GOODBYE TO OKLAHOMA ESTATE TAX

Any resident of the State of Oklahoma who dies on or after January 1, 2010 will not leave an estate burdened by the Oklahoma estate tax lien. After several years of legislative orchestration toward a total phase-out of the tax, the finale of the Oklahoma estate tax is to be played on December 31, 2009! This holds the potential to greatly decrease the time necessary to close a transaction which involves real estate owned by the estate or trust of a decendent.

No longer will it be necessary to wait until the inventory of the estate of the decedent is formally accounted to the Oklahoma Tax Commission so that a release or exemption of the Oklahoma estate tax lien may be obtained. Where title to real estate is held by a surviving joint tenant or a private revocable trust, not only may the necessity for the probate or the administration of the decedent's estate be avoided, the extra time and expense of securing the tax release will also be spared the surviving property owner or successor trustee.

The above information was obtained from Jack Holloway's, attorney with Holloway & Managhan, e-newsletter in April, 2009. Always seek the advise of an attorney for estate planning.

The Butler Team

Tina & Mike Butler

918.740.1000

ButlerTeam@cctulsa.com

HAPPY EASTER!

Happy Easter From The Butler Team!

Here's a great site for some Easter Holiday fun with your family. CLICK HERE for unique Easter egg decorations, recipes, crafts, egg hunt tips, party ideas, games, and activities for children.

TERMITES - Don't Ignore The Signs

Termites cause billions of dollars in damage each year. They primarily feed on wood, but also damage paper, books, insulation, and drywall. While buildings may become infested at any time, termites are of particular importance when buying or selling a home since a termite inspection/infestation report is normally a condition of sale. Besides the monetary impact, thousands of winged termites emerging inside one's home are an emotionally trying experience — not to mention the thought of termites silently feasting on one's largest investment. Termites are found in every state in the US. Hawaii has the highest concentration of infestation and Georgia tops the list in the continental US. It has been said that there are two types of homes in the US "Those with termites and those that will have them." and "It's not if you have termites, it's when you'll have termites."

Why are infestations often discovered during March - May? Spring typically is when large numbers of winged termites, known as "swarmers," emerge inside homes. In nature, termites swarm to disperse and start new colonies. Triggered by warmer temperatures and rainfall, the winged termites emerge from the colony and fly into the air. The swarmers then drop to the ground, shed their wings, pair off with a mate, and attempt to begin new colonies in the soil. Few swarmers emerging outdoors survive to start new colonies. Swarmers emerging indoors are incapable of eating wood, seldom survive, and are best removed with a vacuum. They do, however, indicate that an infestation is present.

Other signs of infestation are earthen (mud) tubes (shown right) extending over foundation walls, support piers, sill plates, floor joists, etc. The mud tubes are typically about the diameter of a pencil, but sometimes can be thicker. Termites construct these tubes for shelter as they travel between their underground colonies and the structure. To help determine if an infestation is active, the tubes may be broken open and checked for the presence of small, creamy-white worker termites. If a tube happens to be vacant, it does not necessarily mean that the infestation is inactive; termites often abandon sections of tube while foraging elsewhere in the structure.

Termite-damaged wood is usually hollowed out along the grain, with bits of dried mud or soil lining the feeding galleries. Wood damaged by moisture or other types of insects (e.g., carpenter ants) will not have this appearance. Occasionally termites bore tiny holes through plaster or drywall, accompanied by bits of soil around the margin. Rippled or sunken traces behind wall coverings can also be indicative of termites tunneling underneath.

Oftentimes there will be no visible indication that the home is infested. Termites are cryptic creatures and infestations can go undetected for years, hidden behind walls, floor coverings, insulation, and other obstructions. Termite feeding and damage can even progress undetected in wood that is exposed because the outer surface is usually left intact.

Ridding a home of termites requires special skills. A knowledge of building construction is needed to identify the critical areas where termites are likely to enter. Many of these potential points of entry are hidden and difficult to access. Termite control also utilizes specialized equipment such as masonry drills, pumps, large-capacity tanks, and soil treatment rods. A typical treatment may involve hundreds of gallons of a liquid pesticide injected into the ground alongside the foundation, beneath concrete slabs, and within foundation walls. Termite treatment is a job for professionals.

The Butler Team

Tina & Mike Butler
918.740.1000
ButlerTeam@cctulsa.com

SHORT SALE vs. FORECLOSURE

I find that I have to explain the difference between a short sale and a foreclosure rather often. In the MLS the homes that are on the market and are short sales will have words like "subject to lender approval" in the public comments. These homes are not bank owned.

What is a short sale? It is when the bank agrees to accept less money than what is owed on the home. The sellers still own the home, but the offer is subject to the lenders approval. The home owner also has to approve the offer.

What is a foreclosure? It is a bank owned home. The owners did not pay their mortgage, and the bank went through the foreclosure process and now owns the home.

When a seller lists a home they agree to a certain price for it and put it on the MLS. In the case of a short sale, the seller has agreed to a certain price and put the home on the market. When an offer comes in, it is subject to bank approval. The "loss mitigation" department at the bank has to get a price opinion on the property and then who ever is in charge of the file has to get approval before the offer can be accepted. That means that the price you see on the MLS may not be what the bank will accept. We don't know what the bank will accept. The person who has the file usually has a few hundred other files on his or her desk, and it is just a file. Buyers can wait over 30 days for any kind of an answer. Sometimes with the short sales the home is listed for one price, but the bank has not agreed on that price. Sometimes they list it for a low price and collect offers over a period of months. Usually the buyers give up long before they have that yes or no answer, and sometimes the home is foreclosed on while we are all waiting for the answer.

With foreclosures buying them isn't always easy, but it isn't as hard as buying a short sale. A foreclosed home is already owned by the bank. Each transaction has been far more work than buying a home from an individual seller, but they frequently get worked out and go to closing.

If you have any questions about either process, give us a call for more information.

The Butler Team - 918.740.1000

Tina & Mike Butler

ButlerTeam@cctulsa.com

www.Tulsa4u.com

THE PRICING GAME

It has never been easy to price a home, and these days it's more difficult than ever. Buyers see everything on the market as being over priced and rarely offer full price. They are tuned in to all the negative ecomonic news and assume Sellers are anxious to sell. If a home is priced at or slightly under market value it will attract buyers and have showings, but offers on it will be for less than the asking price by at least $10K on the average priced home. It isn't a good strategy to price a home at $10K over market value to help sellers get their bottom line. Homes that are over priced by any amount do not get many, if any, showings. Without any showings there are no offers and the homes sits on the market month after month.

Market times are a little longer than they used to be, BUT homes are being sold every day! The homes that sell are those that are properly priced. An experienced realtor will spend a lot of time going over comparable solds in the area to suggest a realistic list and sell price. The good news is that once an offer comes in it can be negotiated up. Buyers seldom make their very best offer on the first round and they will negotiate. I like to think of low ball offers as "opportunities." The value of a home is what a Buyer will pay for it and it is Buyers that dictates the value of real estate, not the Seller. Sellers have to be ready to play the pricing game and realtors have to be willing to go that extra mile to recommend a price that is low enough so that Buyers will see the home, but high enough that when an offer comes in it is possible to negotiate it up to an acceptable amount.

The Butler Team (918) 740-1000
Tina & Mike Butler
ButlerTeam@cctulsa.com
http://www.tulsa4u.com/

BIXBY - THE PLACE TO LIVE!

Our thriving community is one of the fastest growing cities in Oklahoma! Why are people choosing to move here?

Quality of Life: Make one visit to Bixby and you'll see why it's one of the fastest growing communities. A great quality of life, excellent public education system, one of the lowest crime rates in the Tulsa metro area, and convenient access to metropolitan amenities. Area natives and those new to our community have discovered a diversity of beautiful neighborhoods carved into the rolling green landscape. Residents enjoy raising their family where business owners know your name, and neighbors come together in times of need and celebration. Bixby offers the quality of both single-family residential and multi-family residential dwellings. The cost of new homes range from $150,000 to over $1,500,000.

Perfect Balance: Bixby is close to everything attractive about a metropolitan area, while still maintaining a hometown feel. No matter who we ask, the 'small town' feel along with the beauty of the landscape is one of the top things that our citizens love about Bixby. It's a wonderful place to raise your family and also a great environment for business...large or small!

Leadership: Behind the scenes and in front, you will find a strong contingency of individuals that BELIEVE in Bixby and have a strong vision of making Bixby the premier community in Oklahoma.

We've put together a page on our website that highlights Bixby's parks, festivals, Spirit Bank Event Center, Bentley Park Sports Complex & more. Click here to learn more about the community we live, work, and play in!

The Butler Team

Tina & Mike Butler
(918) 740-1000
ButlerTeam@cctulsa.com
Bixby4u.com

TULSA FREE WIFI MAP

Ever wonder where the free wifi locations are in the Tulsa area? I stumbled on this map the other day, so thought I'd share the link.
TULSA FREE WIFI HOTSPOTS
Of course if you're looking for a real estate professional, we're ready to go when you are!
TULSA4U.COM
The Butler Team (918) 740-1000
Mike & Tina Butler

GETTING YOUR HOME MARKET READY

Every seller wants their home to sell fast and bring top dollar. Sound good? Well, it's not luck that makes that happen. It's careful planning and knowing how to spruce up your home that will send the home buyers scurrying for their checkbooks. Here's a few tips on how to make your home more appealing:

1. De-Clutter! People collect an amazing quantity of junk. Consider this: if you haven't used it in over a year, you probably don't need it. If you don't need it, why not donate it or throw it away? Pack up those knickknacks. Clean off everything on kitchen counters. Put essential items used daily in a small box that can be stored in a closet when not in use. Think of this process as a head-start on the packing you will eventually need to do anyway.
2. Disassociate Yourself With Your Home. Say to yourself "This is not my home; it is a house - a product to be sold." Make the mental decision to "let go" of your emotions and focus on the fact that soon this house will no longer be yours. Don't look backwards - look toward the future!

3. De-Personalize. Pack up those personal photographs and family heirlooms. Buyers have trouble seeing past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, not asking "I wonder what kind of people live in this home?"

4. Rearrange Bedroom Closets & Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if they see everything organized. It says you probably take good care of the rest of the house as well.

5. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around.

6. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won't want it. Pack those items and replace them, if necessary.

7. Make Minor Repairs. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don't close properly and drawers that jam. Replace any damaged wood on the exterior. Replace burned-out light bulbs. Consider painting your walls neutral colors, especially if you've customized your colors. Don't give buyers any reason to remember your home as "The Orange House."

8. Make the House Sparkle! Wash windows. Clean the cobwebs. Re-caulk tubs and showers. Clean out the refrigerator. Vacuum daily. Replace worn rugs. Hang fresh towels. Replace air filters and clean returns. Clean light switch plates and door knobs. Clean carpets. Odors are a no-no.

9. Check Curb Appeal. Keep the sidewalks cleared. Mow the lawn. Paint faded trim. Plant flowers for color. Trim bushes. Make sure visitors can clearly read your house number.

10. Scrutinize. Go outside and look at your home from the street. Will it appeal to a buyer? Stand at the front door. Do you want to go inside? Linger in the doorway of every single room and imagine how your home will look to a buyer.

As always, we're here to help and can meet with you to do a walk through of your home with helpful suggestions. Our market is competitive and the more you can do to make your home stand out, the quicker you'll be moving into your new home!

Tina & Mike Butler
(918)740-1000
http://www.tulsa4u.com/
ButlerTeam@cctulsa.com

WHAT IS YOUR HOME WORTH?

Are you wondering what your home is worth in today's market? We realize you're being bombarded with troubling news about the US economy. Mike and I are finding that much of our time is being spent encouraging our clients that Tulsa's market is NOT all doom and gloom! We have two free options for you to get answers, with no obligation!

#1 Go to our Virtual Market Analysis to input your information and receive a quick analysis of your neighborhood.

#2 For an extensive analysis prepared by a real estate professional, contact The Butler Team at ButlerTeam@cctulsa.com and we'll do the work for you. Again it's free and no obligation!

Have a Blessed Day!
Tina & Mike Butler
(918) 740-1000
http://www.tulsa4u.com/

FUNNY STORY ANY HOMEOWNER CAN APPRECIATE

I stumbled on a funny newspaper article that I've kept since 1996, the first year I got my real estate license. I think any homeowner can appreciate Dave Barry's recount about his home-buying experience.

Enjoy!

Tina Butler

The Butler Team

www.tulsa4u.com

ButlerTeam@cctulsa.com

"I had a hilarious joke that I was going to start this column with, but I can’t find it. I can’t find anything. We just moved into a new old house, and all our possessions, including dirty underwear and dust balls the size of adult cocker spaniels have been carefully wrapped in paper and put inside cardboard boxes that were taped securely shut by professional movers (motto: “Just TRY To Find Your Remote Control?”).

The one thing I CAN find is incomprehensible legal documents relating to the purchase of the house. We have bales of those. We don’t have room to store them all. We’re thinking of holding a yard sale with a sign that says: “Incomprehensible legal documents – never read by owners!”

We got these documents at the real-estate closing ceremony, where our lawyer and the lawyer for the seller apparently had a side bet to see who could get his clients to sign their names the most times. I’m pretty sure that at one point in there we signed some kind of tariff agreement with Belgium.

We’ve actually been signing documents for a couple of months, dating back to when we made our first offer on the house, and our real-estate agent had us sign an official warning from the state of Florida informing us that, if we purchased this house, we should not eat the paint. Really! We also signed a state document concerning radon gas, but I can’t remember much about that one, except that radon gas is colorless and odorless and the state of Florida wanted us as home-buyers, to be nervous about it. (For some reason, the state of Florida did NOT warn us that if we, as homeowners, step on the end of a rake, the handle might jump up and whack us in the eye.)

Because of the radon gas danger I’m trying not to breathe too much as I open boxes, hunting for food. I have no idea which of these boxes the food is in, and even if I find it, I’m sure each individual Triscuit will be wrapped by professional movers in a sheet of paper the size of a soccer field. The reason I’m concerned about nourishment is that I want to be strong for when the workmen tell us how much they’re going to charge us for crawling under the house. This is necessary because we bought an older home, constructed in the early 1900’s, when electricity did not go as fast as it does today. Back in those days, the typical house required only about one electrical volt, which would mosey at a sedate pace from room to room on wires that were handmade out of beeswax.

So our electrical system needs to be upgraded, which means that workmen have to crawl under the house, which is something that I personally would not do for Bill Gates’ entire net worth. This is South Florida, which proudly bills itself as “The Big Hairy Irate Spider Capital Of The Nation.” There are established spider families that have been living under this house for many generations. I suspect that at various sites under the house there are large wads of spider webbing, shaped vaguely like workmen, left over from previous attempts to upgrade the electrical system.

On top of this, I have no idea how electricity works, or what it should reasonably cost to get more of it. So the workmen can pretty much write their own ticket. They can say, “OK, Mr. Barry, to get the correct wattage so your house won’t burn to the ground every time you use the toaster, we’re going to have to replace your volt, plus we have to install a complete new set of amperes, plus you really should change the filter on your radon gas generator, for a total of $2,973.64 for labor and parts plus the standard $117 million for crawling under the house.”