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Old 05/08/2006, 11:59 AM   #1
Travis L. Stevens
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OT: Home Owners/Realtors, I Need Advice

Well, me and the family are looking into purchasing our new home. We have to get out of this apartment. I need as much help as I can get right now. We really don't know where to start. Home Owners and Realtors, feel free to PM me with suggestions and recommendations of trustworthy realtors, inspectors, and insurance agents. Also, you can follow along in the Lounge. But I will definitely value your opinion a little more since you know more of Oklahoma's price ranges and stuff.

http://reefcentral.com/forums/showth...hreadid=840622


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Old 05/08/2006, 12:50 PM   #2
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Travis, where are you looking to buy at? Take your time, and look at the nieghborhood just as much as the house. Drive through around 6 to 8 PM without a realtor. Keep an eye out for large barking dogs, and punk gang type idiots that may be your new nieghbors lol. Get any inspection and survey that they have. Don't skimp on the inspection. I did once and it cost me big $$$. As for insurance, i have always used SF, and they have always been there when it counts. Don't know how thier prices compare, but a few dollars won't matter when your roof gets ripped off. Pay close attention to the taxes. Taxes are drasticly different from one area to another. Also don't over extend yourself on the payment. It WILL go UP. Your payment will increase every time the taxes and insurance does. My payment here has gone up $127 in 2 years, and my last house was about the same increase. As for a realtor, i really don't think it matters too much. I like to go find a house i like, and call the realtor on the sign. The real estate bussiness is very strongly regulated and the realtors generally follow the laws to the letter. I used my own one time, and it just seemed to add confusion to the dealing. Look at the date the house was listed before making an offer. A house that has been listed for 3 months or more is more likely to take an offer of a lot less than the list price. The house i have now was listed for $115,000, and had been listed for 6 months, I bought it for $85,000. The realtor told me no way when i made the offer, but the seller was tierd of waiting and took it. I have been here for exactly 2 years now and it now would easily sell for $250,000. That is why renting is such a waste of money. Go to your accountant and your banker, and find out how much you can spend, and go find a house, it's the best thing you will ever do.

http://www.mls.com
This is the list the realtors use to search homes. Ofcoarse they have more listings and better access, but it is a good place to start seaching at.


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Old 05/08/2006, 12:50 PM   #3
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Sent you a pm.


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Old 05/08/2006, 12:52 PM   #4
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I don't think that you have to worry about too many thugs in Stillwater.


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Old 05/08/2006, 01:10 PM   #5
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Another thing to look at is the property taxes. The tax quote they give you is for the price the current owners paid for the house, not what you will pay. They will be significantly higher in most cases. Taking their property tax information and using the local tax calculator will allow you to find out what they paid for the house when it comes time to make an offer. Hope that helps and congrats on the future purchase.

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Old 05/08/2006, 01:17 PM   #6
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Thugs in Stillwater? I think that neighborhoods better beware of Travis moving in... I mean...

I can just see his kids out on the corner, starting a neighborhood gang. And the glow from him growing ... uh ....... corals, yeah, corals, that's it. And the....

Ah, never mind...

(btw, just kidding on all of the above...)


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Old 05/08/2006, 01:30 PM   #7
Travis L. Stevens
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Quote:
Originally posted by captbunzo
Thugs in Stillwater? I think that neighborhoods better beware of Travis moving in... I mean...

I can just see his kids out on the corner, starting a neighborhood gang. And the glow from him growing ... uh ....... corals, yeah, corals, that's it. And the....

Ah, never mind...

(btw, just kidding on all of the above...)
I'm actually looking for something anywhere in Stillwater. On the far west side or the far north side. Anything that gets me slightly closer to work and costs less then this stupid apartment.


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Old 05/08/2006, 02:27 PM   #8
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If you are growing Um... corals, i would suggest a place with a detached garage with a place in the back for a window a/c unit lol.


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Old 05/08/2006, 03:42 PM   #9
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Words of widom:
If you see a portable basketball hoop/stand in the driveway, run. It means there're kids in the neighborhood!

If you see a car or pickup truck on jacks on or near a driveway, run.
_________________________________
Seriously, do not use a home inspector recommended by a realtor, they are usually are working with them ( I made this error).

Get prequalified for your loan, so you'll know how much you have to work with.

Try to keep your house payment under ~30% of your monthly income. (because it will go up with insurance & taxes). Also you don't want your life revolving around your house payment (just your reef tank).

Dugg gave some good advice, in his 1st post above.

Try to find an area that has a low turnover in houses for sale. A low turnover in houses for sale indicates a more stable neighborhood. An older home usually cost quite a bit less than newer ones. That being said, they do have some disadvantages (updates will require meeting todays building codes). Ruby & I saved thousands of dollars by purchasing an older home in a stable neighborhood (most of the neighbors have been here for 20+ years).

Try to stay away from neighborhoods that have rental houses, they tend drive down property values.

It's been awhile since I bought a house (been in mine for 10 years), but put around 20% down to keep from paying the PMI insurance (I don't know if this still exists or not).

When you get your house, find a good annual termite contract. It has saved us several times.

You can save money by having your house, car(s), etc. with the same insurance company (it's called a multi-line discount).

If your wife works, then have your house payment at an amount that one of you can make if the other loses their job (Ruby & I have done this). This way you don't lose your equity that you've put into your house.

Just some life experiences from a 47 year old.
You can PM me if you wish to talk...

Ray



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Old 05/08/2006, 04:09 PM   #10
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Hey Travis,
I used to work at Stillwater National Bank. I helped people get ready to apply for a mortgage, among other things. If you want help in the prep for financing area, let me know.

When we were looking for houses (in OKC) we had a hard time getting any realtor on the sign to call us back. It seemed like they only answered other realtors' calls. Realtors can be very helpful if you're short on looking time. But, nothing beats just cruising the neighborhoods and hey, you might see a for sale by owner. You won't pay the 6% directly as a buyer, but the seller may have it built into the cost of the house. I think houses in Stillwater are going for $55-65/ sq.ft. for a home >5 years or so. This depends of course on the neighborhood and amenities, but it gives you a good estimator.

In Oklahoma County, we can get online and look at the assessor's web page and see what recent sales have been and what the current owner paid and when. Unfortunately, you'd have to make the trip to the courthouse on foot there in Payne - unless you get a realtor.

Check out www.realtor.com it's a good way to browse without any commitment.


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Old 05/08/2006, 04:18 PM   #11
Travis L. Stevens
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I've been cruising there most of the day and with helpusell.com/wickassociatesrealty It was on a for sale sign, so I thought I would go there. Thank you very much for that information. YGPM


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Old 05/08/2006, 07:15 PM   #12
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What we did on our mortgage was called an 80/20 loan. It is two loans that pays 20% down so you dont have to pay PMI. Just something to look into to save some additional bucks.

Nathan


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Old 05/08/2006, 08:31 PM   #13
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The 80/20 loan is the way to go Travis. It is just opening a line of credit on your house right when you buy it. The 20% part is an open credit line that can be used again as it is paid off. It is also an interest only loan. The 80% is a normal home loan. You will want this opened, because most likely after you buy the house, your credit will be extended, and if you need to borrow again you won't be able to again for a few years. This gives you a safety net for emergency repairs that insurance won't cover. Pay as much as you can on the 20% line of credit and get it paid for, then it's like having that much money in the bank. It's your home equity, but it is there if you need it, at way cheaper interest then you can get for say a car loan.


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Old 05/08/2006, 08:37 PM   #14
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Buy Low, Sell High!


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Old 05/09/2006, 04:05 AM   #15
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Travis if you can find a fixer upper, I can help you. We could have a pretty junky house liveable in just a few months. My parents have done this and resold them probably 20 times in my life. The vey first one they did, we actually ended up living in. they decided a little way through that they were running out of money, so they sold leased out their house, and moved everything into storage, and lived out of 1 room basically in the fixer upper until they finished it probably a good thing my they dont visit reef central, probably wouldn't like me telling that story, haha


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Old 05/09/2006, 07:52 AM   #16
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Hey Travis, good luck! Knowing that the money that you pay every month is not rent, really feels good.

I would definitely agree with checking out the neighborhood at various times of day. We have done that a few times while looking for houses, and have been glad we did.

Now would be a perfect time to scope out neighborhoods for rental properties. Their signs are out due to the students leaving. Agreed with above, if you can, stay out of rental neighborhoods.

I am with Youngsilver on this one, if you need some help on a fixer upper, I can help. I, for good or bad, have become a jack of all trades, and master of none. Hence, my houses here in Perkins.

Actually, Rach and I will be selling our houses and moving up to Stillwater relatively soon, and we are looking for a fixer upper. Given the fact that any house, we will go in and do renivations to how we like it, might as well not pay for the remodel twice.

As she puts it, we are looking for a house with good bones, yet needs a good facelift.

Anything I can do to help you out, (a back to help carry things, fixing up new house, etc.) just give me a buzz!


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Old 05/09/2006, 08:41 AM   #17
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Also do not by the nicest or largest house in the neighborhood!!!! It my be nicer or bigger, but its value isn't any higher. If a there are several similar house for sale in the same neighborhood, they should all be close to the same price. I am against buying a realator redo. The only thing that they usually do to the house is clean the house, replace carpet and paint!!! They charge you triple the cost of what you could have contracted the workout or save even more and do it yourself!!!

Be open minded when you are looking at houses. You would be supprised what is inside sometimes.

Oh, and for your mortgage go with a bank you are familar with. Not sure what you have in Stillwater, but here BOK has one of the best "names" for mortgages.

One last note.... I personally hate home owners associations, but that is just me, so find out if there is one, before you put an offer on the table.


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Old 05/09/2006, 12:14 PM   #18
Travis L. Stevens
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Thanks everyone! I've been getting tons of advice, help, suggestions, and referals. Things are all starting to clear up. I can now start to understand what some people are talking about. And before long, I think I will be in a home all to myself. Thanks again everyone. Feel free to keep posting and PMing. Even if you think it's something remote and tiny, please share. Chances are, I don't know it.


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Old 05/09/2006, 01:31 PM   #19
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I personally hate home owners associations
Oooo, that is a great point, I agree so much!


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Old 05/09/2006, 01:34 PM   #20
Travis L. Stevens
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I've never been in one or had one, but it sounds just as bad as a lease agreement. I already hate it just from the sounds of it.


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Old 05/11/2006, 10:43 PM   #21
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Ha ha ha. my stepdad has a personal vendetta against home owners associations. he hates them with a passion. He an my mom bought a new house in Denton, TX and he was adamant about not having a homeowners.


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Old 05/12/2006, 01:59 AM   #22
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I live in an area with the covenants and associations, I hate it and don't abide by them. I have to say though, I have broken several of their stupid rules and nobody seems to bother me. Either they don't care, or tolerate me because there is a car with "pretty red and blue lights" in the neighborhood (everybody has to comment how they like the thing as a "deterent").

Travis, sent some interesting info for you in a PM. Give it some thought. I forgot to add in the PM, go to the PD and get the crime stats for the city. The city is usually sliced up in "areas" on a map. This should give you a good idea of what is going on, where, and how frequently. It will also tell you % of property crime vs. violent crime and everything in between. I would kinda avoid the area with alot of violent crime, but thats just me.


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Old 11/23/2020, 03:33 AM   #23
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Email marketing has become widely used because of its convenience and its wide reach for a small amount of time. However, to be successful in email marketing, you need a reliable real estate database with emails list that will provide you with up-to-date email addresses of accredited real estate agents. Here, we guarantee to provide you email information that 100 percent works all the time.


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