Oklahoma Real Estate Facts
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Disadvantages Of Investing In Owner Financed Homes In Oklahoma
While owner financing offers a lot of benefits for buyers, you need to be aware of certain conditions and risks:
#1: Higher Interest Rates
Sellers of owner financed homes in Oklahoma will face the risk of non-payment. This is why they will likely charge higher interest rates. If you find the sellers desired interest rate too high, try to negotiate. You can offer a higher sale price, more down payment, or shorter loan duration.
#2: Balloon Payment
Depending on federal restrictions, you may have to make a balloon or lump sum payment after several years or at the end of your loan.
Before entering into this arrangement, make sure that you can afford this by the time that balloon payment is due. If you plan to use the property as a rental, you can use Mashvisor to calculate your investment payback balance and determine if you can afford to pay the required lump sum.
#3: Seller Approval
Just because you find a seller willing to offer owner financing does not automatically mean that they would want to do it with you. If they do not find you creditworthy, they may decline your proposal. However, you can still try to negotiate by increasing your down payment or letting them keep the property title until you have made the full payment.
We Never Charge Early Payoff Penalties
As our customer, you are free to pay off your property at any time without worrying about an extra fee. This is great for those who are only in need of short term financing while waiting for a home or other property to sell. Also, any additional payments you make toward your property will be automatically applied toward your principal.
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How To Find Owner Financed Homes In Oklahoma
In this article, you will learn about owner financing, its pros and cons, and how you can find owner financed homes in Oklahoma.
Oklahoma offers a low cost of living and non-existent rush hour, among other things. This is why the city has become a desirable place to live in for people who are tired of high prices and heavy traffic. It is no wonder why the city population grew by 12.9% since 2010, according to the US Census Bureau. The majority of new residents come from densely populated states like California and Texas. Most of them want to keep their urban amenities minus the stress of city-living.
This steadily rising trend is a great opportunity for real estate investors like you to buy a rental home in Oklahoma.
But what if you are not able to qualify for a traditional mortgage? After all, financial institutions have rigid procedures for loans. This has prevented many aspiring homebuyers from affording the house of their dreams. First-time investors or those who lost their rental income in the last year may also be facing the same problem.
If you can relate to this issue, know that there are other ways to finance the rental home you wish to buy. One of them is owner financing. You can read all about it in this article, which covers:
- The definition of owner financing and how it works
- Advantages and disadvantages of owner financing in Oklahoma for homebuyers
- How to find owner financed homes in Oklahoma
Stage And Market Your Home
To show their house to its best advantage, many home sellers use staging companies. Realtors hire them to supply furniture and decorations that are possibly in better condition than your own. The goal is to present your home at its best. Some stagingcompanies will work with FSBO sellers, or you can try to do it yourself.
High-quality photos could help your home sell faster, so think about hiring a professional photographer. Homes with more photos sell faster, spending less time on the market than houses with only one or two pictures. Many realtors include professionalphotography in their services, but you’ll have to find, hire, and pay someone yourself.
Emphasize your property’s pluses in the listing description you write. Is it within walking distance of a park? Mention features which appeal to buyers in your neighborhood, whether they’re millennials or first-time home buyers, and then postyour listing description online and in advertising forums. Monitor those listings and stay on top of answering any questions.
> > LEARNhow much it costs to stage a home
| Bonus tip: Hiring a professional stager can help alleviate some of the stress FSBO sellers go through. They know your local market and ensure your home is ready to impress, giving you one less thing to worry about.Shop around to find out which local stagers offer reasonable rates and have a proven record of getting homes ready for sale. |
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What Fsbo Sellers In Oklahoma Need To Know
ð Key benefits of selling FSBO
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Real estate laws, processes, and trends vary greatly across the country. Understanding the details of your market and getting accurate information can make a FSBO sale complicated.
We’ll go into more details about what you need to do in Oklahoma, but here’s an overview of the state’s laws and regulations.
Oklahoma FSBO overview
| Competitive Buyer’s Agent Commission | 2.75% to 3.00% |
Additionally, you’ll need to know and understand all of your responsibilities as a FSBO seller, which include:
- Preparing your home by making necessary repairs, cleaning, and staging your home.
- Accurately and competitively pricing your home.
- Vetting buyers to ensure they’re qualified, from a financial perspective. Accepting an offer from an unqualified buyer will cause your sale to fall through.
- Negotiating the final price, contingencies, repair concessions, and other aspects of the purchase agreement.
- Properly filling out all necessary paperwork for a real estate transaction in Oklahoma.
Timely Affordable Financing For You
With our minimal down payment owner financing option, we can do same day closings with absolutely no closing fees.
Financial institutions will often require many weeks or even months to prepare for a closing and will charge multiple fees to do so. If you take advantage of our 10% down owner financing option, you will have the luxury of closing on the property the same day that you sign your contract. You can take possession of your property immediately and get started building your dream right away!
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What Is Owner Financing
Owner financing is a payment method that lets you pay for a home without relying on a traditional mortgage. It is sometimes called seller financing. With this, the homeowner or seller finances the sale.
When buying owner financed homes in Oklahoma or anywhere in the US, expect to pay a higher interest compared to the current mortgage rates. You will also have a balloon payment due after at least five years. Owner financing benefits both buyer and seller as it removes the need for a lender, appraisal, and inspection. This simplifies the real estate transaction.
Owner financing also requires you to make a down payment on the property you wish to buy and pay off the rest over time. But it is usually more expensive and requires full repayment or refinancing into a traditional loan in at least five years.
How Owner Financing Works
When you find someone selling owner financed homes in Oklahoma, expect them to do some form of a background or credit check on you. But unlike a bank, they are usually not as stringent with their requirements. If you are unqualified to take out a traditional loan, then this option may be for you.
Because you are not involving a bank in your real estate transaction, inspection and appraisal are optional. Owner financed homes are usually sold as-is, though, so even if you do an inspection, you may not be able to ask the seller to make repairs or upgrades. But getting this and an appraisal done can help you get the true market value of the property.
Advantages Of Investing In Owner Financed Homes In Oklahoma
If you are looking for an alternative or at least an easier way to finance your home purchase, owner financing is a great option for you. Here are some of the advantages of buying owner financed homes in Oklahoma:
#1: Easier Access to Financing
Most traditional lending institutions have strict requirements for them to approve loan applications. Depending on your financial situation, you may not qualify for their conditions. But with owner financing, your background and credit history have to be acceptable to the owner for them to agree in extending their credit to you.
#2: Quicker Transaction
When taking out a home loan, you need to arrange for things like home inspection and appraisal before you can get your loan approved. With owner financing, you will not have to do these, thus shortening the time it will take for you to close the deal. Of course, getting a home inspection and even an appraisal would help you determine if the house you want to buy is still worth investing in.
#3: Reduced Closing Costs
You will not have to deal with costs related to mortgages such as bank fees and private mortgage insurance . This is because you are loaning from a seller instead of a bank. But if you are planning to do an appraisal and home inspection, you will have to pay for those at closing.
#4: Lower Down Payment
#5: Tailored Financing
Unlike conventional loans that already have set terms, you and the seller can choose from a variety of loan-repayment options like:
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Helping People Own Their Dream Land
We believe that everyone, regardless of financial status, deserves the opportunity to grasp their dream of owning their own land. We want you to have your dream land and our business is designed to make it a possibility for everyone. We are committed to doing everything we can in order to make that happen.
Contract Forms And Related Addenda
Compatible Software – In order to save the changes you make to these documents you will need either Adobe Acrobat Reader DC or Adobe Acrobat Pro DC.
All Contract Forms listed below are approved by the Commission for 2021- 2022 use.
If you have a contract question, please consult your Broker or a licensed Attorney.
RESIDENTIAL SALE | NEW HOME CONSTRUCTION | VACANT LOT / LAND
RESIDENTIAL PROPERTY CONDITION DISCLOSURE FORMS
Good Faith Estimate Form: The Good Faith Estimate Form has evolved into variations of a “Loan Estimate” and “Closing Disclosure” document. The Department of Housing and Urban Development no longer oversees the GFE, so we are providing the following links in an effort to assist you with this step.
- Consumer Financial Protection Bureau Loan Estimate Form
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How Realtor Commissions Work In Oklahoma
Traditionally, both the buyer’s agent and the listing agent are paid a commission by the homeowner. When sellers work with a realtor, they negotiate a commission as part of the listing agreement.
Based on the average commission rates in Oklahoma, this typically ranges from 2.80% to 3.00% of the sale price.
In a typical sale, the seller also agrees to a commission rate for the realtor who brings the buyer to the table, which runs between 2.75% to 3.00%.
| Average Range in Oklahoma* |
|---|
| *Based on the average commission rates from a 2021 Clever survey of 915 real estate agentsâºBased on the median home value in Oklahoma |
As a FSBO seller, you automatically avoid paying a listing commission. However, there is a solid argument for offering a buyer’s agent commission.
A buyerâs agent’s commission is an incentive for realtors to show your house to their clients. If you don’t offer a commission that is competitive compared to similar homes in your area, then your home could be shown less. Agents may prioritize taking buyers to homes with a commission.
The best way to avoid paying any commission fees is to sell to an unrepresented buyer. However, know that nearly 87% of buyers work with a realtor. If you decide not to offer a buyer’s agent commission, you may severely restrict your pool of buyers.
Further, if you list FSBO, you’ll likely receive multiple calls from agents offering to connect you with their buyers…if you pay them a competitive buyer’s agent commission .
Oklahoma Owner Financed Land For Sale
Find owner financed land for sale in Oklahoma including unrestricted land, cheap land for tiny homes, and other land for sale by owner with flexible financing. Properties matching your search have an average property price of $280,645 and a price per acre of $14,451. If you’re selling land nearby browse land brokers in Oklahoma who can get you the best price for your real estate.
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If Youre Tired Of Paying Your Landlord And Ready To Buy One Of Our Seller Financed Tulsa Homesfollow These Four Simple Steps
Step 1:Check our inventory and Drive by any of our available homes.
Step 2: Get out and walk around the home, peak through the windows, check out the neighborhood.
Step 3: Fill out our Property Application
Step 4: Call 918-516-8885 to set up a time to see the inside of the property.
Give us a call and we will schedule a meeting to show you the house right away.
Check our inventory from time to time our homes DO NOT last long for obvious reasons.
EXAMPLE OF SELLER FINANCING NUMBERS
*SAMPLE BUDGET
Paperwork To Sell A House By Owner In Oklahoma
Once you find a buyer for your house, it’s time to start the closing process. In a typical real estate transaction, your agent will make sure you fill out all the necessary documents and forms. As a FSBO seller, you’ll have to navigate the paperwork by yourself.
This process varies by state â hereâs a quick breakdown of Oklahomaâs requirements.
Required for all Oklahoma real estate sales
| 2 Forms of ID | In most cases, a valid passport, driver’s license, or other form of Oklahoma-issued ID. |
| Copy of Purchase Agreement and Any Addendums | Copy of the original, signed sales agreement as well as any agreed upon changes. |
| Closing Statement | A detailed list of all the costs associated with the sale and who pays them. This is often prepared by your escrow agent or title company. |
| Signed Deed | To legally transfer your property, you’ll need the deed that proves you’re the rightful owner. At closing, you’ll sign the deed over to the buyer. |
| Bill of Sale | This is basically a receipt that includes both your information and the buyer’s. It will also list the final price of the home and what was included in the sale. |
| Affidavit of Title | A notarized document that states you own the home, that there are no liens on the property, that you are not simultaneously selling the home to someone else, etc. |
Possible additional documents
Oklahoma disclosure forms
To avoid an expensive mistake, consider working with a low commission realtor instead.
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Oklahoma City Ok Real Estate & Homes For Sale
$137
Negotiate For The Best Possible Price
Negotiations are about deciding more than the final sale price. You and the buyer will also have to agree upon contract contingencies, how closing costs are divided, the timeline, and more.
To gain the upper hand, get creative with the seller concessions you offer a buyer. While they might cost you a little more at closing, concessions sweeten the deal for buyers and could lead to a higher final sale price.
The most popular concessions vary from market to market. Knowing what works with buyers in your area will help you strengthen your offer.
For example, a Clever survey of local real estate professionals found that in Oklahoma, sellers often cover 1.10% to 1.70% of buyers’ closing costs. On a home of median value, that equates to $1,786 to $2,761, but can help you close the deal sooner and for more money.
You should also consider offering these popular seller concessions:
Most common seller concessions in Oklahoma
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