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We Inherited a Tulsa House and it is Haunted by a Deadbeat Relative

Have you ever noticed that there are people that just want to help their family and family that just want to help themselves to your House? Well, you are not alone.

I would estimate that in today’s Tulsa Real Estate Market roughly 15% of all homes that are on the market and are in major need of repair

have one thing in common… they have been occupied by a relative that is NOT paying rent, NOT making any repairs, NOT performing any maintenance and has NOT paid the property taxes. To make matters worse they have also refused to leave.

It is not uncommon in today’s Tulsa Real Estate Market for a Mother or Father to pass away and leave a house to the surviving children. It is more common than you would think when one of those children decide that they are entitled to live in Mom and Dad’s old house for as long as they like rent Free.

It all starts innocent enough, the family is dealing with grief of the loss and one of the siblings says something like… “I have got an idea, you know that Mom and Dad’s house will be empty now and it is going to take a while to clean it out and put it on the market for sale and I have been looking for a house and until we decide what to do, I can live in the house, pay all of the property taxes, maintain it and keep the rest of you guys from having to sell it right now. After all the market is really bad, the house hasn’t been updated in years and I can fix it up while I live there. I will even pay rent if that is what you want”

Often times the relative has already been living there with Mom and/or Dad (rent free) and did nothing while they were there previously. Of course the guilt of Mom and Dad’s passing is hard enough and none of the other siblings wants to argue… after all it is a good idea in theory and what the heck it may even be what Mom and Dad would have wanted…. Right?

Wrong.

Time passes quickly and even more so when something is out of sight and out of mind and something as innocuous as Mom’s old house, is something no one wants to deal with. Pretty soon two years go by and the property taxes have not been paid, the house has not only <strong>not</strong> been updated it has also <strong>not</strong> been maintained and now if it wasn’t previously, it is the ugliest house on the block and the family member is still living there… RENT FREE. When asked why the house is in such bad shape the family member snaps back… “I can’t afford to maintain this house, it was worse than this long before I got here”.

It is Time to Sell?

When a house becomes a liability it is time to sell, but the issues that the family faces are generally overwhelming and the retrospect into what Mom and Dad would have wanted are now in complete conflict with the reality of the situation. The fact of the matter is that the house should have been sold long ago. Mom and Dad never wanted the family house to become a burden and while they hoped that one of their children would care for the house as they did all too often it is that one child that the parents knew would not.

To make matters worse, it generally falls on one Family member (the executor of the estate) to be the “Bad Guy” and the thought that they are going to have to deal with this becomes life consuming. Often times there are more than one sibling to deal with and evryone has their own opinion, but the common goal is the same… no one wants to come out of pocket to fix the house and certainly not while someone is living there.

The issues becomes very clear, the asset that was once a nice house has turned into a financial burden, a liability and now the family needs to deal with it. What are the options? Who is going to pay and in what proportion? How are we going to tell the family member living there that the rest have had enough, and who is going to tell them that they have to get out?

So the list is made and it is beyond what anyone anticipated;

1)      The house is in need of repair and needs to be fixed before we can sell it <ul>  <li>Fix the dry rot, termite damage, and water damage from leaky old cast Iron plumbing</li>  <li>New Roof</li>  <li>New Paint</li>  <li>New Carpet and flooring throughout</li>  <li>New or remodel Bathroom</li>  <li>New r remodel Kitchen</li>  <li>Maintenance</li>  <li>Plumbing</li>  <li>The garbage needs to be removed from the house inside and out</li>  <li>Window and door replacement</li> </ul> 2)      Property Taxes

3)      Code Violations and fines from the City or County

4)      Choosing a realtor and negotiating a commission

5)      Establishing a sales Price

6)      Evicting the Family Member

This is just the short list and it doesn’t take into consideration the rest of the competition in the Tulsa Real Estate Market or number of

Foreclosed homes already in the market that are driving down house values. All of a sudden the house becomes an albatross that everyone needs to get rid of.

My name is Peter Westbrook and I am a Real Estate Investor in Tulsa Oklahoma and Stockton California.  I Buy Houses in any condition and I pay Cash. I am not going to require that you spend thousands of dollars for you to fix your house and I am not going to charge you a real estate commission. I will come out and evaluate your property for free, give you a market analysis and then make you an all cash offer to buy your house in its “as-is” condition with absolutely no contingencies.

I will even help you with your family member that refuses to leave.

If you have an unwanted house that you need to sell, you can email me directly at peterw@westbrookrei.com or call me at 209-481-7780. I answer all of my calls and if by chance you get my voice mail, I will call you back. In any case I am a viable alternative for you and your family to spending thousands in house repairs and waiting for a return on that investment that may never come. Most people in this situation want to deal with someone that understands and while selling the house on the open market may be a viable alternative the list of expired listing (houses NOT SOLD) in Tulsa grows daily.

One phone call could set the wheels in motion for you to taking back your life and allowing me to do what I do best… clearing obstacles… including that realative that refuses to leave.

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Real Estate Tulsa, Owner Financing

Real Estate Tulsa-http://westbrookrei.com This video discusses seller Financing in Tulsa, Ok as way to purchase a house. We offer seller financing with flexible terms tailored to each homeowners needs. We specialize in buying houses Read more

Tulsa Real Estate News: Things that do NOT make your House More Valuable in Tulsa or Anywhere.

I spend a lot of time evaluating Tulsa Real Estate, you might say it’s my passion, but it’s also what I do for a living. As a Tulsa real estate investor in Tulsa, I look at approximately 150 to 300 properties each month and some things, as much as you would like them to, don’t increase the value of your house.

In fact, I can say with certainty that the number one reason that a houses diminished value goes hand in hand with its current condition. It’s also safe to say that ignoring the most needed maintenance and repairs to a house will actually get more expensive as time goes on. So, when houses are left in a state of disrepair for a period of years rather than days, weeks or months, other serious damage and problems arise that also cost serious money to fix.

So, while I make a living buying and fixing Tulsa real estate, it never ceases to amaze me that some people think property values are virtually unaffected by their houses current “as-is” and often awful condition.  It also seems to shock them when I tell them that their houses value has more to do with its current as-is condition then probably anything else and that potential has no cash value to an investor.

So I have learned three things as a Tulsa Real Estate investor:  1) I am not a speculator, I am an investor, so I make offers on real value not potential

value, 2)When people call me with problem houses, I always ask if they have talked with a Realtor regarding their properties value (I’d rather not be the messenger that gets shot) and 3) I tell them that I buy houses based on their houses current condition MINUS repairs.

So, while your house may have sentimental memories and value for you, it may be a serious challenge for me to make you an offer knowing that your house is in serious need of repair. It may also be a serious challenge for you to hear exactly what I have to say, but what the heck, I will make you an offer as long as you realize that the following list will not make your house more valuable.

Holes in the wall: It doesn’t matter who made them

The Indoor laundry Room with virtually no outside wall:

The cracks and holes in the foundation:

The Dry Rot supporting the New Bathroom tub:

The Blue Tarp covering the 50 year old Roof that needs to be replaced:

40 Year old windows with holes and counter weights:

The Kicked in and rusted out Front security Door: Curb Appeal

The Fact that the house is on a double lot in North Tulsa:  The original house was built in 1946, if no one has built on the extra lot by now… they never will.

The 10 year old leak under the Kitchen sink:

Pad Locks on each of the bedroom doors:

Pad locks on each of the Kitchen Cabinets:

Electrical Panels and Junction Boxes with 50 year old fuses:

It’s no secret, as an Investor in Tulsa, I get to see it all, but I also understand that I am not the person of first resort when it comes to buying a property that needs a lot of work. I am the person of last resort, as people call me when they need to sell a house that NO ONE ELSE wants to buy.  People call me when the realtor scratched their head because they don’t know how to show the house in its best light.

Lets be clear, people call me when they want to sell their unwanted Tulsa House quickly and without having to clean up or make repairs. People call me when they want Cash for their house now.

My name is Chris Westbrook and I buy Houses in Tulsa in any condition. I Pay Cash and I can close quickly. Call me at 918-814-3550 and I will talk to you personally.

 

Tulsa Real Estate News – Owner Financing (Lease to Own)

Hello, my name is Chris Westbrook and I am a Tulsa Real Estate Investor with Westbrook Real Estate Investments and I buy houses in any condition in Tulsa, Bixby, Jenks, Broken Arrow and North Tulsa, Oklahoma.

Westbrook Real Estate Investments offers Tulsa Home Buyers Seller Financing on some properties.

Seller financing can be a great quid pro quo way to sell a house fast that would otherwise sit vacant in today’s sluggish and glutted Tulsa Real Estate market.

Let’s face it; there are more properties for sale on the market today than there are buyers that can qualify for a loan. Gone are the days where someone merely having the ability to fog a mirror can qualify for a conventional mortgage. Banks are turning down loans for people with excellent credit and sufficient income, but because of some other risk factor they deny the loan.

For investors in Tulsa to gamble on the banks continuing to loan money to any particular buyer for any house specifically would be financially disastrous, as the banks are now creating their own rules to tighten the money supply and restrict lending.

Tulsa Real Estate Investors in particular are savvy to the ins and outs of owner financing and utilize it on both sides of the transaction as frequently as possible. As an investor, we are currently spending all of our time leveraging most of our available capital to make new purchases while at the same time keeping enough in reserve to fix and sell the last project. The demand for Capital is incredibly high and of course the Investors cash flow is often the victim of timing, etc. our money and assets so that we can reasonably purchase that next house or sell that last home.

In Tulsa, Real Estate offered with Seller financing allows Sellers to offer the most flexible terms to would be buyers and of course it provides them the means to make higher profits (though shorter vacancy rates and hold times) while at the same time work directly with Tulsa Home buyers that would otherwise not qualify for a conventional Home Loan.

In Tulsa only a few companies offer Seller financing as a way to generate profit margin.

In our case, we offer Owner/Seller financing as a way to increase our visibility as well and it works.

 

So, while Seller financing allows sellers to move a home faster and get a more sizable return on their investment, buyers also benefit from what are typically less stringent qualifying and down payment requirements, more flexible rates, and better loan terms on a home that otherwise might stay vacant.

What is Seller Financing

Seller financing is when the Seller takes on the role of the Bank, but, Instead of giving cash to the buyer, the buyer gets enough credit to for the purchase price of the home, minus any down payment. The buyer and seller negotiate and sign a promissory note (which contains the terms of the loan). They then record the note as a “deed of trust” with the County and the Promissory Note becomes part of the public record attached to the property.

Seller financing can range from as little as 2 years and as long as 30 years. Typically however the loans are a shorter term in nature. For example, a mortgage can be amortized over 10 years but have a balloon payment due in 2 or 3 years. The theory is that, by that time, the home will have gained enough additional value or that the buyers’ credit will have been improved or repaired to the extent that they can then refinance with a traditional lender.

For the Seller, a shorter term loan is generally preferable because the seller does not want to tie up his capital for extended periods of time for a myriad of reasons:

1.    For every dollar that is out on a loan the Sellers access to that money is limited

2.    The sellers usually don’t want long term risk

3.    Sellers that want to move property quickly can usually negotiate favorable short term loans

Types of Seller Financing

Here’s a quick look at some of the most common types of seller financing.

Full Asking Price Mortgage:  In this type of loan,  the seller carries the promissory note and mortgage for the entire balance of the home price, less any down payment.

Land contract. Land contracts don’t pass title to the buyer, but give the buyer “equitable title,” a temporarily shared ownership. The buyer makes payments to the seller and, after the final payment, the buyer gets the deed.

Mortgage Assignment: A Mortgage Assignment is simply the buyer promising to take over the existing mortgage and make the payments according to their terms. In some circles it is known as a Subject to Purchase whereby the buyer agrees to purchase the house Subject to the existing mortgage remains in place.

Lease option. The seller leases the property to the buyer for a specified term, like an ordinary rental — except that the seller also agrees, in return

for an upfront fee, and other credits that get applied to the Buyers account when rent is paid on time,  to sell the property to the buyer within an Option period and generally at an agreed upon price.

Mitigating Risk:

While it is not required it is advised that both the buyer and seller will hire an attorney to draft and review the documents. It is also recommended that the transaction be recorded at the county and that the transaction make use of a Title Company to assure the Buyer and Seller that the Seller has legal authority to sell the property.

Tulsa Real Estate News: What Determines the Value of Your No So Normal House?

In a normal Tulsa Real Estate Market it’s difficult enough to try establishing a competitive market price to sell a home within a reasonable amount

of time and keep everyone happy. In today’s Tulsa Real Estate Market, that burden gets much more difficult as a normally well maintained house rarely gets the benefit of an increased sales price based on its good condition.

 

So what has changed over the past three years to make the more desirable homes Less Desirable?

In Tulsa Real Estate, often, what determines the value of your house may not be the real measure of its Market Value at all, but you need to understand it before you put your house on the market, because in Tulsa Real Estate there are bargains out there driving your Tulsa House value Down.

When you add in the seemingly unlimited supply of Foreclosures and Short Sales the condition of your house gets little notice and actually presents a unique challenge to Tulsa homeowners in determining the real current Market Value.

While banks with Foreclosed properties and pending short sales want to take advantage of whatever price bump they can get from the prettiest houses on the block, the numbers in Tulsa Real Estate are showing that the homeowners of these well kept properties continue to take a beating as prices continue to tumble.

So let’s ask the question….. What if you have a beautiful house in Tulsa, Broken Arrow, Jenks or Bixby, Oklahoma  and you need to sell your house now?

 

Today’s Tulsa Real Estate Market is very different than anything that has been experienced in the last 30 years. There are so many Foreclosures and Short Sales on the market  that it is virtually impossible for anyone located in any of these areas to tell you what their house is really worth based on the conventional wisdom in determining home values. More depressing is that you are less likely to get a higher price just because your house is in god or excellent condition. In fact, for anyone selling any house in today Tulsa Real Estate market, you need to be aware that the “Junkers”, “Foreclosures”, and “Vacant Houses” are determining house values.

With that said, if setting the sale price of a house in today’s Real Estate Market is one of the most important parts of the home selling and buying process then how does the condition of my house fit into that puzzle? The answer is it doesn’t matter very much depending on where your house is located.

Is it any wonder that pretty houses can sit for as long as 2 years without a single offer?

If knowing your home’s value helps you determine its price then homeowners must be wringing their hands in frustration while homebuyers continue to look for the bargains at the expense of what the house actually looks like. Can you blame them?

So now we come to the real question… what if your home is NOT NORMAL? What if your house needs thousands in repairs and maintenance and it isn’t the prettiest on the block? Do you pour thousands of dollars into it and try to sell it? What if you don’t have the money to fix it up? Will you ever get that money back if you do sell the house? Do you sell it as is?

In today’s Tulsa Real Estate Market you need to answer every one of these questions while at the same time understanding that there is very little margin for error when it comes to pouring thousands of dollars into fixing a broken house. In today’s market, chances are you will NOT get that money back out.

So if current condition of the house plays a smaller role in how to price the house, then who is your best bet to Buy  your house in its as is condition?If you answered a Real Estate Investor, you would be correct, because currently 35% of all homes sales in Tulsa were from cash buyers.

Certainly there are other factors  in determining home values… such as the current number of comparable listings on the market. The fewer the listings, the more valuable your home, particularly if it’s in a desirable location or has amenities hard to find in your area. Supply and demand can make your home worth more, allowing you to set a higher price when you sell. Conversely, if there are many homes similar to yours on the market, then that can lower the value, especially if there aren’t many buyers.

So as a Homeowner How do You find your home value and set your price?

Thankfully, in today’s Tulsa Real Estate Market there are many tools available to help you determine your homes value. The most obvious is a real

estate agent or title company. Each tracks the actual sales of homes that occurred within the last 90 days and they are a good place to start.  Your agent should have a good understanding of the current market in your area, allowing them to review comparable homes and estimate how your home sizes up. If you want to get an idea of your home’s value before talking with an agent, you can use tools of many websites such as Home Price Check SM tool, RealEstate.com, Zillow.com, Finest expert.com and others to get a value for your home, based on prices for comparable homes in your area. It might be a good idea to use this for comparison with the price that your agent recommends.

 

One final factor in determining your price is your time. If you are not in a hurry to sell, you can price your house higher because you have the luxury to wait for the right buyer. Just make sure you don’t price it too high – you don’t want to scare away prospective buyers. However, if you are in a time crunch, it may be better to price your home on the low end in order to sell quickly. Selling quickly may be more valuable than whatever additional money you would get from a starting at a higher price. Remember you have to factor in your holding costs for a house that doesn’t sell. By the time you pay for Insurance, Maintenance, water, electricity, garbage service, etc., maybe it would be better to sell that house in its as is condition to a Tulsa Real Estate Investor.

Tulsa Real Estate News: Tulsa Code Violations Plague Vacant Houses

Code Violations Lead the Way in the Tulsa Real Estate Market to Keep Vacant Houses under control.

The City of Tulsa has very few tools in its box when it comes to forcing Tulsa Real Estate Owners to cleaning up an unwanted or vacant house. but

the one with the most teeth seems to be the issuing of a “code violation”. While code violations are not new, the number of recent code violations issued to vacant houses that dot the Tulsa Real Estate landscape and neighborhoods is overwhelming.

Certainly homeowners of Vacant houses in Tulsa have always has their share of challenges, with squatters and vandalism, but now the City of Tulsa has upped the ante by adding another financial burden in the form of fines and fee levied through Code Violation citations and they and their potential cost are no laughing matter.
If your vacant house in Tulsa, is strewn with debris and garbage, has overgrown grass or weeds, trees that are dead and or windows and doors that are not boarded up, be on the lookout for a Tulsa Code Enforcement Officer to “Red Tag” your slice of Tulsa Real Estate for clean up. With that citation will come a date that the work needs to be completed by and if you don’t comply the fine is only the beginning. Left undone, the City by ordinance can hire an outside contractor to complete the work and bill you. Not only that the City is not required to get three bids. They just get the job done and all at your expense.
While “Red Tagging” a property for “code violations” is nothing new, the City of Tulsa has taken on a new tone and posture for homeowners that do not act quickly and in good faith to what were once somewhat lenient standards and time frames have become out and out sprints for vacant house homeowners to get corrected.
Making matters even worse, Red Tags can sit on houses for weeks unnoticed by out of town homeowners and because the homeowner is unaware of the alleged violations makes no difference to the city. All of a sudden the stakes have gotten much higher for owning a vacant house in Tulsa.
After analyzing the entire vacant house dilemma within the bigger Tulsa Real Estate Market, it becomes apparent that there are at least 5 factors driving the sheer number or “red Tags” issued over the past three years.

1. The Tulsa Real Estate market has an estimated 3,000 to 5,000 vacant houses.
2. The Sheer Number of Complaints. The City of Tulsa is receiving a record numbers of complaints from neighbors that are tired of the blight seemingly on every block within the city. Vacant houses that are not maintained drive real estate prices down even further.
3. The Record Number of houses in Pre-Foreclosure or Foreclosure. Making it more challenging for the City of Tulsa and the overall Tulsa Real Estate Market is that a great number of the vacant Tulsa homes are in one stage of foreclosure or another and without any on site resident to take responsibility for the home. So, the City looks to the Mortgage holder or bank to foot the bill to maintain the property. If the banks balk or haven’t foreclosed on the property being red tagged, the city files a lien against the property for later collection.
4. Budget Deficits: The city of Tulsa’s budget woes are well known and “red tagging “properties in Stockton does mean additional revenue. Even if the City cannot collect that revenue today, it will be collected at the time that any property with any outstanding code violations is sold.
5. Vacant houses don’t sell to conventional buyers and they don’t sell fast. Houses left vacant for two and three years are not selling in Tulsa and Days on market as an indicator of what is selling, is at record setting levels, with vacant homes leading the way.

I have talked to many vacant house homeowners that have owned investment property in Tulsa for years and they have never seen a more aggressive code enforcement effort as is going on today. Likewise I have talked to several code enforcement officers and they have never seen the sheer numbers of vacant homes in a state of disrepair.
Even more challenged are absentee homeowners of vacant properties that came by the ownership of these properties unexpectedly. Imagine inheriting a house that has not been maintained for 10, 20 and even 30 years, and suddenly you are financially responsible for its upkeep and you live 3000 miles away. Imagine moving for a job relocation or a new employment opportunity and being unable to sell your existing house. Imagine going through a divorce and individually neither party can afford the house, so it ends up vacant. Whatever the situation, add the sheer numbers of foreclosure and the trail of red tags and their respective fines can be financially crippling to any family that is just struggling to get by.
Code violations are so common on some properties that have been abandoned for 3 to 5 years that they will never be sold as the cost of the fines and repairs already performed by the city exceeds the value of the house and the land. In these cases the City and County demolish the structures and take title to the property.

So, a word of caution to all Tulsa Real Estate Investors and homeowners with vacant houses: If you own a vacant house in Tulsa, do not let the lawn get tall, the debris accumulate or the trees get overgrown… and do not ignore the warnings, your vacant house is a financial time bomb waiting to explode. If you receive a red tag, call the city and work out a satisfactory solution. If you foresee an ongoing issue and you do not have the financial capability to pay for them, call a real estate investor that will buy your house in it’s as is condition.
Call Westbrook Real Estate Investments at (209) 481-7780 or visit www.westbrookrei.com or www.TulsaIBuyHouses.com and we would be happy to offer you a free market analysis and make you an all cash offer for your house.

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