The Brian and Kindra Show

On the January 23 2020 episode of The Brian and Kindra show, they discussed the lending portion of buying a property with Connie Rolen of Bank 7, Woodward, OK.  Connie has over 30 years of experience in the mortgage industry.  Brian and Kindra have over 30 years of combined real estate experience and have closed over 1,000 transactions.  First things first, it’s nearly impossible to discuss obtaining any loan without discussing credit scores!  Obviously, the higher the credit score the better!  Connie recommends monitoring your credit score.  Many credit card companies today have programs that allow you to monitor your credit score monthly.  This is very helpful so that one can be on the lookout for fraudulent activity.  It is very important to check credit annually at the very least.  Many people use free websites such as creditkarma.com or annualcreditreport.com.  Once the credit report is received, someone knowledgeable in credit scores can review the report and offer advice on what should be paid off or paid down or even if an item can be ignored temporarily.  Currently, a credit score of 600 is sufficient for some loans.  The best case is 740 or above because that will get you the very best interest.  One other tip is not to max out your loan potential.  The perfect scenario is to keep your credit cards at 30% of their limit or less. Another credit concern when buying a home is your debt to income ratio.  The debt to income ratio is your monthly payment divided by your monthly gross income.  This does not include your rent or utilities.  For example if a buyer has $1,000 monthly gross income and has $500 in monthly payments, they have a 50% debt to income ratio.  Connie shared that it isn’t impossible to obtain a home loan if your income to debt ratio is greater than 43%, but that maximum figure is the best if possible.  Brian and Kindra were very excited to talk to Connie about what Brian calls the ‘20% Down Myth’.  Many buyers are under the false impression that home loans strictly require 20% down.  Great news!  This is absolutely wrong!  In fact, Connie shared the majority of home loans she makes are not 20% down payment at all!  Kindra and Brian frequently sell homes with FHA loans (3.5% down payment), USDA or Rural Development loans (0% down payment) and VA loans (0% down payment).  In addition to these low down payments, the buyers and sellers can negotiate for the seller to pay up to 6% of the purchase price toward the buyers closing costs.  There are also conventional loans that can be obtained with 3%, 5% or 10% down.  It is very important to sit down with a knowledgeable lender to discuss the best options for each scenario.  Hopefully, this information will be very helpful to you!  Are you ready to buy your next property?  As always ask your Real Estate Professional to assist you as you navigate the search to find a lender and then in your new home purchase! Bank7.comBrian Cook - 580-334-2303Kindra Cox - (580) 216-0090www.TheBrianandKindraShow.comwww.DiscoverWoodward.comwww.SeeMe4Homes.com

On the January 23 2020 episode of The Brian and Kindra show, they discussed the process of buying a property.  Brian and Kindra have over 30 years of combined real estate experience and have closed over 1,000 transactions.  The first recommended step in purchasing a home is to choose a Realtor.  Brian and Kindra agree that experience is very beneficial when you seek a Realtor to assist you in your purchase.  They also recognize that this purchase process is very personal and it is important to ‘click’ with your agent.  Buyers should be able to trust and communicate well with the Realtor they choose.  Brian and Kindra provide a team approach so that buyers are rarely without one of their agents even when one of the team is out of town.  Next, the buyer will want to choose a lender and begin the process to prequalify for a loan.  A buyer will want to be comfortable with their lender and may already have a relationship established at their current bank.  Some buyers find it very helpful to be able to walk in and sit down with their lender while other buyers are comfortable with a lender out of town who can handle their transaction digitally.  Next up, is shopping!!  This is when the fun really seems to begin! Because you have chosen a Realtor that you can communicate well with, they will begin to make appointments to show you homes that fit your needs and desired budget.  Once you find the home that you are ready to commit to, you will make an offer!!  Brian likes to call the offer a pre contract. The offer is written on the contract form so that both parties can see all of the terms that are being offered and hopefully are agreeable.  Once the offer is signed and accepted by both buyer and seller, it becomes a contract, then the inspection period begins allowing the buyer to be sure they are comfortable with the condition of the home.  The inspections can include a home inspection, termite inspection and even seeking insurance among other inspections.  Sometimes, during this part of the contract, the buyer requests repairs.  This is almost a renegotiation of the contract.  During this time, the title work is also being completed.  Once a title attorney has read the abstract, he presents a title opinion or a title commitment back to the buyer (via the title company, agent and lender).  Occasionally, the title work will have an issue that must be corrected before closing.  The contract used by Brian and Kindra specify the transaction will not close without a clear, marketable title.  Also during this portion of the contract phase, the appraiser will be physically viewing the home.  Various loan types have different criteria for the appraisers.  The appraiser is looking at condition, size, amenities and then comparing against other properties that have sold and are similar.  If the appraiser finds some condition lacking, he may bring that to the attention of the lender who may require repairs prior to closing.  The Realtors will again assist in this negotiation with the seller.   The lender is most likely ready to schedule closing now!  The closing process brings the entire transaction to the end with buyers signing loan documents and sellers signing over the deed to the property.  The title company will send the signed documents back to the lender who will then give approval for funding!  This is the exciting moment when keys and ownership change from sellers to buyers!  Sometimes it sounds like a simple process and then buyers or sellers are surprised by the time it takes to complete the transaction.  Kindra says it feels like a lot of ‘hurry up and wait’!  Be patient

On the January 16,  2020 episode of The Brian and Kindra show, Larry Hill of Larry K Hill Studios shared how art is important in life and a very important aspect of making a house into a home. Larry shared that the creation of art is an expression of life when words fail.  Larry shared how he and his wife previously had foster kids.  He would encourage the children to sit down with high quality materials and though the children were not always able to express their feelings verbally, often their feelings would be visible in their art. Larry shares that we can all do this at some level.  Creating can make us happy, help us smile inside. He reminds us that many artists, such as himself, offer classes to assist in artistic creation and expression.  Additionally, the things we create are often the legacy we leave behind that is treasured by our family when we are gone.  Art created by others brings emotion to us and reminds us of things.  This is why we have art in our homes.  Larry shared how Brian and Kindra help buyers find the home that is a reflection of the buyer and a reflection of how they want to live.  Once they purchase, Larry shares, that’s when he is able to become an asset.  He can ask questions and help to find the right kind of art to further reflect the buyers.  Art can create an additional layer of happiness, excitement and calm in the home. Larry can help to create an atmosphere that a homeowner desires all by the type of art that is displayed.  It is also important to note that it’s not always an immediate choice.  Sometimes, one must ‘live’ in the home or office for a time before they know what they are really looking for.  Once they are more familiar with their space and can identify what they love about it, Larry can assist in finding the right pieces to complement and improve their living spaces.  Not all art is the same and art appeals differently to each person.  Brian shared how in his home, art and decoration are displayed in an organized and symmetric fashion.  Yet, another homeowner he worked with recently had an eclectic vision for their living space including a variety of objects displayed in a less uniform fashion.  Both types of art are right in their settings, but show how individuals are attracted to various types of art reflecting who they are. Brian and Kindra encourage readers to review the art they have in their homes.  They especially encourage new homeowners to find someone like Larry Hill to assist them when they are settled in their new space to find art to further reflect the atmosphere they want their home to exhibit.  If you are looking for a local artist, ask your Real Estate Professional if they have someone they may recommend.  As always, best wishes in your real estate adventures! 

On the January 9, 2020 episode of The Brian and Kindra show, they visited with Mike Gossett of On Point Land Survey.  On Point Land Survey is a local, family owned and operated survey company. Mike, owner of On Point Land Survey has 20 years of experience in the survey business and took some time to share some information about surveys with Brian and Kindra on their radio program.  Mike shared that as a professional surveyor, he is able to provide 3 specific services.   He can create new boundaries when landowners need them established.  He can research and mark existing boundaries.  Last, surveyors can act as expert witnesses in a court of law when property boundary disputes arise. Most often surveyors are used in boundary placements.  Mike said surveying requires math, science and even some knowledge of history.  For example, some of the most challenging surveys are the ones that include old, abandoned railroads. Often, there is little or no evidence left of where that railroad lay making it a challenge to find the specific property lines.  Mike shared that he uses evidence to help determine property lines including fences, old walls, old (survey) pins or pipes in the ground.  There can be quite a bit of evidence that has been left over the past 120 years of Oklahoma being surveyed and since statehood.  Mike also uses the geographical evidence to help determine the correct property boundaries.  Other services Mike said surveyors provide are varied.  For example, as Brian was working on his company’s new office building, Mike assisted in seeking solutions to some groundwater issues that were created by the parking lot being a different level than the office.  By surveying the elevation of the land, Mike is able to help find solutions to divert water to avoid flooding issues.  Additionally, surveyors are able to perform surveys where land elevation is measured compared to a flood zone.  This allows the surveyor to provide an elevation certificate that can potentially help a homeowner decrease their flood insurance requirements.  Occasionally, the elevation certificate can even provide FEMA the information they require to remove a property from a flood zone.  This process is very specific and can be lengthy.  Mike shared an example in which he worked with Brian recently to assist a landowner in this process.  Often, we think of survey needs for country properties.  However, properties located in city limits have needs for surveys as well.  As previously discussed, issues with water diversion and elevation certificates may be necessary. Other times, home owners may need an updated survey in order to build a new fence or if they are planning an addition to their home or even if they are planning to build a shop.  Be sure to use a professional surveyor when you have these needs arise.  As always, if you are unsure who to call, your local Real Estate professional can help guide you to a fellow professional.  As always, best wishes in your real estate adventures!