181CloseNow

181-Close-Now is a home buying company located in Oklahoma City. Our team is one of the most experienced home buying teams in Oklahoma.

Our family has been buying houses in the area for 4 generations. We have a Closing Options Analyst that will look at your house and find out about your situation. If selling your house to 181-Close-Now is right for you we will make you an all cash offer.

We buy houses as-is meaning you never have to make repairs. Since we pay cash and don’t rely on banks there are no inspections and no long waiting periods.

Selling A Home? You Need A Closing Options Analyst

Posted on May 2, 2021 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:22 pm

Thinking about selling your home? You need a Closing Options Analyst. We trademarked the term years ago because it’s allowed 181-Close-Now to really help our clients. In fact having a COA on staff is one of the key features that makes us different from our competitors. Today we want to tell you a little more about the position and why it’s so important when you’re considering selling your home.

What Is A Closing Options Analyst?

The Closing Options Analyst’s job is to determine all of the closing options available to a client. Taking years of experience and looking at the clients situation, the property and it’s condition. Then figuring out what options are available. This is what sets us apart from other home buyers.

If selling your home to 181-Close-Now is the best closing option we will make you a cash offer to buy your house. But sometimes the Closing Options Analyst decides there are other closing options that are better for you. If the COA tells us there’s a better option we take their recommendation to heart.

What Does A Closing Options Analyst Look At?

When a Closing Options Analyst is trying to determine your best closing options they are looking at three main factors:

The clients situation
The property and it’s condition
Market factors

The Clients Situation

Every house is different. So is every clients situation. The motivations, time frames and legal issues are different for everyone. The Closing Options Analyst looks at these factors first. The COA then has to ask “what would I do if I were in this situation”?

This is where years of experience comes into play. We’ve been buying houses for a long time. That means we’ve dealt with some really strange situations. When we run into a really unique situation we have the experience to be able to handle it.

The House And It’s Condition

After the Closing Options Analyst understands the situation they next look at the house. We look at the condition, repairs needed, neighborhood, school system, curb appeal, age of the house and a lot more.

Over 99% of houses we look at need repairs before being ready to sell. In almost every case making repairs does not add value to the house. Usually people make repairs in order to pass inspections or so the banks will approve a loan. This is only one of many things we look at. But we have to understand the situation AND the house.

Market Factors

After looking at the house and the clients situation we look at market factors. What kind of demand is there for this type of house in this type of location? What repairs would be needed? Are there potential renters or home buyers?

We do an in depth market analysis. How long will it take, how much will it cost and what are the odds of success?

Client Options Analyst Recommendation

Once the COA has looked everything over they make a recommendation. If selling your house to 181-Close-Now is the fastest, easiest way to sell your home we will make you an all cash offer. Since we are the buyer and we don’t use banks this is usually the fastest way to get you cash.

It’s rare but sometimes there is a better closing option. Some of our clients need a highly specialized legal team. We’ve also had clients who really just needed the best broker in the business. If the COA determines that there is a better closing option we make sure to get our clients the help they need.

Not Just Another Home Buyer

We only make money when we purchase a house. As a we buy houses company we either resell the houses we buy or we keep them as rentals. If we don’t buy a house we don’t make money. But sometimes that’s not what’s best for our clients.

Other home buyers don’t care. They just want to buy the house. We do things a bit different. If we can help a client then we are happy to do so. But sometimes helping someone means going above and beyond even when it doesn’t benefit us.

Our client’s tell us they feel like family for a reason. We love being able to buy a house as-is. Selling your house fast is always simple with 181-Close-Now. But at the end of the day we just want you taken care of. Even if that mean’s we have to make sure you have the best help available.

Corey Chappell Senior Closing Options Analyst

Corey Chappell is our Senior Closing Options Analyst in Oklahoma City. If you sell your house to 181-Close-Now you will likely meet him. He’s the 4th generation of home buyers in our family and one of the most experienced home buyers in the state.

Corey Chappell Oklahoma City Closing Options Analyst — Corey Chappell Oklahoma City Senior Closing Options Analyst Being Shown A Property By A Furry Occupant

If you have a situation no one else can deal with Corey is the person you want to speak with. He’s dealt with extremely unique situations and he’s bought houses no other home buyer wanted. It takes a lot of experience to earn the title Closing Options Analyst but only Corey Chappell has the Senior designation in his title. His experience and ability to solve clients problems are unmatched.

What Happens If A Closing Options Analyst Makes Me A Cash Offer?

If our Closing Options Analyst decided selling your house as-is fast to 181-Close-Now is your best closing option we will make you an all cash offer. The COA will answer any questions you have. We will handle everything and the COA will keep you fully informed.

Part of the COA’s job is to be sure you sleep well at night. We make selling your home simple and stress free. If our Closing Options Analyst makes you a cash offer they will make sure everything is done right the first time. No stress, just fast cash for your house as-is.

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181CloseNow We Buy Houses For Cash As-Is Fast — 181CloseNow As Featured On NBC Fox CW ABC News We Buy Houses For Cash As-Is Fast

Our team has been featured on NBC News, Fox, The CW, ABC News and many more! A big part of our success is because of our Closing Options Analyst. Our competitors may only care about buying a house; we care about you. That’s why our clients say selling their house to 181-Close-Now was the best decision they ever made.

What Clients Say About Our Closing Options Analyst

Don’t take our word for it. Check out what our clients have to say about our Closing Options Analyst:

Sell My House Fast Oklahoma City Review

Get In Touch With Us

Want to speak directly to one of our Closing Options Analyst? Even if you’re not ready to sell your house we’re here to help! You can give us a call at 181-Close-Now or you can email us at Support@181closenow.com of course you can always fill out the form below and we will give you a call. Your privacy is always protected and there is never any obligation.

Speak To Our Senior Closing Options Analyst

Have a unique situation? A problem no one else can handle? If you’re in Oklahoma City we would be happy to send Corey Chappell to speak with you. Corey is our Senior Closing Options Analyst. He’s got the experience to handle the toughest of situations. You can e-mail him directly at Corey@181closenow.com to let him know a bit about your unique situation.

10 Reasons Owning A Vacant House Can Destroy Your Life

Posted on January 1, 2021 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:22 pm

If you own a vacant house you probably have dreams of it someday being a picture perfect home. The reality is most vacant houses are a nightmare for their owners. Here are 10 reasons owning a vacant house can literally destroy your life:

1.) Most Vacant Houses Get Worse; Not Better

Taking care of a house is a LOT of work. You have to keep up with the yard. Money has to be spent on repairs and updates. It also takes a dedication of time to keep a house in good condition.

Reality is most vacant houses get worse; not better. If you have owned a vacant house for more than 6 months and have not made significant improvements you likely never will.

As the months turn into years the house will need more and more repairs. People will break in. Copper will be stripped. The lawn will grow and city notices will pile up. What started as a project you never got around to will turn into a full blown nightmare.

2.) You Will Likely End Up In Jail With A Criminal Record

It doesn’t take much for a house to be in violation of City Code. It can be something as simple as the grass being too tall. In Del City a house can be completely condemned if you don’t pay your water bill.

Once a house is in violation of City Code the courts step in. You will be summoned to Court. This is where people end up in serious trouble.

If you don’t show up the Court will likely issue an Arrest Warrant. Even if you do show up they will order you to make repairs before a certain date. If you can’t afford those repairs, or you don’t report back, they may issue an arrest warrant later on.

Once the Arrest Warrant is issued you have a serious problem. A routine traffic stop on the way to work will likely end with you headed to jail, your car impounded, and no way to explain it to your boss! All because the grass was too tall or repairs weren’t made.

3.) Your Vacant House Could Be Demolished

If the City decides the level of disrepair is bad enough the City can Condemn your house. This means no one can live there and the house can’t be rented.

Most of the time this also means the clock is ticking. If the repairs aren’t made by a certain date the City will simply demolish the house.

This would be devastating if you put time and money into the house. Even if you didn’t spend any money on the house it could still cost you your life savings.

Once the City has the house demolished they can send you the bill! We’ve had clients receive bills for $15,000-$50,000! Don’t have that kind of money? The City will attach a lien to your personal home to be sure they get paid.

4.) You May Not Own The House At All

About 45% of the clients I help don’t own the house they think they own!

The most common reason is they listened to someone at the local Court House and tried to fill out their own deed. Sometimes it’s because they didn’t follow the proper legal process. All that time and money you’re putting into that vacant house and you may not even own it!

If you filled out a fill in the blank deed there’s a 99.9% chance you don’t own the house. Didn’t have a Closing at a Title Company? You probably don’t own the house. Didn’t have the property Quiet Titled? You probably don’t own the house.

All that time, money, all those headaches, were for nothing. Because you don’t even own the house.

5.) You’re Not Getting That Loan

When I ask people how they plan to fix a vacant house they usually say “I’m going to borrow the money from the bank!”. What they don’t realize is the bank won’t lend them a single penny.

Banks don’t give mortgages that are less than $50,000. If your vacant house is old, in a low-income area, or in a bad part of town borrowing money isn’t and option.

If the house needs ANY repairs borrowing money is usually off the table. Less than perfect credit? Limited construction experience? Little to no savings? Forget about it.

If your vacant house needs significant repairs you’ll have to fund the entire project with your savings. You may even have to do some of the work yourself. How much do you know about plumbing, foundation repair, electrical, permits, City Code, roofing, interior design? Are you willing to risk your life savings to learn as you go?

Rethinking That Vacant House

We’re only half way through our list of 10 ways owning a vacant house can destroy your life. If anything we’ve said so far reminds you of what you’re dealing with we would like to help!

The 181-Close-Now staff has seen it all. We’ve dealt with it all. If you’re in any of the situations we’ve already named let us know! We buy houses all over the state of Oklahoma. Our staff has the experience to handle any situation.

Simply fill out this form and one of our Closing Options Analysts will get in touch. Your privacy is always protected and there is no obligation.

6) Owning A Vacant House Can Cost You Your Family

Reality TV has made fixing houses seem glamorous. TV is not the same as reality. It may even cost you your family.

I meet people all the time who tell me how much money they will make fixing houses or being landlords. The first thing I ask is what they do for a living. If the answer is anything other than “I fix houses and I’m a landlord” there is a 99.9% chance they just destroyed their life.

I can’t tell you how many teachers, firefighters, police officers, plumbers, electricians or bank tellers I’ve met that thought they were suddenly a Real Estate Expert.

The story always ends the same way: They lose their life savings and the people they care about most. Divorce is common. Other times it’s life long friendships that are destroyed.

The 181-Close-Now team has been in real estate for 4 generations. It’s what we do. If we suddenly decided to be astronauts tomorrow we would fail just as bad.

You’re not just risking money when you own a vacant house. Family, friends, relationships, custody of your children; that’s what you’re risking owning a vacant house.

7.) Owning Vacant Houses Causes Bankruptcy

Just selling a house costs 10-15% of the houses market value (assuming it’s in move-in ready, tip-top condition).

Fixing a house usually cost 3-5x as much as you estimate. People naturally underestimate the cost of repairs and how many repairs are needed. They also OVER estimate how well things will go. Even pro’s have this problem.

This means your savings won’t go as far as you think it will. It will take more time than you thought it would. The costs will be greater than expected. And there will DEFINITLY be surprises.

What do you do when your savings is gone, the house still isn’t fixed, bills pile up and you’re about to get a divorce? After enough sleepless nights you finally call a good bankruptcy attorney.

8.) Owning A Vacant House Can Cost You Your Health

A Vacant House will cost you your health. Maybe you haven’t put a dime into it. Or maybe you put your life savings into repairs. Either way a vacant house will suck the health, life and peace of mind right out of you. Why? Because of the word “Vacant”.

Look at our list so far: do these nightmares apply to houses you live in? NO.

Vacant houses have no built in benefit. You can’t live there. They don’t make you money. And they don’t make your life better. All they do is provide the DREAM of making you money SOMEDAY. That dream is usually a living NIGHTMARE. Repairs, City Code Violations, Bills, Unexpected Headaches and many more issues.

That’s why “someday” never comes for most people who own a vacant house. Almost 65% of our clients experience moderate to severe health issues simply because they own a vacant house. All the stress gets to you. The sleepless nights run your body down.

Before you know it you are getting sick more often. You are more stressed out. Health problems you’ve never had before start to appear. In the worst cases owning a vacant house can literally kill you.

9.) Other People Become A Serious Problem

Vacant houses are broken into on a regular basis. Kids will break in to use the house as a party spot. Something to tear up for fun.

Thieves will break in to steal the copper. In both cases that means more money YOU have to spend just to get the house back to the way it was.

No Copper — Vacant House Stripped Of Copper

The worst problems come from people who break in because they need shelter. It’s estimated there are 3.5 million homeless in America and 18.9 million vacant homes.

Every year approximately 30,200 vacant houses across the country are burned down. Often because the homeless break in to escape the cold. I have seen people start fires using the hard wood floors as fuel. On other occasions I’ve seen houses burn down because they used a fireplace that wasn’t safe.

If you own a vacant house there’s a 90% chance you don’t have insurance on it. If it burns down you are left with nothing but a pile of ashes. And that is itself a City Code Violation.

If you DO have insurance the insurance company will likely try and deny the claim. Homeowners insurance is for a house you LIVE in. Not that vacant property you have across town.

10.) You May Lose Yourself Because You Own A Vacant House

In one of the worst cases I ever handled I saw the damage owning a vacant house can cause. A long time friend of the family had a good paying job, a loving wife and family. An overall good life.

He inherited a vacant house that needed a lot of repairs. Even though he had no prior experience he thought he could do it. He had dreams of making lot’s of money being a landlord.

About a year later he was broke. Deeply in debt; his wife had left him. He didn’t get to see his kids. The house had burned down. And the City had sent him a bill for the clean up.

He was going through bankruptcy and developed severe insomnia. Eventually he ended up with substance abuse issues too.

The last time I saw him he wasn’t the same person I knew. When we talked about what happened he told me he didn’t even know the man he had become.

Stories Based Off Client Interactions

Writing this post didn’t require a lot of research. These are the situations our clients have faced that we have helped them with. However bad it sounds; the real situation was much worse.

181-Close-Now buys houses in the Oklahoma City Metro Area (Norman to Edmond, Yukon to Del City). Our family has been in the real estate business for 4 generations. It’s what we do.

No matter the situation our staff has the experience to help! We will never ask you to make repairs, we buy as-is and we close FAST.

Sell Your Vacant House Fast With 181-Close-Now

Don’t risk ending up on a list like this just because you own a vacant house you haven’t gotten around to dealing with. Get rid of that nightmare and get CASH fast. As always we NEVER send our clients a bill for helping out.

Simply fill out this form and our staff will make you an all cash offer for your vacant house as-is. Your privacy is always protected and there is no obligation.

Client Testimonials

We measure our success by how our client’s feel about their experience. Selling your house should be simple and stress free. Check out our Client Testimonials to see just how easy selling your house to 181-Close-Now really is.

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When you sell your house to 181-Close-Now you are working with the most experienced home buying team in Oklahoma. We’ve been featured on NBC News, Fox, The CW, ABC News and many more! Our team has the experience to make selling your house fast for cash as-is easy and stress free!

Get In Touch With Us

Even if you aren’t ready to sell your house you can still get in touch. Questions or concerns? Our team is here to help! You can use our Contact Us page, call us at 1(812)567-3669 or email Support@181closenow.com Or just send us a quick message:

Why Sell My House To 181-Close-Now?

Posted on November 6, 2020 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:23 pm

Why sell your house to 181-Close-Now? We are one of Oklahoma’s most experienced home buyers. We make selling your house fast and easy. Best of all we buy as-is meaning you don’t have to make any repairs.

We close fast and we pay cash. Ready to get a fast cash offer for your house? Just fill out this form and we will give you a call. Your privacy is always protected and there is no obligation.

Selling To 181-Close-Now vs Using An Agent

Selling your house to 181-Close-Now saves you time and money! Here’s why:

We NEVER charge commission
181-Close-Now buys As-Is; No repairs needed
We ARE the buyer. No waiting 6 months hoping a buyer shows up

Agents Charge Commission

The average Agent in Oklahoma charges a 6% commission IF they get the house sold. When you sell your house to 181-Close-Now we will NEVER charge you a commission. We buy houses as investments. Sometimes we keep the houses we buy as long term rental properties. Other times we resell the house to a home owner.

When we buy a house we are making an investment. There is no reason for our clients to pay commissions or receive giant bills. If our team does their job right the house will make us money down the road. We don’t need our clients money; we just need to make their life easy. You can sleep well at night knowing that we are truly on your side.

We Buy Houses As-Is

181-Close-Now buys houses As-Is. We will never ask you to make repairs. When you sell your house using an Agent you HAVE to make repairs. The only thing an Agent does is help you find a buyer (if they can). Those buyers don’t have the money to buy your house they have to borrow it from a bank.

When you borrow money from a bank the bank will require inspections. If the house needs repairs to pass those inspections you either make the repairs or the buyer can’t get the loan. Most home owners don’t make repairs because it ads value. They make repairs so the house will pass inspection.

As a cash buyer we can buy houses as-is. There are no banks which means there are no inspections. Our clients don’t have to waste time and money making pointless repairs. This also let’s us get you cash faster than our competitors. We have some of the fastest Closings in Oklahoma. Our team works hard to be sure selling your house to us is fast and easy.

181-Close-Now IS The Buyer

If you use an Agent you MIGHT sell your house; if you’re lucky. There is no guarantee that your house will sell. More often than not you waste several month having your “house on the market” with nothing to show for it. That’s ok if you really don’t care if you sell your house or not.

We ARE the buyer. When we buy a house we are making an investment. Sometimes we keep the house as a rental. Other times we resell the house. Either way there is no “maybe”. Our team will make you an offer on the spot. No waiting for months on end hoping a buyer comes along. We are the buyer and we move fast to get you cash quickly.

Selling Your House To 181-Close-Now Is Fast And Easy

Ready to sell your house the fast and easy way? Just let us know the best way to get in touch with you! We’ll give you a call and you’ll be at a Closing in no time! It’s that easy! Your privacy is always protected and there is no obligation.

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What Does A Title Company Do In Real Estate?

Posted on May 13, 2018 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:23 pm

Selling your house fast is easier with a good Title Company. But what exactly do they do? What do they contribute to the overall process? And why do you need one?

Let’s take a look at all the things a Title Company can do for you. You may be surprised at just how much they do to be sure your transaction goes smooth!

What Is A Title Company?

A Title Company is a company that handles real estate transactions. They are the professional team that takes a Purchase Agreement and turns it into a transaction!

It’s usually a small businesses which is privately owned. You will find some have several branches. Others may have a single office. More importantly it would be impossible to sell a house without them.

What Is The Title Company’s Job?

The first step in selling your house is making a deal. But what happens after that? This is where the Title Company takes over.

Once the Purchase Agreement has been signed the Title Company gets to work. They start by creating a file containing the information of the buyer, seller and lender. They will put a copy of the Purchase Agreement into the file to be used later.

Abstracting

The first thing will be to order the Abstract of Title. Once it has been ordered it will be updated and certified. After this a Title Examiner will go through the Abstract. They review the documents and conduct a Title Search to be sure the seller has marketable title.

They will also be looking to see what may need to be taken care of at Closing. Things like mortgages, liens and back taxes will need to be paid at Closing. A list of things needed to complete a Closing is created. After all of these things are reviewed the Title Examiner will issue a Title Commitment.

Coordination

Title Companies have a large staff. Different people do different jobs. One of the main jobs is coordinating. The Title Company needs to be sure everything comes together nicely. That means making sure liens are paid off. Getting paperwork to banks and lenders on time.

There are also documents that need to be made prior to closing. Deeds and Closing Statements need to be created. Numbers need to be double checked. All of this takes a lot of time and effort. Title Company employees work hard to coordinate Closings.

Escrow Services

Title Company’s also provide escrow services. They hold all of the funds.

After Closing they send the funds were they need to go. They will send money to pay off existing mortgages and liens. This is done to be sure that everything that needs to be paid gets paid.

The buyers and sellers don’t actually touch the money. Everything else gets paid first. After those payments are made the sellers are sent any money that they are due. Usually this is done with either a check or a wire transfer.

Closing Services

When everything is properly prepared a Closing will be arranged. At Closing the buyers and sellers meet with a Settlement Agent. The Settlement Agent will explain the paperwork and gather the required signatures.

They will show you exactly what money is going where. They will also answer any last minute questions you may have. Once the Closing is complete the Title Company will make sure that all of the documents get properly filed.

How Do You Pick A Good Title Company?

You want to be sure the Title Company you work with will help you. First look at online reviews. Then referrals from friends and family.

Not all Title Company’s are equal. Be sure you work with one that will meet your needs. Don’t be afraid to ask questions and get to know the staff! If they have a great reputation and great customer service you’re on the right track.

181-Close-Now buys a lot of houses! We have worked with many different Title Companies. Here are just a few that we can highly recommend!

Trustmark Title

Lincoln Title

Photo courtesy of Old Republic Title Company

Does 181-Close-Now Work With Title Company’s?

Selling your house fast is easy with 181-Close-Now. We work closely with the Title Company to make sure things get done FAST! Our Closing Options Analysts go above and beyond to get your file to the front of the line. This means we are able to close faster than other homebuyers!

Be careful! A reputable homebuyer will ALWAYS have a proper Closing. If someone tries to buy your house without doing title work or having a Closing something is wrong. Title work protects the sellers as well as the buyers. 181-Close-Now will NEVER ask you to sell a house without a formal Closing and proper title work.

Sell Your House Fast With 181-Close-Now

See just how fast and easy selling your house can be. Just give us a call at 181-Close-Now or fill out our Sell My House Fast Contact Form. One of our Closing Options Analysts will help you every step of the way. You can also fill out the form below. Your privacy is always protected and there is no obligation.

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What Is A Purchase Agreement In Real Estate?

Posted on May 2, 2018 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:23 pm

When we buy houses we usually use a Purchase Agreement. You can call it a Sales Agreement or Contract. It all refers to the same thing. A Purchase Agreement is a written agreement between a buyer and seller. It outlines all of the terms and conditions of the transaction. You don’t have to spend money on a fancy document. Any document outlining the important details will do.

Some people try and buy or sell a house on a handshake. This is a very bad idea. If everyone is being honest there is no reason to NOT have a written Agreement. Even if you trust the other person you will still need a written Agreement.

More importantly? Without a written agreement the Title Company won’t do anything. No Title Work means no Closing. That makes a Purchase Agreement very important!

Do You Have To Have A Purchase Agreement To Sell A House?

When you are buying or selling a house you should ALWAYS have a Purchase Agreement.

It will allow a Title Company to start Title Work
A Purchase Agreement clearly outlines everyone’s responsibilities
Real Estate is considered something of substantial value

Title Company’s Need A Purchase Agreement

A Title Company will not start Title Work until a Purchase Agreement has been provided. It let’s the Title Company know that a buyer and seller are working to complete a transaction.

They know that if they start the labor-intensive process of Title Work they are probably going to get paid. It lists when the Closing can happen. This gives the Title Company assurance that they aren’t doing a lot of work for no reason.

The Title company also uses the Purchase Agreement to prepare closing documents. They look at the Purchase Agreement to know all of the details that have been agreed to. This is one of the most important reasons to never do a handshake transaction.

The Title Company needs a written Purchase Agreement to work from. It provides them with information about price. They can also use it to meet deadlines. The Purchase Agreement tells the Title Company who get’s what and who pay’s for what.

A Purchase Agreement Clearly Outlines Everyone’s Responsibilities

A Purchase Agreement outlines everyone’s responsibilities. It should state the buyer, seller, purchase price, earnest money and the address of the house. Closing dates and inspection periods are also common.

By having the details of the transaction outlined it’s less likely disputes will arise. There are people who simply will not honor an agreement. Luckily most people will.

By having a Purchase Agreement you have a document you can reference if any disagreements arises. Be sure and keep a copy for your files. You may need it later if there is a disagreement.

Real Estate Is Considered Something Of Substantial Value

There are a lot of things in life you don’t need a Purchase Agreement for. If you’re trying to buy or sell a house quickly a Purchase Agreement is literally required.

One of the central tenants of Contract Law is that a written agreement should be used on any transaction of substantial value. Written agreements are also required in any transaction that will take more than a year to complete.

Houses are considered to have substantial value. When you are selling a house you are dealing with a legal transaction. Everyone needs to be able to agree on inspection periods, who will pay for different costs and other issues. A written agreement also helps avoid disagreements later on.

The actual value of the house doesn’t matter. Sometimes houses aren’t worth a lot. There are houses that need a lot of repairs. Others are in bad areas. Even if you aren’t dealing with a large amount of money you are still dealing with a piece of Real Property.

Don’t take our word for it. Look what the legal experts have to say about having to have a written agreement when dealing with real estate.

Purchase Agreement’s Are Important When You Want To Sell A House Fast

It’s important to remember that a Purchase Agreement is a legally binding contract. It’s always wise to read it carefully before signing. Be sure that you understand exactly what you are signing. You want to double check that the purchase price, inspection dates and other information is correct.

Purchase Agreements do not have to be complicated. They can be a simple one or two page document. If you sell your house to 181-Close-Now you can rest easy knowing we will go over the Purchase Agreement with you.

Our Closing Options Analysts are trained to review the Purchase Agreement with out clients. We want to be sure everyone’s on the same page. This is one of the reasons out clients love us!

Ready To Sell your House Fast?

If you’re ready to sell your house fast we would like to make you an offer. We make selling a home simple. Just fill out our Sell My House Fast Contact Form or fill out the form below and we will make you an all cash offer. We buy houses as-is with no repairs needed, your privacy is always protected and there is no obligation.

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What Is An Option Agreement In Real Estate?

Posted on April 23, 2018 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:23 pm

In real estate an Option Agreement is a type of Purchase Agreement. An Option Agreement gives a potential buyer the right, but not the obligation, to purchase a house.

The Option Agreement says the buyer can buy a house for a certain amount of time, at a certain price and on certain terms. This is very similar to other Options Agreements such as Stock Options. A key feature of an Option Agreement is that a buyer CAN buy a house. But they don’t HAVE to buy the house.

What Does An Option Agreement Contain?

A well written option agreement will contain at the minimum:

An expiration date
A Purchase Price
The Premium paid for the Option
Description of the Asset or Property

Expiration Date Of An Option

A good Option Agreement should clearly state the date the Option expires. The expiration date of the Option is the date by which the buyer has to notify the seller whether or not they plan to execute, or use, the Option.

The transaction does not have to be completed by the expiration date. The expiration date is simply the date by which the buyer must notify the seller of their intent to move forward. If the expiration date passes without Execution the option is no good. This is called Option Expiration.

Using Option Agreements Can Be Dangerous

I recently saw an Option Agreement that had no expiration date! A friend of mine purchased it. He now has the right to buy a certain house at a certain price anytime he chooses!

The option has no expiration date. By failing to put an expiration date the seller gave him an option that may never end. This is one very important reason to be sure that an Option Agreement has a clear expiration date!

Purchase Or Strike Price Of An Option

When we talk about Options Agreements the proper term for purchase price is the Strike Price. The price which the house can be purchased. It’s the same thing.

The purchase price, like other aspects of an Option Agreement, are negotiated between the buyer and seller. This is the price that the buyer must pay to be able to buy the house.

If the buyer is not willing to pay the purchase price then the Option Agreement is not likely to get executed. Setting a Strike Price too high can make it very hard to sell an Option Agreement. Few buyers are willing to buy an Option they know they can’t execute.

What Is An Option Premium

When using Options a Premium is the amount that the buyer pays the seller for the rights they are receiving. The seller gets to keep this Premium even if the Option doesn’t get exercised or expires.

The seller is giving the buyer rights to buy the property at a certain price for a certain amount of time. The Premium is what the seller receives for doing this. There is no set Premium that an Option Agreement must have.

It can be as little as a few dollars or as much as several million! The Premium, like most aspects of an Option, is negotiated between the buyer and seller.

What Type Of Property Description Does An Option Contain

An Option Agreement can contain any type of property description that the buyer and seller are comfortable with. It can be something as simple as the address to a house. Sometimes it can be a complicated legal description for a property. It depends on the type, size and value of the property.

As long as the description can accurately describe the property (and makes both the buyer and seller feel comfortable) the property description can be written any way you like.

What Are Option Agreements Used For

Now we know a little about what a basic Option Agreement contains. Next lets look at what they can be used for.

Basic Option Agreement Example

Let’s say Sam has 20 acres of undeveloped land by the highway. Tom thinks that the area by the highway will soon be used for commercial development. Sam will sell the property for $500,000. Tom thinks the property is worth about $200,000.

Tom and Sam agree to use an Option Agreement. Sam is willing to sell the property to Tom for $500,000 any time in the next 2 years. They agree that Tom will pay Sam a $5,000 premium for the Option. Sam gets to keep the $5,000 premium even if Tom doesn’t end up executing the option.

About 6 months later the area by the highway starts being developed for commercial use and starts selling for over $100,000 per acre. Tom tells Sam he would like to execute the Option and they move forward with the transaction. Tom would then pay Sam $500,000 for the 20 acres.

This is a bit of an extreme example but it shows why an Option Agreement can be a good idea in certain situations. If Tom had been wrong and the land had not suddenly gone up in value he could have just let the Option expire in which case he would have only been out the premium he paid.

What Is The Most Common Real Estate Option

Options are not uncommon in real estate. We see them most when we look at Lease Options. Lease Options combined a residential lease with a purchase Option Agreement.

It’s often said that 99% of Options expire and become worthless. While some sources say that the number is much lower they usually only look at Stock Options. Most Options, especially those that are part of a Lease Option, do indeed expire and become worthless.

Should I Use An Option Agreement To Buy Or Sell A House?

Option Agreements can be very powerful. They can also be very dangerous. Most people simply don’t understand Option Agreements. You should never use a tool you don’t know how to use.

I’ve seen a lot of landlords and tenants both have issues with Option Agreements. Landlords want to make more money but end up with legal issues. This is normally because they don’t understand what they are offering their tenants.

Sometimes it’s the tenant that loses out. I’ve met many tenants who thought they were getting more than they understood. They spend a lot of money for an Option Agreement that was never going to be executable.

Does 181-Close-Now Use Option Agreements?

The job of a Closing Options Analyst for 181-Close-Now is to find a closing solution that fits your need. 181-Close-Now prefers to use a Purchase Agreement. But if it helps a client we will consider using an Option Agreement in certain circumstances.

We have a rule when using an Option Agreement. Our Closing Options Analyst will go over the agreement with you in detail. We make absolutely sure that out clients understand what an Option Agreement is. You’ll know what it is and why it best fits your situation!

Unlike other companies that buy houses in Oklahoma 181-Close-Now always keeps you informed! See the 181-Close-Now difference for yourself.

Ready To Sell Your House Fast?

If you’re ready to sell your house fast we’re here to help. Just fill out our Sell My House Fast Contact Form to or give us a call at 181-Close-Now and we will make you a cash offer.

We buy houses as-is so you never have to make repairs. Just fill out the form below and one of our Closing Options Analysts will call you to speak about your unique situation. Your privacy is always protected and there is no obligation.

What Our Clients Have To Say

181-Close-Now makes selling your house fast and easy. Don’ t take our word for it. Check out our Client Testimonials. Here’s what one of our past clients had to say about their experience selling a house to 181-Close-Now:

Sell My House Fast Oklahoma City Client Review

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What Is A Closing When Selling A House?

Posted on April 8, 2018 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:23 pm

If you want to sell a house fast you will need a Closing. This is when the magic happens. The last step in a selling your house. This is when everything gets taken care of.

The paperwork gets finalized. Sellers get their money. Buyers get their keys. You are closing, or completing, the transaction! Sometimes it may also called Settlement. This is the time when the last details are taken care of and the sale is finalized. It’s the moment everyone’s been waiting for!

What Happens At Closing?

First everyone shows up at the agreed date and time. Usually at the Title Company. Next everyone will provide a copy of their identification. Then the Settlement Agent will make copy’s of everyone’s I.D.’s.

Typical Closing Documents will:

Deed’s: The Deed is what actually transfers ownership of the property. The Settlement Agent will usually have several copies in case it gets signed incorrectly.
Settlement Statements: The Settlement Statements are prepared for both parties. This document gives a breakdown of the expenses related to the transaction.
Disclosures: The Settlement Agent will have Disclosures that must be signed. There may be several different disclosures.
Financing Documents: If a buyer is borrowing money the Settlement Agent will have documents for the loan.
Other Documents: The Settlement Agent will have any other documents that may be needed. This could include survey’s, insurance documents or releases.

What Is A Typical Closing Like?

Once all of the I.D.’s are copied and the documents prepared the Closing can get underway!

First the Settlement Agent will start by explaining the documents. They will go over each document one at a time. This way you understand what you’re signing. They will also be sure you sign or initial in the correct places.

After the documents are signed the Settlement Agent will Notarize the documents. These official copies are usually sent to the County. Everyone involved will usually be given copies of the documents.

After the document are signed the seller gives the keys to the buyer. At this point the Closing is actually complete! Everyone can breath easy. Your house is officially SOLD! Now the house has a new owner!

Does Anything Happen After Closing?

When the Closing is completed the transaction is considered finished. Everything else is the Settlement Agents responsibility. The Settlement Agent will make copies of all the documents. Next they will make sure that the Deed is properly recorded.

The Settlement Agent will make sure that the funds get disbursed. Funds are usually distributed by check from the Title Company. The Title Company may wire funds directly instead of issuing checks.

How Long Will Closing Take?

How long a Closing takes will depend on the specifics of your transaction. If you the buyer is borrowing money a Closing can take several hours. I’ve been in Closings that took all day! Closing day is supposed to be the best part of selling a house. Not something that takes hours to get over with.

Why Is Closing Different When Selling A House Fast With 181-Close-Now?

The 181-Close-Now team always makes Closing as easy as possible. Our average Closing takes less than 10 minutes! We make sure everything is ready before you arrive. Usually it’s just a few signatures and everything is finalized. Our clients tell us it’s the fastest way to sell a house they’ve ever heard of.

How Can 181-Close-Now Close So Fast?

181-Close-Now buys houses as-is. That means there’s no inspections or repairs to deal with. It also makes the Closing process much faster.

Remember 181-Close-Now pays cash for houses. By paying cash we make the Closing process super fast! Since we don’t borrow money to make each purchase there’s less paperwork at Closing. This helps speed the Closing process up even more.

Our Closing Options Analysts work closely with our Title Companies. This means we are able to do a lot of the work before you get to Closing. Our clients tell us we have the FASTEST Closings in Oklahoma!

A Closing that involves appraisals, surveys and inspections can take substantially longer. The average Closing takes about 45 minutes to an hour. If you have a good Settlement Agent your closing should go smoothly.

Ready To Sell Your House And Close Fast?

Selling a house and want to Close fast? We’d like to make you a cash offer. You can give us a call at 181-Close-Now or fill out our Sell My House Fast Contact Form. Your privacy is always protected and there is no obligation.

Have questions, concerns or want to speak with our staff? Just fill out the form below and your message will go directly to one of our Closing Options Analysts. Even if you’re not ready to sell we’re here to help.

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Everything You Need To Know About A Real Estate Abstract of Title

Posted on April 7, 2018 by Corey Chappell

This post was last updated on July 12th, 2021 at 08:24 pm

An Abstract of Title is important if you want to sell a house! Often it’s just referred to as an Abstract or a Title Abstract. You may have it if you own an older house. If your house is newer you probably don’t have it.

What Is An Abstract of Title?

The Abstract of Title is a collection of all the documents related to a house. Typically they are bound at the top. Usually they have a thicker front and rear cover to protect the documents.

Inside the Abstract is a copy of all of the deeds, mortgages, liens, releases and court documents related to a specific piece of property. Think of it as a complete set of documents related to ownership of a house.

What Does An Abstract Do?

The purpose of an Abstract is to keep all of the documents related to a property in one place. Once a Purchase Agreement has been signed by a buyer and seller the Title Company will have the Abstract updated and certified.

The Abstract needs to have all of the documents related to the house. When the Abstract is updated any documents that are missing are added. This makes sure that anything that’s happened recently is accounted for.

Once the Abstract is updated it can be certified. When an Abstract gets certified it is a complete history of the property through that date. Now the Abstract can now be used to complete a Title Exam.

What Kinds Of Documents Are In An Abstract?

An Abstract will contain any recorded documents related to a piece of property. The most common documents you will find in an Abstract are:

Deeds: The Abstract should contain any Deeds that have been used to transfer ownership of the property. Since Deeds are recorded they are added to the Abstract. This means that there should be a complete set of Deeds showing all of the property’s ownership transfers.
Mortgages: Any Mortgages that have ever been taken out against the property. When a Mortgage is created it’s filed and becomes part of the history for that piece of property. Since Mortgages are included in the Abstract it makes it difficult to sell a property without paying off the Mortgage.
Releases: A Release is filed when a Mortgage, a Lien or a Judgment is released. The Release will become part of the Abstract. This let’s the Title Attorney know that those items are no longer encumbering the property.
Court Documents: There are numerous court documents which may be found in an Abstract. Court Documents related to Probates, Divorce, Quiet Title, Judgments and other court proceedings will be included in an Abstract. This makes it easy to understand how court proceedings may effect of property.
Other Documents: Any document that is related to a piece of property may be included in the Abstract. You will find Treaties, Surveys and other historical documents. This helps make sure that the Abstract contains a complete history of the property.

What Happens After An Abstract Is Updated?

After being updated the Abstract then goes to a Title Attorney. Now The Title Attorney knows that the Abstract has each and every document related to the property.

Now the Title Attorney can go through the Abstract and make sure everything was done correctly. One document at a time. They check to be sure each transfer was correctly executed. Each lien properly released. This is called a Title Exam. The Abstract provides all of the documents needed for the Title Exam.

This is why an Abstract is one of the most important parts of selling a house. Without an Abstract of Title it would be impossible for a Title Attorney to perform a Title Exam.

Without a Title Exam it would be difficult to determine who owns a property. It would also be hard to find out if a house has title issues. Abstracts are what make buying and selling houses fast and safe.

Next time you buy or sell a house be sure and ask your Title Company if you can see your Abstract. It’s worth taking a few minutes to look through. You’ll really appreciate all the hard work the Title Attorneys do afterward!

Want To Sell Your House Fast?

If you want to sell your house fast the Abstract will play an important role. We buy houses in Oklahoma and we are usually able to close quickly. Our team works closely with the Title Company to be sure your file is put at the front of the line. We pay cash so there are never any inspections and you never need to make repairs.

If you’re considering selling your house we’d like to make you a cash offer. You can give us a call at 181-Close-Now or you can simply fill out the form below. Your privacy is always protected and there is no obligation.