the drainpipe. Knowing the actual condition of the line will help you determine whether root killer or drainpipe replacement is needed.
OKC Southwest
433
$99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $325 mo. 632-9849 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818 $99 Move In Special!!! Lg 1 and 2 Bdr, $325 to $395 mo. 632-9849
Yukon
438
»»»»»»»»»»»»» » Yukon All Bills Paid » » 1 bd From $495 Move» » 2 bd From $595 In» » 3 bd From $695 Today» » Open7days/wk354-5855 » »»»»»»»»»»»»
Condominiums, Townhouses For Rent 441 2 bed, 2 ba, near OCCC $525 mo, $200 dep. W/D hkup, Sec 8 Ok. 812-8834 Quiet NW Townhome, 1 bed + study, 1K bath $500 mo ‘ 748-3868 2 bed, 1 bath, 1 car gar FP, fenced bkyd, $600 mo, Cynthia, 424-1193.
Duplexes Edmond
444
1012 & 1014 Chowning, 2/1/1, near UCO, $620 + dep. 285-0305/823-6550
OKC Northwest
453
GREENS 2liv/2story/FP 3/2/2 4045 Thunderbird Dr Appt. only $950. 843-5853
OKC Southwest
455
2 bed, stove & refrig, bills paid, No pets. $600 mo + dep. Call 232-9704 3 bed, 2 bath, 2 car, duplex in Westbury. 405-620-0981
Yukon
460
Duplexes, 3 bed, 2 bath, 2 car, some new, some gated, call Rick, 405-830-3789.
Hotels/Motels 462 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818
Sec 8 Special, 1bd, newly remodeled, all bills pd 1712 NW 12th, 417-0701
RE for rent
» MOVE IN SPECIAL » LARGE 1, 2 & 3 BEDS Rockwell Arms, 787-1423
Bethany/ Warr Acres 464.5
MAYFAIR 50th/May 1/2bd W/D hdwd flr quiet secure ngbrhd No sec 8 947-5665
1 Month Free!
Large 1-2bd Casady751-8088 1bd 1ba $295-325 Stove, fridge garage405-625-7600
5907K NW 40th, 1 bed, 1 bath, fenced yard. No Sec 8. $425/mo 921-6981
Del City
465.5
•ABC• Affordable, Bug free, Clean » 787-7212»
2416 Eagle Dr. 3 bd, 1 ba $700/mo • 3629 SE 27th 2bd, 1 ba $625/mo No pets. 973-5890
800 N. Meridian 1bd All bills paid 946-9506
3bd 2ba 2car fp 1440sf $900 Home&RanchRlty 794-7777
Edmond
466
OKC Northwest
475
17201 Cedar Dr 2/2/2 $1095 1615 Ten Bears 2/2/2 $1195 2348Wellingtn4/3.5/3 $2300 Express Realty 844-6101 www.expressrealtyok.com
3928 NW 25th St, nice 2 bed, 1 bath, 1 car, ch&a, stove, $575 mo, 755-1316
Harrah
466.5
2541 NW 15th- 3bd 2ba 1 car, $800/mo $600/dp 1500sf 409-7989 no sec 8
3/2/1, brick, kitchen appls, ch&a, big yard, $675 + deposits, 454-2314.
723 NW 25th, 5 bd, 2 ba, ch&a, w/d hu, $985 mo, $600 dep, 850-9795.
MWC
716 NW 88th, 2bd, 1 ba, 1car, ch&a, wd hkp $585 /mo. $400/dep. 850-9795
468
4308 Meadowpark Dr 3/1.5/garage converted to living $725 1300 McDonald Dr 3bd 1bath 1car $550 681-7272 1408 Sandra 2bd 1ba $550 1412 Sandra 2/1/1 $600 732-3411 OKC Schls 4bed 1.5bath ch&a, sec 8 ok. $650mo $300dep 405-733-0470 Small Trailer furnished » close in » $350 mo » 405-732-9911 514-5634 » 3bd/1.5ba/2car » fncd, ch&a, nice, no sec8 » $552» 476-5011 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
Moore
469
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 1817 Bel Aire 4bd 2bath 2-car $1100 mo + dep Home&RanchRlty 794-7777
OKC Northeast
474
2 bed, 1 bath, brick 1305 NE 17th $400+ $275dep 361-1820 2301 N. Hood 3bd, 1 bath $525/month 408-5836
OKC Northwest
475
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 1412 NW 22 1/1 $350 7616 NW 27 3/2/2 $1095 5911 N Ross 3/2.5/2 $1095 Express Realty 844-6101 www.expressrealtyok.com 3347 NW 12 3bd 1bath 1239sf, fridge, stove, wood & carpet floors $725/mo $500/dp 409-7989 no sec 8 3409 N. Shartel 2bd 1.5ba approx 1200sf, $750 mo, $500 deposit, 409-7989 no sec 8 6021 NW 58th Terr 3bed 2bath 1car, PC Schools, $1100/mo, $1100/dep 1600sf 409-7989 no sec 8 Elegant 3BR Executive Home. Marble, granite. Rare, never rented, 2300sf $1645 255-4300 3 bed, 2 bath, 2 car, ch&a, PC Schools, $1050 mo + $700 dep. 6701 Greenway Dr. 720-1951
NW 86th & Western 3bd 1ba No Sec 8, $625/mo+ $500dep 789-4525 lvmsg 3008 & 3020 NW 47th 2bd 1ba 1car $775 + $600 dep each 413-4252 1418 NW 49th, 2 bed, 1 bath, 1 car, appls, W/D hookup, CH&A. 501-6570
Spencer
479
2or3 bd, 2 ba, brk, 2 car, 8733 Silver Creek Dr. $650+ $500dep. 361-1820
Suburban
480
316 East Noble, Guthrie 3/1 w/d hk, yard $595mo $500dp TMS Prop 348-0720
Tuttle/ Newcastle
481
1613 Hwy 130 Clean 2bed $475mo $250dep 550-5958
Village/ Nichols Hills 481.5
$1200.00
1609 NW 15 3bedroom 1bath $700mo $500dp 409-7989 no sec8
Carlisle Court 3 bd/2.5 bth 1600sf $600.00dep call Clint 405-503-1480
2222 NW 42, 2bd, 1bath $475/mo. • 408-5836
Mobile Home Rentals 483
OKC Southeast
476
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 3/1.5/2, 4924 S Kathy Dr. $695mo, $350 dep, sec. 8 ok, 324-2611 » 3 bd/2 ba/2 car,ch&a» very nice, fncd bonus room » $650» 476-5011 4bed/2bath ¡ $1290/mo, $500/dep ¡ 5701 SE 87th 288-0059 or 365-1377 4721 SE 50 3/1.5/2 $700 681-7272
OKC Southwest
477
New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5100/mo Openhouseok.com Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com Near Integris South 2/1/1, CH&A,Fncd Yd. 575/500 Dep. App Fee, 691-5479 Moore Schls 1232 SW 93 Fenced corner lot. 3 bd 2 ba 2 car garage, FP $995 + dep. ¡ 213-3975 644 SW 45th 2/1/1 $595 633 SW 33rd 2/1 $350 1424 SW 24 1bd dplx $350 681-7272 Nice 3bed 2ba 2car FP W/D hkups ch&a Moore schls $750mo 503-5742 2, 3 & 4 BEDS OKC & Moore schools. 634-1100 Bestway-Now Large 2 bed, carport, corner lot, No pets. $600 mo + dep. Call 232-9704 20 ft X 30 ft workshop 3 bed, 104 SW 42nd, open Sun 3-5, $750 mo.
529 Thompkins 3/1.5 bath, $650 + dep, East of Council. 787-1554
3318 SW 28th, Large Eff. House, Fenced yard $350/mo. • 408-5836
4 bedrooms, 2 baths, NW Oklahoma City, TI, 524-0222
2bd/1ba, ch&a, fncd, w/d hkup, 4508 S. Robinson, $450, no sec. 8, 503-5742
2 bd, 1 ba, w/appls incl. W&D, new carpet, Edmd Schls, storage shed. No pets. 348-6240, 623-1181 $ FREE RENT 1ST MO $ » FOR SALE OR RENT» 2BR $350+, 3BR $450+, MWC NO PETS 427-0627
Rooms For Rent
489
Room, private entry, share kit/laundry/bath, cable, $375, 948-5908. Near Hefner & Council, 1 or 2 rooms, $300-$500, »»» 371-5271 »»»
Vacations, Resorts For Rent 490 Lake Texoma, Soldier Creek, lake view, 973 sq ft living, 974 sq ft deck, carport, 1 living, 2 bed, 1 bath, fully furnished, paid landscaping and yard maintenance, pass through utilities, $1000 per month, year lease required, 580-565-9500.
8F
REAL ESTATE
SATURDAY, MARCH 12, 2011
THE OKLAHOMAN | NEWSOK.COM
Stale listings could mean a good deal Are you a strategically oriented homebuyer willing to consider a property that’s languished on the market for a lengthy period? If so, this could be a way to get a surprisingly good deal on a home of your choice, according to real estate industry specialists. “Stale listings can be a treasure trove of good values,” said Stephen Israel, the president of a real estate firm affiliated with the National Association of Exclusive Buyer Agents (www.naeba.org). What sets stale listings apart is that they’ve sat unsold for longer than the average market time in the neighborhood. However, Israel notes that average selling times can vary widely depending on the popularity of a community, the volume of homes for sale there and the local economy. “It may be that the home was listed with a different agent before and then later re-listed with a new agent. Because of that, you may need to dig to determine how long it’s really been up for sale,” he said. Sid Davis, a real estate broker and the author of “A Survival Guide for Buying a Home,” said the most common reason a property goes unsold for a lengthy period is that it was overpriced when it first hit the market. Even after a series of price reductions, such a home typically retains its stigma, which results in a shrinking pool of possible buyers. But savvy homebuyers realize that among “shopworn” properties there can be prime bargain opportunities. This is especially likely if they’re dealing with sellers who’ve been worn down by time and must move. Here are a few pointers for homebuyers willing to consider a stale listing:
Be educated Educate yourself on values in your target neighborhood. Many who are open to the idea of buying a stale property are novice buyers on limited bud-
Realtors bus tour opens national dialogue FROM WIRE REPORTS
WASHINGTON, D.C. — The National Association of Realtors’ Home Ownership Matters Bus Tour will roll into cities across the country this month pitching homeownership. “Americans today are debating what homeownership means to their families, communities and the nation as a whole,” said association President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “We want to engage in that dialogue directly with people in their own communities. This bus tour gives us a chance to interact and communicate directly with consumers about what housing issues matter most to them.” The first stop on the tour was Chicago on March 5. Other major stops on the tour include Denver on March 19 and Portland, Ore., on March 26, with additional stops in cities along the way. “Issues like the mortgage interest deduction, foreclosures and short sales, affordable financing and available credit don’t just affect people who own a home. Homeownership shapes communities and strengthens the nation’s economy, as well,” Phipps said. “Behind every home purchase, sale and foreclosure is a human face, and we hope this bus tour will give a voice to those personal experiences.”
Ellen James Martin SMART MOVES gets. To navigate the market with confidence, Davis said they need to educate themselves on property values in the area where they’re searching. Often the owners of a stale property that was overpriced from the beginning will ratchet down the price in incremental drops. The key for a prospective bidder is to know when the sellers are approaching a realistic price point. “You and your agent need to do a thorough analysis of the market so you’ll have a good feel for the true value of any house you like,” Davis said. The key to determining market value is to examine closely the data on recently closed home sales on similar properties — known as “comparables” or “comps.” “Make sure your agent shows you very recent comps that are really similar to the house you want to buy,” Davis said. The more knowledgeable you are, the less likely you’ll be to overpay.
Shape your offer Shape a contract offer that the sellers will find hard to resist. Gregg Busch, the vice president of a mortgagelending firm, urges bargain-minded homebuyers to present the sellers of a stale property with a bid that addresses their need for a sure and urgent sale. One way to make your bid stand out from the others the sellers may
receive is to obtain a convincing letter of preapproval from your mortgage lender. “You want a letter showing that an actual underwriter is committed to doing your deal. Underwriters, not the ‘loan reps’ who work with the public, are the ones who have the final say on loan approval,” Busch said. Also, if feasible, he
recommends you propose a quick closing date in your offer. That should make your bid especially appealing to the owners of a stale property, particularly one that’s gone vacant after its owners moved away. Remember that even sellers who’ve paid off their mortgages and left town must meet their utility and upkeep costs,
along with tax bills.
Timing Try to time your bid advantageously. Israel said it’s often wise to wait at least one or two weeks before venturing your low bid on a stale property. That’s because typical sellers will wait awhile after cutting their price before entertaining a low offer.
“Of course, there are always exceptions, he said. “If you’re really in love with the house and think the sellers are finally realistic on price, don’t wait any longer. Bid right after the price drop or you could risk losing your dream house to another offer.” To contact Ellen James Martin, e-mail her at ellenjamesmartin@gmail.com. UNIVERSAL UCLICK