How to Find the Perfect Home

If you’re on the lookout for your dream home, we’re here to help. We offer a variety of terrific properties in our real estate auctions, but we understand everyone doesn’t know exactly what they want. Whether you’ve been searching and have had no luck, or you can’t decide between a few different properties, here are some tips to help you choose a home that’s right for you and your family.

The size of the property is always an important aspect, and it’s wise to find something that’s not too small, but also not too big. The right size for you will depend on a few different things. Are you single? Married? Have children? These are just a few of the questions that should lead to finding the perfect sized home. If you plan on growing your family, get something a little larger than you need. If you’re retired with no more kids on the way, finding something a little cozier may not be a bad idea.

Another important thing to remember is that you should be as flexible as possible. We don’t mean that you should spend money on a property you’re not happy with, but just keep in mind no house will seem perfect right out of the gate. There will always be at least a few things you want to change, and that’s okay! You can turn a house into a perfect dream home until you’re living in it and make it your own.

Other things to consider are the price and the location. Consult with your family and any financial advisers you may have to narrow down your price range. Pick a general area where you want to live, and look for houses that are close by.

Follow these tips and you should have no trouble finding your dream home!

Why Real Estate Auctions Are Good for Buyers and Sellers

At Smith & Company, we have been offering land and real estate auctions for more than twenty years. But if you’ve never participated in a real estate auction before, you may be wondering why this is a good method to buy or sell property. We’re here to tell you that there are actually several reasons why this method is beneficial to both buyers and sellers.

Let’s start with sellers. If you own a piece of land or a property, why should you put it up for sale at an auction? Well, for one thing, you should know that most people who attend auctions come prepared to make a purchase. While not everyone may be willing to go as high as you’d like, this is your best chance at gathering a large room full of people who want to spend money on real estate. Auctions are also a great way to ensure your real estate will actually be sold at market value, and they can be a great choice for anyone who is looking to sell quickly. Additional benefits include removing the negotiation process and eliminating showings of the property.

If you are interested in buying property, there are just as many benefits to look forward to at a real estate auction. Most importantly, buyers get to determine the final price. If a property is going for too high a price for you, simply pass on it. If something catches your eye that you can afford, you can enter the bidding process knowing that the seller cannot change the price, only other buyers. This helps to get rid of the negotiation phase and speed up the entire process. Buyers will also receive comprehensive information about any property before purchasing it.

These are just some of the many benefits both buyers and sellers can look forward to when attending a real estate auction. For more information, give us a call today!

Best Things About Living In Oklahoma

Smith & Co Auction and Realty operates out of Northwest Oklahoma and the surrounding areas. We’ve lived and worked here for over twenty years, and we think Oklahoma truly is a wonderful state. Why invest in Oklahoma real estate? Check out some of our reasons below:

Low Cost of Living

Oklahoma is one of the most affordable states to live in. The cost of living in Oklahoma consistently rates well below the national average. Housing here only costs about 63% of the national average – including mortgage payments, apartment rent, and property taxes. We are also far below the average costs for groceries, health care, utilities, and transportation.

Food

Oklahoma is home to the best southern cooking joints in the U.S. From the fried chicken at Eischen’s, to breakfast at Jimmy’s Egg, Oklahoma has mastered the art of great cooking. In fact, tons of our restaurants have been featured on famous food shows. Check out the Spudder Restaurant in Tulsa, or the Steak and Catfish Barn in Oklahoma City – both have hosted Adam Richman from Man v. Food. Ingrid’s Kitchen, the world famous German Bakery that was featured on Diners, Drive-Ins, and Dives is also located right in Oklahoma City.

Outdoors

Oklahoma is one of the most diverse states when it comes to terrain and natural wonders. Whether you are simply looking to take a light stroll, or you are an expert outdoorsman looking for areas that offer the best outdoor recreation, Oklahoma has it all. From the granite boulders of the Wichita Mountains to peaks like Elk Mountain, or even the mystical Cypress swamps. Check out Robber’s Cave State Park in the Sans Bois Mountains; its rugged cliffs and rocky terrain were a former hideout for outlaws like Jesse James!

Farm Fresh Foods

Oklahoma is famous for our fresh farm produce. Buying delicious, locally grown, fresh food here is a way of life. Farmer’s Markets and farm stands are everywhere; you can always find what you need.

Friendly People

Maybe it’s the Southern Charm, or maybe Oklahoma really is home to the nicest people in the world.

Five Reasons to Auction Your Home

Home Auctions | Smith & Co

Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done yesterday home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.

More and more sellers are exploring home auctioning as a definitive, clean alternative to traditional listing. First and foremost, an auctioned property brings in the desired result in one event, held on one day. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer and if it does, the open house itself is only a precursor to the process that must follow to actually close the home. An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.

With the advent of on-line auctioning you have access to potential buyers around the world. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning you are now reaching audiences targeted worldwide by your auction real estate agency.

The act of auctioning itself creates a competitive spirit among participants and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together there is a validation of the potential buyer’s interest by those who are present and therefore also interested. If other potential buyers are bidding within the same range it solidifies the value of the home to all of those participating and participants are willing to continue to bid.

Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is”. The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.

Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency. Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The home owner is not subject to the continual interruption and preparations for home showings. One effort for one event and the result is a home sold!

Upcoming Aircraft Auctions

Aircraft Auction | Smith & Co

Upcoming Aircraft Auction: Nov 6th & 7th

An auction is one of the most reliable sources for purchasing something typically on a larger scale for an affordable price and very quickly. The most popular types of auctions used to be reserved for vehicles and residential property. However, those looking to acquire an aircraft for a reasonable price can attend an aircraft auction.

An aircraft auction is very similar to an auction for a home. Our auctioneers will provide a brief description of the aircraft to be auctioned off. Auction participants can usually get a visual of the aircraft and then the bidding begins. The auction process is quick and without any prior experience or research of what to expect from an aircraft auction can result in an impulsive decision.

You don’t need to have extensive prior auction experience in order to get a great deal on an aircraft. Nonetheless, you should engage in useful research so that you’re prepared for whatever may occur. If you can, ask the seller prior to the auction for logbook status and any damage history. Also, you might want to inquire about avionics and any equipment that will be included in the sale of the aircraft. These things might be listed in an ad, but if not it’s good to get as much prior knowledge as you can obtain.

Smith & Co. Auction & Realty, Inc. has two upcoming aircraft auctions. The first auction will be held on Thursday November, 6th at 1:00 pm and the second on Friday November, 7th at 10:00 am. Both auctions will be selling experimental airplanes and ultralights. For auction location and bidding information, feel free to visit our auction website.

Real Estate Auction Etiquette

Real Estate Auction Etiquette | Smith & Co Real estate auctions are very common, especially recently with the surge of foreclosures. A potential homebuyer can certainly purchase a great home from auction at a very affordable price. However, there are things you must know about the auction process and how to approach this circumstance appropriately.

 

Before you attend your first real estate auction, you must understand the scale of what you’re about to do. You must take the auction seriously and bid on a home within your limits. Bidding on a home on a whim is not a good idea.

 

Budget

Have a budget in mind so that auction time is not wasted and so that a home you can’t afford can rightfully be purchased by a more financially sound person.

 

Know the rules

Learn the rules and restrictions of the auction company or real estate agency for purchasing an auctioned home. Also observe how others are behaving. You’ll notice that real estate auctions are not a shouting ground. All you need to do to place a bid is maintain eye contact with the auctioneer.

 

Don’t compete

As much as you might want to purchase an auctioned home, don’t go to the auction with the intention to compete against others. Make sure you are respectful towards those bidding as well as towards the auctioneer.

 

Prepare funds

The money to be paid for the auctioned home might be due at the time of purchase or within a few days so make sure you have the funds available.

 

Smith & Co. has been conducting real estate auctions for many years. To attend one of ours or to learn more about the real estate auction process, be sure to give us a call.

How Real Estate Agents Can Help Sellers

cropped-logo11.png

A real estate agent is a buyer and seller’s best advocate. An agent’s main purpose is to ensure their clients get the fairest and most profitable deal. Often times, a seller might try to go into a real estate transaction with no assistance or knowledge of how the process works. While a sale can go through, it might not be 100% in their favor. Hiring a listing agent while you are selling your property should be a no-brainer. Here are some reasons why a real estate agent can be an asset to your selling experience:

 

Navigate Confusing Trends

As a nation, we are beginning to climb the ladder from the devastating market crash in the early 2000’s, making current real estate conditions competitive. An agent will be able to help guide a seller so that their house is marketed correctly to attract the right buyer.

 

A real estate agent has a leg up on current market conditions. They also have the knowledge to develop a strategy that works best for their client’s needs.

 

Help with Financials and Negotiating

The financial aspect of selling a home can be difficult to understand. Setting a price for your home is personal and it’s hard to take your feelings and opinions out of the equation. An agent can help a seller choose a rational selling price.

 

Sell Faster

Let’s not forget that an agent is involved in a lot networking. With a wealth of contacts, they can inform other agents of a beautiful home that their client would be interested in. It’s actually proven that homes that are for sale by owner take much longer to sell than if they were listed with an agent. The agent has access to things like the Multiple Listing Service, which is a database of houses for sale around the US. Because if the exclusive access, they can guarantee that your home will be seen on sites like realtor.com or zillow.com.

 

Real estate agents are a valuable asset and work hard to make sure their clients are satisfied with the sale of their home. With an objective voice and viewpoint, a seller can feel confident in the decisions they have made

First Time Home Buyers | What You Need To Know About Property Taxes

What you need to know about property taxes | Smith & Co

Before you put a bid on your “affordable” dream home, you have to take into consideration an important factor that can drastically change the affordability of a home: the property taxes.

 

What are property taxes?

A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located. Property taxes are based upon the location and the specific home’s value.

 

For first time home buyers: here is important information about property taxes you need to know and how that number coincides with the value, as well as monthly payment, of the home.

 

  • Local governments use property tax revenue for funding programs such as education, emergency services, transportation, libraries, parks and infrastructures.
  • Property taxes are a major cost for homeowners and are paid yearly either in a lump sum or the cost is divided to be included in 12 monthly mortgage payments.
  • The tax rate is a flat rate percentage based upon the value of the property.
  • Various levels of governments are allowed to collect property taxes. This includes states, counties, school districts, and special districts.
  • A licensed tax assessor will use market data, previous sale prices and neighborhood desirability to determine the value of a home, which determines the amount of property tax to be paid.
  • Property taxes can be raised by governments each year when support for funding is needed.
  • Home improvements can increase the value of a home and thus, increasing the property taxes. Homeowners need to ensure that the amount of money put in and the amount of taxes to pay will be received back with the revenue from a future sale.

 

Buying Your Home At Auction

tips for buying at auctions

Benefits, Tips, and Tricks

 

The traditional viewpoint is that homes are bought and sold through a series of open houses, meetings with realtors, house showings, negotiations, home inspections… the list goes on. But there are easier ways to sell and purchase properties! Through real estate auctions, both the buyer and the seller have a much shorter and easier time throughout the whole transaction.

Final Price

As the buyer/bidder, you have the power to determine the final price of the home. Often times, you will get a significantly lower price on an auctioned home in comparison to a home where you must provide offers. Further, your bid cannot be declined by the seller. Adequate preparation in the time before the auction can ensure that you walk away with a fantastic deal and a new property. One tip: the first few properties often sell for less as bidders sit them out to see how the bidding will go.

Time

You’ll have plenty of time to attend the home’s open houses prior to the auction. This will give you a great opportunity to check out the homes and inspect them for potential damages that you will have to eventually repair. In the long run, as the buyer, you will also save time by eliminating the price negotiation phase. In some states, ownership is transferred immediately following the auction.

Ease

Most of the hullabaloo is taken away at auctions. By preparing yourself ahead of time and getting all of your ducks in a row, you are able to make the transaction completely painless. No waiting, no negotiating, no let downs. Preparing for the auction can often be the most complicated part. You’ll have to do a fair amount of research on which houses will be auctioned, as well as do your homework on the home’s history. You’ll want to attend the open house if available, and talk to people in the neighborhood. In addition, you will have to arrange your finances ahead of time and make sure your liquid cash is ready. For more tips on exactly what you’ll need to prepare, visit this site.

Finding the History of A Home

the history of a home

There has probably been a time when unanswered questions about the history of your home have wavered into your mind. While an inspector can certainly inspect the home’s bone structure, they cannot tell you about the history of the home. Some questions you might be pondering are, who lived here before, what remodeling has been done or has there ever been any documented disputes or problems with the home? Finding the history of a home can be especially helpful if you plan to purchase a home at auction.

 

Learning the history of your home is a matter of public record, but you have to know where to start your research. Your trip to the past should begin at your local courthouse or historical society.

 

Most of the information you’ll want to seek out will be in recorded documents, thus being kept in a public records or clerk’s office. Historical societies also have access to public records and can pull up a house by official lot number.

 

With consideration that addresses change periodically, recorded information will be organized by the house’s lot number, not the actual numerical address. Once you have the property lot number, researching will be much easier.

 

A building permit is also great for learning about the initial cost of the home, who built it and when as well as original dimensions and any other constructional information. You’ll need to obtain a building permit, which can be provided at the courthouse or historical society.

 

A copy of your property’s abstract will provide you with information on the previous owners as well as recorded deeds and any legal transactions. You may have been given this document at the time of purchase, but a copy of same can be provided at the courthouse.

 

Lastly, don’t forget to peruse through your county’s newspaper archives as well as chatting with neighbors. They will be able to provide a wealth of information if they have been present in the area for an established amount of time.