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 Henry David Thoreau

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    Newest Homes For Sale in the Tulsa Area

    How to Get the Extended Home Buyer Tax Credit

    You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Many Congratulations!!! Here’s what you have to do to get your tax benefit:

    1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding, written contract by April 30, 2010 and close by July 1, 2010.
    2.  Decide whether to:
    * apply the credit to your 2009 tax return, filed on or before April 15, 2010;
    *  file an amended 2009 return; or,
    * apply the credit on your 2010 return, filed on or before April 15, 2011.
    3. Attach the documentation of purchase to your return.

    The Documentation of Purchase

    Home buyers must attach a copy of the closing statement (specifically called the HUD-1 or settlement form) to the IRS Form 5405 as the evidence that the home purchase was completed and that is was within the dates specified. In some cases, a HUD-1 form may not have been used (sometimes with new construction). In those situations you should attach a copy of the certificate of occupancy in lieu of the HUD-1.

    If you can not find your copy of the HUD-1 from the documents you received on the day of closing, contact your Realtor® for help.

    When to Apply the Credit

    Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

    Buyers purchasing in 2010 will have the option to:

    *  Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
    *  File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
    *  Claim the credit on their 2010 tax returns.

    Applying the Home Buyer Tax Credit to Your 2009 Return

    To claim the credit as part of your 2009 return, you will need:  The standard Form 1040 and Form 5405 for the home buyer tax credit.

    1. First begin Form 1040.

    2. Be sure to take note of your adjusted gross income from the Form 1040, which you will then enter on lines 37 of the Form 5405. (Form 5405 actually requires you to note your modified adjusted gross income, but that affects few people, so most will just use their adjusted gross income.)

    3. When you come to Line 69 of the Form 1040 you’ll be asked to enter your tax credit amount. To do that, you’ll need to first complete Form 5405.

    4. Once you complete Form 5405, enter the amount on Line 69, then complete your return.

    5. Attach Form 5405 with the HUD-1 to your return (Form 1040).

    Determining Your First-Time Home Buyer Credit Amount:  Form 5405

    This form (IRS Form 5405) has just six lines and takes only a minute to complete.

    1. On the first line enter either $8,000 or 10 percent of the home purchase price, whichever is smaller.

    Since the national median home price is around $175,200 (March 2009), in most cases the $8,000 will be the smaller of the two. In order for 10 percent of the home price to be smaller, the home purchase price would have to be $79,999 or less.

    2. On the second line enter your adjusted gross income.

    You will find your gross adjusted income on Form 1040. (The tax credit form actually requires you to note your modified adjusted gross income, but that affects few people, so most will just use their adjusted gross income.)

    3. If your adjusted gross income is more than $75,000 (individual) or your income is more than $150,000 (joint)  you’ll have to complete some additional calculations to determine the credit amount for which you qualify.

    Everyone else will simply enter the tax credit amount on Line 6.

    Collecting Your Refund

    Any refund for which you qualify will be sent to you.


    Sharing Your Files

    HOW TO EMAIL HUGE FILES!

    We’re always looking for ways to e-mail large files without getting cut off by cranky e-mail providers. Those files may be pictures, videos or audio messages. Once upon a time, my friend Marc and I would make micro cassettes and mail our messages instead of writing letters. This could be a great alternative to plain email. People could actually hear the excitement, or sadness, in your voice rather than mis-reading words online.

    As I’m sure you have discovered, e-mail folks set a limit on the size of files we can send - and when we exceed that limit they get nasty and bounce those great photos we tried to send to Grandpa.

    This great place lets you upload files as large as 2 gigabytes — and there is no need to register or sign up. You simply upload your file and your link is instantly ready to email to your friends and colleagues. You can upload as many files as you want. Your files remain accessible for as long as they are being used and can be downloaded an unlimited number of times.

    Great service and it’s on the house! Just click on the link in the first paragraph.


    Helping You Find and Buy Your Home

    Helping You Find Your Home/Buy Your Home:

    House Hunting Guide

    Helping You Find Your Home

    These are the things I will do for you:

    1.    I will supply you with your own copy of the Home Finder Manual

    2.    I will help you search out the very best mortgage and interest rate available

    3.    I will search the Tulsa Area Multiple Listing Service for all homes listed by all real estate companies in your price range, that match your requirements

    4.    I will inform you by e-mail about all the brand new listings as soon as they come on the market.

    5.    I will highlight any new listings that offer exceptional value, ie. price, location etc.

    6.    I will arrange private viewings for any and all homes you want to see inside

    7.    I will never make you feel pressured or obligated to buy a particular home… you will tell me when we find the right one

    Helping You Buy Your Home

    1.    I will analyze the price of the home

    2.    I will provide you with a comparative market analysis (what other similar homes are selling for)

    3.    I will help you determine if the asking price is reasonable

    4.    I will help you select a starting or offering price to give you the best negotiating position and strategy

    5.    I will prepare an offer with your terms, special requests and possession date

    6.    I will present the offer and work with you in the negotiations to purchase

    7.    I will advise you on appliances and other extras to  include

    8.    I will, at your request, end negotiations if you feel we are not being dealt with honestly and fairly

    9.    If we successfully negotiate a price and terms that are acceptable to you, I will help you arrange a professional home inspection and complete any financing details

    10.    I will, prepare and finalize all paperwork for closing

    11.    I will, supply you with legal and insurance information

    12.    I will, follow-up to make sure everything goes smoothly

    Home Buyer - House Hunting Guide

    1.    Internet - Public MLS Site, Realtor.com, Trulia, Zillow.  If you see homes in these sources that interest you, email the MLS #’s to me and I will email the MLS information back to you.

    2.    Newspaper Ads or Real Estate Magazines: If you see homes in these sources that interest you, call me with the details and I will get the address and M.L.S. information for you.

    3.    For Sale Signs: If you see for sale signs by any company on homes that interest you, write down all the information, ie. street address, company name, agent name and phone number, call me and I will get the price and MLS. information for you.

    4.    Open Houses: When you visit a home held open by another Realtor or builder, state that you are working with me. If the home interests you, call me immediately.

    5.    For Sale By Owners: Feel free to call them or I will call on your behalf. Today, many For Sale By Owners are open to co-operating with Buyers Agents.

    6.    Do Your Homework: Study the lists and listings I send you. Drive by and check out the neighborhoods. If you want to see inside any of the homes, call me and I will make arrangements for us to view the inside.

    7.    Information and Questions: If you need specific information not contained on the MLS. listing, call me and I will speak to the listing agent on your behalf.

    Wayne Barnes
    ERA John Hausam, Realtors

    Contact me now.

    Call Wayne at 918-645-1470

    or by email.

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    Home Value Estimators & Estimates

    The purpose of this article is to explain home value estimators and estimates. This is a very important area of real estate for both buyers and sellers. Sellers want to get the highest price for their homes and buyers want to pay less. Yes, I know, you already knew that, but this is what sets the groundwork for finding a realistic estimation of the value of the home, the market value is determined by what the buyer is willing to pay versus what the seller is willing to accept.

    How should anyone get a realistic evaluation of a home?  What better way then to search for very similar homes in the same general location that have already been sold?

    One of the ways a prospective seller acquires an estimate of the value of his home is to call, write, email and/or visit the web site of a recommended real estate broker.  The broker will use the information that you provide him or her to create an expert and professional competitive market analysis that will give you a very good idea of what your home is worth to a prospective buyer in the present time frame and physical area.

    Most other real estate professionals will need a few days before they can complete the competitive market analysis.  I can usually get it ready for you and call you with the results in the same day!  Getting this information is very important to you; therefore it is also very important to me. The “Golden Rule” has always worked well for me. It won’t fail us now.

    All of my calls and emails are handled when I am not actively in the presence of a client.  This means that I feel it is rude to take my attention away from a client to answer a phone call.  If we are to work together in the future I promise to give you the same respect.  This is also the Golden Rule.

    I am sincerely at your service,

    Call Wayne at 918-645-1470

    or by email.

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    Early Spring for Home Buyers

    Spring time is usually a hot season for home buyers. When does Spring officially begin this year… the date is March 20th. It is a time when people begin planning for new beginnings, including a new home.

    However, I predict we may see a rush to Spring a little earlier this year. Many home buyers are going to realize the free money from the tax stimulus is scheduled to end on April 30th. Anyone who really wants that tax credit should really have there plan in motion well before the deadline. Trust me, you don’t want to wait until the last minute.

    There could be a problem for both first time home buyers, who will be eligible for $8,000 when buying a house, and those home owners who want their $6,500 tax credit for a change of address. That problem could well be a lack of available listings.

    The disappointment is going to be real when someone wanting to get into a house has a very limited number of houses to choose from. I believe the shortage is going to be caused by a combination of last minute shoppers and home sellers who are waiting too long to put their house on the market.

    If you are considering selling your house in the near future. Do yourself a favor and call me to get your house on the market now while we have this flurry of home buyers eager to get paid for their opportunity to stop paying rent to some landlord.

    For more opinion on this coming phenomena, read the article in USA Today. It recommends home sellers make their homes available to first time buyers.

    Call Wayne at 918-645-1470

    or by email.

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    Perfect Storm for Real Estate

    In my fifteen year career in real estate, I haven’t seen a combination of incentives to buy a house like I am seeing in the market right now.

    Think about this. Interest rates are lower than they have been in decades, I closed with a client last month who got a 4.75% interest rate, fixed for 30 years. Along with that the government is actually paying people to buy a house, up to $8,000 for first time home buyers and $6,500 for current homeowners who are ready to move.

    Click here for a pdf file with more information on the tax credit.

    You probably know someone who is ready to buy or sell a house.

    Who do you think of in your family or at work who is paying rent right now? This truly is an incredible opportunity for first time home buyers who want to stop paying rent and own a home of their own. I have had a lot of clients who actually had a lower monthly payment than they had while renting, plus, if they had been in an apartment, they had a lot more space and a garage!

    Then, for current home owners, especially if a move is already being planned, this situation is fantastic. In some circumstances, this combination of incentives means it could be possible to move to a larger, or newer house, and have the same or less payment than the current. Who do you know who has mentioned they are ready to move?

    I look forward to hearing from you. Since this is how I make my living, I really do appreciate, and need, your referrals. Please have them contact me.

    Call Wayne at 918-645-1470

    or by email.

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    Re-Think Real Estate Investing

    There was a recent segment on the Today Show highlighting a new book titled “How to Make a Fortune” by Ron Insana. I believe the video of this segment might be helpful for you in your marketing. To see what I mean, take a quick peak below. Note the video takes a few seconds to

    Visit msnbc.com for breaking news, world news, and news about the economy

    If you watched the entire video, you probably heard Ron Insana say now is the absolute best time to buy a home. His comments were for both buyers looking to buy their primary residences and investors looking to buy foreclosures.

    This is absolutely a fantastic time to buy your principal residence or investment property. You will never again see the combination of tax credits and low interest rates. What will you be saying to yourself when this opportunity is gone? And it will be gone, I assure you!!

    I want to remind you the tax credit expires in April. If you have a house to sell, your tax credit would be $6,500 when you buy your new home. Contact me now so we can put your house on the market for other buyers wanting to take advantage of the tax credit. The tax credit for those who haven’t owned a home in the last three years is $8,000. Are you going to take advantage of this free money?

    Call Wayne at 918-645-1470

    or by email.

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    Why Would Buyers Avoid FSBO?

    Attention: For Sale By Owners!
    Why People Are Afraid To Buy From You!

    Many homeowners believe that to maximize their home sale they should sell it themselves. At first glance, they feel selling a home is simple and, after all, why should they pay a broker’s fee for something they could do themselves? In fact, close to 25% of ail the homes sold last year were indeed sold for sale by owner (FSBO).

    However, close to half of the FSBO’s said they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?

    Many FSBO’s told us the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid
    to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising … they would have been better off to have paid the broker’s fee which would have included many of these charges up front.

    Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money. Some FSBO’s discovered that the lost money as a result of poor decisions outweighed the
    commission.

    Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing a professional. A little time spent investigating up front will pay off tenfold in the end.

    Questions To Consider:

    Do I have the time, energy, know how, and ability to devote a full forced effort to sell my home?

    One of the keys to selling your home efficiently and profitably is complete accessibility.
    Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home.

    Am I prepared to deal with an onslaught of buyers who perceive FSBO’s as targets for low balling?

    One of the challenges of selling a home is screening unqualified prospects and dealing with lowballers. It often goes unnoticed … how much time, effort, and expertise it requires to spot these people quickly. Settling for a lowball bid is usually worse than paying broker commissions.

    Am I offering financing options to the buyer? Am I prepared to answer questions about financing?

    One of the keys to selling, whether it’s a home, a car… anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row? By offering financing options you give the home buyer
    the ability to work on their terms and open up the possibilities of selling your home quicker and more profitably. A professional real estate agent will have a complete team, from lenders to title reps for you to utilize … they’ll be at your disposal.

    Do I fully understand the legal ramifications and necessary steps required in selling a home?

    Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice.

    Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented?

    Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.

    Have I contracted the necessary professionals … title, inspectors (i.e. home, emp, pest), attorneys?

    Are you familiar with top inspectors and title companies? Do not randomly select inspectors, attorneys, and title reps. Like any profession there are inadequate individuals who will slow, delay, and possibly even cost you the transaction. If these questions raise some concerns you may want to speak with a professional.

    Contact Wayne Barnes

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    An International Pun Contest

    (I don’t know where this originated, but I could not help myself in sharing it.)

    The ability to make and understand puns is considered to be the highest level of language development. Here are the 10 first place winners in the International Pun Contest:

    1.  A vulture boards an airplane, carrying two dead raccoons. The stewardess looks at him and says, “I’m sorry, sir, only one carrion allowed per passenger.”

    2.  Two fish swim into a concrete wall.  One turns to the other and says, “Dam!”

    3.  Two Eskimos sitting in a kayak were chilly, so they lit a fire in the craft.  Unsurprisingly it sank, proving once again that you can’t have your kayak and heat it too.

    4.  Two hydrogen atoms meet.  One says, “I’ve lost my electron.”  The other says, “Are you sure?”  The first replies “Yes, I’m positive.”

    5.  Did you hear about the Buddhist who refused Novocain during a root canal?  His goal: transcend dental medication.

    6.  A group of chess enthusiasts checked into a hotel and were standing in the lobby discussing their recent tournament victories.  After about an hour, the manager came out of the office and asked them to disperse.  “But why?”, they asked, as they moved off.  “Because,” he said, “I can’t stand chess-nuts boasting in an open foyer.”

    7.  A woman has twins and gives them up for adoption.  One of them goes to a family in  Egypt and is named “Ahmal.”  The other goes to a family in  Spain ; they name him “Juan.”  Years later, Juan sends a picture of himself to his birth mother. Upon receiving the picture, she tells her husband that she wishes she also had a picture of Ahmal.  Her husband responds, “They’re twins! If you’ve seen Juan, you’ve seen Ahmal.”

    8.  A group of friars were behind on their belfry payments, so they opened up a small florist shop to raise funds.  Since everyone liked to buy flowers from the men of God, a rival florist across town thought the competition was unfair.  He asked the good fathers to close down, but they would not.  He went back and begged the friars to close. They ignored him.  So, the rival florist hired Hugh MacTaggart, the roughest and most vicious thug in town to “persuade” them to close.  Hugh beat up the friars and trashed their store, saying he’d be back if they didn’t close up shop.  Terrified, they did so, thereby proving that only Hugh can prevent florist friars.

    9.  Mahatma Gandhi, as you know, walked barefoot most of the time, which produced an impressive set of calluses on his feet.  He also ate very little, which made him rather frail and, with his odd diet, he suffered from bad breath.  This made him (Oh, man, this is so bad, it’s good)….a super calloused fragile mystic hexed by halitosis.

    10.  And finally, there was the person who sent ten different puns to friends, with the hope that at least one of the puns would make them laugh.  No pun in ten did.


    Recommended Tree Plantings for Tulsa, OK

    Tree Recommendations for the Tulsa Area

    The following are some recommended trees for planting in the Tulsa area. When it comes time to plant or re-plant trees it is always a good idea to consider neighborhood “friendly” trees. Given the size of most city lots this should be a continuing concern. The following trees all have their individual, special qualities and are height and canopy friendly for use in the city.

    FOR THE FRONT YARD

    Bald Cypress
    40′ - 50′
    Native tree. Tolerant of most soils, somewhat drought tolerant, tough tree. Bronze color in the fall.
    Bradford Pear
    30′ - 50′
    Soil tolerant, drought resistant. Minimal pruning required. Autumn color is red.
    Chinese Pistachio
    25′ - 40′
    Soil tolerant, drought resistant, pest and disease resistant. Deep rooted, minimal pruning, Tough, durable tree. Bright orange in the fall.
    Thornless Honey Locust
    40′ -50′
    Native tree. Soil tolerant, tough, durable tree, fast-growing. Grass grows well underneath.
    Kentucky Coffee Tree
    40′-60′
    Only the grafted male variety is recommended. Native tree. Soil tolerant, tough, durable.
    Marshall’s Seedless Green Ash
    40′-50′
    Fast-growing, very cold tolerant. Minimal pruning required. Bright gold color in the fall.
    October Glory Red Maple
    30′ - 40′
    Superior in every way to the silver maple. Red to orange color in the fall.
    Redbud
    20′ - 30′
    Native tree. Soil tolerant, minimal pruning. Pink to purple blossoms in spring, yellow color in the fall.
    Saw-tooth Oak
    40′ - 50′
    Highly recommended by Tulsa’s urban forester.
    Shumard Red Oak
    40′ - 50′
    Native tree. Soil tolerant. Red color in fall.
    Water Oak
    50′+
    Fast-growing, moisture loving, semi-evergreen.

    FOR THE BACK YARD

    Amur Maple 20′ - 25′ Fairly tolerant to dry and poor soil. Yellowish-white fragrant flowers in the Spring, brown to red in the fell.
    Cherry Laurel 25′-30′ Tolerant of poor soils. Requires pruning to shape. Small white flowers.
    Cherry • Oriental 15′ -30′ Requires rich, well-drained soil. Use only if shaded by larger trees. Very showy with white to pink flowers.
    Dogwood 20′-25′ Native tree. Use only if shaded by other trees.
    Flowering Crabapple 10′-35′ Soil and drought tolerant, fast-growing. Thrives in full sun. White, pink and red flowers.
    Japanese Maple 15′ -25′ Fast-growing. Also effective in planters and tabs. Brilliant red to
    red-orange tall color.
    Purpleleaf Plum 20′ - 30′ Same requirements as the Redbud. Rivals Redbud with flowers, foliage is purple the entire season.
    Redbud 20′ - 30′ Native tree. Soil tolerant, minimal pruning. Pink to purple blossoms in spring, yellow color in fall.
    Russian Olive 15′ - 20′ Durable, rugged, drought tolerant. Requires pruning to shape.
    Soapberry 30′ - 40′ Drought tolerant, soil tolerant, pest free.

    This list was compiled for the Copperleaf Homeowners Association by a friend, James McElyea, using the following sources:.

    • Guidebook for Oklahoma Landscaping:
      Tom Clote, Jr., Outside Inc. 1987.
    • Plant Materials Guide:  Barry L. Fugatt, OK State
      Univ., Landscape Horticulturist
    • Tree Tips:  A Planning Guide:  Public Service Co. of OK,
      1992