Rob's Blog

FHA Flip Rule Waived

Previously FHA had preventing borrowers from purchasing properties that have been purchased by for-profit investors from being bought by FHA loans until they had been owned by the investor for at least 90 days.  With the increase in the number of people utilizing FHA financing to purchase properties, this often meant that investors will have to account for holding a property for 90 days before going under contract (of course properties can still be sold via conventional financing). 

Because of the number of foreclosed and abandoned properties on the market right now, FHA has waived the Flip Rul until February 1, 2010.  There are, however, still requirements that must be met, according to HUD's briefing on the Flip Rule. 

1) the seller must hold title to the property
2) LLC, corporations or trusts that are serving as sellers must be created and operated in accordance with applicable state and federal law
3) No pattern of previous flipping of the property exists in the last 12 months
4) The property was marketed openly and fairly

If the property being sold is 20% (twenty percent) over the sales price that the investor purchased the property at, the following must occur:

1) a justification of the purchase price based on market comparables and/or a second appraisal varifying that the seller has completed a sufficient amount of renovations to the property to justify the increase in the purchase price.
2) That the lender orders a home inspection for the buyer before closing.

This is definitely good news to the investors that are interested in flipping properties, as the carrying costs can sometimes be a significant portion of the cost of flipping a home. 

If you are interested in purchasing homes to flip in Norman, OK, Moore, OK, Noble, OK, or Oklahoma City, please feel free to contact me for additional information on homes that might be available. 

Click the following link to search for homes for sale in Norman, Moore, or Oklahoma City.

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

2010 First Time Buyer Bond Program

The terms of the 2010 OHFA bond program were recently announced.  The OHFA bond program will allow first time home buyers (including buyers who have not owned a home in at least 3 years) to receive 3.5% down payment assistance.  The bond is funded by requiring borrowers to lock in their loan rate at a slightly higher than normal rate, currently 5.65%. 

Income Limits:

For a 1-2 person household: $58,500 (non-targeted), and $70,200 (targeted areas)
For a 3+ person household: $67,275 (non-targeted), and $81,900 (targeted areas)*

*one of the participating lenders can assist you with determining whether the area in which you are looking to purchase is a non-targeted or targeted area.

Purchase price Limits:

$189,682

Please feel free to contact me for a list of OHFA participating lenders and I would be happy to forward you a list!

Click the following link to search for homes for sale in Norman, Moore, or Oklahoma City.

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Time is running out for the $8,000 First time home buyer tax credit!

If you are a first time home buyer and eligable for the tax credit, your time is running out!  To claim the tax credit, you must have closed on the house before November 30th, and to do that you really need to have a contract on a house by the beginning of November (or before!)

I specialize in the Norman, Moore, Noble, and Oklahoma City metro area and would love to assist you with the purchase of your first home.  Contact me today to get started!

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Hud Home Specialist in Norman OK, Moore, OK and Oklahoma City, OK

Are you looking for a HUD homes for sale in Norman OK, Moore OK, or Oklahoma City OK, or do you have questions about the purchase process of a HUD Home?  Please give me a call and I can assist you! 

I am a HUD qualified Realtor and have assisted many people build instant equity (myself included!) through the purchase of HUD properties, which can be purchased for as little as $100 down!  We can even negotiate with HUD to have them pay up to 3% of closing costs as well! 

I have put together a frequently asked question page on my website about HUD homes in Norman OK, Moore OK, and Oklahoma City OK, where I have answered some of the common questions about HUD homes and the purchase process, but please, contact me today and we can get started building wealth through the purchase of a HUD home! 

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Neighborhood Focus: Royal Oaks in Norman OK

Royal Oaks is a neighborhood with both established homes and newer homes.  The first sections of Royal Oaks were built in the Early Mid 80's, with the most recent sections completed in 2009.  The price range of homes varies, from about $125,000 to about $180,000 for some of the newer homes, and homes that back up to the residential lake.

Neighborhood amenities include a playground, walking trails, and a community lake. 

Homes in Royal Oaks are close to the University of Oklahoma (5-7 minutes away), the Weather Center (3-5 minutes away), and is a convenient drive for those wanting to live in Norman but also need to have access to Tinker Air Force Base (it is a 10-15 minute drive North of Royal Oaks). 

You can see all of the homes listed for sale in Royal Oaks in Norman as well as neighborhood and school information on my Norman Real Estate website.

Interested in purchasing a home in Royal Oaks in Norman?  You can click on the link above to see information about the neighborhood, a list of homes that are currently for sale, and to schedule an appointment to see the homes in Royal Oaks.

Are you going to be selling a home in Royal Oaks?  I would love to have the opportunity to speak with you about how I could assist you with the sale of your home and feature your home on my website!

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Neighborhood Focus: Eagle Cliff in Norman OK

Eagle Cliff is a neighborhood with both established homes and brand new homes available.  The first sections of Eagle Cliff were built in the Early 1980's and the Southern Sections are being built currently.  The price range of homes varies widely, from about $100,000 to about $200,000 for some of the newer, larger floorplans that are available. 

Homes in eagle cliff are close to the University of Oklahoma (5 minutes away), the Weather Center (3 minutes away), and is a convenient drive for those wanting to live in Norman but also need to have access to Tinker Air Force Base (it is a straight 15-20 minute drive North of Eagle Cliff). 

You can see all of the homes listed for sale in Eagle Cliff in Norman as well as neighborhood and school information on my Norman Real Estate website.

Interested in purchasing a home in Eagle Cliff in Norman?  You can click on the link above to see information about the neighborhood, a list of homes that are currently for sale, and to schedule an appointment to see the homes in Eagle Cliff.

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

2009 NCRC Grant: $5,000 for First time home buyers in Norman

Norman OK has announced that they will be opening up the NCRC Grant program, which gives each eligable first time home buyer $5,000 that can go towards closing costs and down payment (it can go towards the FHA required 3.5% down payment!).  Applications can be taken now, and funds can be reserved starting July 13th with closings as early as August 3rd, 2009.  Call me for a list of approved lenders! (click here to search for homes in Norman OK)

You can use both the NCRC Grant and the $8,000 first time homebuyer tax credit.

Some of the guidelines that a purchaser will have to meet in order to qualify for the 2009 Norman home buyer assistance program are:

1) Must be below the following income limits:

1 member household - $32,750
2 member household - $37,450
3 member household - $42,100
4 member household - $46,800
5 member household - $50,550
6 member household - $54,300

2) Maximum sales price of home: $133,000

3) Purchaser must provide a minimum of 1% of sales price in their own funds.

4) In the case where ther is a non-occupant that is co-signing for the loan, the house payment cannot be larger than 41% of the primary borrower's income. 

5) Cannot currently own or have owned property within the last 3 years.

6) Must be willing to occupy the property as their primary residence for at least 5 years (if you sell the home before 5 years is up, the balance will be pro-rated on a yearly basis).  i.e. if you have 2 years left and you sell your home, you will have to pay $2,000 back to the city at closing. 

7) And lastly, and most importantly, the property has to be within Norman, OK. city limits. 

Call me with questions or to get a list of homes for sale in Norman that will qualify for the NCRC Grant, or click here to see my blog post about other first time home buyer programs!

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Neighborhood Focus: Carrington Place in Norman OK

Carrington Place is a great newer neighborhood in Northwestern Norman just off of 36th and Franklin Road.  Carrington Place has great neighborhood amenities including a pool, clubhouse, playgrounds, walking paths, and neighborhood lakes, and is conveniently located close to I-35 and shopping. 

You can see homes for sale in Carrington Place in Norman, OK as well as neighborhood and school information on my Norman Real Estate website.

Interested in purchasing a home in Carrington Place in Norman?  You can click on the link above to see information about the neighborhood, a list of homes that are currently for sale, and to schedule an appointment to see the homes in Carrington Place.

Rob Schaerer
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
Rob@Dillardgroup.com
www.OklaHomeSeller.com

"It's not about houses -- It's about homes."

Great price in Norman, OK - close to I-35

3406 Derek Lane in Tecumseh Meadows in Norman Oklahoma is about 3-5 minutes away from I-35, 5 minutes away from Norman Regional, and 5-10 minutes away from the university.  Built in 2001, it has 3 bedrooms + a study, a huge kitchen with a pantry, and  it is only $76 per square foot - $179,000!  Other properties in the neighborhood are selling in the mid to high $90 per square foot!

It is tenant occupied until September which would make it a perfect property for someone looking for investment property in Norman OK, longer escrow period, or just a good deal!

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

Neighborhood Focus: Brookhaven In Norman OK

You can now see all of the homes listed in Brookhaven, Norman, OK and neighborhood information on my Real Estate website. 

I would love to be your Norman real estate agent, so please let me know if you have any questions about Brookhaven in Norman OK, would like to take a look at some of the homes for sale in Brookhaven, or if you would like for me to feature your home for sale in brookahven on my brookhaven webpage. 

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas.  I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS.  I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area.  I would love to be your Real Estate Agent -- let me know how I can help you with your next move in Norman OK, Noble OK, Moore OK or Oklahoma city OK! 

Neighborhood Focus: The Vineyard in Norman Oklahoma

You can now see homes for sale in the Vineyard in Norman OK and neighborhood information on my Norman, Moore, and Oklahoma City Real Estate website. 

Please let me know if you have any questions about the Vineyard in Norman or would like to take a look at some of the homes for sale in the Vineyard! 

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas.  I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS.  I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area.  I would love to be your Real Estate Agent -- let me know how I can help you with your next move in Norman OK, Noble OK, Moore OK or Oklahoma city OK! 

Can the $8000 tax credit be used towards down payment?

The short answer is: Yes.  There are, however, important details. 

On May 29th, 2009, FHA (Federal Housing Administration) released a buletin in which they gave their blessing to lenders, non-profit organizations, and state agencies to "purchase" the right to receive the $8000 tax credit from an eligable home buyer, so the funds could be used towards closing costs, additional down payment, or other closing fees.  Currently, as of the writing of this post on June 9th, there are few that have programs to help first time home buyers use the $8000 tax credit towards their down payment and closing costs in the Norman OK, Moore OK, Oklahoma City OK, or Oklahoma City Metro area.  I will update this post when I hear of lenders with such a program in the Metro Area. 

It might take some time for local lenders and agencies to instate programs for this loan, particularly because there is no national standard -- FHA is requiring each agency or lender to come up with their own program that meets their guidelines, which could take some time.  While on the surface it sounds like a stellar idea to use the credit towards a down payment, there are some important Details:

• This only applies to FHA guaranteed loans -- if you are financing the purchase of your home conventionally, this information does not apply to you.

• The Credit cannot result in money back to the purchaser

This means that if you were planning on using some of the money towards closing costs, additional down payment, and expecting to have some money left over -- that will not be possible. 

• Cannot be used to cover any of the 3.5% minimum required down payment by FHA

A buyer will still have to come up with the 3.5% minimum required down payment through other sources: non-profit organization, a family member, or an employer.  The credit can be used to pay for a down payment in addition to the 3.5%, and can go towards any closing costs, pre-paid items, interest rate buy-downs, or other closing related expenses. 

• The service provider can charge a fee for buying your tax credit

While it doesn't amount to much, it is important to know that whoever does buy your tax credit from you can charge a fee of up to 2.5% of the tax credit amount (2.5% of $8000 tax credit is $200). 

• Until you pay the service provider back, they can charge you interest and require monthly payments

They can buy the right to receive the tax credit from you, but that still means that money has left their hands and they can charge interest on it.  Essentially, the tax credit will be a second loan against your home until you pay the person that bought it from you.  The service provider that buys it from you may require you to make additional monthly principal and interest payments on the loan amount, and they will be included into your qualifying ratios used to calculate your ability to purchase a home (when they calculate your ability to pay, if the service provider requires you to make $200 per month payments on the loan until it is paid and your lender said that you couldn't buy a home that would have your monthly payments exceed $1000, you would have to find a home that would keep your payments below $800 to be able to use the credit in this way: $200 + $800 = $1000).

To read the official publication from FHA, click here. 

Please feel free to give me a call if you have any questions regarding the $8000 tax credit, using it as a down payment, or if you have any questions about purchasing your first home in the Norman OK, Moore OK, Noble OK, or Oklahoma City OK area.  You can always search for homes for sale in Norman OK, Moore OK, Oklahoma City OK on my website, http://www.OklaHomeSeller.com, or by going directly to my home search page. 

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

Home Valuation Tool

Would you like an idea about what your home might be worth?  I have added a new home valuation tool that will help you!  The home valuation tool is tied into the tax records and will pull information about recent sales in your area -- all you need to do is type in your address!  There is no registration required!

Remember though, that this tool only goes by the general information and doesn't take into account for variances between subdivisions that might be situated close to one another, specific amenities in the house, condition of the house, and layout of the house.  If you would like to have a more in-depth, free, market analysis done on your home, you can always contact me or fill out the detailed home value request form below the home valuation tool.   

Want to search for homes for sale in Norman, Moore, Oklahoma City, or Edmond?  Use my home search, which will let you search for homes listed on the MLS

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

Cleveland County Sheriff Sales

In the past, the Cleveland County Sheriff's Department had all of the sheriff sale properties conveniently listed on their website, however, due to prolonged website maintenance, they have been unavailable for some months.  I have created a new portal for information about the homes that are going up for sheriff's auction in Cleveland County on my website.  You can view the properties that have been slated for sheriff's auction for the upcoming weeks by clicking here

I will update this page every Tuesday morning when the new property lists come out, so keep checking back! 

Remember, you can always search for homes for sale in Norman, Moore, or Oklahoma City by using my home search tool which will pull listings directly from the Multilist.

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com

Saving money on a refinance

Interest rates are at all time lows, and this is sparking many people to refinance their mortgages.  The general rule of thumb is that if you can reduce your APR by 1%, then it would benefit you to refinance.  The reason for this is the high cost of refinancing.  Why is it so expensive?  Because you will need to pay lenders fees, points (usually required for a refinance), abstracting costs, title insurance, new appraisal fees, closing fees, and possibly even a new termite inspection.  For those of you without a calculator, for a $100,000 house, a refinance could cost in upwards of $3,200. 

Now, on to the fun part: saving a few bucks! 

1. About a third of the expense in refinancing in Oklahoma is abstracting costs -- if you use the same abstract/title company that you used when you purchased your home, often times they can give you up to a 20% break on title expenses (in the above example, that could be about $300. 

2. Speaking with different lenders or going back to the lender that you originally obtained your loan through is another way of reducing some of your expenses.  Many lenders aren't reducing their fees because of the sheer volume of refinances coming in, but hey, it never hurts to ask.

4.75% interest rates will not stay around for very long, so if you are thinking about buying or selling a home in Norman Oklahoma, Moore Oklahoma, or Oklahoma City Oklahoma, I would love the opportunity to show you how I can help you with your next move.  In the mean time, you can always search for homes for sale in Norman, Moore, or Oklahoma City by using my home search tool which will pull listings directly from the Multilist.

Rob Schaerer Dillard Group Real Estate Preferred: (405) 694-8537 Office: (405) 366-7707 Rob@Dillardgroup.com www.OklaHomeSeller.com