LISTING OF THE WEEK
HOUSE PLAN
Brick and frame
Great view
The Listing of the Week is a 1½-level brick-and-frame home in the Muirfield addition in northwest Oklahoma City. PAGE 3F
Small panes of glass fill generously sized window openings to give the Lupine an intriguing Georgian look. PAGE 4F
REAL ESTATE
Kenneth Harney
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THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 6, 2011
This Dust Bowl-era photo taken near Felt, in the Panhandle, shows dust piling up on the Farrell family farm. THE OKLAHOMAN ARCHIVES
THE NATION’S HOUSING
Contract problem noted Exceptionally large numbers of signed real estate contracts fell apart in June, failing to reach settlement. Why? PAGE XF
IN BRIEF
IT COULD BE WORSE ... HEAT AND DROUGHT RATTLE HOMES TO THE FOUNDATIONS BY DYRINDA TYSON Special Correspondent dyrinda@gmail.com
A red blotch, denoting the severest drought conditions, swallows more than half of Oklahoma and most of Texas on the U.S. Drought Monitor map. Oklahoma City came in second only to Lubbock, Texas, late last month in The Daily Beast website’s roll call of the summer’s hottest cities. Lubbock won by a nose, thanks to a local-record-breaking 112-degree day in June. Yet July proved to be Oklahoma’s hottest month on record. Rain remains elusive, making this stretch of 2011 the driest since the Dust Bowl. Call it the Dust Bowl without the dust. It’s hitting closer to home than just air conditioning and high electric bills. The combination of drought and heat is hitting homes in the slab foundations — one thing most people didn’t have to worry about in the 1930s. “My calls have tripled in the last three weeks, and if (the heat) doesn’t let up, it’s just going to get worse,” said Missy Kitchell, office manager for Olshan Foundation Repair’s Oklahoma City office. Structural engineer Bob Zahl of Zahl-Ford Inc. summed it up simply: “Clay soils are the problem.”
When clay soil gets wet, it expands and cracks, he said, and when it dries out, it shrinks and cracks. “And that’s kind of the bottom line. If it’s not going one way, it’s going the other way. And it all has to do with either too much water or too little water,” he said. With the exception of true pierand-grade-beam systems, which push weight-bearing piers down past the clay to a more stable material, no foundation is immune, Zahl said. This summer is worse. “It’s just extreme dry weather,” said Danny Walling, Olshan’s general manager in Oklahoma City. Foundation damage wasn’t an issue in early Oklahoma, said Harry Sims, historic preservation architect for the Oklahoma Historical Society. “The first buildings that were built in Oklahoma didn’t have foundations,” he said. “They were just posts stuck in the mud or primitive forms of adobe, clay brick or sod blocks.” Some had dirt floors — even frame houses, not just “soddies.” Others had floors of brick or stone. Joists supporting a wood floor might rest directly on the ground. In any case, the floors, and the houses in general, were more flexible when it came to changes in the Dan Hennessee, top, and Jesus Lopez of Olshan Foundation Repair use a hydraulic jack to raise the foundation of Richard and Janice Hull’s Edmond home. SEE HEAT, PAGE 2F PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Successful major move aided by a master plan After a lengthy period of unemployment, have you finally found a job in another state? Are you thrilled to reenter the workforce yet dread the daunting task of preparing your home for sale and moving to the new area? If so, your first step should be to create a master plan complete with a timeline and a checklist to tackle this huge project, said Dorcas Helfant, a past president of the National Association of Realtors. One key to a successful home sale is to put the pruning of your clutter at the top of your list of things to do.. Here are pointers for those planning to cull and pre-pack for a distant move: I Equip yourself with the right gear to do the job. Vicki Norris, a profes-
Ellen James Martin SMART MOVES
sional organizer and author of “Restoring Order to Your Home,” said an efficient de-cluttering and packing program shouldn’t require a lot of expensive equipment. “Never buy a bunch of those big plastic bins unless you’re absolutely sure you’ll really use them in your new place. Otherwise they’ll simply become a superfluous bother once you reach your destination,” Norris said. In most cases, cardboard boxes should suffice for your move. Ideally, these should be of uniform size, like the “bankers
boxes” sold at office supply stores that stack neatly. I Take a room-by-room approach to de-cluttering and packing. Norris said it’s very unnerving to approach your de-cluttering project in an unfocused way, working on several fronts simultaneously. Instead, she advises you to tackle just one room at a time, beginning in the areas of the house that will receive the most scrutiny from prospective homebuyers. These include your entryway, living room, dining room, family room and kitchen. I Respect your children’s feelings when clearing through their toys. Children feel an understandable sense of alarm at the notion that many of their toys will be packed up and stored away until the move is complete. Norris said they need reassurance
that their toys will be available to them once your family reaches its destination. How can you calm your children’s fears that their toys will be safe? Norris suggests you involve them in the prepacking process, making a game out of choosing a few special toys that can remain in their room until the move is complete and placing the rest in packing boxes. “Don’t pack their toys behind their back or they could be very upset and freak out,” she said. I Give extra attention to your kitchen. Most home shoppers won’t routinely look inside a chest of drawers and examine your clothes. But many will open kitchen cabinets and are very critical of countertop clutter. You won’t want to remove basic kitchen items,
such as plates and utensils, until right before you move. But you can pack away seasonal- and special-use items, such as turkey pans and souffle cups, Norris said. I Try to remove unusual items before your property goes on the market. Many homeowners have things in the house that could hurt their selling prospects because they take the focus away from the property. “For instance, you wouldn’t want controversial political books sitting out on a coffee table or intimate clothing where anyone could see it. Also, you’ll want to remove from your place such personal items as a massage table or unusual religious pieces,” Norris said. Email Ellen James Martin at ellenjames martin@gmail.com. UNIVERSAL UCLICK
SOCKS DAMAGE DRESSER TOP Q: I had a pair of slipper socks that had rubber dots on the bottom. I put them on top of my wooden dresser and then put some clothes on top. I now have about six little circles on my good dresser. I have tried Goo Gone, furniture polish, etc., and nothing will take off that residue. Any suggestions? A: Plastic can react with some lacquer finishes, causing some of it to be transferred to the finish, said John S. Wilkie of Revere Refinishing in Norton, Ohio. Try rubbing the marks with superfine (0000) steel wool and a furniture polish that contains natural ingredients, such as Guardsman, he suggested. If necessary, apply more polish as you work to keep it moist. If that doesn’t work, try automotive rubbing compound.
STAKES PUT WATER DEEP Green King’s Deep Drip Watering Stakes get water where trees and shrubs need it. The stakes direct water deep into the soil to the plants’ roots, helping to prevent erosion and reduce water waste. They can also be used to fertilize trees and shrubs. Each stake is driven into the ground and then attached to a drip emitter. A garden hose set to a very slow flow can also be used. The watering stakes come in 14-, 24- and 36-inch lengths. They sell for $8.99 to $10.99 at www.deepdrip.com or (866) 469-4330, and are available from some other online retailers. MCCLATCHY-TRIBUNE INFORMATION SERVICES
INDEX Handy Stone Permits
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REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
OG&E asks customers to conserve energy FROM STAFF REPORTS
Oklahoma Gas and Electric Co. is asking its customers to take measures to use less electricity to help minimize the strain that this year’s record-setting summer heat wave is placing on the electric system. “Our generating fleet, transmission, substation
and distribution systems have performed very well this summer during the worst heat wave we have seen in more than 30 years,” OG&E spokesman Brian Alford said. “With all of our equipment running day after day at maximum output, and now with schools opening and adding to the electric load, we’re asking customers to
conserve when they can. We don’t anticipate problems; it just makes sense for us to be cautious.” OG&E is asking its customers to adjust thermostats a few degrees higher, turn off unnecessary lights and avoid using electrical appliances and equipment that are not needed, especially during the peak demand hours between 2 and
7 p.m. OG&E’s website, www.oge.com, lists dozens of ways to conserve, including: I Raise air conditioner thermostats to 78 degrees or the highest comfortable temperature. I Use ceiling fans or portable fans to help cool your home. I Keep blinds and
Heat: Movement of soil common FROM PAGE 1F
immediate environment. Moving into the 20th century, many homes were built atop shallow perimeter foundations of shale or sandstone, which were filled with concrete, Sims said. “But that was locally mixed concrete and not a ready-mix, which was a much, much higher quality,” he said. “And almost none of it was reinforced.” Of course, it depends on whose home it was. “Now if we’re talking about Frank Phillips’ home in Bartlesville, that’s a world apart,” Sims said, referring to the famous oil man. Ready-mix concrete — mixed from precise recipes in a factory and trucked to a building site in specialized pouring trucks — became more readily available after World War II and ushered in the slab foundation, Sims said. Slab foundations now are common in Richard and Janice Hull look over the raising of the foundation of their the Oklahoma City area, and a more re- home in Edmond. Olshan Foundation Repair has been getting many cent variant is shot through with high- calls to repair house foundations. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN tension cables to stabilize the concrete pad — post-tension slabs. While those can hold together any cracks that do develop, Zahl said, “It’s certainly not the cure-all for the type of soil movement we get around here.” Once a repair company is called in, it’s time to dig deep. “We underpin the foundations and get our pilings down to a stable soil to where there’s not the shrink and swell,” Walling said. Just how far down pilings have to go varies, Zahl said. Stable soil may lie 2 feet below in Edmond, for example, but 6 feet in south Oklahoma City. Downtown, it’s more like 50 feet. “Over the zillions of years the (Oklahoma River) has come through here, it makes sand deposits,” he explained, “So you’ve got sand that goes down 50 feet.” Zahl-Ford staff learned that firsthand in 2001 when the firm took on renovation at the Oklahoma City Civic Center, 201 N Walker Ave. They found the soil under the original 1930s-era footings had “turned to mush” thanks to the water filtered in from the sands in the river. “So we actually had to drill down 50, 55 feet to put in some new bearings, some new piers down lower to supplement those existing foundations,” Zahl said. For the average homeowner, moisture is the key to keeping foundation problems at bay. “If you could keep the moisture level in the soil constant, then it’s not going to A hydraulic jack is used to raise a home’s foundation. change,” Zahl said. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Dirt pulls away from the foundation of Richard and Janice Hull’s home in Edmond. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Danny Walling of Olshan Foundation Repair describes the process used in raising the foundation of Richard and Janice Hull’s home. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Settlers move a frame house across wide-open spaces near Perry in a pre-statehood photo. The owner paid $20 for the house. PHOTO PROVIDED BY OKLAHOMA HISTORICAL SOCIETY
drapes closed, especially along south and west-facing walls. I Refrain from using electric ovens, electric clothes dryers, dishwashers and so on. I Keep refrigerator and freezer doors closed as much as possible.
I Turn off or unplug any unnecessary electric equipment. I OG&E customers with a smart meter can enroll at www.myogepower.com and gain access to information about their electric usage and projected cost.
THE OKLAHOMAN | NEWSOK.COM
REAL ESTATE
SATURDAY, AUGUST 6, 2011
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LISTING OF THE WEEK
1994 home located in Muirfield addition
Brian Pannebecker, of Shelby Township, Mich., stands in front of a house he lost out on in a short sale process. Pannebecker was trying to invest in real estate while the market was down last year. But after a lengthy and frustrating short sale process, he lost the Shelby Township house. MCCLATCHY-TRIBUNE PHOTO
Buyers, sellers frustrated by the short sales process BY GRETA GUEST Detroit Free Press
DETROIT — Short sales are among the most arduous real estate transactions, often taking six months or more to close — if they get done at all. They can be a life raft for distressed homeowners who owe more on their houses than what they’re worth, but the experience depends on a variety of factors, such as the number of lenders involved and whether there’s a hardship, mortgage insurance attached or whether the buyer has the patience to stay with the process. A short sale occurs when a lender agrees to accept less than what the homeowner owes. The transaction requires that the homeowner have a financial hardship. Homes with more than one mortgage and mortgage insurance tend to take the longest, said Ellen Mahoney, president of Complete Title Services’ loss mitigation division in Birmingham, Mich. A growing reason short sale deals fall through or take longer is because of mortgage insurance purchased after the homeowner closes on the deal and the loan is later sold to other lenders and investors. Unlike private mortgage insurance required for sellers who put less than 20 percent down, these lenders and investors buy insurance to minimize risk. It is known in the real estate industry as pool insurance because it covers a group of loans that have been purchased. Premiums are paid by the lender or investor, and the homeowner isn’t aware of it. When the loan defaults, such as in a short sale, the mortgage company may demand that the seller pay part of what is owed to minimize its losses. “That’s a mess. They are the worst,” Mahoney said. “It is usually the lender mortgage insurance that nobody knew about, and it is usually on the second mortgage. It is real disruptive.” Often, the bank holding the first mortgage isn’t made aware that the second mortgage had been insured until the end of the process, even if both loans are with the same lender. If the mortgage insurance company doesn’t sign off on the deal, the process starts over again. These kinds of delays mean buyers walk away because of the time and frustration involved. Brian Pannebecker, 52, of Shelby Township, Mich., made an offer on a
Ramlia Saeed, 29, left, and Saeed Uzzaman, 31, both of Pakistan, stand in front of their new home in Novi, Mich. The four-bedroom, two-bath house sold for $231,000 after a nearly five-month wait. MCCLATCHY-TRIBUNE PHOTO
A short sale occurs when a lender agrees to accept less than what the homeowner owes. The transaction requires that the homeowner have a financial hardship. home in his neighborhood only to have the bank reject it. “I would never, ever look at a short sale,” he said. “I would go right to a foreclosure, which I eventually did. It was much, much easier.” Instead of buying in Michigan, Pannebecker bought a two-bedroom condo in Fort Myers, Fla., near where his father retired. He made an offer that was accepted within 24 hours during the holidays. The whole deal closed in six weeks. Buyers don’t typically ask to see short sales unless they have the luxury of waiting for an undetermined length of time to move, said Renee Reyer, a Realtor with Clients First Realtors in Canton, Mich. Reyer does her homework on short sales. She checks the property history and finds how many mortgages the seller has to determine how difficult the deal might be to close. Based on that information, she works out the percentage of risk that the property won’t close and presents that to her clients. Banks say they’ve been working harder to make the short-sale process easier, but they acknowledge the delays. At Chase, the average response is 30 days from request to approval, said spokeswoman Mary Kay Bean in Detroit. Chase has completed 120,000 short sales using its own process nationwide since June 2009 and is now averaging 5,000 a month. Klorinda Hibbert, a real
estate agent at Michigan brokerage RE/MAX in the Hills, spends most of her day working on short sales and has 14 in progress now. She’s noticed changes in the past year — and they aren’t for the better. She said lenders and servicers are requesting more than one broker’s price opinion. The lender works with real estate brokers who put together a valuation on the property based on what similar properties are selling for. They’re also requesting formal appraisals. They are good for only 90 days. “The banks are willing to go into foreclosure rather than do a short sale,” Hibbert said. “They want to get paid in full.” MCCLATCHY-TRIBUNE INFORMATION SERVICES
The Listing of the Week is at 9600 Eagle Hill Drive.
The Listing of the Week is a 1½-level brick-and-frame home in the Muirfield addition in northwest Oklahoma City. The home at 9600 Eagle Hill Drive has three bedrooms, two baths, two living areas, one dining area and an attached twocar garage. The family room has a fireplace and ceiling fan. The dining room has a ceiling fan. The kitchen has a pantry, breakfast bar and ceiling fan. The master bedroom has a his-and-hers bath, ceiling fan and walk-in closet. Secondary bed-
PHOTO PROVIDED
rooms have ceiling fans and share a Jackand-Jill bath. The home has a security system, underground sprinkler system, covered patio and open patio. The home, built in 1994, is listed for $159,900 with Debra J. Hobbs of Paradigm AdvantEdge Real Estate. For more information, call 348-4422. 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.
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REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
HOUSE PLAN
The Lupine offers plenty of window views, room Small panes of glass fill generously sized window openings to give the Lupine an intriguing Georgian look. Gridded garage doors echo that theme, while raised brick trim rims the upper limits of the garage doors, underscores windows and accents graceful arches on the brick veneer front facade. This single-level plan offers plenty of room for an active family. It also can be easily adapted for wheelchair accessibility and aging in place. Double doors in the vaulted foyer open into a vaulted dining room with a roomy step-in closet to one side. This space links with the vaulted living room farther back. A 10-
Remodeling Market Index takes dip in second quarter FROM STAFF REPORTS
The remodeling market slipped under pressure from a sluggish economy, according to the National Association of Home Builders’ Remodeling Market Index, which dipped during the second quarter to 43.9 from the first-quarter result of 46.5. An index below 50 indicates that more remodelers report market activity as lower than higher, compared to the quarter before. The overall index combines ratings of current remodeling activity with indicators of future activity, such as calls for bids. Current market conditions for the second quarter fell to 44.8 from 46.1 in the first quarter. Future market indications dropped to 43 from 46.8 in the previous quarter. “Remodelers have experienced the same hiccup that has rippled through the U.S. economy,” said NAHB Remodelers Chairman Bob Peterson, a remodeler from Ft. Collins, Colo. “After picking up the pace early in the year, the calls from customers dropped off and remodeling slowed down.” Regionally, current market conditions shrank in two areas: the Midwest to 44.4 (from 47.1 in the first quarter) and the South to 42.9 (from 46.1). The West at 48.2 (from 46.1) and Northeast at 48.1 (from 46.1) both climbed modestly. Two indicators of current market conditions dropped: major additions to 46.2 (from 50.3 in the first quarter) and maintenance and repair to 38.4 (from 39.5). A third indicator, minor additions, remained essentially flat at 48.5 (from 48). Future market indicators also descended: calls for bids to 49.8 (from 53.1), backlog of remodeling jobs
to 45.7 (from 49.7), and appointments for proposals to 44.2 (from 52.4). The amount of work committed for the next three months stayed level at 32.3 (from 32.1). “While the RMI indicates that the home remodeling market softened somewhat in the second quarter, this is still the second highest (index) we’ve been able to report since the third quarter of 2007,”
said David Crowe, chief economist for the builders group. “There are several barriers blocking the way to a stronger recovery. Homeowners who may want to remodel still face stringent lending requirements, and uncertainty about the economy is making them hesitant to undertake major improvements.” SOURCE: NATIONAL ASSOCIATION OF HOME BUILDERS
foot-high display shelf provides definition at the juncture of the two spaces. The living room also can be entered by proceeding straight ahead along the foyer, passing through an arched opening and under a similar display shelf there. Banks of windows fill most of the rear wall in the living room and nook. An arched window crowns a wide trio of windows, near a gas fireplace that fits neatly into one corner. A sunroom and den/home office fill out the opposite side of the expansive space, while the kitchen sits at its heart. Standing by the kitchen sink or working at the peninsular counter, you have a panoramic view of the en-
tire area, as well as the partially covered patio outside. The cooktop is built into a central island, and a roomy walk-in pantry nestles in one corner. A large utility room with a toilet is nearby, along with a door to the threecar garage. Bedrooms fill the Lupine’s right wing. The owners’ suite has two large walk-in closets, a posh bathroom and direct patio access. Secondary bedrooms share a two-section bathroom. For a review plan, including scaled floor plans, elevations, section and artist’s conception, send $25 to Associated Designs, 1100 Jacobs Drive, Eugene, OR, 97402. Please specify the Lupine 30-747 and include a return address when ordering. For more information, call (800) 634-0123.
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 6, 2011
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Minimize fire risks around your house Summer brings the threat of devastating, fastmoving wildfires — a threat that only worsens as the season moves along. Wildfires can strike anywhere, with very little warning, so it’s extremely important that you take the proper steps to minimize fire risks outside of your home. And this is truly a win-win, because at the same time, you’ll also be improving your home’s curb appeal and its resale value.
Fire breaks crucial Fires need fuel to continue burning, so if you deprive the fire of what it needs to keep going, you can save your home. That’s why a fire break around your house is so important. Before you start thinking “clear-cut,” a fire break simply means creating an area of non- or low-combustible materials around the house. Those materials include hardscaping such as concrete, asphalt, paving stones and gravel; and low, moisture-retaining landscaping materials such as lawn, moist groundcover plantings, and low
Paul Bianchina HANDY @ HOME shrubbery. If you have a noncombustible roofing material such as composition shingles, metal or tile, fire officials typically recommend that the fire break extend out from the house for a distance of 30 feet in all directions. When calculating that 30-foot distance, take into consideration not just the footprint of your house, but also wooden decks and attached or closely adjacent wooden structures such as storage sheds. If your home has a wood shake roof, then extend the fire-break perimeter to 50 feet. Trees closely clumped together will support the spread of a fire much more readily, so any trees within your fire-break zone should be thinned so they’re no closer than 10 feet apart. Any dead or dy-
ing trees should be removed. With the remaining trees, remove the lower limbs so that no limb is closer than 6 feet off the ground. That helps prevent a ground fire from climbing the limbs and getting up into the trees.
Do some cleaning Within your fire-break zone, it’s time to do a little cleaning up. If you have any areas of dry grass, they should be cut to less than 4 inches high. All those weeds, dead grass, lawn clipping, limbs and other dead material that may have been accumulating need to be raked up and hauled away. At the very least, rake it out into a thin bed so that it doesn’t actively support a fire. Of course, you want to clean up any other debris as well: old lumber, plastic pots from past landscaping projects, leftover pallets, fence boards and posts, empty bags and boxes, perhaps even some old cans with flammable liquids; we all accumulate things over time, but they’re not only unsightly, they’re also an extreme fire
hazard. So clean them up and haul them off. Firewood is another big problem within your firebreak zone. Most people store it where it’s convenient to the house, but that also makes it a hazard in the event of a wildfire. Firewood — and lumber for that matter — should be moved at least 20 feet away from the house during fire season. If you’re really feeling ambitious, an even better solution is to build a separate enclosed shed for wood storage, which offers both fire protection and great seasonal protection in the winter as well.
About that roof Flames moving across the ground represents only one of the hazards you face during a wildfire. The other is windblown embers, which can lodge in trees and land on roofs. So you want to clean leaves and needles off your roof and out of your gutters, to prevent an errant spark from landing and finding enough fuel to catch and spread. Remove dead branches that overhang any portion
PulteGroup, D.R. Horton expect profitable turn BY THE ASSOCIATED PRESS
LOS ANGELES — The CEOs of the nation’s two largest homebuilders say demand for new homes appears to be stabilizing, if still at very low levels. PulteGroup Inc.’s Richard Dugas and Donald Tomnitz of D.R. Horton Inc. weighed in on the market trends recently after each company reported financial results for the April-to-June quarter. The builders reported lower home closings for the quarter and contracts for new homes that landed just about even with their prior-year results. They also reported increases in their backlog of homes under contracts — a positive indicator of future activity. Tomnitz said demand is back to a normal seasonal pattern following last year’s homebuyer tax credit, which expired last spring and led to a dropoff in sales later in the year. He also said D.R. Horton is now solidly in position to be profitable for its full fiscal year. Dugas said demand for new homes remains stable, if at a low level. The executive also said his company is on track to return to profitability in the second half of the year. The sales trends and executives’ remarks are positive in light of this year’s spring home-selling season, which ended up being a disappointment despite increases in traffic by prospective buyers. But neither builder was bullish on a more robust pickup in sales just yet. “To be frank, most all of our markets are soft, softer and softest,” Tomnitz said. “Nothing’s really strong out there.” He added he doesn’t anticipate much of a turnaround this year, or next. “I would anticipate that 2012 will be better than 2011, but I don’t expect it to be significantly better,” Tomnitz said. Dugas said he doesn’t see the market getting worse, but he also doesn’t see it getting much better unless the economy picks up. “We view the lack of demand as the bigger issue hurting the industry today,” Dugas said. “Simply put, we need more jobs and better consumer confidence before a meaningful recovery can occur.” Last year was the worst for new-home sales on re-
cords dating back a half century, and through the first six months of this year, sales are lagging behind last year’s totals. Overall U.S. sales of new homes fell 1 percent in June to a seasonally adjusted annual rate of 312,000 homes, well below the 700,000 a month economists consider healthy. High unemployment, larger down-payment requirements and tougher lending standards are preventing many people from buying homes. And some potential buyers who can clear those hurdles are holding off, worried that home prices have yet to bottom out. Bloomfield Hills, Mich.-based PulteGroup and D.R. Horton, based in Fort Worth, Texas, were up against a tough sales benchmark set a year ago, when the homebuyer tax credits helped spur sales and drove a surge in home closings through the end of June 2010. D.R. Horton is the only national builder constructing homes in the Oklahoma City area.
A D.R. Horton sign advertises a home for sale, still under construction, in Edmond in this file photo. THE OKLAHOMAN ARCHIVES PHOTO
of your roof. To prevent the possibility of catching a tree on fire with your own fireplace, also trim overhanging tree branches — living or dead — back a minimum of 10 feet away from the chimney in all directions. If you’re not comfortable with any of this type of limbing, or with being on the roof to clean off all the debris, hire a licensed tree-trimming company to handle it for
you. Finally, when you’re ready to re-roof, go with a material that’s fire-resistant. You’ll have some additional piece of mind, and you may even qualify for a break on your homeowners insurance. Remodeling and repair questions? Send email to paulbianchina@inman.com. All product reviews are based on the author’s actual testing of free review samples provided by the manufacturers. INMAN NEWS
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REAL ESTATE
SATURDAY, AUGUST 6, 2011
THE OKLAHOMAN | NEWSOK.COM
Short sale is sure to ding credit score Q: Can you discuss credit scores? Isn’t a short sale better for my score than a foreclosure? A: Unfortunately, they’re about the same. There are many factors that affect a credit score, but in general you can expect to lose 100 points or more for a foreclosure, short sale or deed in lieu of foreclosure (when you willingly hand the home back to the lender). Credit scoring looks at your different credit accounts individually, but multiple major hits don’t stack up against you on
Gary M. Singer REAL ESTATE LAW each account. If you fall into foreclosure on your mortgage — a major hit that costs you about 100 points — and then you later complete a short sale, you will not lose another 100 points. That’s because this particular line of credit has already incurred the
maximum damage. But if you then fall behind on a different account, such as a second mortgage, that will cost you more points. While a high credit score is very important, given the choice between cash in my pocket and a high score, I would choose the cash every time. A short sale or deed-in-lieu will damage your credit, but it will be worth it if you negotiate a settlement with the lender that absolves you from having to repay tens or hundreds of thousands of dollars. Remember, your credit score will
Inspection understates home’s shake roof problems DEAR BARRY: Before we bought our house, we hired a home inspector. He said the roof was worn and needed a few bundles of wood shakes for patching. The seller said there used to be some leaking but assured us that this had been repaired. After moving in, we noticed a hole in the roof and called the inspector to reconsider this omission in his report. He agreed to install a metal patch and invited me onto the roof for a look. What I saw was disturbing. The condition of the shakes was worse than stated in his report. After this, I got repair bids from three roofing contractors. Each of them stated that the roof needed replacement. This was a major shock, considering the huge expense of reroofing. Shouldn’t our home inspector have alerted us to this? Dave DEAR DAVE: Roofing is an important aspect of a thorough home inspection. Competent home inspectors make a concerted effort to discover and disclose conditions that compromise the reliability or longevity of a roof. It is surprising, therefore, that the deteriorated condition of your shakes was not disclosed by your inspector. Even if the shakes were functional, the fact that they were badly worn demanded disclosure. In such cases, home inspectors typically recommend further evaluation by a licensed roofing contractor before close of the transaction. Had that recommendation been made by your inspector, a roofing contractor would have reviewed the shakes before you purchased the property, and the need for replacement would have been revealed while negotiations with the seller were still possible. It is unfortunate that opportunity was missed. For that omission, your home inspector may bear some liability. DEAR BARRY: Is duct cleaning a legitimate service for a forced-air heating system? We have lived in our house for 23 years, and lately have seen bits of “popcorn” ceiling material on our furniture, directly under our heating vents. The appearance of this debris seems to be increasing in frequency. Would duct cleaning be a remedy? Also, who does this kind of work? Patty DEAR PATTY: Air duct cleaning can be beneficial if dust and debris are forming on the inner surfaces of the ducts. Dust buildup in forced-air heating systems can harbor dust mites and mold, posing potential health problems. Professional cleaning is typically provided by heating contractors and chimney sweeps. A related health concern, however, involves the particles of popcorn ceiling texture. When your home was built, acoustic texture was apparently sprayed onto the ceilings. The person who installed the texture allowed the material to
Barry Stone INSPECTOR’S IN THE HOUSE
coat the interior surfaces of the air duct openings. This over-spray is now losing its adhesion, causing particles to fall onto
your furniture. These particles, potentially, may contain asbestos fibers. Professional testing of this material is recommended to determine if asbestos is present. If so, the overspray inside the ducts should be removed by a licensed asbestos abatement contractor. To write to Barry Stone, go to www.housedetective.com. ACTION COAST PUBLISHING
rebound over time if you keep your other accounts in good standing. Q: When I bought my home, I chose which lender I wanted to do business with. Since then, my mortgage has been transferred multiple times, and I don’t care for the policies and fees that the current mortgage holder imposes. Can I request my mortgage to be transferred to another company? A: No. When you agreed with your original lender on the terms of the loan, you also agreed to allow it
to sell the loan to another bank. Also, you may still actually have the original lender you started with, but it may have changed you to a new loan servicing company. For all intents and purposes, that servicing company feels like your lender, but it’s actually just the collection company. You mentioned that the policies and fees have changed, and while the servicing company or lender is allowed to make reasonable changes to policies, many of the policies and the terms of your loan are controlled by your
original loan documents. I suggest that you carefully review the original loan documents that you signed at the closing and make sure that your lender is abiding by all the rules. If it is not, consider hiring a lawyer. You may also want to wait things out, because it’s likely that your account will get transferred again anyway. Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. Send him questions online at http://sunsent.nl/ mR20t7 or follow him on Twitter @GarySingerLaw. MCCLATCHY-TRIBUNE INFORMATION SERVICES
THE OKLAHOMAN | NEWSOK.COM
REAL ESTATE
SATURDAY, AUGUST 6, 2011
7F
Real estate contract cancellations jump WASHINGTON — Are homebuyers walk- praisals and tough mortgage underwriting ing away in droves from the contracts rules that knock buyers out of contracts they’ve signed? Or are they fouling out of through mortgage contingency clauses. the game, unable to close deals because of But a series of interviews with realty financing and credit issues? brokers around the country suggests that Whatever the answer, there may be other, subtler this much appears to be forces at work that are bustcertain: Exceptionally ing up real estate deals. large numbers of signed confidence about Kenneth theBuyers’ real estate contracts fell direction of the national Harney apart in June, failing to economy was badly rattled reach settlement. in the past several weeks by According to the Nathe gridlock in Congress tional Association of Real- THE NATION’S HOUSING over raising the national tors, one of every six realty debt ceiling and cutting the agents polled in June redeficit. Brokers said that ported having signed contracts canceled made buyers less willing to risk a major before closing — up from just one in 25 the purchase, making them pickier and more month before. The typical monthly can- demanding when defects were found in cellations rate over the course of the past 16 home inspections, and frequently led to months has ranged in a narrow band be- contract cancellations for relatively minor tween 8 percent and 10 percent. reasons. What’s going on here? Lawrence Yun, Jessika Mayer, manager of professional the chief economist of the realty associ- development at Coldwell Banker Plaza Reation, said the sudden spike is surprising al Estate in Wichita, Kan., said she is seeand worrisome, and that there are no hard ing more well-qualified buyers — who statistics available on the causes. The most would have proceeded to closing in past likely suspects, Yun said, are lowball ap- months — suddenly “feeling very worried
and uncertain because they don’t know” if the country is headed for an economic disaster that would make their new purchase difficult to sustain. Chad Ochsner, broker-owner of RE/ MAX Alliance, a 20-office firm based in Denver, said his agents are also “seeing buyers feeling remorse” and unusual trepidation because of national economic uncertainties. As a result, he said, “they’re terminating contracts that in the past would have gone to closing.” Inspections almost always turn up problems of one type or another, Mayer said, “but lately buyers seem to be holding out for perfection.” Maybe the inspection report estimates the remaining useful life of an air-conditioning system in a resale house to be two to three years. Or maybe a floor covering is worn and should eventually be replaced. Whereas previously buyers who truly wanted a house might let those issues pass, now they want the contract price reduced in compensation or they want the replacement or repair made before closing. Some sellers are willing to negotiate, but others feel the contract price on the house
is as low as they can go. If the parties can’t bridge the gap, the deal disintegrates. The surging numbers of pending short sales clogging local markets are another cause of contract cancellations, brokers said. Buyers negotiating with banks often wait months to get answers from the bank on their offer, triggering repeated time extensions on the contract terms. Eventually buyers lose patience, throw up their hands and say forget it. Charlie Bengel Jr., CEO of RE/MAX Allegiance in Fairfax, Va., said that offices in Richmond, Va., and Annapolis, Md., report “a significant increase” in short-salerelated cancellations, primarily because of buyer frustration with the “lengthy short sale process,” and “banks not approving short sales.” Finally, appraisal problems in many parts of the country continue to bedevil real estate transactions, especially when inexperienced appraisers working for low fees overuse distressed property sales as comparables for non-distressed listings. Email Ken Harney at kenharney@earthlink.net. WASHINGTON POST WRITERS GROUP
8F
SATURDAY, AUGUST 6, 2011
Permits Oklahoma City Smith & Pickel, 6200 N Classen Blvd., office, Chesapeake Energy Corp., erect, $30,000,000. Vintage Dwellings LLC, 2300 NE 131, residence, erect, $950,000. Richey/Zink & Associates, 1031 N Lee Ave., hospital, remodel, $620,704. Richey/Zink & Associates, 1031 N Lee Ave., hospital, remodel, $620,704. Phil Fitzgerald Associates, 1024 SW 104, medical clinic-office, add-on, $500,000. Marc Morgan, 3541 NW 175, residence, erect, $489,900. Timber Craft Homes LLC, 10624 Pinewood Forest Circle, residence, erect, $435,000. No name provided, 5301 N May Ave., restaurant, erect, $400,000. Icon Engineers, 7100 S May Ave., restaurant, erect, $375,000. Chet Walters Homes Inc., 17341 Clove Hill Place, residence, erect, $330,000. First Star Homes, doing business as Turner & Son Homes, 17713 Ptarmigan Lane, residence, erect, $330,000. GLW Homes LLC, 13536 SE 95, residence, erect, $300,000. 4 Corners Construction LLC, 5808 SE 142, residence, erect, $293,000. 4 Corners Construction LLC, 5816 SE 142, residence, erect, $260,000. Heartland Homes LLC, 2432 NW 176, residence, erect, $230,900. Treasure Built Homes, 14209 SE 76 Place, residence, erect, $210,000.
Taber Built Homes LLC, 4805 NW 152, residence, erect, $200,000. Taber Built Homes LLC, 19213 Greenery Lane, residence, erect, $200,000. Taber Built Homes LLC, 19221 Greenery Lane, residence, erect, $200,000. JB Homes LLC, 13124 NW 1 Terrace, accessory, erect, $194,000. Cliff Marical Homes Inc., 11313 SW 38, residence, erect, $190,000. Manh Bui, 11212 SW 38, residence, erect, $190,000. Manh Bui, 11216 SW 38, residence, erect, $190,000. Taber Built Homes LLC, 8917 SW 46, residence, erect, $190,000. Taber Built Homes LLC, 4808 Millstone Drive, residence, erect, $190,000. Taber Built Homes LLC, 10308 SW 26 Circle, residence, erect, $185,000. Foster Design & Construction LLC, 15812 Sky Run Drive, residence, erect, $180,000. Tom Vorderlandwehr Inc., 9104 NW 92, residence, erect, $180,000. Bradbury Homes Inc., 1316 Brody Court, residence, erect, $176,500. ANW Custom Designs LLC, 6412 Bentley Drive, residence, erect, $175,000. ANW Custom Designs LLC, 6408 Bentley Drive, residence, erect, $175,000. Aaron Tatum Custom Homes LLC, 312 SW 173, residence, erect, $170,750. Cliff Marical Homes Inc., 11312 SW 38, residence, erect, $170,000.
REAL ESTATE Prime Development, 2120 NW 158, residence, erect, $170,000. Tom Vorderlandwehr Inc., 9108 NW 90 Circle, residence, erect, $165,000. Chris Lee, 111 NW 9, office, remodel, $160,000. Prime Development, 2112 NW 158, residence, erect, $160,000. Cheryl Fincher, 9724 NW 6, office-warehouse, erect, $150,000. Prime Development, 2240 NW 158, residence, erect, $150,000. Breana Denny, 5332 Heron Court, residence, erect, $141,000. Jeff Click Homes LLC, 17304 Hawks Tree Lane, residence, erect, $131,000. Westpoint Homes, 6017 NW 151, residence, erect, $130,000. D.R. Horton, 2309 NW 154, residence, erect, $122,700. D.R. Horton, 15412 Blue Jay Drive, residence, erect, $119,200. Ideal Homes of Norman, 2336 SW 135, residence, erect, $118,000. Ideal Homes of Norman, 9521 SW 26, residence, erect, $118,000. D.R. Horton, 19413 Hawthorne Branch Drive, residence, erect, $115,800. Home Creations, 11613 SW 10, residence, erect, $113,800. Home Creations, 2101 Breakers Lane, residence, erect, $108,900. Reset Restoration, 6668 NW 10, apartment, fire restoration, $105,000. Home Creations, 3041 NW 182 Terrace, residence, erect, $102,400. Home Creations, 3005 NW 182 Terrace, residence, erect, $102,400. Home Creations, 3049 NW 182 Terrace, residence, erect, $102,400. Home Creations, 3001 NW 182 Terrace, residence, erect, $100,700.
Anthony Peterson, 5801 N May Ave., restaurant, remodel, $100,000. D.R. Horton, 17704 Morning Sky Lane, residence, erect, $96,000. Home Creations, 3025 NW 182 Terrace, residence, erect, $94,800. Jerry Charles Lucas II, 13901 N Westminster Road, manufactured home, move-on, $93,000. Home Creations, 11220 NW 100, residence, erect, $90,700. Home Creations, 12020 SW 10, residence, erect, $83,500. Rausch Coleman Homes LLC, 6213 Cielo Terrace, residence, erect, $80,000. Rausch Coleman Homes LLC, 7807 Bennie Terrace, residence, erect, $80,000. Rausch Coleman Homes LLC, 7904 Bennie Terrace, residence, erect, $80,000. Sam Gresham, 508 W Interstate 240 Service Road, business, remodel, $80,000. Aecom, 3901 S Meridian Ave., parking, erect, $80,000. Connelly Paving, 1105 NW 45, school, install, $75,000. John Ranous, 7642 W Reno Ave., retail sales, remodel, $58,750. Richey/Zink, 3817 Northwest Expressway, office, remodel, $40,000. Guaranteed Construction & Services, 1021 SW 28, residence, remodel, $40,000. Toby Yocham, 10016 SE 54, residence, erect, $35,000. Permit Place, 5400 N May Ave., retail sales, remodel, $34,337. No name provided, 11911 N Pennsylvania Ave., school, remodel, $25,000. Durham Steel Buildings, 6001 SE 74, storage, erect, $23,478.
THE OKLAHOMAN | NEWSOK.COM Ramey Steel Construction, 11820 S Cemetery Road, storage, erect, $22,000. Bobby Hodgson, 11824 SE 104, accessory, erect, $20,000. Advanced Roofing Solutions LLC, 9501 Hillcrest Drive, residence, add-on, $20,000. Marc and Barbara Brockhaus, 230 NW 17, accessory, remodel, $20,000. Sine Construction LLP, 2130 NW 18, residence, fire restoration, $18,000. Jason Pritchard, 5601 Donna Lane, accessory, erect, $15,000. Patio Rooms & More of OKC Inc., doing business as Better Living Patio, 2708 NW 152 Terrace, residence, add-on, $14,639. Clarence Maxwell, 11700 SE 104, accessory, erect, $11,000. Jose Pieitez, 3041 SW 41, residence, remodel, $10,000. Tommy Gonzales, 2418 W Sheridan Ave., residence, remodel, $10,000. Brad Brauser, 8600 N Air Depot Blvd., accessory, erect, $5,000. Carlos Rodrigues, 816 SW 51, residence, add-on, $5,000. Ovido Barrios, 4001 NW 18, residence, addon, $5,000. Mary Berry, 10720 S Miller Ave., storm shelter, install-storm shelter, $4,700. Patio Rooms & More of OKC Inc., doing business as Better Living Patio, 5200 SE 86, canopycarport, add-on, $4,560. Aaron Miller, 7700 Harold Drive, storm shelter, install-storm shelter, $4,295. Clark Family Special Needs Trust, 5609 Greenview Drive, storm shelter, install-storm shelter, $4,000. Roger Frost, 8705 NW
107, storm shelter, installstorm shelter, $3,770. Thomas Harris, 4312 Rankin Road, storm shelter, install-storm shelter, $3,545. Robert E. Smith, 8308 NW 77 Place, storm shelter, install-storm shelter, $3,500. Flat Safe, 8916 NW 112, residence, install-storm shelter, $3,500. Lynne Wheeler, 700 Westridge Drive, storm shelter, install-storm shelter, $3,395. Walter and Barbara Greenwood, 9516 Winding Hollow Road, storm shelter, install-storm shelter, $3,395. Fred Curren, 8401 NW 71, storm shelter, installstorm shelter, $3,300. James Burton, 8400 NW 71, storm shelter, install-storm shelter, $3,300. Robert Cockerham, 504 SW 160, storm shelter, install-storm shelter, $3,300. Sam and Tracy Pappas, 6713 Newman Drive, storm shelter, installstorm shelter, $3,100. Barbara Dixson, 9108 Sharon, storm shelter, install-storm shelter, $3,000. Elizabeth Torres, 9009 NW 10, manufactured home, move-on-mobile home park, $3,000. Vince Trong, 10909 Winelake Drive, storm shelter, install-storm shelter, $3,000. Willco Homes LLC, 3313 NW 167 Circle, storm shelter, install-storm shelter, $3,000. Thomas C. Lefmann, 8608 NW 105, storm shelter, install-storm shelter, $2,995. Deborah Lowe, 2604 NW 165 Terrace, storm shelter, install-storm shelter, $2,800. Jeffrey Perkins, 12613 SEE PERMITS, PAGE 9F
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 6, 2011
9F
What to do when foreclosure looms BY ALAN J. HEAVENS The Philadelphia Inquirer
Something has happened — you’ve gotten sick, or your hours have been cut at work, or you’ve taken on the increasingly expensive care of an elderly parent, something totally unexpected and financially overwhelming. You may be able to keep up with the bills for a few months more, but unless the picture changes dramatically, you might miss a monthly mortgage payment very soon. What should you do? “If you see problems on the horizon, you need to take action immediately,” said Rick Sharga, chief economist at RealtyTrac in Irvine, Calif., which follows foreclosure trends nationwide. Long before you find yourself in a hole, contact a financial counselor, Sharga recommends. Even if you cannot avert trouble, he said, “by reworking budgets and having in place a financial strategy that you can discuss intelligently with a lender,” you are in a much better position. You can find a list of counseling agencies approved by the Department of Housing and Urban Development at www.hope now.com/hopenow-counsel ing.php. Avoid those that are not approved, experts advise. Often, folks who have fallen behind on the mortgage wait too
long to seek help, and the result is not a happy one. Early on, “The person you will be talking with is in loss mitigation and trained to find ways to solve the problem,” Sharga said. “If you wait and do nothing, you’ll end up talking to the collection person, who won’t be interested in finding payment options for you.” When you are 60 to 90 days delinquent on your payments, “it has already made an impact on your credit score, and you’ll have a lot of trouble trying to work things out,” he said. You can find contact information for 37 major U.S. lenders and mortgage servicers at www.hopenow.com/mortgage directory.php. Sometimes, when homeowners who anticipate problems contact their servicers or lenders, they are told nothing can be done until the mortgage becomes delinquent. “Everywhere I go, I meet people who have had that experience. It was frustrating for them,” Sharga said. He acknowledged that if you’re current in your payments but foresee trouble, your lender might not be particularly open to modifying your loan or exploring other solutions “if you have a high-risk mortgage and not much equity in your home.” “If you are current and have a
Permits FROM PAGE 8F
Jasper Ave., storm shelter, install-storm shelter, $2,800. Juana and Roberto Enriquez, 2725 SW 48, storm shelter, installstorm shelter, $2,800. Lawrence and Virginia Blalock, 2315 NW 18, storm shelter, install-
storm shelter, $2,800. Loyd and Edith Swanson, 5017 Robin Hill Lane, storm shelter, installstorm shelter, $2,800. Mark Haynes, 8624 NW 112, storm shelter, install-storm shelter, $2,800. Michelle Schicht, 5701 NW 116, storm shelter, install-storm shelter,
Be really aggressive and pursue every option. Don’t be a victim of the process.” RICK SHARGA
CHIEF ECONOMIST, REALTYTRAC
30-year fixed mortgage as well as a lot of equity, the lender might be more willing to let you refinance into lower payments,” he said. What options are available? According to Hope Now, an alliance of lenders, counselors, investors, and others, early on there are a number of viable alternatives to foreclosure, which not only results in the loss of a home but also ruins the owner’s credit. Among them are: I Repayment plans: You might be able to negotiate one if you are delinquent on your mortgage but can prove that you can set things right within a reasonable period. The delinquent amount would be distributed over a specified time, with part of what is past due added to the monthly payment.
$2,800. Mack Duggan, 8001 Westhaven Drive, storm shelter, install-storm shelter, $2,750. Charles Wertzberger, 513 SW 121, storm shelter, install-storm shelter, $2,700. William Thomas, 9201 Crooked Creek Lane, storm shelter, installstorm shelter, $2,700. No name provided, 2701 SW 140, storm shelter, install-storm shelter,
I Loan modification: This changes the terms of your mortgage, with the goal of getting payments current and making them affordable. Interest and escrowed amounts for homeowners’ insurance and property taxes are added to the new unpaid principal balance and reamortized. I HomeSaver Advance: If you have a Fannie Mae loan, you may be eligible for this low-interest second mortgage from a servicer to bring your first lien current. The loan is repaid over a 15-year term, with payment and interest-accrual deferral during the first six months. To find if Fannie Mae holds your loan, go to www.fannie mae.com/loanlookup. I Home Affordable Modification Program: This is a federal initiative to help the most at-risk borrowers. The goal is to reach a monthly payment — including capitalized past-due payments, principal, interest, taxes, insurance, and homeowners’ association or condo fees — that is no more than 31 percent of the borrower’s monthly gross household income. For details, go to www. makinghomeaffordable.gov. I Short sale: In this scenario, you sell your house and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the home’s
$2,700. Wesley & Patti Osburn, 1212 SW 77 Place, storm shelter, install-storm shelter, $2,500. No name provided, 309 Stebbins Drive, accessory, erect, $2,300. Earl Leuty, 5040 N Hiwassee Road, storage, erect, $2,000. Earl Leuty, 5040 N Hiwassee Road, canopycarport, erect, $1,400. Harold L. Schnack, 7412 Jack Drive, accessory,
Yukon 1920 Rushing Meadows 3bed 2bath $133,000 Byron » 405-417-4096
20 minutes from Tinker, 3 bed, 1.5 bath, living & den, wood burning stove, 10X20 shop on 1.3 acres, Harrah Schools, $95K, 405-361-1043.
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Rent to Own El Reno - 615 N. Evans 2bd 1 ba - Call for maps Easy Approval 405-273-5777 www.property4sale.com
FALCONHEAD
2b 2ba on golf course overlooking the lake, close to Lodge/restaurant. Completely furnished 580-276-2761 OKC NW OPEN SUN 2-4 6516 NW 109 Pl. 2bd 2ba aprx 2000' Garden home gated area • comm pool. ALL NEW appls, granite, wood flrs, carpet & roof! $224,000 405-850-9245
6.6 acres well & septic. Owner finance. low down e-terms E of Noble $17,500 » 899-4220
Ozzie's, an adjacent property, 440 ft of prime dockable water, Grand Lake's favorite family restaurant - retiring. Best Offer Buys Everything! 918-257-5726
Farms, Ranches For Sale, Okla. 308
Open house Sun 7-31 1-4 5110 N. Billen Ave Great Location! Penn sq area 3 Br 1 Ba 2 car $87,500 580-618-0671
80 acres N. Piedmont, blacktop frontage, $425K, 405-823-3177.
Bank Owned 3bd 2ba brick 1580sf, Putnam Heights $39,900 CB 414-8753
Central Okla. Horse Farm, 320 acre reputation breeding & training facility, custom home, highly improved, large lake, $2.8M, 405-823-3177.
3612 SE 27th $65K OBO 3 bed, 1.5 bath, 1 car Emery Realty 405-921-6606
Be Square Properties LLC 80 ACRES MOL Northern Logan Co. improved pasture $125K Call Rob at Ochs R.E. 405-519-6982
Homes For Sale
309.9
4213 N Hammond $65K Bty schls 3bd 1ba ch&a, excellent home or investment 787-6626
Open House Sat, Sun 2 to 4 7516 Shelly Cir, Edmond 1986 sq ft on wooded 1.2 Acres. 4 Bed 2 1/2 Bath, Will work with buyer's agents. $168,500. 517-6266 OPEN HOUSE SUN 1 - 4 OR BY APPOINTMENT BY OWNER-EDMOND 1600 WALNUT COVE 1/2 ACRE 2749 S.F. 3 bed 2.75 bath 2 car PEACEFUL NBRHOOD Kerry @ 405-799-7906
OWNER FINANCING $2000 down No Credit Ck 1820 SW 15 4/2 $52,000 5813 S Francis 5/1 $53,000 1124 SW 24 3/2 $51,000 2420 SW 31 4/1 $1K dwn 524 SW 26 2/1 $500 dwn » 596-4599 » Price Reduced $8,000 1412 SW 67th sharp 3bd brick home 1car ch/a, large covered patio, great area, priced to sell$69,900 Fidelity 692-1661 410-4200 Open Sunday 2-4 Move in ready, 3/2/2, 6305 S Broadway, OKC, $99,900, Jonell, Buchanan Rlty, 503-6205 Nice 3bd Starter Home with oversized detached garage, ch/a, fenced, nice area, only $39,900 Fidelity692-1661, 410-4200 ON THE LAKE 4/3/3 »» 11508 S Linn 692-4138 »» 949-9310 5824 S. Shartel Avenue, 2 bed, 1 bath, 1 car, $45,000 550-2145.
Walford Apts-Midtown518 NW 12 large 1bd 1ba 1100sf $875mo $775dep washer/dryer hookup Basement efficiency $425mo $325dp 409-7989 »» ALL BILLS PAID »» 1 Beds-Move in Today! $99 First Month 2 Beds & Townhomes, too DREXEL ON THE PARK Pool & Park 293-3693
»»»»»» HOMES YOU CAN AFFORD
3BD. Shingle Roof/ Vinyl Siding $19,900 or $399mo. wac Some in-house financing available. 405-787-5004 You want options? We got’em. 3 Bed in OKC, Set & Ready 28x80 on 2 Ac., Set & Ready New 4 bed 16x84, low price! ’99 16x80 w/ fp, ’08 16x60, ’04 16x80 MORE ONLINE AT www.midstatehousing.com 405.527.5669 Special Disaster Programs Zero Down! Own Land/ Family Land Zero down. Instant rebates/furniture allowance up to $8000. Free phone application WAC 405-631-7600 NEW 32 x 80 MUST GO! Factory cost. Full tape & texture, Upgrade Appliances, JUST BEAUTIFUL www.THCOK.com 405-324-8000 Abandoned D/W set up on 5 acres. Brick foundation, driveway, ready to move in. Free phone application 405-631-7600 Huge 28x70, 2 living areas. Stainless steel applicances. New carpet, lots of upgrades, $499mo. wac 405-577-2884 3/2 Bath Repo set up in quiet park. Ready to move in Free phone app 631-7600 **NEW** 1216 sq ft $25,995 - 1 only Maxeys Homes 631-3600 Over 100 Repos on Land or 0 down w/your Land! WAC 866-764-3200,405-631-3200 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
$99 Move In Special 1 & 2bds, carports, coin lndry $345-445 470-3535
MOVE IN NOW! Pd. water/garbage Quiet. Try Plaza East•341-4813
Commercial RE Established Business For Sale
BANK OWNED Log Home Updated 4/4.5, 3 liv, 2763sf, blt 05, 2 acres, MWC Schls $219.9KArlene CB 414-8753
PARKLANE
8100 N. MacArthur Blvd. »»» 721-5455 »»»
I BUY HOUSES Any condition. No cost to U 495-5100
(2) 5 acre tracts, well & septic on both, SE 74th & County Line, blocks from lake, 426-0676. OPEN SUN 7/31 2-5pm 508 NW 42nd Crown Heights 3Bd 2.5Ba 2200' perfect cond, turn key $239,000 • 596-5094 denise_roberts@mac.com
Washer/Dryers, Fireplaces PC Schools-Townhouses
I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM
BANK OWNED 4bd 2.5bd 3car, 2 din, blt 1999, 2130sf $149,900 CB 414-8753
1509 Meyers Pl $50K obo 3bd, 2ba, 1car w/carport Emery Realty 405-921-6606
$200 OFF
Free Month Rent! 1&2bd QUIET! Covered Parking Great Schools! 732-1122
Duplex south Quail, 3350 sq ft, new roof, siding, paint and a/c, income $1700 month, $198,000, 834-8686 or 740-8195.
Business Property For Rent Barber School, 2514 S Agnew, sell equipment & lease building, package or separate, 7000 sq ft, 405-826-2853. Nichols Hills shopping center, 7608 N Western. 1200sf MOL, $930/mo. $930 dep. Call 370-1077 Retail Space: 4000sf $2000; 6000sf $3000 - NW 50th/ Meridian 924-1622 b4 9pm
Office Space For Rent OFFICE SPACE available. » 1st month free rent » utilities paid. 3801 NW 63rd. 640-8206 GREAT Office Space Various NW locations 300-6000sf 946-2516
THE BELMONT First Month $87.50 1,2,3 Beds 455-8150 MOVE IN TODAY PC SCHOOLS Short Term Only 2528 NW 12th Furnished 1bd 1ba 1car apt 1000sf 3 months or less. $750mo $250 dep. 409-7989 Oakwood Apts 5824 NW 34 K off special 1bd 1bath $315/mo $175/dep, you pay elec 409-7989 no sec8 Briargate Apts 1bd 1ba 850sf, wood floors, ch/a $550/mo $300/dp 409-7989 no sec 8
TOTALLY FURNISHED AND UNFURNISHED ALL BILLS PAID
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
Rates starting at $800.00 month. First month FREE. Citadel Suites, 5113 N. Brookline 405-942-0016 www.citadel suites.com Including are the following:
» MOVE IN SPECIAL » LARGE 1, 2 & 3 BEDS Rockwell Arms, 787-1423
Barber School, 2514 S Agnew, sell equipment & lease building, package or separate, 7000 sq ft, 405-826-2853.
Investment Property For Sale
$89 FIRST MONTH Bring this ad for Special. Affordable Luxury Spacious, too 416-5259 TUSCANY VILLAGE
» » » » » » » » » » » » »
All Utilities Cable High speed internet Telephone Fully Equipped Kitchen Linens Free Laundry Business Center 2 Pools Free Movie Rental Breakfast Mon.-Fri. Social Hour Free Gym Passes
$200 off
3400 N Robinson 1bed 1bath $425mo $250dep 850sf 409-7989 no sec 8 MAYFAIR Great location! 1/2 bd W/D hdwd flr quiet secure ngbrhood ¡947-5665 No App Fee, Deposit WAC 2bd 1.5ba, pool, PC schls, 19th/MacArthur 943-0907
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CAVE CREEK ON ROCKWELL 3037 North Rockwell
495-2000 $200 off
First Month’s Rent LARGE TOWNHOMES & APARTMENTS • Washer, Dryers, pools • PC Schools, fireplaces
Williamsburg 7301 NW 23rd
787-1620
Condominiums, Townhouses For Rent 441 3536 NW 51 2bd 1.5ba water & gas pd $600 section 8 ok. 748-8520 www.redbudrealestate.com Summit Ridge 2 bd, 2 ba, FP, bonus room, 1440sf, $800mo No pets 348-3500
212 Barrett 2/1/1 kit appls $650mo No pets, No Sec 8 341-0368 517-1222
1 & 2 bedrooms, D&S Apts. 6101 S. Klein Ave., ch&a. No Sec 8. No Pets. 631-2383 $99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $345 mo. 632-9849
Valencia Apts
$99 Move In Special!!! Lg 1 and 2 Bdr, $345 to $420 mo. 632-9849
946-6548
$300 Furnished Efficiency 2820 S Robinson 232-1549
3/2/1, clean, new paint, kitchen appl's, $700 + dep, 454-2314/664-3751.
6302 Cedar Crk 4/3/3 $1795 Express Realty 844-6101 www.expressrealtyok.com
912 N. Garner 3bd/1.75 bath, water/garbage paid, Fireplace $550 a month 408-5836 New carpet, paint, 2bd 1115 NW 27th $475; 1bd 2607 N Dewey $410 + gas & elec 232-9101 1bd, Clean, No pets, Refs req'd. $450/mo -Upstairs 3029 NW 14th¡ 748-6830 GREENS-2liv/2story/2FP 3/2/2, 13128 Greenvalley apptonly $1100 843-5853
2 bed, appliances, bills paid, no pets, $600 month + dep, 232-9704.
Brick 3bd 2ba, landscaped, 1600sf, fenced, storage, sunroom $1075 255-4300 11705 N Francis 2/1.5/2 2story, $650mo, $500dep TMS Properties 348-0720 2/1/1 + cpt. CH&A, DW, Stove, fncd, trees, Hrdwood flrs $575 550-5128
504 E Indian Spacious 4bd home, 2 full bath, 1 car detached gar, completely remodeled, fresh paint inside & out, new roof, only $675. Fidelity Real Estate 692-1661, 410-4200
Lrg 2 bd, lndry rm, cov'd park, 0 pets 1946 NW 15 $600+$300dep 840-3843
Nice 2 bed 1 bath 1408 Sandra $550 732-3411
737 NW 111 2bd $650 1809 NW 12 1b 1b $425 Sec 8 ok. 936-9058
228 W Pratt 2/2/2 $825 3712WoodsideDr3/1/1 $550 681-7272
4605 W Park Place 4bd 2ba ch/a $795 No pets 681-7272
1 mi E of Tinker, 3bd 1ba 2c ch&a, util rm, $575+ $300dep No pets 732-4351 1300 Pinewood Ct, 3bd, 1 ba, $525/mo 408-5836
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 3 bed 1 bath 1 car w/opener fenced, totally remodeled. Lease/deposit $650mo 364-0356. 4bd 2ba doublewide 5acre $1000 (WAC - No Horses) Home&RanchRlty 794-7777
3/2 Mbl Hm 895 Sq Ft 2 Acres $525 + Dep WAC 3/2/2 + office 1700 Sq Ft 1.5Acres $1150 + Dep WAC Home&RanchRlty 794-7777
Cute'n Cozy 1 bed, new carpet & paint, $390/mo $300dp 706-3972
Duplexes, 3 bed, 2 bath, 2 car, some new, some gated, call Rick, 405-830-3789.
Exceptional Beauty! 7103 NW 30th 2/2/2+ofc, 1554' PC School, granite, wood, tile, fp. Lease or Buy. Owner Carry. Refs. No S8. $925 + dep 787-7666
Clean 3bd, 1ba w/front porch, fenced yard, patio, 2 fireplaces $525 596-8410 4513 SE 25th 4/1/1 $625 3921 Pearl Way 3/1/1 $650 681-7272
1064 Skyline 5/3/3 $2295 524 NW 139 3/2/2 $995 21240LkShdws4/3.5/3 $2395 Express Realty 844-6101 www.expressrealtyok.com 3 bed, 2 bath, 2 car, approx 2000 sf, rent $1100 mo, call Alex, Goldtree Realty, 990-0488.
3 bed, 1 bath, LR, DR, ch&a $600mo. 913 NE 32 ¡ 405-642-0124 ¡
4008 NW 70 4/3/3 $1495 420 NW 85 3/1/1 $675 2440 Huntleigh 3/1.5/2$895 1435 NW 99 3/1.5/1 $750 Express Realty 844-6101 www.expressrealtyok.com 2 or 3 bed, 2 bath, all appliances included, upstairs apartment, near OCU, $700, water paid, no pets, 475-9700. Casita Blanca 2618 NW 50 K Off Special 2bd 2ba 2car Contemporary condo, 1200sf all appls patio $1100 mo $1000 dep 409-7989 Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 2329 NW 33rd, 3bd, 1ba, workshop, canopy & garage Large lot $650mo 833-4684, 843-1709 6021 NW 58th Terr 3bed 2bath 1car, PC Schools, $900mo, $900dep 1600sf 409-7989 no section 8 5016 N Warren 2 houses on same lot! 3bd 2ba & 2bd 1ba $1395 748-8520 www.redbudrealestate.com 3/1/1, 5920 NW 58 Terr. CH&A fncd PC schl $700 $600 dep. 1 yr. 348-9207
2bd 1ba, 1225 SW 38th $425 dep, $425/mo, 405-990-8999 1342 Broderson Circle 3bd, 1.5baths, 1 car garage, $625/mo 408-5836 3 bed, 1 ba, $500mo $400 deposit; SE lg 2 bed, 1ba, $400+$300dep, 631-8220 1304 SW 81st, 3 bed, 2 bath, ch&a, $950/mo, $600 deposit, 631-5695. 2 bd, fenced yard, 1 car gar, $550 mo, $300 dep, 2608 SW 27th, 631-5695 3 Bd, 2 Ba, New Remodels v. nice, v. clean, good areas $750. - $875. » 685-0332
2 bed, 1 bath, 1 car, fenced $750 + deposit 640-7209
3 bed, 1 bath, garage, large fenced back yard, $600 mo + dep, 232-9704
3bd, 1ba, ch/a, off 63rd & N. May, fncd bkyd $750, $750 dep. 405-529-9377
Sec 8. 2bd 2420 SW 30 appls, fncd $500+$400 dep. 685-8240, 694-1570 Lg 3bd, 1ba, clean, lg deck, fenced back yard w/barn. Quiet street $525 596-8410
Small 3 bed, 1 bath, carport, fenced backyard, open house 2-4 pm on 7/31/11 to accept applications. 2908 SE 57th. Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 224 SE 58th 1/1 $395 529 SE 27th 2/1 $450 1144 SE 23 3/1.5/1 $695 681-7272 4912 Sunny Court, 4 bed, 2 bath, 2 car, $975 rent, $975 dep, 405-476-9133. 703 SE 20th, 2 bedrooms fenced, no pets $300mo $200dep 405-412-6881
800 N. Meridian 1bd All bills paid 946-9506
»»»»»»»»»»»»» » SW All Bills Paid » » 1 bd From $550 Move» » 2 bd From $650 In» » 3 bd From $740 Today» » Open7days/wk681-7561» »»»»»»»»»»»»
Lilly Oleta, in care of Glenna Bailey, 3821 SW 41, storage. M&M Concrete & Wrecking Inc., 6200 NW 8. Midwest Wrecking, 1211 SE 29, warehouse. Midwest Wrecking, 1000 SW 2, warehouse. Midwest Wrecking, 1516 N MacArthur Blvd., restaurant. Midwest Wrecking, 1032 W Reno Ave., service garage.
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»»»»»»»»»»»»» » Yukon All Bills Paid » » 1 bd From $550 Move» » 2 bd From $650 In» » 3 bd From $740 Today» » Open7days/wk354-5855 » »»»»»»»»»»»»
Houses for rent
$99 Special 2221 N. Meridian
Midwest Wrecking, 6217 S Western Ave., bank. Midwest Wrecking, 2009 NW 27, garage.
•ABC• Affordable, Bug free, Clean » 787-7212»
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
1 & 2 BD & Townhouses •City bus route/Shopping •Washer/Dryer hookups
Demolitions
$350mo 1bd 1ba very clean stove/fridge 405-818-4089
1 & 2 BEDROOMS Furnished & Unfurnished NEWLY REMODELED GATED COMMUNITY
MCCLATCHY-TRIBUNE INFORMATION SERVICES
erect, $1,400. J.R. Bowers Jr. Construction Co. Inc., 10415 Greenbriar Place, residence, erect, $1,200. J.R. Bowers Jr. Construction Co. Inc., 14917 Gaillardia Lane, residence, erect, $1,200.
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
Only $455Casady 751-8088
market value is less than the amount owed. “Remember that until a foreclosure sale takes place, the borrower has the chance to sell the property or come up with the money owed to make the mortgage current,” Sharga said. A short sale is “a negotiated settlement between the lender and the borrower, and the lender cannot do anything to violate such an agreement,” such as come back after the property is disposed of to demand more money, he said. I Deed in lieu of foreclosure: In many situations, a homeowner has no option other than to relinquish ownership of the house to the mortgage lender. Under this arrangement, the homeowner transfers ownership, avoiding the lengthy legal hassles of a foreclosure and causing less damage to the borrower’s credit, Sharga said. Whatever the circumstances, Sharga recommends remaining in the property “while you get your financial house in order.” “The bottom line is to do everything you can to remain in control of the situation,” he said. “Too many people go into denial and hide. Don’t. Be really aggressive and pursue every option. Don’t be a victim of the process.”
1524 SW 82nd Cir, 3/1/2 lrg yard, Moore schls $700, $300dep, 692-7459
1116 Park Manor 3/1.5/1 New tile/carpet, fenced, fp office, laundry rm $1500mo $1200dp TMS Prop348-0720
Extra lg 3 bed, 1K bath, den with fp, storm cellar, near elem school, $950, no pets/smoke, 354-6418
3 bed $500, 1 bed $375. $150 dep ea. wtr/garb pd. Refs Req. 321-4773 1bd, 1ba, Midwest City, ch&a, w/d hookup, $465 mo, $250 dep. 476-3643 New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5100/mo Openhouseok.com RENT TO OWN 7721 Pearl 4bd, 3ba, K ac, $1,000 3216 SW 62nd 2bd, shop, $650 W.H. Schl, 405-414-4004 Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 3/2/3 Nice! 12509 Quartz Pl. Rockport Addn. Close to I-44. $1250 /mo. SINGH Realty 329-2338.
Nice 2 & 3 bdrm homes in Spencer area. $375 & up, $200 dep. ¡ 740-2383 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
PROFESSIONAL REAL ESTATE SERVICES SINCE 1982 Mgmt » Leasing » Sales Spectrum Management 848-9400 usespectrum.com
2 bd, fenced yd, W/D hkup, gar, $500 mo, $300 dep, 3214 S. St. Clair 631-8039 or 834-1721 2936 SW 48th 3bd 1ba 1car 1100sf $750 mo, $650 dep. 409-7989 no sec 8
Nice home Male K bills pd, incl wtr & gas, furnished no dep $380, 789-6334.
5116 S. Olie Ave. 2bd 1 bath 1 car garage $595 a month 408-5836 Rental List at 4524 S May 1-4 Beds from $325-675 SW Home Rentals 681-7272
Senior Living 62+ IMMEDIATE OPENINGS! 1 bedroom. 681-7423
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SATURDAY, AUGUST 6, 2011
THE OKLAHOMAN
NEWSOK.COM