Buying Archive

50 Real Estate Answers

 

How does the MLS help buyers?

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Here are several benefits of searching for homes in the MLS: The most accurate information Third party websites prefer quantity over quality and therefore don’t have the most accurate inventory. Most up-to-date information New listings and price changes get entered into the MLS first and then third party websites get the information after a delay. […]

How many homes are for sale right now?

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Since the NORES MLS covers over 20 counties, there are usually over 6,000 residential properties for sale, not including vacant land or homes for rent. About half of these are located within Tulsa County. About 80% of the listings are located within Tulsa, Rogers, Wagoner, Creek, Osage, Okmulgee, or Washington County.

What is the MLS?

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The Multiple Listing Service (MLS) has been around for decades. There are around 900 MLSs in the U.S., and they serve a valuable purpose: to provide an organized place for REALTORS® to list their properties for sale. In order to be listed in the MLS, the listing broker, on behalf of the Seller, agrees to […]

What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?

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Some mortgage lenders provide pre-qualification letters, which basically state, “If what the applicant told me is correct, they qualify for a mortgage amount up to $xxx,xxx at x.xx%.” As such, some say pre-qualification letters aren’t worth the paper they’re printed on. Pre-approval letters, on the other hand, involve the mortgage loan officer receiving the applicant’s (your) […]

When do I apply with a mortgage lender?

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Once you’ve evaluated your financial and living situation and decided you’d like to consider purchasing a home, the first action step is to get pre-approved. Getting pre-approved prior to visiting properties helps all parties involved: You’re able to make an offer as soon as you find the one you want. Your REALTOR® isn’t showing you […]

What is Owner’s Title Insurance (OTI)?

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Owner’s Title Insurance (OTI) is available to nearly all purchasers and title transfer types, including cash buyers and non-primary residences. It covers you, the new owner, up to the purchase price, not just the mortgage amount, like Lender’s Title Insurance (LTI) does for the mortgagee/bank. OTI is always optional. When you purchase OTI, which End […]

What is Lender’s Title Insurance (LTI)?

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When purchasing property with a mortgage, your lender will require you to pay for title insurance that covers their investment, called Lender’s Title Insurance (LTI). It’s insured for the principle amount of the mortgage (i.e. the amount you borrowed). On average, the cost ranges from a few hundred to a thousand dollars. LTI, which you’re […]

What is title insurance?

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On the day of closing, your title company tells you they did their research, and title looks clear. However, if fraud, forgery, or human error is discovered in the future, your claim to title may become clouded. Title insurance is sold by your title/closing company and covers the purchaser from the day of closing back […]

What does a title company do for Buyers?

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When you purchase a property, your title/closing company researches title, advises you of any title deficiencies, clears up any clouds on title, etc. The goal is that, on the day of closing, you purchase a property with clear title and you become the legal owner. The title company files the paperwork associated with transferring ownership […]

Do you work with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?

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We understand the nuances of many types of financing, including 80/20 conventional mortgages, piggyback and second mortgages, government-guaranteed and government-funded mortgages, rehab/fixer-upper financing, and more. The more information you share with us about your background and goals, the better we can advise you. You may not even know about some loan programs for which you […]