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News, Information and Tips for buyers and sellers of rural properties in Northeast Oklahoma.
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Beautiful Country Living
• 2,160 sq. ft., 2 bath, 3 bdrm single story "Log Siding Home" - $195,000 USD Chance, Watts - Country Living at it's Best! Beautiful Log Sided Home on 4 Aces. 3 Bedroom 2 Bath with unfinished Basement could be 4th bedroom and 3 Bath.This Home is a must see, on Paved Road, Great Well also Rural Water at Road. Lots of Extra's. If you are looking for quite living this is for you. Property information
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I recently came across a nifty idea that is quickly morphing from a want into a must-have. It's called Jott. It's a free program that lets you use your cell phone to send yourself an email reminder...or to send your team - or any other group of people - a message up to 30 seconds in length. I use it when driving to leave myself or others a reminder or to schedule a meeting with my sales staff. You can find out more information at http://www.Jott.com. 
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Don Hodges, Owner and Broker of ArkHoma Realty LLC in Kansas, OK recently announced that his company is now able to accept bids on HUD foreclosures from both investors and persons wanting to purchase and live in a HUD-owned property. Not all real estate agents in the United States participate in HUD programs and many are not able to give advice to their clients wishing to receive HUD assistance. All bids which are received by HUD must come through a participating real-estate agent and cannot be handled directly by the buyer. HUD is also loosely connected to the the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), both of which deal with mortgages in the United States. The Federal Housing Administration (FHA) falls more closely under HUD, helping to guarantee mortgages to low-income homeowners. Click Here for More Information.
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Note that this information is outdated. What is a HUD Home? A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Who can buy a HUD Home? Read More
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Note that this information is outdated. FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Read More
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Flint Ridge Resort is a 7,000 acre gated recreational community located in Northeast Oklahoma in the Ozark foothills. Bounded on the north and east by two designated Scenic Rivers, the Illinois River and Flint Creek, the area abounds in natural beauty and wildlife. Additionally, Oklahoma HWY 10, a designated Scenic Highway, forms the western boundary of the development. Flint Ridge is a non-incorporated community and is governed by a Property Owners' Association, and combines all the qualities of living that come from country living with the conveniences and practicality of living in town. The community is served by public utilites (phone, rural water and electricity) as well as school busses, postal and other delivery services. Amenities include swimming pools, an executive nine-hole golf course, minature golf, tennis, sand volleyball, a baseball diamond, horseshoes, canoeing on the Illinois River, two man-made lakes for boating and fishing, hiking trails and more. Located mid-way between Tulsa, Oklahoma and Fayetteville, Arkansas and an easy drive to six major lakes, numerous golf courses and other recreational activities, this has become a favorite destination for both weekenders and full time residents alike. Residential building lots are large, averaging over one acre. The topography of the community is diverse which affords the opportunity to build a variety of home styles including Log Homes, Homes with Walk-Out Basements, Hillside Homes, Cabins as well as more conventional construction and styles. ArkHoma Realty is a full-service brokerage that serves the real estate needs of the community with listings for homes and building lots. For more information about Flint Ridge Resort, go to www.SoldOnFlintRidge.com.
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Are you looking to purchase a home with a payment you can grow into? Temporary buydowns may be the solution for you. Temporary buydowns allow the buyer or seller to pay points up front so that your interest rate is lower for up to the first 3 years of your loan. This results in a lower house payment and more flexibility for your budget. This is much different than an Adjustable Rate Mortgage because your "Note Rate" is fixed for years 4-30 and you know that rate up front. Call your local lender today to see how low your payments could be on the home of your dreams.
EXAMPLE 1: Seller has a home listed for $100,000. At full price, the buyer will borrow $95,000 (5% down payment) and pay $584.93(P & I) each month for 30 years. Total payments for the first 36 months is $21,057.48 (P & I). But to save money, the buyer wants to offer $95,000. Based on an interest rate of 6.25% and a 30 year loan with 5% down payment and a loan amount of $90,000, each of the monthly payments for the life of the loan would be $554.19 (P & I). Total payments for the first three years would be $19,950.84 (P & I). This is a $30.74 per month savings over purchasing the home at full price. Total savings for the buyer over 36 months would be $1,106.64 (P & I).
EXAMPLE 2: Now consider the buyer asks the seller to pay for a 3/2/1 interest rate buydown. First year interest rate would be 3.25%, second year would be 4.25%, third year 5.25% and fourth and succesive years would be fixed at 6.25%. Seller would pay approximately $3,900 for the buydown. This would leave an additional $1,100 ($5,000 - $3,900) the buyer could ask the seller to pay toward the buyer's closing costs. In this scenario, the buyer would finance $95,000. Payment for the first year would be $413.45 (P & I), second year would be $465.84 (P & I) and third year would be $519.95 (P & I). The total payments for the first three years would be $16,790.88 (P & I), a savings of $3,159.96 in addition the seller's contribution of $1,100 toward the buyer's closing costs. THE SELLER NETS THE SAME IN BOTH SCENARIOS.
Information contributed by Chris Hodges, Mortgage Consultant with Wells Fargo Home Mortgage in Tulsa, Oklahoma. You can contact him for additional information at Chris.S.Hodges@WellsFargo.com
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A successful business man was growing old and knew it was time to choose a successor to take over the business. Instead of choosing one of his directors or his children, he decided to do something different. He called all the young executives in his company together. He said, "It is time for me to step down and choose the next CEO. I have decided to choose one of you. "The young executives were shocked, but the boss continued." I am going to give each one of you a SEED today - one very special SEED. I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO"
One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted the seed. Everyday, he would water it and watch to see if it had grown. After about three weeks, some of the other executives began to talk about their seeds and the plants that were beginning to grow. Jim kept checking his seed, but nothing ever grew. Three weeks, four weeks, five weeks went by, still nothing. By now, others were talking about their plants, but Jim didn't have a plant and he felt like a failure. Six months went by—still nothing in Jim's pot. He just knew he had killed his seed. Everyone else had trees and tall plants, but he had nothing. Jim didn't say anything to his colleagues, however. He just kept watering and fertilizing the soil - He so wanted the seed to grow.
A year finally went by and all the young executives of the company brought their plants to the CEO for inspection. Jim told his wife that he wasn't going to take an empty pot. But she asked him to be honest about what happened. Jim felt sick at his stomach, it was going to be the most embarrassing moment of his life, but he knew his wife was right. He took his empty pot to the board room. When Jim arrived, he was amazed at the variety of plants grown by the other executives. They were beautiful--in all shapes and sizes. Jim put his empty pot on the floor and many of his colleagues laughed, a few felt sorry for him!
When the CEO arrived, he surveyed the room and greeted his young executives. Jim just tried to hide in the back. "My, what great plants, trees, and flowers you have grown," said the CEO. "Today one of you will be appointed the next CEO!" All of a sudden, the CEO spotted Jim at the back of the room with his empty pot. He ordered the financial director to bring him to the front. Jim was terrified. He thought, "The CEO knows I'm a failure! Maybe he will have me fired!"
When Jim got to the front, the CEO asked him what had happened to his seed - Jim told him the story.
The CEO asked everyone to sit down except Jim. He looked at Jim, and then announced to the young executives, "Behold your next Chief Executive! His name is Jim!" Jim couldn't believe it. Jim couldn't even grow his seed. How could he be the new CEO the others said? Then the
CEO said, "One year ago today, I gave everyone in this room a seed. I told you to take the seed, plant it, water it, and bring it back to me today. But I gave you all boiled seeds; they were dead - it was not possible for them to grow. All of you, except Jim, have brought me trees and plants and flowers. When you found that the seed would not grow, you substituted another seed for the one I gave you. Jim was the only one with the courage and honesty to bring me a pot with my seed in it. Therefore, he is the one who will be the new Chief Executive!"
If you plant honesty, you will reap trust
If you plant goodness, you will reap friends
If you plant humility, you will reap greatness
If you plant perseverance, you will reap contentment
If you plant consideration, you will reap perspective
If you plant hard work, you will reap success
If you plant forgiveness, you will reap reconciliation
If you plant in faith, you will reap a harvest
So, be careful what you plant now; it will determine what you will reap later.
Author Unknown
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