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For our buyers out there, whether you’re moving from out-of-state or purchasing your first home, there are some things about Oklahoma and realty that you need to know.
1.) Oklahoma will allow the sellers agents to represent the buyer, on the condition that both parties sign an acknowledgment. This can work in favor of both parties, since there won’t be much delay in communication between the buyer and seller. However it can certainly have its cons too. It’s my opinion that as a buyer on what may be the most important purchase you ever make, you should shop around for your representation and find the person who is most able to fully represent you and only you.
2.) Abstract of Title: an abstract or abstract of title is a record of the legal history of your property. I explain it to my clients like this… if the deed is the birth certificate, then the abstract is the family tree. These fascinating records detail nearly every legal change to the property. They are usually pretty thick and can be very expensive to replace or build. You should keep this record in a safe area like a… safe. With Oklahomas history of tornados it might not be a bad idea to keep it in a safe deposit box at a bank or in a safe, in a storm shelter that is well maintained and water proof.
3.) Speaking of storm shelters: this is probably the number one searched for item, in my personal experience, by out of state buyers in my area of western Oklahoma. In my experience some buyers won’t even look at a home without a shelter. You might be surprised to learn that a lot homes don’t have a storm shelter. So how do we work around this issue? Well, a lot of us have a friend or family member with a shelter and will go be with them in bad weather. There are also the public shelter options, such as at the local school or fire department. As an agent I always say everything is negotiable and it might not even hurt to ask the seller to install a shelter as part of the contract. If all else fails you can always have one installed after closing. Ask your agent about contractors they trust to properly install a shelter.
4.) Rural housing loans: this type of loan, known as a USDA loan, does not require a down payment. It also will allow you to ask for up to 6% in closing costs paid by the seller. A big portion of Oklahoma is within the map that will allow for this type of loan, making home ownership accessible in Oklahoma versus other parts of the country. A good lender will be able to tell you if you qualify for a USDA loan.
5.) Speaking of lenders: did you know that you can shop for your lender? Remember earlier when I said this may be the most important purchase you ever make? You deserve to have a lender who works for you and really cares about your ability to purchase a home. Some lenders will have different requirements such as how long you’ve been with your job, your credit score, etc. and even different rates that they can lend to you at. I recommend talking to several different local lenders in the area you’re looking to purchase.
That’s all for today’s blog, but stay tuned for my future posts because I’ve got a lot of tips for those Oklahoma sellers too!