F REAL ESTATE SATURDAY, APRIL 7, 2012 THE OKLAHOMAN | NEWSOK.COM HOUSE PLAN Larger than it looks The Keystone, a two-level contemporary Craftsman bungalow, offers nearly 3,000 square feet of living space. PAGE 6F LISTING OF THE WEEK 4-bedroom in south The Listing of the Week is a large home on a cul-de-sac in the Rivendell neighborhood of south Oklahoma City. PAGE 6F IN BRIEF CONCENTRATE IS AVAILABLE S.C. Johnson now offers popular clean- ing products in con- centrated form. The company introduced 2.9-ounce bottles of Windex, Fantastik, Pledge, Scrubbing Bubbles and Shout Carpet concentrates. A bottle of concen- trate is mixed with water to fill a trigger spray bottle. The bottles use 79 per- cent less plastic than a standard bottle, and the smaller amounts of liquid require less fuel to transport, the company says. The concentrates are available only online at www.scjgreen choices.com. A sin- gle bottle of concen- trate is $2.50, a trigger bottle is 50 cents and a starter kit is $5, containing two bottles of one type of concentrate and a trigger bottle. Shipping is $3. BOOKS ‘RAIN GARDENS’ CLEAN WATER As the cost of sew- age treatment rises, reducing storm- water runoff be- comes a more press- ing issue. One of the most attractive ways to address the problem is a rain garden, a landscap- ing feature that collects runoff and helps to clean the water naturally. Horticulturist Lynn M. Steiner and hy- drology scientist Robert W. Domm introduce readers to this form of land- scaping in “Rain Gardens: Sustain- able Landscaping for a Beautiful Yard and Healthy World.” They explain the benefits, offer in- structions and tips. “Rain Gardens” is published by Voy- ageur Press and sells for $24.99 in softcover. MCT Information Services WASHINGTON — What’s behind the unusually high rate of contract cancella- tions and settlement delays in the real estate market? With signs of recovery emerging in many parts of the country, shouldn’t deals be zipping along with minimal complications? Apparently not. Nearly one-third of realty agents in a new national survey reported experiencing contract cancellations — purchases crumbling before going to closing — in February. That’s up dramatically from a simi- lar poll a year earlier, when just 9 percent of agents reported cancella- tions. Another 18 percent reported delays in sched- uled closings in the latest study, which involved approximately 3,000 agents surveyed by the National Association of Realtors. Tops on the list of issues? I Appraisals below contract. You may assume that the true market value of a house is what a seller and buyer agree to in a bind- ing contract, but it’s not. The appraiser hired by the bank may come up with a different opinion of value — significantly below what was agreed between the parties — and this is occurring with far greater frequency today than in previous years. Part of the problem is the excessive use of price- depressed foreclosure sales chosen as “compa- rables” to value non- distressed houses under pending contracts. But some appraisers are inex- perienced, unfamiliar with local pricing trends and go far beyond their normal duties. For example, Risa Bell, an agent for national broker Redfin in Boston, recently represented pur- chasers of a bank-owned property being sold “as is.” An appraiser for the lender not only detailed a long list of needed repairs to the house, but said the deal could only proceed if the prospective buyers spent thousands of dol- lars fixing up the house before — not after — closing. Along the way, frozen pipes in the unheated house broke and a con- tractor hired to do repairs filed a mechanic’s lien requiring payment before the title could be trans- ferred. All of this com- bined to kill the financing and torpedo the closing, but the buyers ultimately were approved by a sec- ond lender using a differ- ent appraiser, who made no such demands for repairs in advance. I Ultraconservative underwriting and docu- mentation requirements. It’s no longer just to- wering credit score mini- mums, hefty down pay- ments and mind-bending paperwork submissions that get mortgage appli- cants turned down. “It’s a lot of other stuff, too,” said Melissa Zavala, broker and owner of Broadpoint Properties in Escondido, Calif. In- creasingly she’s been running into regulatory hoops and restrictive underwriting rules at the Federal Housing Adminis- tration, Fannie Mae and Freddie Mac that knock signed contracts off the tracks or at least delay them for months. I Poor service by lender staff. Agents in the survey identified “lack of cus- tomer service” and “gen- erally bad attitudes” as contributing factors to delays and some contract failures. But Zavala said realty agents themselves need to be on the ball when loan processing deadlines begin to slip or communication breaks down with lenders. Bottom line: If you seriously want to go to closing on a house you’re buying or selling, make sure you know all the key rules and requirements up front, then stay on top of the lending, escrow, title and real estate profes- sionals assigned to your transaction. And don’t give up if your deal runs into com- plications. There are more of them out there than usual. Ken Harney’s email address is [email protected]. WASHINGTON POST WRITERS GROUP Kenneth Harney THE NATION’S HOUSING Despite recovery signs, complications abound for real estate contracts, loans had the glass wall (in the original structure moved outward),” said Larry Pickering of Fitzsimmons Architects, which is work- ing on the home for the new owner, Brent Kliewer. “At some point he decided he wanted more space in that room, so he added an atrium. There was a little ficus tree outside, and that became an inside tree.” That “inside tree” is now more than 40 years old, and its branches snake across the atrium’s glass. Architect Brian Fitzsim- mons said he and Picker- ing called in a “tree guru” to help them design their work around the tree. “We wanted to make sure this ficus stayed healthy be- cause it’s sort of the soul of Turn any direction in the clean-lined modern home at 824 NW 7, and there it is — the view. “That’s what drew us — the view,” said Emma Rolls, who lives there with her husband, Lee Peoples, and their 7-year-old daughter, Amelia. Randy Floyd of Randy Floyd Architects designed the home, one of several stops on the American Institute of Architects- Central Oklahoma Chap- ter’s 11th annual Architec- ture Tour from noon to 6 p.m. April 14. Tickets are $15 at any stop on tour day or $12 in advance through Thursday at TAPARCHI- TECTURE, 415 N Broad- way; the AIA-Central Oklahoma Office, 3535 N Classen Blvd.; or online at www.aiacoc.org/tour/. Beyond the living room and kitchen windows, the panorama of Oklahoma City stretches out toward the horizon. The Devon tower towers above it all, glinting in the late after- noon sunlight. “It’s really beautiful at sunset,” Rolls said, noting that the sinking sun often reflects off the tower’s windows and bathes the whole area in pinkish light. Across the city, the views from the home at 2801 NE 120, another stop on the tour, are equally stunning, but it’s a tapes- try of twisting greenery that lies past the windows. Legendary Oklahoma City architect George Seminoff built the original modernist 20-by-40-foot brick-and-glass box in the 1950s as a weekend bache- lor pad. The structure ex- panded as he married his wife Sharon and their fam- ily grew, with a two-story addition taking shape next to it. “As the house grew, he Homes, offices showcased Brent Kliewer stands under a ficus tree growing in his living room at 2801NE 120, the former home of architect George Seminoff, who designed it. The home is one of several stops on the annual American Institute of Archi- tects-Central Oklahoma Chapter Architecture Tour April 14. The tree dates to the home’s period as Seminoff’s bachelor pad in the 1950s. Kliewer’s dog Julian is on the other side of the glass. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN Randy Floyd of Randy Floyd Architects stands outside Emma Rolls’ and Lee Peo- ples’ home at 824 NW 7, which Floyd designed. PHOTO BY NATE BILLINGS, THE OKLAHOMAN BY DYRINDA TYSON For The Oklahoman [email protected]EVENT | THE ANNUAL ARCHITECTURE TOUR PROMISES TO SHOWCASE SEVERAL STOPS WITH UNIQUE VIEWS SEE VIEW, PAGE 2F SWEET MORTAGE A LURE Rents are rising in many areas, making home ownership a more alluring al- ternative to renting. That’s a major rea- son mortgage spe- cialists are now predicting an uptick in activity among prospective first- time buyers. PAGE 3F Ellen James Martin SMART MOVES INDEX Stone 5F Permits 7F, 8F
Transcript
FREAL ESTATESATURDAY, APRIL 7, 2012 THE OKLAHOMAN | NEWSOK.COM
HOUSE PLAN
Larger thanit looksThe Keystone, a two-levelcontemporary Craftsmanbungalow, offers nearly 3,000square feet of living space.PAGE 6F
LISTING OF THE WEEK
4-bedroomin southThe Listing of the Week is a largehome on a cul-de-sac in theRivendell neighborhood of southOklahoma City.
PAGE 6F
IN BRIEF
CONCENTRATEIS AVAILABLES.C. Johnson nowoffers popular clean-ing products in con-centrated form. Thecompany introduced2.9-ounce bottles ofWindex, Fantastik,Pledge, ScrubbingBubbles and ShoutCarpet concentrates.A bottle of concen-trate is mixed withwater to fill a triggerspray bottle. Thebottles use 79 per-cent less plasticthan a standardbottle, and thesmaller amounts ofliquid require lessfuel to transport, thecompany says. Theconcentrates areavailable only onlineat www.scjgreenchoices.com. A sin-gle bottle of concen-trate is $2.50, atrigger bottle is 50cents and a starterkit is $5, containingtwo bottles of onetype of concentrateand a trigger bottle.Shipping is $3.
BOOKS
‘RAIN GARDENS’CLEAN WATERAs the cost of sew-age treatment rises,reducing storm-water runoff be-comes a more press-ing issue. One of themost attractiveways to address theproblem is a raingarden, a landscap-ing feature thatcollects runoff andhelps to clean thewater naturally.Horticulturist LynnM. Steiner and hy-drology scientistRobert W. Dommintroduce readers tothis form of land-scaping in “RainGardens: Sustain-able Landscaping fora Beautiful Yard andHealthy World.”They explain thebenefits, offer in-structions and tips.“Rain Gardens” ispublished by Voy-ageur Press andsells for $24.99 insoftcover.
MCT Information Services
WASHINGTON — What’sbehind the unusually highrate of contract cancella-tions and settlementdelays in the real estatemarket? With signs ofrecovery emerging inmany parts of thecountry, shouldn’t dealsbe zipping along withminimal complications?
Apparently not. Nearlyone-third of realty agentsin a new national surveyreported experiencingcontract cancellations —purchases crumblingbefore going to closing —in February. That’s updramatically from a simi-lar poll a year earlier,when just 9 percent ofagents reported cancella-tions.
Another 18 percentreported delays in sched-uled closings in the lateststudy, which involvedapproximately 3,000agents surveyed by theNational Association of
Realtors.Tops on the list of
issues?I Appraisals below
contract.You may assume that
the true market value of ahouse is what a seller andbuyer agree to in a bind-ing contract, but it’s not.The appraiser hired by thebank may come up with adifferent opinion of value— significantly belowwhat was agreed betweenthe parties — and this isoccurring with far greaterfrequency today than inprevious years.
Part of the problem isthe excessive use of price-depressed foreclosuresales chosen as “compa-rables” to value non-distressed houses underpending contracts. Butsome appraisers are inex-perienced, unfamiliarwith local pricing trendsand go far beyond theirnormal duties.
For example, Risa Bell,an agent for nationalbroker Redfin in Boston,recently represented pur-chasers of a bank-ownedproperty being sold “asis.” An appraiser for thelender not only detailed along list of needed repairsto the house, but said thedeal could only proceed ifthe prospective buyersspent thousands of dol-lars fixing up the housebefore — not after —closing.
Along the way, frozenpipes in the unheatedhouse broke and a con-tractor hired to do repairsfiled a mechanic’s lienrequiring payment beforethe title could be trans-ferred. All of this com-bined to kill the financingand torpedo the closing,but the buyers ultimatelywere approved by a sec-ond lender using a differ-ent appraiser, who madeno such demands for
repairs in advance.I Ultraconservative
underwriting and docu-mentation requirements.
It’s no longer just to-wering credit score mini-mums, hefty down pay-ments and mind-bendingpaperwork submissionsthat get mortgage appli-cants turned down.
“It’s a lot of other stuff,too,” said Melissa Zavala,broker and owner ofBroadpoint Properties inEscondido, Calif. In-creasingly she’s beenrunning into regulatoryhoops and restrictiveunderwriting rules at theFederal Housing Adminis-tration, Fannie Mae andFreddie Mac that knocksigned contracts off thetracks or at least delaythem for months.
I Poor service bylender staff.
Agents in the surveyidentified “lack of cus-tomer service” and “gen-
erally bad attitudes” ascontributing factors todelays and some contractfailures. But Zavala saidrealty agents themselvesneed to be on the ballwhen loan processingdeadlines begin to slip orcommunication breaksdown with lenders.
Bottom line: If youseriously want to go toclosing on a house you’rebuying or selling, makesure you know all the keyrules and requirements upfront, then stay on top ofthe lending, escrow, titleand real estate profes-sionals assigned to yourtransaction.
And don’t give up ifyour deal runs into com-plications. There are moreof them out there thanusual.
Despite recovery signs, complicationsabound for real estate contracts, loans
had the glass wall (in theoriginal structure movedoutward),” said LarryPickering of FitzsimmonsArchitects, which is work-ing on the home for thenew owner, Brent Kliewer.“At some point he decidedhe wanted more space inthat room, so he added anatrium. There was a littleficus tree outside, and thatbecame an inside tree.”
That “inside tree” isnow more than 40 yearsold, and its branches snakeacross the atrium’s glass.Architect Brian Fitzsim-mons said he and Picker-ing called in a “tree guru”to help them design theirwork around the tree. “Wewanted to make sure thisficus stayed healthy be-cause it’s sort of the soul of
Turn any direction inthe clean-lined modernhome at 824 NW 7, andthere it is — the view.
“That’s what drew us —the view,” said EmmaRolls, who lives there withher husband, Lee Peoples,and their 7-year-olddaughter, Amelia.
Randy Floyd of RandyFloyd Architects designedthe home, one of severalstops on the AmericanInstitute of Architects-Central Oklahoma Chap-ter’s 11th annual Architec-ture Tour from noon to 6p.m. April 14. Tickets are$15 at any stop on tour dayor $12 in advance throughThursday at TAPARCHI-TECTURE, 415 N Broad-way; the AIA-CentralOklahoma Office, 3535 NClassen Blvd.; or online atwww.aiacoc.org/tour/.
Beyond the living roomand kitchen windows, thepanorama of OklahomaCity stretches out towardthe horizon. The Devontower towers above it all,glinting in the late after-noon sunlight.
“It’s really beautiful atsunset,” Rolls said, notingthat the sinking sun oftenreflects off the tower’swindows and bathes thewhole area in pinkish light.
Across the city, theviews from the home at2801 NE 120, another stopon the tour, are equallystunning, but it’s a tapes-try of twisting greenerythat lies past the windows.
Legendary OklahomaCity architect GeorgeSeminoff built the originalmodernist 20-by-40-footbrick-and-glass box in the1950s as a weekend bache-lor pad. The structure ex-panded as he married hiswife Sharon and their fam-ily grew, with a two-storyaddition taking shape nextto it.
“As the house grew, he
Homes, offices showcased
Brent Kliewer stands under a ficus tree growing in his living room at 2801 NE 120, the former home of architectGeorge Seminoff, who designed it. The home is one of several stops on the annual American Institute of Archi-tects-Central Oklahoma Chapter Architecture Tour April 14. The tree dates to the home’s period as Seminoff’sbachelor pad in the 1950s. Kliewer’s dog Julian is on the other side of the glass.
PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Randy Floyd of Randy Floyd Architects stands outside Emma Rolls’ and Lee Peo-ples’ home at 824 NW 7, which Floyd designed. PHOTO BY NATE BILLINGS, THE OKLAHOMAN
EVENT | THE ANNUAL ARCHITECTURE TOUR PROMISES TO SHOWCASE SEVERAL STOPS WITH UNIQUE VIEWS
SEE VIEW, PAGE 2F
SWEETMORTAGEA LURERents are rising inmany areas, makinghome ownership amore alluring al-ternative to renting.That’s a major rea-son mortgage spe-cialists are nowpredicting an uptickin activity amongprospective first-time buyers.
PAGE 3F
EllenJamesMartin
SMARTMOVES
INDEX
Stone 5FPermits 7F, 8F
2F . SATURDAY, APRIL 7, 2012 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
the house,” Fitzsimmonssaid.
But it was more thanjust the view that drew theRolls-Peoples family tothat location in the Cot-tage District — it was closeto their jobs at OklahomaCity University, close totheir favorite places down-town and within range ofWilson ElementarySchool.
For Kliewer, an Okla-homa-born film curatorwho lived in Santa Fe,N.M., for 27 years, theprocess of acquiring hisnew home was a moregradual one. His father’sdeclining health drew himback to Oklahoma a fewyears ago, and an unclewho knew the Seminoffsbrought Kliewer out to theproperty to meet SharonSeminoff. Her husbandhad suffered a stroke andwas moved to Dallas to benear their children, leavingher alone in the house.
The Seminoffs had beeninterested in selling thehouse so the family couldreunite in Dallas, but theyhad made no seriousefforts to put it on themarket, Kliewer said, “sowe actually over the periodof a year were talkingabout it.” He closed on theproperty in 2010. It in-cludes a studio and enor-mous shop as well. All ofGeorge Seminoff’s files,decades’ worth of floorplans, sketches and ren-derings, came with it.
“We’d like to find a goodhome for them,” Fitzsim-mons said.
Other stops on the tourare:
I 6614 N Pennsylvania(James and JenniferWeinland)
Fitzsimmons Architectstook on this challenge aswell, opening up the interi-or of the Colonial-inspiredhome by installing a porchand larger windows on theground floor as well as re-placing the tiny second-story dormers with ex-panded “sky windows” toallow light in from above.
I Saxum, 1300 NBroadway
HSEarchitects helpedthe growing public rela-tions firm expand its lay-out, turning the former1950s-era Kirkpatrick OilCo. building in Automo-bile Alley into a fresh,functional work space.The lobby offers a nod tothe building’s beginningswith a large-scale graphicof an oil rig on one wall anda portrait of founder JohnKirkpatrick on the oppo-site wall.
I 1000 NW 37This historic fourplex,
built in the 1930s, was onthe cusp of demolition lastyear when Norman builder-developer Brent Swiftbought it. Butzer GardnerArchitects worked withSwift to rebuild both the in-terior and the exterior. Sev-en condos are now on theproperty, each with its ownprivate patio, maple cabi-netry and hardwood floors.
I Fire Station No. 6, 21N Lincoln Blvd
Completed last fall, the
new incarnation of StationNo. 6 has been situated tobetter serve downtown,but LWPB Architecture’sdesign is energy-efficientand environmentallyfriendly with technologythat automatically powersdown kitchen and enter-tainment systems whenthe alarm goes off.
I Nichols Law Firm,104 E Main St. in Norman
Attorney Drew Nicholssought out Butzer GardnerArchitects and Brent SwiftConstruction after seeingtheir work on another vin-tage property in downtownNorman. His new officecombines his modernwork spaces with the deep,red brick walls of the origi-nal structure and its vin-tage bank vault.
I Fitzsimmons Resi-dence, 1228 NW 36
The tour revisits a pro-ject that has been ongoingfor several years. Those onthe 2010 tour saw renova-tions to the main house,which was built as a duplexin 1916, that opened up itsinterior and made it moremodern. This year’s tourhighlights the progress onthe main house as well as astudio, garage and the out-door areas on the property.Owners Kenneth andAudrey Fitzsimmons areworking with TASKDesign Inc.
I The Creek House,2116 Covell Lane inEdmond
This semirural homefeatures an open floor planand exposed interiorwoodwork, and it will be inthe final stages of con-struction when tour timerolls around. Owners Bradand Lynn Fielding havebeen working closely withD5 Architecture to create ahome with flexible spacesuitable for entertaining.The home is designed to below-maintenance andenergy-efficient.
For more information onthe tour, go to www.aiacoc.org/tour.
View: Tickets available for tour
Architect Brian Fitzsimmons looks over Brent Kliewer’s house at 2801 NE 120, designed and formerly ownedby architect George Seminoff, one of several on the Architecture Tour April 14. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
FROM PAGE 1F
SETTING IT STRAIGHT
March 31The designers in the Oklahoma City Orchestra
League’s Symphony Show House project repre-senting Mister Robert Fine Furniture & Design inNorman were misidentified in the March 31 RealEstate section. They are Steve Calonkey, SusiePickett and Katelynn Calonke.
Homeowners Lee Peoples and Emma Rolls and architect Randy Floyd are shownin the upstairs office at 824 NW 7, a home that Floyd designed.
PHOTO BY NATE BILLINGS, THE OKLAHOMAN
Attorney Drew Nichols sought out Butzer GardnerArchitects and Brent Swift Construction after seeingtheir work on another vintage property in downtownNorman. His new office at 104 E Main St. in Normancombines his modern work spaces with the deep, redbrick walls of the original structure and its vintagebank vault. PHOTO PROVIDED BY BUTZER GARDNER ARCHITECTS
This view shows the kitchen at 824 NW 7, one ofseveral stops on the Architecture Tour April 14.
PHOTO BY NATE BILLINGS, THE OKLAHOMAN
THE OKLAHOMAN | NEWSOK.COM SATURDAY, APRIL 7, 2012 . 3FREAL ESTATE
People in the market to buy a home inOklahoma City can apply for a down pay-ment and closing cost assistance programcalled HOME for $3,500, $6,000 or$10,000.
The HOME program is not limited tofirst-time home buyers.
“The program is offered to encouragehome ownership in the city’s core,” saidPlanning Director Russell Claus. “Whenpeople own their home they take bettercare of it, they become more invested intheir neighborhood and they tend to staylonger.”
The program is open to homebuyerswhose household size and taxable incomeare no more than: one person $34,450;two people $39,400; three people$44,300; four people $49,200; and high-er income limits apply to larger house-holds.
The program is targeted to select areasbetween Memorial Road and SW 89 andSE 89 between Meridian and Bryant ave-
nues. Homebuyers must qualify for fi-nancing from a mortgage lender.
The $10,000 down payment assistanceapplies only to homes built by communityhousing development organizations,which now have eight energy-efficienthomes for sale. For locations of homes oran appointment to view contact:
I Council of Neighborhoods: 672-7223I Jefferson Park Neighbors Associ-
ation: 409-9816I Neighborhood Housing Services:
231-4664I Positively Paseo: 557-0700To learn more about the down payment
assistance program call the CommunityAction Agency at 232-0199 or Neighbor-hood Housing Services at 231-4663.
The HOME program is managed by thecity of Oklahoma City with applicationsfor assistance processed through theCommunity Action Agency and Neigh-borhood Housing Services. The programis funded through the U.S. Department ofHousing and Urban Development.
Down payment assistance planoffered to spur homebuyersFROM STAFF REPORTS
Rents are rising inmany areas, makinghomeownership a morealluring alternative torenting. That’s a majorreason mortgage special-ists are now predicting anuptick in activity amongprospective first-timebuyers.
“In some areas it’s nowless expensive to buy thanrent. Although the realestate market still isn’tsuper robust, more buyersare moving off the side-lines,” said Ray Eickhoff, aregional vice presidentwith Fairway IndependentMortgage, a mortgagebanking firm with officesthroughout the country.
Eickhoff said the wide-spread view that theeconomy is graduallyrecovering is the primaryfactor strengtheningmany neighborhood mar-kets.
But Scott Lanoff, amortgage broker whoheads his own firm,American Success Mort-gage, cautioned that allpurchasers can expect arigorous mortgage appli-cation process, given thatlenders now operate in amuch more demandingregulatory environmentcompared to the periodbefore the recession.
“I’ve been in the mort-gage field 27 years and it’snever been harder to get ahome loan,” he said.
Keith Gumbinger, avice president at HSHAssociates, which tracksmortgage rates country-wide, says there are cur-rently many fewer com-panies in the mortgagemarket. Even so, he saidhomebuyers can stillcommand the attention ofmany good lenders.
Here are a few pointersfor prospective first-timehomebuyers:
I Get an early jumpon the mortgage searchprocess.
The mortgage market isalways evolving. In addi-tion to the traditional30-year fixed rate mort-gage, new loan productsare constantly developedby the industry.
Most innovations in-volve adjustable-ratemortgages of one type oranother. But they candiffer dramatically in theirnames, terms and condi-tions.
Gumbinger said bothfirst-time buyers andrepeat purchasers need asmuch lead time as pos-sible to educate them-selves on mortgage basics,to sort through alternativehome-loan choices and tocompare lenders andrates.
Gumbinger suggestedmortgage shoppers seekconsumer informationthrough his firm’s web-site, www.hsh.com.
Of course, most home-loan applicants now favortraditional fixed-ratemortgages. But Gumb-inger said buyers whoexpect to stay in thehome they purchase forjust a few years mightconsider a so-called “hy-brid loan” on which theinterest rate stays firm forthree to 10 years beforeadjusting to market levels,because the initial ratewould be lower than thatof a fixed-rate mortgage.
I Hold out for a lenderwilling to give you facetime.
Gerri Detweiler, a con-sumer finance expert andauthor of “The UltimateCredit Handbook,” en-courages first-time buyersto seek a lender who willinstruct them on theintricacies of home loans.
“A reputable mortgagelender should spend atleast 30 to 60 minuteswith you on the funda-mentals and should helpyou to begin fixing flawson your credit reports,”Detweiler said.
How do you find asympathetic lender?
Gumbinger said realestate agents are usually agood source. But he saidyou should look beyondtheir suggestions, alsoasking friends or relativeswho recently purchased ahome.
I Arrive at the lend-er’s office well prepared.
To streamline the proc-ess, there’s no substitutefor gathering key docu-ments in advance of yourmeeting. Ideally, theseshould include recent paystubs, your latest W-2s,and a couple of years’worth of federal tax re-turns, as well as bank andsavings account state-ments.
“They’re necessary tohelp your lender set theupper limit on how muchyou can afford, a processknown as ‘pre-approv-al,“’ Gumbinger said.
By providing thesedocuments early, yourlender can quickly calcu-late your top borrowinglimit and assess youreligibility for variouslending programs.
I Look into your cred-it standing to gain thebest available mortgagerate.
Under federal law,you’re entitled to one freecredit report each yearfrom the three largestcredit bureaus: Equifax,Experian and TransUnion.You can easily requestthese online (www.an-nualcreditreport.com).
In addition to yourcredit reports, you’ll wantto access your creditscores. Such scores,which draw on data fromthe credit bureaus, seek toprovide lenders with aquantitative measure of aperson’s credit risk. Mostlenders still use the scor-ing method pioneered byFICO.
In most cases, you’llneed to pay a fee for yourcredit scores. One way toobtain them is throughthe FICO website:www.myfico.com. Youcan also receive creditscores through the threelarge credit bureaus. FICO
scores range from 300 to850 — the higher thescore, the more likely youare to get the best avail-able rate.
As soon as you’ve cho-sen the home you want tobuy, it’s time to get seri-ous about making yourmortgage application.And with your creditscores in hand, you canreadily begin the processof comparison shoppingfor rates.
Gumbinger said youmay wish to begin therate-shopping processwith the lender who tu-tored you on the basics.But he strongly suggestedyou extend your ratesearch beyond the firstlender. He also recom-mends you consult com-munity banks and creditunions.
“Try to gather at least10 to 12 rate quotes beforeyou applying for a mort-gage. But always remem-ber you’re not only shop-ping rates. You also wantquality service,” Gumb-inger said.
A home is shown for sale sign in Yardley, Pa. In someareas of the country, it’s now less expensive to buythan to rent. AP PHOTO
EllenJamesMartin
SMARTMOVES
Tips on landingsweet mortgage
4F . SATURDAY, APRIL 7, 2012 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
Terry Monson hasmoved to Paradigm Ad-vantEdge’s west office at13100 Colony Pointe, nearPiedmont, as a residentialreal estate sales associate.
The Oklahoma City na-tive attended Rose StateUniversity and worked to-ward a degree in business
administration. He inter-rupted his education tojoin the U.S. Army andserved in Operation DesertStorm.
He has worked for theFederal Bureau of Prisonsat its Oklahoma City Fed-eral Transfer Center for anumber of years and has
been selling real estate forthe past seven years.
Terry Monson
Paradigm adds Monson
Churchill Brown & As-sociates Realtors presentedKaren Blevins, an associatefor 11 years, with its TopProducer award for high-est sales volume in 2011 atits 32nd annual awardsbanquet at GaillardiaCountry Club.
Wanda Looper, GingerBaxter, Bryan Newell andMitra Senemar receivedAssociate of the Yearawards. The Rookie of theYear was Laura Robertson.
Blevinshonoredas top seller
MIDWEST CITY — ShawnaMiller has moved to Para-digm AdvantEdge Real Es-tate’s east office at 2150 SDouglas, Suite F, in Mid-west City.
She became a Realtorseven years ago after sev-eral years of real estate in-vesting. Previously, sheworked as a computertechnician and as a loanoriginator for a mortgagecompany.
Miller movesto agency’s east office
Small may be in when itcomes to homes, but thatdoesn’t mean it’s easy todecorate.
A few simple guidelines,however, can turn a smallspace from Dilemma toDe-Lovely.
Maxwell Gillingham-Ryan, founder of the decorblog Apartment Therapyand author of “The BigBook of Small, CoolSpaces” (Clarkson Potter,2010), thinks it’s all aboutlight.
“The single most pow-erful influencer in a roomis the lighting,” he said.
Every room should havethree sources of illumina-tion, which will bounce offwalls and create a visualexpanse, Gillingham-Ryansaid. Track lighting is agood alternative to free-standing fixtures if space isa problem.
“Track has really im-proved in the past fewyears. You don’t have tobuy a big section with largelights; there are manysmaller, attractive op-tions,” he said.
Rather than buy adjus-table furniture for a multi-purpose small space, “it’sbetter to find good piecesthat do what they’re sup-posed to,” he said. For ex-ample, instead of an otto-man with a lid that flipsinto a tray, buy a great ot-toman and a great tray.“You’ll appreciate bothpieces so much more.”
Gillingham-Ryan sug-gested limiting the colorpalette of a small room. Helikes off-white in all its it-erations, with bright whiteon ceilings. “Keep floorsdark — they’re calmingand grounding, and willmake the walls seem high-er,” he said.
Use accessories, such asa great rug, to add color.“You can’t change yoursquare footage, but youcan change the way thespace feels,” he said.
Elaine Griffin, a New
York-based designer andauthor of “Design Rules”(Gotham, 2009), said awelcoming foyer is nearthe top of her list for smallspaces.
“It’s an important partof the psychological expe-rience of coming home. Ilike to create a faux foyer’by sitting a decorative cubeor box adjacent to the doorwith a tray for mail, andperhaps a shelf above forkeys, a flower and a fra-grant candle. Mount amirror above the shelf,”she said.
In the living area, “avoidthe temptation to put yoursofa on the long wall. Put iton the short wall, andyou’ll have more room to
create decor zones,” Griffinsaid.
Loveseats — popularpurchases for small apart-ments — are “a no-no.Truthfully, they only sitone. Go for the better-proportioned 72-to-76-inch apartment-sized’ so-fa.”
In tiny bathrooms, Grif-fin said, “I’m a big fan ofwall-mountable, squaremini-shelves, which I sta-tion in multiples behindthe door. Save the mostvisible space above the toi-let for art.”
Janice Simonson, IKEA’sdesign spokeswoman, sec-onds that approach. “Of-ten people only look at thefootprint’ of the room,”
she said. “Look for spaceon the verticals — railings,hooks and shelves ondoors and walls can holdbaskets and clothing, andserve as drying areas forlaundry.”
She thinks many peopleerr by buying too muchstorage, ending up withmore stuff that takesspace.
“Take the time to plan;don’t buy anything tillyou’ve moved in and un-packed, to see what’sneeded,” she said.
Some other general tips: I Downsize. What do
you need and what can youlive without? Rip all yourCDs to a hard drive, thensell or donate them. Getrid of anything you rarely
use. I Sight lines are impor-
tant. Benches, openshelves, furniture withlegs, light materials —these help the eye perceivea room as more spacious.
I Mobilize. Rolling ta-bles and carts can serve asdining, work or play piec-es.
A small sunroom is shown is this photo courtesy ofBetter Homes and Gardens. AP PHOTO
BY KIM COOKFor The Associated Press
Right at home: living large in small space
THE OKLAHOMAN | NEWSOK.COM SATURDAY, APRIL 7, 2012 . 5FREAL ESTATE
DEAR BARRY: I wasplanning to purchase a 50-year-old home that hasseveral additions and hasbeen remodeled more thanonce. The records at thebuilding department showno permits since the housewas originally built, so Icanceled my purchase of-fer. The owners dropped 10percent off the sellingprice, hoping that I wouldresume the purchase. In-stead of a price reduction, Iwould like the sellers to getan as-built permit andhave the building im-provements signed off.What do you recommend?
LoriDEAR LORI: Your strat-
egy is a good one. Havingthe home inspected andapproved by the buildingdepartment is a better idea
than a 10-percent dis-count. If the sellers arethat anxious to sell theproperty, who knows whatmanner of defects awaitdiscovery? The 10-percentdiscount may or may notbe sufficient to offset po-tential repair needs.
Let the sellers have theproperty inspected andapproved by the buildingdepartment. When they’redone with that, be sure tofollow up by hiring a qual-ified home inspector ofyour own.
DEAR BARRY: I want tobuy a 4-year-old housewith solar panels and radi-ant floor heat. The homeinspectors I’ve called saythey don’t evaluate “non-standard” things like solarpanels and radiant heat.What can I do since it ap-
pears the inspection in-dustry hasn’t kept up withthe building industry?
CatherineDEAR CATHERINE:
This is not a matter ofkeeping up with the build-ing industry. Home in-spections are visual in-spections, done withoutthe use of sophisticatedtest equipment. A com-prehensive inspection re-quires the professional ex-pertise of specialty con-tractors. The solar panelsshould be inspected by alicensed solar contractor;the heating system by a li-censed HVAC contractor.
To write to Barry Stone, visit him on theweb at www.housedetective.com.
ACTION COAST PUBLISHING
BarryStone
INSPECTOR’S IN THEHOUSE
Building departmentshould inspect home Your bank doesn’t have
feelings or emotions, but itdoes have goals. If you rec-ognize this and act accord-ingly, you will find it mucheasier to get what you wantfrom your bank.
For the first few monthsthat I wrote this column, Iwould consistently hearfrom my editor that a bankis not a “they” but ratheran “it.”
I would write somethingsuch as, “Call your lenderand see if they will helpyou” and he would correctthe sentence to “Call yourlender and see if it will helpyou.” I finally caught on.But I notice that most ofmy clients refer to the bankas “they.” I wisely don’tsay anything. I’m there tosolve my clients’ issues,not to correct their gram-mar.
But what we say is an in-dication of what we think,
and what we think deter-mines how we approachthe various problems thatwe all face from time totime. A bank is a thing —an inanimate set of poli-cies and procedures creat-ed to provide value to itscustomers, who, in turn,help create profit for thebusiness’ owners or share-holders. The bank doesn’thave feelings or emotions,but it does have goals. Ifyou recognize this and actaccordingly, you will find itmuch easier to get whatyou want from your bank.
For example, if a bankwere a “they,” it might beconcerned with all of theintimate details of thehardship that caused youto stop making your mort-gage payments. But in re-ality, the bank primarilylooks at your financial in-formation to see if you fitinto any of its programs
that might lead to a loanmodification or a shortsale.
You are much better offthinking of your lender as amachine — a computerthat can offer you a solu-tion only if you provide thenecessary information inexactly the way it asks forit. Remember the old say-ing: You can’t make a silkpurse out of a pig’s ear.Likewise, you can solveyour housing and lendingproblems more easily ifyou don’t think of yourbank as something it isn’t.
Gary M. Singer is a Florida attorney andboard-certified as an expert in realestate law by the Florida Bar.
MCT INFORMATION SERVICES
GaryM.Singer
REAL ESTATE LAW
A lender is an ‘it’
6F . SATURDAY, APRIL 7, 2012 THE OKLAHOMAN | NEWSOK.COMTHE OKLAHOMAN
The Keystone is muchlarger than it looks fromthe front. This two-levelcontemporary Craftsmanbungalow offers nearly3,000 square feet of livingspace. Tapered stone ve-neer twin-column sup-ports, decorative gable ac-cents and characteristicwindows combine to cre-ate that nostalgic Crafts-man look.
It’s designed for con-struction on a lot thatslopes down on the rightand to the rear. Approxi-mately a third of the in-door living area is in thedaylight basement, whichis invisible from the front.
A window-bright vault-ed great room sits at thecore of the main floor, di-rectly ahead of the widefoyer. Gathering spaces,formal and informal, fillthe left wing, while a luxu-rious owners’ suite takesup most of the right wing.
Double doors next to thefoyer lead into an expan-sive room brightened by abay window. This could befurnished as a parlor, den,home office, or whateversuits. It has a roomy stor-age closet.
Flames in the see-through fireplace can beenjoyed from the diningroom, kitchen and nook aswell as the great room.Kitchen features include along, flush eating bar androomy walk-in pantry,along with generous cup-board and counter space.Windows in front of thesink overlook a covereddeck.
The spa tub in the luxu-rious owners’ suite is cen-trally located, allowing oneperson to chat with anoth-er in the sleeping area or
lavatory room while soak-ing away the day’s ten-sions. Other amenities in-clude dual vanities, privatetoilet and a large walk-incloset.
Two more bedrooms are
in the Keystone’s base-ment, along with a gener-ously sized utility roomand a spacious familyroom with another fire-place. Sliding glass doorsopen onto a covered patio.
A review plan of the Keystone 30-597,including floor plans, elevations, sectionand artist’s conception, can bepurchased for $25 by phone, mail oronline. Add $5 for shipping and handling.Associated Designs, 1100 Jacobs Drive,Eugene, OR, 97402.www.associateddesigns.com. (800)634-0123.
HOUSE PLAN
Keystone larger than it looks
The Listing of the Weekis a large home on a cul-de-sac in the Rivendellneighborhood of southOklahoma City.
The 3,521-square-foothome at 2609 SW 121Court has four bedrooms,three baths, two livingrooms, two dining roomsand an attached three-cargarage. The formal livingroom overlooks outdoorentertaining space. Thefamily room has a built-inbookcase, ceiling fan andfireplace. The kitchen hasa built-in refrigerator,double ovens, breakfastbar, eating space and pan-try.
The master bedroom
has a sitting area, walk-incloset and full bath. Sec-ondary bedrooms have fullbaths, walk-in closets andceiling fans.
The home has a cedarcloset, covered patio, cen-tral vacuum systems, in-tercom and security sys-tem.
The home, built in 1996,is listed for $449,900 withCheryl Cupps of MetroBrokers of Oklahoma. Formore information, call365-4314.
Nominations for Listing of the Weekare welcome. Send information onsingle-family homes to The Oklahoman,Richard Mize, P.O. Box 25125, OklahomaCity, OK 73125. Nominations may befaxed to 475-3996.
The Listing of the Week is at 2609 SW 121 Court. The3,521-square-foot home has four bedrooms, threebaths, two living rooms, two dining rooms and anattached three-car garage. PHOTO PROVIDED
LISTING OF THE WEEK
A large home,3-car garageon cul-de-sac
THE OKLAHOMAN | NEWSOK.COM SATURDAY, APRIL 7, 2012 . 7FREAL ESTATE
Oklahoma CityTimberlake Construc-
tion, 5100 S Interstate 35Service Road, bank, add-on, $9,000,000.
Todd Crowl-FrankfurtShort Bruza Architects,2500 N Utah Ave., train-ing center, erect,$1,500,000.
Frontier City, 11501 NInterstate 35 ServiceRoad, canopy-carport,erect, $1,300,000.
CMS Willowbrook,8901 S Shields Blvd.,church, remodel,$1,200,000.
7909 Maehs Circle3bd/2ba, remodeled, cor-ner lot $149K 602-9958
Open House Sunday 1-3P2305 N Youngs, com-pletely remodeled house.
(MUST SELL) 3 or 4 bed,extra nice large home,
almost 1900 square feet,totally remodeled, newcarpet and all the good-ies, in ground swimming
pool in back yard,$149,900, 405-570-4291.
2909 SW 40th sharp3bd home, completelyremodeled, nice well
kept area, only $43,900Fidelity692-1661, 410-4200
2813 SW 60 Completelyremodeled 3bd 1.5ba ch/abrick home 2 living areas.Call for details!! $68,000Fidelity692-1661, 410-4200
OWNER FINANCING$5000 down No Credit Ck2728 Texoma, 4/1, $66K¡596-4599‘ 410-8840¡
3 bed, 2 bath, newly re-decorated, reduced
$15,000, call 762-2420.
GREAT VALUE 4/2/2Cottonwood Farms$192,900 Richard
Cleaton & Assoc 373-2494
Real Estate AuctionOkarche, OK 27 acres
MOL w/ home, barns &arena. See section 342 intoday's paper for more
info. United CountryHendron & Assoc.
PIEDMONT OPEN SUN 2-5Model home. New hms
on 1/2 ac lots. From NWExpwy & Sara Rd go 4.5
miNCleaton&Assoc373-2494
PUBLIC AUCTIONThurs April 12, 2012
10am 160 AcresSW/4 Sec. 33-9-11
Caddo coExec. Hunting Property
& Stock FarmLots of Deer Hogs
www.tillmansauction.com405-542-3837
Tillman Auction
40 ACRES HUNTINGLAND HUGHES CO.
$21,000. 405-886-1643
'84 Nashua 16x80, origowner, very good cond.
refridge, stove likenew, shingled roof,
strm wind, good insul.,centr ac works good. Tobe moved $9500 firm» 405-650-2939 »
Double Your Tax Refund!!Double your money or useyour land/family land forZERO down. New & RepoHomes. $2500 Furniturepackage w/new purchase.
Free phone app. WAC405-631-7600
Abandoned D/W Reposet up on 5 Acres!! Readyto move in. Free phone
application 405-631-7600
Own your Own homeFor less than rent.
Payments as low as$350mo. 405-577-2884
Palm Harbor Repo4bd/3bth-BEST Quality
405-324-8000
Land & Home ReposSave $$$ 405-324-8010
Rent to Own: Nice 2&3bdMWC $350&up 390-9777
Real Estate AuctionThurs, April 12th, 2PM
16735 N. Evans Rd.Okarche, OK
27 acres MOL, bordersnice lake, 6,000+ sfuniquely designed 2-sto-ry home. 4 bedrooms,5 baths, shop, approx.10,000 sf 2-storyshop/barn as well as a40x50 brick/stone con-structed barn w/ stalls,a 160'x350' arena w/chutes & turnback alley.
OPEN HOUSES:Sun April 1st 2-4pm& Fri April 6th 4-6pm
