BRAND NEW HOME by Tranquility Custom Homes

10713 Little Sallisaw Creek DR, Yukon, OK 73099
Beautiful Craftsman with modern design & functionality. Fabulous finishes including granite, large subway tile, custom cabinets with wine rack, and sliding barn door off the kitchen. Open kitchen/living/dining with huge breakfast bar island. Master Suite with whirlpool tub, large double-vanity & walk-thru closet to laundry room. Entertain on front & back covered patio! Move -in ready!
https://my.matterport.com/show/?m=P7Tt5nCcHPn

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Five big home ownership “no-no’s!”

1. Not Knowing Where the Main Water Shutoff Valve Is

Water from a burst or broken plumbing pipe can spew dozens of gallons into your home’s interior in a matter of minutes, soaking everything in sight — including drywall, flooring, and valuables. In fact, water damage is one of the most common of all household insurance claims.

Quick-twitch reaction is needed to stave off a major bummer. Before disaster hits, find your water shutoff valve, which will be located where a water main enters your house. Make sure everyone knows where it’s located and how to close the valve. A little penetrating oil on the valve stem makes sure it’ll work when you need it to.

2. Not Calling 811 Before Digging a Hole

Ah, spring! You’re so ready to dig into your new yard and plant bushes and build that fence. But don’t — not until you’ve dialed 811, the national dig-safely hotline. The hotline will contact all your local utilities who will then come to your property — often within a day — to mark the location of underground pipes, cables, and wires.

This free service keeps you safe and helps avoid costly repairs. In many states, calling 811 is the law, so you’ll also avoid fines.

3. Not Checking the Slope of Foundation Soil

The ground around your foundation should slope away from your house at least 6 inches over 10 feet. Why? To make sure that water from rain and melting snow doesn’t soak the soil around your foundation walls, building up pressure that can cause leaks and crack your foundation, leading to mega-expensive repairs.

This kind of water damage doesn’t happen overnight — it’s accumulative — so the sooner you get after it, the better (and smarter) you’ll be. While you’re at it, make sure downspouts extend at least 5 feet away from your house.

4. Not Knowing the Depth of Attic Insulation

This goes hand-in-hand with not knowing where your attic access is located, so let’s start there. Find the ceiling hatch, typically a square area framed with molding in a hallway or closet ceiling. Push the hatch cover straight up. Get a ladder and check out the depth of the insulation. If you can see the tops of joists, you definitely don’t have enough.

The recommended insulation for most attics is about R-38 or 10 to 14 inches deep, depending on the type of insulation you choose. BTW, is your hatch insulated, too? Use 4-inch-thick foam board glued to the top.

5. Carelessly Drilling into Walls

Hanging shelves, closet systems, and artwork means drilling into your walls — but do you know what’s back there? Hidden inside your walls are plumbing pipes, ductwork, wires, and cables.

You can check for some stuff with a stud sensor — a $25 battery-operated tool that detects changes in density to sniff out studs, cables, and ducts.

But stud sensors aren’t foolproof. Protect yourself by drilling only 1¼ inches deep max — enough to clear drywall and plaster but not deep enough to reach most wires and pipes.

Household wiring runs horizontally from outlet to outlet about 8 inches to 2 feet from the floor, so that’s a no-drill zone. Stay clear of vertical locations above and below wall switches — wiring runs along studs to reach switches.

The decision to FSBO could cost you!

Some homeowners opt to sell their residence without a real estate agent to get around paying a commission and make more of the profit. Forty-eight percent of people who sell without a real estate agent think that if they sell themselves, they’ll end up doing a little extra work in exchange for not paying a commission or closing fee. According to the research, however, what they actually get is a lot of time spent hustling to make the sale and a final selling price that is less than what the market can bear.

Do you have a lot of extra time to market your home and do all the work to meet and greet properly? Are you versed in local trends on the housing market and know the latest regulations for closing a sale? Do you have a list of potential buyers ready to view your home? Eighty-nine percent of all homes sold in 2015 were sold with the assistance of an experienced real estate professional, according to the 2015 Home Buyers and Sellers Profile. Most leave it to the professionals, yet there is still a small group of people who prefer to do it themselves. Eight percent of home sellers chose to list themselves, known as For-Sale-By-Owners (FSBO) home sales. That number has steadily declined since 2004 where only 82 percent of all home sales were agent-assisted and 14 percent of homes were listed FSBO. FSBO sales are currently at an all-time low since data collection began in 1981.

Let’s break it down further. Thirty-eight percent of all FSBOs—that’s only three percent of the total home sales in 2015—were homes sold to people where the buyer knew the seller selling to a friend, neighbor, or family member. However, 62 percent of FSBO home sales—five percent of total homes sold—were sold by the owner to someone they didn’t know. According to the 2015 Home Buyers and Sellers Profile report, sellers cited creating yard sings, listing their homes online on multiple websites, spreading the news through word of mouth, putting out classified ads, displaying on social media, hosting an open house, and registering with the Multiple Listing Service (MLS) database. That’s a lot of work just on marketing and finding potential buyers.F

The time it takes to sell a home on the market was roughly the same for FSBOs and for agent-assisted homes, the median time listed was four weeks for both groups. A third of all homes were sold in less than two weeks last year. Most FSBO homes sales were located in a resort area (16 percent), rural area (15 percent), or a small town (13 percent). Seventy-five percent of FSBO sales were detached single-family homes. Ten percent were mobile or manufactured homes. FSBOs typically had lower incomes than those who worked with an agent. The median income of FSBOs was $84,000 and for those who sold through an agent was $105,600. Those who sell themselves have the perception that they have less money to pay for assistance when selling their home and opt to go it alone.

As it turns out, FSBO make less money on their home sales than buyers who work with a real estate agent. According to the report, the median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number plunges to the median selling price of $151,900. For homes sold with the assistance of an agent, the median selling price was $249,000 ̶ almost $40,000 more for the typical home sale. According to NAR’s 2015 Member Profile, sixty-nine percent of all real estate agents get paid by a percentage commission split between two agents representing the buyer and seller.

Talk to an agent and find out what they suggest for the commission and then do the math yourself. The closing price for the agent-assisted seller is likely going to be way above an FSBO. In reality, homes sold by the owner make less money overall. Based on these closing numbers, why not save yourself time and make more money by working with a real estate agent that is excited to sell your home?

Home owners believe it’s a good time to sell: read why!

Fifty-two percent of home owners say now is a good time to sell in their neighborhood. This is up from 34 percent who said so last year, according to a survey conducted by the real estate brokerage Redfin.

What’s more, 58 percent of home owners believe sellers have more power than buyers in the market right now. Redfin researchers note this is nearly the highest level of seller confidence they’ve recorded.

The top reasons sellers say they want to sell now:

  • I want a larger or nicer home: 40%
  • I am relocating to a new city: 24%
  • I want to pull out my profit: 21%
  • I want a smaller or less expensive home: 20%
  • I have had a change in family status: 19%
  • I want to move to a better school district: 15%

“Many move-up buyers have told me they are buying now to take advantage of low mortgage rates,” says William Porterfield, a real estate professional with Redfin in Little Rock, Ark. “Buyers are trying to get as much home as possible before rates rise.”

Still, some Americans expressed concerns about selling, mainly about finding a new home to buy when they sell their own.

The following were Americans’ top concerns about selling:

  • I might not find another home I want: 30%
  • Prices might fall before I sell: 26%
  • I might not find another home I can afford: 25%
  • General economic conditions might discourage buyers: 23%
  • The appraisal might come in low: 19%

Pricing Matters

When it comes to setting the price for their home, 55 percent of home owners say they will price in the middle range based on comparable sales. However, 19 percent of home owners said they would price high, citing that negotiation is inevitable. Also, 12 percent of home owners said they would price high because if the market didn’t value their home, they would wait until it did.

“While we’re noticing a shift among sellers in terms of their confidence in getting their homes sold quickly and for good prices, it’s up to the agent as their advocate to keep their expectations grounded and recommend a pricing strategy that is most likely to get the best value for their home,” says Sascha Gummersbach, a Redfin real estate agent in Atlanta. “A seller’s market doesn’t grant home owners a license to skip things like valuable upgrades, home staging or setting a price based on comparable homes in their neighborhood.”

Mortgage Forbearance: the what, when, & how!

What it is

Forbearance isn’t a free pass; nor is it a one-size-fits-all solution. It’s an individual agreement between lender and borrower to provide some short-term relief. The forbearance period is something you negotiate with the lender—it can last from a month to a year, although the average is three to four months. The idea is to cut borrowers some slack until they can resume paying the original mortgage as usual.

“Our primary goal is to help delinquent borrowers avoid foreclosure and stay in their homes,” says Brad German, a spokesman for the Federal Home Loan Mortgage Corp. (Freddie Mac), which purchases home loans from lenders.

When to act

Immediately! The first and most important step in seeking forbearance is to contact your lender the minute you know you won’t be able to make a payment. The worst thing you can do is to stop paying, hide your head in the sand, and pray the lender won’t notice. Not only will the lender notice, it’ll report late payments to credit bureaus, and be less likely to extend forbearance if you ask for it.

“As long as you’re the one calling and telling them there’s a problem, the lender will most likely work with you,” says Kevin Lynch, assistant professor of insurance at the American College for Financial Services in Bryn Mawr, PA. “If you just quit paying your bills, and they have to call you, it’s cast in an entirely different light. And that light will not be favorable.”

What to say

Tell the truth—Family medical crisis? Job layoff?—and provide as much detail and proof that your lender requires. From there, the lender may agree to extend forbearance, but perhaps not off the bat before you discuss other options first.

Most lenders prefer to offer a loan modification that permanently reduces your monthly payments, often for a lower interest rate, but stretches your loan over a longer period of time. Or, if you’ve fallen behind on your mortgage but can now resume regular payments, a lender may agree to a repayment plan where a portion of the overdue mortgage amount is added to your regular payments until you catch up. Freddie Mac reports that in 2015, its participating members structured 6,000 mortgage forbearances, compared with 21,000 repayment plans and 54,000 loan modifications. The type of mortgage help you get depends on the duration of your hardship and what your particular lender is willing to offer.

If the lender offers forbearance, you both will agree to the length of the forbearance period, the amount of a reduced payment, and the eventual terms of repayment. Though tempting, don’t ask for more forbearance time than you need, but also don’t agree to less time than you think it will take to get back on your feet.

What happens once your time is up?

After the forbearance or the extension has ended, you’ll have to repay the amount that was suspended or reduced—principal, interest, taxes, insurance. Typically, no extra interest is charged on the payments you missed. You can make a one-time payment for the amount due, or add on payments to your regular mortgage until you’re up to date. If the hardship continues, some lenders will extend the forbearance for a few more months, or else you can “cure” the past due amount by modifying your loan. Most often, the loans are modified, says German.

What does forbearance do to your credit?

Nothing, according to FICO—the software company that creates algorithms that credit bureaus use to determine how creditworthy you are.

“Generally, forbearance is not likely to have any impact on the credit score,” says Ethan Dornhelm, a FICO senior director of model development. Lenders may (or may not) report to credit companies the existence of a mortgage forbearance, but it definitely does not wreck your credit like being delinquent on a mortgage. All told, it could be just the timeout you need to get back on your feet.