News Press Stillwater
REALESTATE W e e k ly Your best source for weekly real estate news and listings for Stillwater and surrounding communities
Featured Homes:
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September 1, 2017 The most popular social media platforms used by REALTORS® are Facebook (94 percent of respondents say they use it) and LinkedIn, at 57 percent.
1223 W. Preston Ave.
1223 W Preston Ave, Stillwater, OK 74075 -Hard to find 4 bedroom, 3 bathroom home in a quiet residential neighborhood. Large deck in the back for entertaining that overlooks a wooded backyard and beyond. Updated kitchen and bathrooms as well as a new roof. Terrific location near Boomer Lake and OSU. In the Richmond Elementary School District. $135,500
916 W Seminole Drive, Stillwater, OK 74075 - Country living at its best! This 3 bedroom, 1.5 bathroom home with a 1 car garage is a real value at $80,000! It has 1,135 sq ft of living area. This home sits on 1 acre of land. Located close to Stillwater, Morrison, Perry and the turnpike. This home is in the Morrison Public School Districts. $80,000
These homes offered by Collegetown Real O-State Jim McCollom • (405)762-9059 e ous p.m. H n 4 e Op p.m.2 y da Sun
Weekly Features: • About Real Estate • Classifieds • Open House Map Visit our web site at
stwnewspress.com » Classifieds » Real Estate Weekly to download the current PDF edition and see participating Realtors. To advertise your home in Real Estate Weekly, call (405) 372-5000.
916 W. Seminole Dr.
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Stillwater NewsPress • Friday, September 1, 2017
Kids or not, buying in a good school district important Home prices in areas with above-average schools almost always rise faster, even if the buyers don’t have children themselves. DEAR MR. MYERS: Why do real estate agents and columnists like you always harp on the importance of buying a home in a neighborhood that is served by good public schools? Truth is, my wife and I don’t have kids, we don’t want any, and most of our friends also plan to stay child-free. It seems to me that even people who already have children would be better off purchasing a less-expensive home in an area with only average public schools, and then using part of their monthly mortgage savings to enroll them in a private school. ANSWER: It’s almost always best to buy in a community that is served by above-average public schools. Though you don’t have any kids and do not plan to have them, it’s likely that your future buyers will. Parents typically are willing to pay a premium for homes that are served by a good school district, which explains why prices
About Real Estate DAVID MYERS for houses and condos in those areas usually rise at a faster rate than properties with sub-par schools. Your idea that buyers could save money by paying less for a home in a community with average schools and then using part of their monthly mortgage savings to enroll their kids in a private school just doesn’t pencil out. I remember a young couple I met at a realty seminar several years ago who had two school-age children. They balked at paying $275,000 for a home in a community with award-winning public schools, and instead paid $210,000 for a comparably sized house in a neighborhood with only so-so educational institutions. Trimming $65,000 off their purchase price also cut about $390 off their monthly mortgage bills. They soon became unhappy with the school that the kids were attending, so they enrolled them in a nearby private school at a com-
bined $2,200 each month. In other words, the $390 they “saved” every month by purchasing a home in a neighborhood where local schools didn’t make the grade wasn’t even close to offsetting the cost of sending their two kids to a pricey private school. And again, because values of homes served by good public educational facilities usually rise at a faster clip than properties that aren’t, they probably didn’t make as great a profit if they have since sold. *** REAL ESTATE TRIVIA: A new survey by the National Association of Realtors says that 49 percent of homebuyers with children consider the quality of local schools a top priority when selecting a community. About 43 percent choose a neighborhood based on the convenience to schools, whether their children can walk to classes or
the parents can drive them before heading to their jobs. *** DEAR MR. MYERS: I am planning a small garden for my backyard. I read a couple of stories on the internet that said putting a few layers of old newspapers across the soil in your yard or flowerbed can prevent weeds from growing. Is this true? ANSWER: Yes, many expert gardeners say that it’s true. There may not be much use for old newspaper writers like me, but the paper product upon which my peerless prose is published can indeed stop new weeds from growing, and sometimes
even kill ones that have already sprouted. Different gardeners use different strategies. Expert gardener Kevin Lee Jacobs (www. agardenforthehouse.com) recommends that you start by watering the soil deeply, then cover it with several pages of newspaper. Make sure to cut holes in the paper for the seedlings you expect to plant, or the flowers or veggies that may already be there. Next, soak the paper itself with water and then cover it with about three inches of mulch made from shredded leaves or wood chips. The combination of the newspaper and mulch will block the sun, Jacobs
says, killing any weeds that are already there and preventing new ones from sprouting up. The newspaper will slowly decompose, adding nutrients that foster the growth of worms and other soil-building friends. *** DEAR MR. MYERS: You recently wrote about tax-deed sales. Are they the same thing as tax-lien sales? ANSWER: No. Although both types of sales are organized by local taxing authorities, there are some important differences between the two. If you buy a home at a tax-deed sale, your purchase price covers the cost of the county’s
uncollected property taxes and legal costs. Ownership of the home is then transferred to you. A tax-lien sale works differently: Instead of getting the home immediately, you pay the county for the delinquent homeowner’s taxes, and then the county transfers ownership of the lien - not the house itself - over to you. It then becomes your job, not the local government’s, to collect those past-due payments and interest charges to keep them for yourself. If the owner doesn’t pay you, either, you usually can start foreclosure proceedings of your own and then take possession of the home. Contact a real estate attorney for details.
Beverly Carter Beverly Carter 405.743.9618 405.743.9618
Sandy Blankinship Sandy Blankinship 405.269.9523 405.269.9523
Mike Branson Mike Branson 405.612.5347 405.612.5347
Tana Rutan Tana Rutan 405.612.1496 405.612.1496
Alane LeGrand Alane LeGrand 405.747.6950 405.747.6950
Judy Kasso Judy Kasso 801.824.8166 801.824.8166
Virginia Cussner Virginia Cussner 405.747.7601 405.747.7601
Diana Field Diana Field 405.747.4684 405.747.4684
Oscar Fortune Oscar Fortune 405.747.6042 405.747.6042
Jeff Grizzle Jeff Grizzle 405.714.4037 405.714.4037
David Heppel David Heppel 405.269.6907 405.269.6907
Rosetta Heppel Rosetta Heppel 405.880.0869 405.880.0869
If needed, get creative with financing Retire with Rentals AUSTIN FRUECHTING to carry back of a certain amount of the purchase price, typically payable over a few years. You could look into hard-money loans. Another option is a personal loan from family or friends. (If you use family or friends for a loan, make sure everything is spelled out clearly and that it’s a good deal for them too. No deal is worth losing relationships over, but if structured properly it can be a win-win.) And, opposed to a loan with family or friends, you could consider partnering with them as an investor where they get an equity stake for putting up the cash, and you get a percentage for working the deal. I recommend getting as large of a line of credit as possible and to do
so long before you need the money. Banks like to lend
Donna Rhinehart GRI, CRS Realtor Associate 405-612-0509
can let an amazing opportunity pass you by. Your choice. Austin Fruechting retired in seven years by investing in rental properties. For questions, comments, and to learn more about how you can achieve the same in ten years or less visit www.goodlifeinten.com
Tiffany Aranda GRI, CRS Realtor Associate 405-714-1214
www.stw-realestatepros.com
405-372-5151 Downtown Office - 723 S. Main Street
downtownstw.com
Kyle Bottger Realtor Associate 405-612-6724
Jack Allred Broker Associate 405-747-8647
NEW LISTINGS
9300 S Brushcreek Rd-10 acres with well and septic and electric - $80,000 - Jack 2211 Crestwood Dr- AFFORDABLE NEW CONSTRUCTION 3 bed 2 bath - $143,500 - Donna
Melissa Woods GRI Realtor Associate 405-385-2035
814 S Oakridge Dr- Very Nice home in Country Club-$449,000-Dolores Jennifer Oliver GRI Realtor Associate 405-612-4984
1802 Fiddlers Hill-New Construction Buy now make your choices-$364,800-Tiffany 00 S Fairgrounds Rd- 40 acres in Perkins School Dist -$240,000-Tiffany
Amy Parsons Realtor Associate 405-714-0882
6409 S Prairie Rd-60 acres/2 barns/home/ponds-$499,900-Lori 7828 Pickles Gap- Nice Lot in lost Creek Meadows-$28,000-Lori 1807 S. Ashton- NEW CONSTRUCTION BERRY CREEK - $387,700 - Donna 4711 Deerfield Dr- One of a Kind 63 acre Estate-$4,583,000 - Dolores
Jan Lehenbauer GRI Realtor Associate 405-334-6988
205 SW 2nd, Perkins- 2 bed 1 bath Update & Move in Ready-$75,000 - Lori
News Press Cheryl Moody Closing Coordinator 405-372-5151
11422 Derby Ct- This can be a Quick Close 3 bed 2 bath-$249,900 - Lori
Ann Morgan Realtor Associate 405-614-9600
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used as well. You can’t control exactly when the right deal comes along. You can control your preparedness to take advantage of the best deals, even when the timing isn’t perfect. You can either get creative and find a way to still do the deal, or you
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then use the cash flow to pay back the LOC. I have also taken out a loan on my car that was paid off. Often times your credit card will allow you to take a cash advance for a small one-time fee and then interest free if paid off by a certain date, which I have
Dolores Lemon CRS, CRB, GRI Broker/Owner 405-747-7822
Lori Kastl CRS Realtor Associate 405-880-2844
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money when you have no need for it! A line of credit is not only a great additional buffer for unexpected expenses, you can also use it when you’re short on cash to purchase another property if an incredible deal comes along. I have used this method many times and
Stillwater NewsPress • Friday, September 1, 2017
You are only limited here by your creativity, drive to get a deal done and comfort level. The typical situation in today’s environment is that banks are requiring 20-25 percent down on investment properties. But what if you find an absolutely amazing deal at a time when you don’t have 20-25 percent cash to put down? What do you then? Well, you can either just pass an opportunity by hoping to find an amazing deal when you do have the cash, or you can get creative. Fortune favors the bold. If it is a steal of a deal with exceptional returns at least consider getting creative and exploring all options to get the deal. Those don’t come along that often. So how can you still make a deal happen when you don’t have the cash on hand to do it? Let’s get creative! When the right deal presents itself, do whatever you can to get it. You can ask for a seller
Stillwater NewsPress • Friday, September 1, 2017
Potential for high fall armyworm numbers Before we talk about the usual landscaping tasks for September, reports coming in from eastern Oklahoma suggest we should talk about the possibility of high fall armyworm numbers. If this comes to pass, you can expect to see/hear quite a bit them from the news. A heavy armyworm outbreak tends to make for a good visual news story (from a ratings perspective) and can really grab people’s attention. If you’ve never seen an outbreak, it can be quite a sight as the caterpillars crawl across the ground by the thousands. If your livelihood depends on maximum production of a grass plant such as wheat or turfgrass, then absolutely armyworms are a concern and their activity should be monitored care-
Home Grown
fully so control measure can be quickly initiated if armyworms do attack. However, if you are concerned about your home landscape, the situation is not as dire as it may appear. As already mentioned, armyworms prefer grasses over other plants. While it is true they can effectively eat a lawn overnight, they only eat the leaf tissue, not the growing crown of the plant. In other words, they leave behind a lawn that looks terrible in the short term, but one that will recover with no lasting impacts. An exception would be a recently
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tual transplanting later this winter when they are dormant. For more information on this or any other horticul-
tural topic, you can contact Keith Reed, the Horticulturist in the Payne County Extension office. Keith can be reached via email at keith.
reed@okstate.edu, phone at 405-7478320, or in person at the Payne County Extension office, located at 315 W. 6th in Stillwater.
KEITH REED
ANNOUNCEMENTS
News Press A4
Management in Oklahoma. • Now is the time to plant fall-flowering color plants such as pansies, kale, mums, and snapdragons. • September on into fall is the best time of year to seeded lawn where plant most woody the plants are not trees ands shrubs. yet mature. • HomeownOther landscape ers with mature tasks to consider for landscapes are no this month: stranger to surprise • September and tree seedlings popearly October is ping up, especially the best time us in perennial beds. to establish (or reFor the most part, fresh) cool season these are simply lawns. See OSU weeds. However, Fact Sheet #HLAdesirable trees can 6419 Establishing a also pop up. EastLawn in Oklahoma. ern redbuds are • September is a great example. the month to reSeptember is a good sume nitrogen fertime to flag these tilization for shade seedlings for evenloving lawns such as tall fescue. Conversely, mid-month should be the last nitrogen fertilization for warm season turfgrasses such as bermuda or zoysiagrass. See #HLA-6420 Lawn
3701 WEST FOREST TRAIL CT. 4 Bed / 3 Bathroom Woodland Trails Subdivision $252,500 Call 405-762-6160 for a showing
Real Estate
405-334-5737
514 E. Greenbriar Circle Stillwater, OK 74075-1634
Frank Lewis 405-762-6160 Pinnacle Sales Award Winner
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Affordability vs. approvability: How best to plan your next home purchase I commend homebuyers who do their research before starting the mortgage process. The more you know, prepare and shop around, the better your homebuying experience can be. While you’re doing your prep work, I’d like to suggest a couple tips. Priority #1: Set a monthly payment expectation. Before you look at homes or neighborhoods, figure out your budget. What can you realistically afford to pay
Mortgage Matters KENNETH WOHL each month? This varies depending on individual lifestyles and spending habits. What are your current expenses and financial priorities? What are your future savings goals? Make sure you have a clear
understanding of what monthly payment you can actually afford to pay without financial strain. Online calculators are estimations. Most online mortgage calculators
produce an estimated monthly payment based on principle and interest only. Your actual monthly expense will depend on a variety of factors, such as loan type and down payment, mortgage insurance, homeowner insurance, property tax and additional fees. Your best option is to visit a few lenders (shop around) and let them provide a more accurate loan estimate based on your individual needs. Priority #2: Get
pre-approved. I can’t stress this enough. Why shop first, only to risk falling in love with a house you later learn you can’t afford to buy. It is an unnecessary heartache, not to mention a waste of your time. You know how much you want your monthly payment to be. Now, ask your lender to factor this amount into your pre-qualification so you know the price range you should be shopping.
If you don’t set a payment limit, you may be approved for a loan that’s more than what you can comfortably pay each month. You see, loan approvals are based on your earnings before taxes and withholdings. Your monthly mortgage payment comes from your take home cash. What you qualify for and what you can actually afford to pay each month may be different depending on your spending choices. Asking your
lender to qualify you based on your budget will allow you to focus on a home price you can afford and still have the ability to save money for emergencies or other financial goals. When it comes to homebuying, it is okay to dream, but don’t forget to plan for reality and research all your options so you make a smarter purchase. Feel free to call me, Kenneth Wohl, at 405-6085291 or email kwohl@ bankrcb.net.
Natural materials make a home inviting By Mary Carol Garrity Tribune News Service
an ancient technique for weaving natural materials like willow, rattan and bamboo into furniture or baskets or whatever. Wicker furniture can be made out of any sort of natural or synthetic material. Rattan, a vine that grows in the shape of a pole about three inches in diameter, is a
strong wood and can be used to construct furniture, from outdoor chairs to hutches and bed
frames. Bamboo looks similar but has a hollow core so is not as strong and durable as rattan.
NEW LISTING - 1013 E. DELL - 3 bed / 1 bath / 2-car garage. Large fenced yard, close to schools and shopping.........$126,500
LD
SO 623 W. 6th Ave., Stillwater, OK • 377-1213
2106 WALKING TRAIL - 4 bed / 3.5 bath/ 3-car garage with storage. Original owner - custom built by Ron Walker. MULTIFAMILY PROPERTY - 1 triplex, 2 duplexes, plus 14 small storage units in Perkins...............................................$245,000 SOLD IN 1 DAY - 1711 N LINCOLN - 4 bed...............$233,000 SOLD 2117 ARROWHEAD - 3 bedSOLD + study/ 2 bath..............$149,900
Open Sunday 1-4 pm 49450 S. 35000 Rd, Pawnee
1415 N. GRANDVIEW COURT
Insurance and real estate
Serving Stillwater Since 1950
BARBARA HOUCK - REALTOR® - 747-8804 KENT HOUCK - REALTOR® - 372-7060 JOHN GAGE - REALTOR® - 612-6068
BARBARA HOUCK BROKER/OWNER
30+ years of experience
372-5343 x130
www.houckagency.com • 8 MAIN PLACE/Ste. 2 • DOWNTOWN STILLWATER
A5
4 bed / 2 bath / 2 car garage Storm Shelter, cul-de-sac, close to Skyline & Jr. High $160,000 | 580-763-7111
NEW LISTING - Horse lovers dream place! Three beds, two baths, two-car garage home on ten acres with barn and tack room. Two animal sheds, storage shed, storm cellar. Kitchen has beautiful cabinets with pantry. Master bedroom has bath and great closet space. Home is at end of the road as the section line is closed. Located three miles from Pawnee. Property has mobile home site with water, sewer and electric hook ups. This is the home for raising a family entertaining guest and making space for horse enjoyment. $275,000
Stillwater NewsPress • Friday, September 1, 2017
Interior spaces that are too fussy make me uncomfortable. I think when you really live in a home, there needs to be a bit of disorder. A messy stack of books next to your reading chair in the living room floor. A cat asleep on the duvet at the bottom of your bed. A piece of furniture with a story to tell, like a chest with chipping paint or an ottoman upholstered in a worn old rug. Maybe that’s why I love to weave natural materials into my home. They provide Mother Nature’s
restorative palette of cream, tan and brown; they’re beautifully imperfect and a wonderful backdrop for more refined treasures you want to spotlight. Sometimes people get confused about the difference between wicker and rattan. The quick answer is that wicker is not a material, but
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PUBLISHER’S NOTICE: All real estate advertised herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status or national origin, or intention to make any such preference, limitation or discrimination.”
This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
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Stillwater NewsPress • Friday, September 1, 2017
Manufactured Homes
For sale owner financed 3 bedrooms, 2 baths, 1500 sq. ft, mobile home, 2000 model, new carpet, new paint, A/c just reworked. 3/4 of an acre. $650 down, $650/month. $65,000. double wide located half way between Stillwater & Perkins. 6611 Windy acres. 405-747-4180 For Sale owner finance 5 acres, with a 16x80 2000 model 3 bedroom 2 bath, mobile home water well, new carpet, $600 down $600 month $60,000 purchase price located between Stillwater & Ripley. 11908 Rowdy Acres Ripley. From Stillwater go 8 miles east, to Bethal road turn right (South) go 3.25 miles Rowdy acres is on left first mobile home. 405-747-4180
Real Estate Rentals
Homes
3 bedroom, 1 bath, CH/A, washer/dryer hookups, single car garage, $800/ month 1209 E. 4th 405-762-6054
CollegeTown Real O-State LLC Houses, Duplexes, & Apartments for Lease Immediate occupancy Two Bedrooms 306 S Ramsey $700 Three Bedroom 1101 S Gray $950 1810 W Admiral $850 802 S Adams $1200.00 519 S. Stanley $900 131 W Elm $1050 2802 N Lincoln $1100 1302 W 10th $900 (under three bed) Four Bedroom 923 W 10th $1200.00 143 S Redwood $2000 1718 W Arrowhead Pl $1400 1223 W Preston $1200 Details at our website ctros.com Jim McCollom, Broker 405-762-9059 2324 W. 7th Suite 4
“SAY GOOD BYE!” Advertise your appliance or other items and say “hello” to extra cash!
372-5000 ext 241 or 240
Homes
415 S. Benjamin. 2 bedroom,CH/A, lots of storage, carpeted, large yard, mowing included. $625/month 405-377-2136 405-338-8816
3 Bedroom near 6th & West, clean, central h&a, nice kitchen & appliances, GE w&d, ceiling fans, lawn care included, 11-minute walk to OSU. 377-0182, leave message Very nice 3 bedroom cabin for rent. $1,000/month All bills paid 405-612-4126 710 N. Wildwood Acres Dr. 4 bedroom, 3 bath, 1.5 acres, east of Stillwater. Washer, dishwasher, fridge. $1,500.00. Call 405-612-0447 ATTENTION! NOW LEASING For IMMEDIATE MOVE-IN!
your way 24/7 at stwnewspress.com
Homes
2209 E 12th 2 bedroom, 1 bath, CH/A, lawn work provided, 9 month lease $550/mo. $550 deposit. Available Sept. 1. Please call 580-763-7111
First Month Free! Beautiful, huge 3 & 4 bedroom duplexes available 405-707-7277
Country Living!! Now taking applications for one bedroom tiny house. Appliances included. Very secluded. Horses possible. $850.00 per month Bills paid. If furnished &/or satellite will add additional $250.00/month Call 405-269-3055 Please leave message if no answer.
Apartments
Henneberry Properties at Carleton Crossing, now leasing studio apartments, townhouses, two and three bedroom units. Call today 405-372-7395.
NOW LEASING! 1 AND 2 BR Apts with FREE Amenities AND Golf Privileges!!
405.707.7400 LindseyManagement.com Professionally Managed by Lindsey Management Co., Inc.
Henneberry Properties. Studio, One, Two and Three bedroom apartments, Townhouses, Duplexes and Rent Houses. Call today 405-743-4266
Apartments
at Stillwater
1 AND 2 BR Apts with FREE Amenities AND Golf Privileges!!
405-372-9910
LindseyManagement.com Professionally Managed by Lindsey Management Co., Inc.
www.cowboyproperty.com
at Stillwater
We have a few 1, 2, 3, & 4 Bedroom Homes, Duplexes, Apartments around Stillwater and surrounding areas. Go to our web-site at www.campbellmgmt.com to check “Availability”. Call 405-372-9225 ext 0 to schedule a viewing!
Apartments
Homes
Highpoint Apartments walking distance to Boomer Lake. 2 bedroom.1 bath. Open Spacious lay out! Great bedrooms and big closets! Ample parking. $510.00 per month. $300.00 deposit. Call today. Henneberry Properties 405-743-4266 Oak Park Village 2903 N. Perkins Rd. 2 bedroom 1 bath apartments only $510.00 per month, $300.00 deposit. Swimming Pool and Laundry on site. Call Henneberry Properties 405-743-4266
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OFFICE SPACE: Adjacent to County Courthouse. Fully furnished/staffed front reception area, as well as private reception adjoining office; access to conference room, library and kitchen; phone, copier and fax machine access. Contact hellis@ellislaw.us.
Manufactured Homes 1979 solitaire 2 bedrrom, 2 bath, $12,000 New hot water tank, stove, sinks, and plumbing. Please Call 405-612-4657
Homes
ATTENTION! NOW LEASING For IMMEDIATE MOVE-IN! 1. YOST RANCH (1904 W.Yost Rd.) NOW LEASING ALL UTILITIES PAID! Brand New! 3 Bedroom, 2 Bath 1,216 sq ft Solitaire Homes. Private Gated Addition located on 65 acres and Nice 2 acre pond. Large front and back porches. Comes with Brand new 8 x 12 storage bldgs on-site. Black Appliances--refrigerator, Dishwasher, Stove and Oven w/vent hood. Washer/Dryer Hkups, Each home sits on a small acreage. Horses optional w/Loafing Shed and private pasture on some homes. Only $1,095/month ALL UTILITIES PAID! 2. 119 S. Payne Street 3 Bedroom, 2 Bath, 1 Car Oversized Garage 2 Story Home for Lease. Mowing/Yardwork Included! Total Electric Utilities=Cheaper bills, refrig, Stove and Oven, Microwave w/vent hood, Dishwasher, Garb disposal, Washer, Dryer Hkups or rent a set from us. All Bedrooms have ceiling fans, walk-in closets and dimmable lighting. Access to a private Pool, Spas, Sand Volleyball and Sport Courts less than a block away! Only $990/month! Available NOW! 3. 3112 N. Madison4 Bedroom w/offc, 2 Bath, 2 Car Garage 2 story Home located in Luxurious Lakeview Village Addition walking distance to Boomer Lake. All Appliances Included, Washer/Dryer hkups, Large trees surrounding property and Yardwork Included! Pets with Owner permission, (sorry no students) Only $1,900/month Available NOW! 4. JAMES CREEK 138 S. Bryan Ct. in Stillwater. 3 Bedroom, 3 Bath, 2 Car Oversized Garage, 2 Story Homes. We have both a Short-Term 5 Month Lease Available and a long term 12 month lease available Each Bedroom is 13’ x 15’ and includes its own Bathroom and Walk-In closet along with Dimmable Lights. 1,550 sq ft homes. Granite Throughout & All Stainless Steel Appliances Included! Covered back porches, Mowing/Yardwork Included, Pets Allowed w/Owner Permission, Private Gated Addition w/ Private Pool, Spas, Sand Volleyball and Sport Courts. Only $1,200 $1,350/month www.campbellmgmt.com 405-372-9225 ext 0
Appraisal-free home sales draw mixed reviews conditions,” whether noted in the sales contract, an inspection or the seller’s disclosures. Foreclosed homes are barred as well. Not surprisingly, opinions on the two KENNETH R. HARNEY giant companies’ departure from strict dependence on tradito do a traditional ap- and condos. Cooptional appraisals vary praisal, at your cost, eratives, multi-unit widely. Appraisers or go with Fannie’s and manufactured or Freddie’s in-house homes aren’t allowed. think the idea stinks. In a statement for this valuation, which will You’ll need to have column, the country’s cost you nothing? at least 20 percent largest appraisal Simple as that. If equity going in – so group, Chicago-based you opt for no apprais- this is not an option al, you’ll know imme- for people buying with Appraisal Institute, predicted that elimidiately whether your skimpy down paynating humans from contract price is acments. the process – even a ceptable for the mortFreddie’s program little to start – will be gage amount you’re is slightly more dangerous for lenders, seeking. That’s impos- restrictive. It is limFannie and Freddie sible with the tradiited to single family, and the public. The tional approach where single-unit houses group warned that you have to wait for that are used as the the changes could the appraiser to bless borrower’s principal the deal, which some- residence – no second “result in a race to times doesn’t happen homes. Houses valued the bottom” in terms of loan quality, “and because the appraisal at more than $1 milcomes in lower than lion are not eligible. It create more risk for the contract price. requires a 20 percent taxpayers.” Carl S. Schneider, Eligible properties equity stake. Freddie an appraiser in Tulsa, for Fannie Mae’s ver- won’t go appraisOklahoma, said sion of the program al-free if the lender appraisers function include single family knows of “adverse as the lender’s and homes, second homes physical property
The Nation’s Housing Column
Houses For Sale To Be Moved
Starting at $20,000*
Houses to be moved to make room for the new Westwood Elementary School. Good quality homes to be relocated.
Beyl-Davenport House Moving
* Delivered to your site, does not include site prep or foundation work
made to unscrupulous borrowers and the collateral is crap.” Real estate brokers generally see the companies’ limited moves as worthwhile, particularly given recent frequent delays in delivery of appraisals, higher fees to buyers because of surcharges by appraisal management companies and few appraisers available – or willing – to
perform home valuations in some markets. A new survey of members by the National Association of Realtors found that appraisal issues were involved in 17 percent of all delayed home sale closings, second only to problems in obtaining mortgages. Ken Harney’s email address is kenharney@earthlink.net.
Country Home &120 Acres Near Stillwater, OK
| Selling at AUCTION
Neat Home | Ponds | Grass & Trees | Hard Surface Rd. Frontage Some of Payne County’s Best Hunting | PLUS Personal Property
Saturday, Sept 16
10 a.m. • On-site 14509 E McElroy, Glencoe, OK
Selling in 3 parcels that would be great individually or in combintaion.
Join us for a
property preview
Sept. 6 & Sept 13 • 4 - 6 p.m. or call for alternate arrangements.
DirecTiOns: in stillwater, Okla., go east on Hwy. 51 (6th st.) to Hwy. 108 north. Then go north 1 mile to Mcelroy (Old Hwy. 51), then east 4 1/4 miles to property located on the south side of road.
405.533.2600 GreGG Pickens, Broker/Auctioneer 405.747.9304 www.pickensauctions.com
Open Sunday 1-3
507 S. Doty Street – $89,000
Adorable and affordable 3 bedroom and 1 bathroom home. Great condition and move in ready! Central heat & air, fenced yard, large eat-in kitchen. Updated wood-look vinyl floor in kitchen. Near park and shopping, and about 2 miles east of OSU campus. See more of this home at www.WeLoveSellingStillwater.com
Page Provence, CRS Broker Associate (405) 612-0194
Fisher Provence, REALTORS®
377-1000
“WE’RE LOCAL, WE’RE GLOBAL”
A7
Call Dennis for details (405)743-6663
consumer’s essential “eyes and ears,” and no computer program “can replace” them. They inspect interiors, which computers cannot do. “Buyers may want to avoid the cost of an appraisal,” he added, “and that is their prerogative.” But he foresees trouble ahead when investors in Fannie’s and Freddie’s mortgage bonds discover “loans were
Stillwater NewsPress • Friday, September 1, 2017
WASHINGTON – Would you welcome the option to buy a house but not have to pay hundreds of dollars for an appraisal? Are you kidding? Sign me up, you might say. Who doesn’t want to save $500 or $700 for someone to confirm that the price you and the home seller agreed to makes sense? Appraisals are mainly for lenders, right? If an appraisal-free home purchase sounds intriguing, you might be interested in ground-breaking new policy changes by the two largest sources of home financing – Fannie Mae and Freddie Mac. Both government-chartered companies are now willing to waive their decades-old appraisal mandates for certain home purchases, provided their automated valuation models – loaded with previous appraisal and current market data – flash a green light. You as a buyer won’t have to do a thing; the entire process will be handled between your mortgage lender and either Fannie or Freddie. Your lender will submit your loan file for underwriting analysis by the companies’ proprietary online systems with a property value estimate but no appraisal. If an underwriting model determines that there is sufficient information available on the house, you’ll get a choice: Do you want
Yost Rd.
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FSBO 4 . 1415 N. Grandview Ct. 1-4 ................................FSBO
gate Dr .
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Golf Dr.
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Stillwater Municipal Airport
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Richmond Hill Rd.
Washington St. Garfield St.
Hunters Ridge
Stonecrest Ave.
Lynn Ln.
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Benjamin
Husband Pl. Northgate Dr.
Falls Dr.
Fisher Provence 1. 507 S. Doty 1-3 ........................................................David
Park Pl. Tower Park Dr.
Richmond Hill Ct.
nd St. Husba
Richmond Rd.
Stonecrest Ct.
mil
Quartz Dr.
Chateau Pl. Peaceable Acres Rd.
• All Open Houses are Sunday unless otherwise indicated.
Collegetown Real O State 2. 916 W. Seminole Dr. 2-4 ............................................Jim 3. 1223 W. Preston Ave. 1-2 ..........................................Jim
Ct.
yon
Can
Chateau Dr.
Week of Sunday, September 3, 2017
d Win
Burris Rd.
Burris Rd. 177
Chateau Ct.
McMurtry Rd.
• Open Houses may be cancelled in case of inclement weather. If you have questions, please call the hosting REALTOR®.
Jardot Rd.
Perkins Rd.
Yost Rd.