Six commonly asked questions about “comps”

Realtors™ are bad about abbreviating long words and assuming the general public knows what we mean. Count me guilty. We use the word "comp" a lot. What is a "comp" and what do we mean when we say this abbreviated word? "Comp's" are the average of comparative similar properties to the property in question that have recently sold in the area. A comp is most often used to held determine an accurate value of a property. In other words, we try to find homes similar to the subject property that have recently sold - usually within the past six months, but sometimes if the property is … Continue reading...

Downsides of carpet allowance in lieu of new carpet

Sellers often ask if they can just provide a carpet allowance on a listing in lieu of installing new carpet. In their mind, this is a benefit to the buyer since it allows the buyer to choose their own color and style of carpet. The benefit to the seller is they don't have to deal with the inconvenience of a carpet installation. In my experience a seller is much better off to install new carpet themselves BEFORE listing the home - if new carpet is needed of course. Why? Fresh new carpet makes the home show much better. Buyers often have a hard time picturing new carpet in a home. All they see … Continue reading...

I want to sell my house as-is

I sometimes have sellers who don't want to make repairs or updates and prefer to sell their home "as-is". As a home seller, that is certainly an option, but be prepared to take a major price beating when you sell as-is. Why? To understand why sellers usually end up selling an as-is home at a drastic price reduction, it is important to first understand most home buyers. There are basically two types of buyers who purchase "as-is" homes: The Fixer-Upper - This is a buyer who wants a good deal on a home they plan to renovate and then live in for a period of time, hopefully turning their hard … Continue reading...

Should I purchase new furniture for my house before I move in?

Want to purchase all new furniture before you move into your new house? Maybe Mathis Brothers has zero percent financing on that new master bedroom suite so you can pay it off over time without any finance charges. Why not go ahead and purchase it before closing and have it delivered the day of closing? WAIT! DON'T DO IT! If you make a large purchase such as furniture on credit before closing on your new home, you may end up with no home to put your new furniture in! Lenders will advise you to NOT make any major purchases from the time you apply for a home loan until the time you close. … Continue reading...

When do I need to move out of my house?

I often get asked "When do I need to pack my belongings and move out of my house once it is under contract?" While it would be nice to just hire a moving company to come and pack your belongings a few days before closing while you are off on a vacation in the Bahamas, that is not a realistic for most people. When do you need to start packing and when do you need to be out of your soon-to-be-sold house? Declutter prior to listing your home Actually, you should have started packing prior to putting your house on the market. Most houses should be "decluttered" prior to listing. That is a good … Continue reading...

Why I Love RE/MAX

I have worked with RE/MAX almost my entire professional career and love the entire team that provides the services my clients need and has my back in this sometimes crazy business. We have over 100,000 agents worldwide who help clients buy and sell homes. I often refer clients moving away to other RE/MAX agents in other cities because I can trust that they have the professional training and experience to help my clients. RE/MAX. We sell more homes than anyone … Continue reading...

Do I need a home inspection on new construction?

The home inspector uses a Microsoft Surface table to record their findings. In the lower part of the picture is a device that checks for moisture. This is used to detect minor leaks or potential mildew. I love how even home inspectors are going high-tech with their tools!

We often get the question "why should I pay for a home inspection on a newly constructed home? Doesn't it come with a one year warranty?" A valid question for sure. In my experience, you should ALWAYS pay for a home inspection, regardless of whether the home is newly constructed or a run-down rat trap being sold "as-is". A good home inspector has trained, experienced eyes to look for minor flaws even where you may see perfection. I have often walked into a beautifully constructed, very expensive brand new home home and thought "wow, this is awesome!" Yet the inspector can walk into the same … Continue reading...

Understanding TRR changes in new Oklahoma Real Estate contracts

Question: I heard there were changes in how treatments, repairs, replacements and inspections are done with the new Oklahoma Real Estate Contracts that just came out in November 2015. Can you explain?   Answer: Yes, the standard Oklahoma Real Estate Contract has been changed recently. Gone are the old "repair caps" that were included in an offer to purchase a home. These were always confusing to both buyers and sellers. Let me explain. In the old contracts, a buyer would make an offer and include a "repair cap" in the offer. This repair cap was a predetermined amount that the seller … Continue reading...

How Long Should We Keep Our Home Records?

Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home. But you’ll definitely want your paperwork at hand if you have to prove you deserved a tax deduction, file an insurance claim, or figure out if your busted oven is still under warranty. Except for tax paperwork, there’s no official guideline governing exactly how long you have to keep most home-related documents. Lucky for you, we considered the situations in which you might need documents and came up … Continue reading...

Foreclosures for new home buyers?

Question: We are first time home buyers, and we are interested in purchasing a foreclosure. On television we see how people gain a lot of equity by purchasing a foreclosed property. Can you help us with this? Answer: I can certainly help you purchase a foreclosed property, but will want to make sure you understand what is involved with this process. Most foreclosed properties are in poor shape Most foreclosed properties are left in poor shape - walls bashed in, plumbing stopped up, roof leaking. When you purchase a foreclosed property you are normally purchasing the home "as is" with no … Continue reading...