Our first-time home buyer has been pre-qualified with a Lender and has been shopping online and in person with his/her Realtor.

Now you’ve found the perfect house and are ready to make an offer.

The first thing your Realtor will do is prepare a CMA (Comparative Market Analysis) to show comparable properties in the neighborhood and what they have sold for. We study what has been sold in the past six months and use this data to determine a fair market value price. What you decide to offer depends on how quickly the properties are selling in that particular area, how long the property has been on the market and other factors – your Realtor representing you will advise you.

In the price range in which first-time home buyers are shopping, the pricing may not be as competitive as you might expect as we near the deadline to get under contract.

Although we consider the purchase price the largest component of a real estate offer, other components come in to play.

• Are you asking the Seller to contribute towards your closing costs?
• How quickly can you close?
• Are you asking for a residential service agreement and home repairs?
• Are you writing a large earnest money check to make your offer look attractive?
• What TYPE of financing are you using?

When the Listing Realtor presents an offer to his/her Seller, he/she will point out:

• Sales price
• Amount of earnest money
• Type of financing (FHA, VA, conventional, RD, cash)
• Amount requested in repairs
• Seller concessions (amount Seller may contribute towards Buyer’s closing costs)
• Closing date
• Other additional provisions

Components of a real estate offer: what a first-time home buyer needs to know

If you are looking at a home your heart is set on and it’s possible for it to receive multiple offers, you want to begin with a clean and attractive offer. If you have the funds available, write a STRONG earnest money check – in our area, 1% of sales price is typical, but I encourage first-time home buyers to write their earnest money check for a larger amount if they intend to make a “low-ball” offer.

If first-time home buyers NEED to ask the Seller to contribute to your closing costs, it may be necessary to offer more than list price. Keep in mind that the property must appraise for the amount you are going to borrow, and you don’t want to spend money on an appraisal and inspections if it’s not likely to appraise. Again, your Realtor can advise you in this area.

TYPICAL first-time home buyers are using FHA financing and paying the minimum 3.5% down-payment. Your closing costs can be $4,000-$7,000, depending on the price of the home.

The expenses you can expect to pay up front include:

• Appraisal $375-$400
• Earnest money: 1% of sales price
• Inspections: $300-$500

Some home inspectors will be willing to be paid at closing, but may expect a credit card on file, should your contract fall through.

Good luck to first-time home buyers in crafting your offer. Rely on the skills of a competent, full-time Realtor to advise you and represent you.

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

Because I am working with so many first-time home buyers at the moment, I thought I would write one general outline for all to follow.

Your first step as a first-time home buyer is to speak to a Lender to determine what type of financing you should use, how much money you will need for a down-payment and how much you can spend on a home. Which type of financing you choose as a first-time home buyer will depend on your credit score, how much down-payment you can afford, etc. I am not a Lender and will not advise in this area, but I do list several excellent Lenders from which to choose on my Preferred Vendor list. My favorite Lender is Julian James-Thomas, of 1st Capital Mortgage, by the way, 918-274-1519.

Once you know the amount you can comfortably afford, search for a Realtor to represent you in your first-time home buyer home purchase transaction. DO NOT search the internet and call the Realtor who has the property listed. You will want to work with ONE Realtor who clearly understands your goals and objectives and who will represent only your interests. If you call the Realtor who has the property listed, he/she will represent both you AND the Seller. While this can be done ethically, don’t you think you’d be better off with your personal and exclusive representation? Remember that the Seller pays the Buyer’s Agent’s commission, so this representation IS FREE to you.

Ask friends for referrals, interview Realtors and ask for references. I pride myself on my negotiating skills, but don’t take my word for it – ask for contact information of my previous clients and read my testimonials! Do find a full-time Realtor and don’t be guilted into using your cousin who sells real estate part-time.

Start shopping online. Your Realtor can set up a customized search for you that is much more fine-tuned than the searches you can do on the internet. If you want a specific lot size, inside laundry, master bedroom on the first level – we can search for all this! Do a little shopping from home and narrow down your possibilities before you get in the car to actually visit homes.

Tips and Tricks for First-Time Home Buyers – just in time for the April 30, 2010 stimulus deadline!

Start shopping in person. Take your camera and a note pad. Ask questions. Is this home priced reasonably? How long has it been on the market? What is the age and number of layers of the roof? Have any major components been updated (heat, air, electric, plumbing, hot water heater) – these can be costly repairs down the road, so don’t fall in love with a house and ignore the sagging roof!

Fall in love with your future home and write an offer.

Follow your Realtor’s advice as to how much to offer, how much earnest money to put down, what to ask for in repairs and Seller’s concessions. I’ll write a bit more about this tomorrow. The housing industry is still strong in Tulsa and surrounding areas, and we’re not giving houses away yet – so be prepared to learn about the components of an offer and how to get yours accepted.

Good luck to all first-time home buyers! We’re excited for your future! 65 days until the deadline for first-time home buyers to get your contracts written – we can do it! Get started today!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

The first thing you’ll notice when you walk into this beautiful bungalow is the stunning vaulted ceiling in the great room. You can fit one tall Christmas tree in this room! The beautiful stone on the art deco fireplace will capture your attention along with the recently finished hardwoods original to the house and the detailed crown molding throughout.

To the right of the great room is a second living area or office with four windows providing much natural light.

The formal dining room is separated from the Great Room and kitchen area by arched doorways and is accented with beautiful crown molding.

The kitchen includes an adjacent breakfast nook with bay windows. The kitchen/nook area has ceramic tile flooring and counter tops are an attractive black granite.

Kitchen cabinets are maple and stainless steel range/oven, vent hood and sink are new. The inside utility is conveniently located off the kitchen area.

The center bedroom is large enough for a queen-size bed, and back bedroom has TWO closets and private entry to back patio. Hardwoods throughout, new light fixtures and ceiling fans throughout.

Yard is fully fenced. Full size two-car detached garage has additional storage in back, and there is also a storage shed in corner of lot. Trees were all recently trimmed by local arborist, Greg Cole. New roof 2010.

• Completely updated 2 bedroom, 1 bath, 2 car detached garage, storage shed
• Fenced back yard
• Refinished Hardwoods throughout (done by Gil DeLozier)
• Fresh paint throughout (Jane Halliwell, Prime Painting & Restoration)
• Trees trimmed (by Tulsa arborist, Greg Cole)
• Crown molding, arched doorways
• Vinyl, energy-efficient, tilt windows throughout
• Tile in kitchen and breakfast nook area with bay windows; original tile in bath
• Inside utility
• 2 living areas – one with vaulted ceiling
• Art Deco Fireplace w/gas logs
• Kitchen – maple cabinets, granite counters, new SS appliances
• All new light fixtures and ceiling fans throughout
• New door knobs and door handles throughout (except for original glass ones)
• New hot water heater (2009)
• New insulated exterior metal doors
• New programmable thermostat
• New roof on home and detached garage
• Patio for entertaining; covered front porch
• Brick, English style bungalow

Visit here to see more photos and a virtual tour of this Florence Park bungalow for sale.

Now that you’ve seen this great home, let me tell you a bit about the area and neighborhood!

Florence Park is one of the nicer, yet still affordable historic midtown subdivisions in Tulsa, Oklahoma. Within Florence Park are some of the most beautiful bungalows – architectural wonders, sidewalks, parks and manicured lawns.

Florence Park has always been a special and revered neighborhood within our midtown Tulsa community. The architecture of homes built in the 1920s through mid 1930s is varied and unique – ranging from English style bungalows to adobes to traditional brick. No two homes look the same and you’ll find welcoming side-walks and beautiful old trees.

Within Florence Park are two actual parks. Pratt Park is on the 1600 block of Florence Avenue, and that’s where the Florence Park Neighborhood Association typically has its seasonal get-togethers. There are grills, picnic tables, drinking fountains and play equipment for the kiddos.

The second park, actually named “Florence Park” borders 21st Street between Gary Avenue and Florence Place. It has a water fountain for the kids to enjoy during the hot summer, jungle gym equipment, picnic tables and a tennis court.

Florence Park has an active Neighborhood Association with voluntary dues among residents. Officers and committees meet regularly and general meetings are held on a quarterly basis. Topics discussed include neighborhood safety, park maintenance, tree restoration and historical preservation. A quarterly newsletter is provided.

Florence Park boundaries are from the Broken Arrow expressway (west) to Harvard (east); Cherry Street (or 15th Street, north) to 21st Street (south). Just five blocks south of the University of Tulsa, Florence Park is minutes away from Utica Square Shopping Centre and the hub of popular restaurants on Cherry Street.

Florence Park is truly a tight-knit community within our midtown Tulsa community. We visit as we garden and manicure our lawns and as we walk our dogs. We watch each other’s homes and know when something or someone is out of place in the neighborhood.

It’s a great place to live!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

My favorite Lender, Juliana James-Thomas of 1st Capital Mortgage, contacted me about a client interested in purchasing a FSBO property – “for sale by owner.” She was concerned that he didn’t have his own representation and that he may be paying too much for the property. The Buyer feels rushed to make an offer on the property because the Sellers have offered to pay a portion of his closing costs and have come down from their original list price.

Juliana asked me to investigate to determine if the Buyer was indeed getting a good price on the “for sale by owner” property. He is getting pre-qualified in preparation to make an offer. Many Lenders wouldn’t care whether their client are actually paying a fair price, but Juliana takes a very personal and ethical approach to lending, which is why she builds client relationships for life.

I did some quick research on the property, and the “for sale by owner” property is over-priced by at least $10,000. In fact, the Sellers are asking almost $30,000 more than they paid for the property four years ago and from what I can tell from our MLS data (Multiple Listing Service), they have made limited improvements since their purchase.

Even IF Seller and Buyer agree on price, this property may have a problem appraising for the agreed-upon sales price, and that won’t be discovered until the Buyer has already spent $400 on an appraisal and possibly $500 on inspections. What happens then?

What Buyers need to know about FSBO (For Sale by Owner) properties

Often Buyers think they will get a better deal on For Sale by Owner properties because the Seller is not paying Realtor commissions. In actuality, Sellers rarely pass that savings along to the Buyer. Without having Realtor representation, a Buyer will often pay too much for a property and not negotiate needed repairs or know to ask for a residential service agreement.

Buyers, please take advantage of the many services a Buyer’s agent can offer you. We can access records to determine what was originally paid for a property, what improvements have been made, what the Sellers owe on the property and much more.

We help people buy houses every day, so we can craft an offer asking for the appropriate amount for repairs, closing costs, home warranties and more. We will be aware of what will likely be an appraisal requirement and will know if the house will appraise for the amount paid.

We will guide you through the buying process — the largest investment you will make in your life time.

With the deadline approaching for 1st-time home Buyers to be under contract by April 30th, please contact me if you are considering purchasing a home.

Time is of the essence and Buyer representation is PRICELESS.

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

There are currently 14 single family homes for sale in Florence Park in midtown Tulsa and four homes pending. The listing prices of these homes ranges from $105,000 to $269,000 and the median home price in Florence Park in midtown Tulsa for single family homes pending sale is $193,492.

Click here to request a current list of homes for sale in Florence Park in midtown Tulsa real estate.

As of February 15, 2010, 17 homes sold in Florence Park in midtown Tulsa in the past six months, with the low sales price of $119,000 and high of $317,000 – average sales price of $175,823.

The average size of homes sold in Florence Park in midtown Tulsa is 1,606 square feet, mostly 2 bed, 1 bath, 1 car garage.

Are you interested in what is going on in the hyper-local real estate market at this moment? The market snapshot shows homes for sale and homes recently sold, including price.

If you are buying or selling a home in Florence Park in midtown Tulsa real estate, please contact me as I offer extensive knowledge of the area, an aggressive marketing program and strong negotiation skills. When midtown Tulsa real estate is your focus, please call me!

* Based on information from the Greater Tulsa Association of REALTOR’S® MLS. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

What better place for my friends Amanda Woolman Burn and Ashley Thompson to open their new salon, but in the lobby of the grand Philtower building – actually in the same corner where a “Barber Shop” existed for many years.

Amanda is a nail technician, offering manicures and pedicures; Ashley is a hair stylist. The two have worked together in various shops over the years, but finally ventured out on their own in one of Tulsa’s finest and most renowned examples of architecture.

Of course, their salon is called quite simply, “The Salon at Philtower.”

Amanda and Ashley’s patrons will follow wherever they go, and for some, navigating the one-way streets and downtown parking has been a challenge. But, once you enter the lobby of the magnificent Philtower building, it absolutely takes your breath away.

Built in 1927, the Philtower Building in Tulsa, Oklahoma, represents the late Gothic Revival style embellished with Art Deco details. Located on Boston Avenue, Tulsa’s premiere architectural corridor, it was conceived of as the link between the then-proposed Union Train Station to the north and the soaring Boston Avenue Methodist Church to the south. Features in this amazing 24-story building include marble travertine, brass, mahogany walls and fabulous chandeliers.

The building included on the National Register of Historic Places.

The Salon at Philtower: Amanda and Ashley style the new within heritage of the old

Downtown Tulsa seems poised to undergo a renaissance of sorts, a return of the relevance that characterized it in the heady days of the Oil Boom and the decades that followed. Recently downtown has seen a revitalization of the Brady Arts District and the passage of a proposal to build a world-class arena, among other exciting developments. The Philtower converted floors 12-20 to private luxury residences, creating Tulsa’s first ever mixed-use high rise.

I can’t write about Tulsa architecture without mentioning local artist, Celeste Vaught, who is on

a journey of painting Tulsa architecture in her new Series, Tulsa, Brick x Brick. Celeste has painted the entrance of the Philtower Building, included in this post. Celeste’s paintings highlight the heritage of Tulsa Architecture and can be found on her web site.

If you’re looking for a great hair cut and style, manicured fingers and toes and a huge piece of Tulsa’s rich history, look no further than the Salon at Philbrook. Call for an appointment: 918-808-0943 or friend Amanda on Facebook.

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

I posted last week on Active Rain about the Listing Sales Book that I keep at my listings and all the contents that I include. Wow, did I get a lot of great suggestions from the comments!

Liz Bolton commented that she had seen a “Seller Questionnaire” of sorts at a listing that included where the school bus stops, trash and recycle days, where to vote and the Seller’s comments about what they liked most about their home. Obviously, I’m going to include this in my next Listing Sales Book!

Now, I’m selling my personal home in Florence Park that has a shared driveway, which most would consider a negative feature. I was brainstorming with my home stager, Peggy Givens,about who would most likely purchase my home and what were the positives and negatives of my home. I told Peggy that my home would most likely be purchased by a single person and first-time home buyer.

When we discussed the issue of the shared driveway, Peggy commented, “I think that would not be a negative – I think a single person would appreciate the safety factor of sharing a driveway.”

Bingo! What was once a negative is now a positive!

So, on my Seller questionnaire, I wrote about the many things I love about my home and added that I appreciated the safety factor of the shared driveway, noting that my neighbor Elizabeth is an awesome neighbor! Maybe someone who falls in love with my home will read that and say, “I hadn’t thought of it as a safety factor, but it does seem comforting to have a neighbor so close to watch my home.”

Turning a Negative into a Positive: the great synergy of Active Rain

So, thanks to Liz and Peggy, I’ve turned a negative into a positive – turned lemons into lemonade!

The synergy here in Active Rain is contagious – we all do truly pay it forward. Often here in the Rain, we learn much more from the blog comments that the blog post itself!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

Deme and I are happy to be included in the Kingsley family’s annual Super Bowl get-together and chili cook-off.

Now, a chili cook-off may sound like a simple thing during a Super Bowl game, but this family owns the Coney Island restaurants around Tulsa and they all make excellent chili every day. So, it’s slightly intimidating to enter their contest for the best chili.

Tonight, chili entries were submitted by Chuck and Pope; Michael Kingsley; Deme; Alex; and Barbra. First time contestant and fiancé to Barbra, Alex came out the winner and took home the trophy. Congrats Alex!!

Best thing about Super Bowl evening with the Kingsleys is that the guys watch the game in the den and the ladies visit in the kitchen. Tonight’s kitchen entertainment was Cranium, a fun and interactive game guaranteed to make you do silly things.

Sophia and Allison teamed up; Barbra and Kate teamed up. I was on a team with Evonne and Pope. If you’ve never played Cranium, you should try it. It’s a combination of trivia, cherades, drawing, humming, sculpting and more.

Sometimes the artist has to close her eyes while drawing. Sometimes everyone playing gets to guess the answer. The humming was definitely fun, as well as acting out a person your team-mate has to try to guess.

Barbra did an excellent impression of Clint Eastwood. Pope stumbled a bit over humming “Stop in the name of love,” and Evonne drew an awesome King Kong that I couldn’t guess. We invented a few dances tonight and Barbra got her aerobics in.

Sophia and Evonne are the natural artists, although Kate sculpted an excellent burger. Pope is the wordsmith and Allison is the dictionary. Most amazing win was Barbra and Kate’s drawing of the toucan, guessed in less than ten seconds.

Eventual winners of the Cranium game were Pope, Evonne and myself.

Oh, and we heard that the “Saints” won as well. Coincidence?

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.

Florence Park is one of the nicer, yet still affordable midtown subdivisions in Tulsa, Oklahoma. Midtown Tulsa real estate is very competitive, and this subdivision definitely holds its value.

Borders are 15th Street (Cherry Street) to the north, 21st Street to the south; Harvard to the east and the Broken Arrow Expressway to the west.

Within Florence Park are some of the most beautiful bungalows – architectural wonders, sidewalks, parks and manicured lawns.

There are currently twelve homes for sale in Florence Park and four contracts pending. Between October 1st and December 31, 2009, fourteen homes sold with the average size being 1,596 square feet and average price of $174,035.

Homes sell quickly in this neighborhood, with the average days on market of those sold averaging at 86, but many selling within the first two weeks.

Tulsa’s Florence Park Fourth Quarter Real Estate Update – Midtown Tulsa Real Estate

If you are thinking of buying or selling a home in Florence Park, please call me for advice.

I own a home in the neighborhood and am active in the neighborhood association – and produce our Florence Park neighborhood newsletter!

Florence Park is truly a tight-knit neighborhood within our midtown Tulsa real estate community. We visit as we garden and manicure our lawns and as we walk our dogs. We watch each other’s homes and know when something or someone is out of place in the neighborhood.

It’s a great place to live!

Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.