Archive for the 'Investment Property' Category
Planning an Appeal
February 15th, 2009 categories: Commercial real estate, Investment Property, Land & Rural, Market Trends
BRYAN, TX -- So your property value drops in a shrinking economy. What can [caption id="attachment_1987" align="alignright" width="150" caption="Property Tax Assessment"]
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you do? Make sure that your tax value is decreasing, as well. Brazos County mails out estimates for the year 2009 in June. That's four months away, you exclaim. Yes, plenty of time to investigate your property's current market value and to prepare your tax appeal, I say.
Your case for a request to lower the property's value is not simply based on your feelings about higher taxes. You've heard Benjamin Franklin say it - in this world nothing is certain but death and taxes. So don't be shocked to find yourself in a recession and asked to pay (more...)
| Discussion: 2 Comments »
Postive Spin
January 5th, 2009 categories: Buying Real Estate, Commercial real estate, Foreclosures, Investment Property, Land & Rural, Market Trends, Real Estate News, Selling Real Estate
BRYAN, TX -- Gosh, ever since the election, the media seem happier about the war on terror in Iraq, the outlook of our economy, and spending of consumers. Is it all based on the results of the election? Or is it a figment of our imagination? See how saavy you are on the economy in our neck of the woods, based on an article from Texas Realtor Magazine, October 2008: 1. What percentage of all Texas homes are financed by subprime loans? a. 1% b. 8% c. 17% d. 33% 2. True or False? Average interest rates for a 30-year fixed mortgage are about what they were 5 years ago. 3. T or F? In 2007, homes priced $500k+ represented a higher percentage of the total homes sold in Texas than any previous year. 4. Of 44 Texas markets, how many had lower median sales prices from January-June 2008 compared to the same period in 2007? a. none b. 11 c. 22 d. 33 5. How many Texas markets had more home sales in June 2008 than June 2007? a. 22 b. 9 c. 3 d. none 6. In CNBC's 2008 ranking of state economies, Texas came| Discussion: Your Comments Please »
What’s Your Appraisal Worth?
December 10th, 2008 categories: Buying Real Estate, Home Improvement & Design, Investment Property, Land & Rural, Market Trends, Mortgage Help, Real Estate News, Selling Real Estate
Bryan, TX -- In a slower real estate season, what good is your appraisal? Verdad Valuation Services owner [caption id="attachment_1844" align="alignright" width="174" caption="Kelly Seaton"]
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Kelly Seaton says plenty. It's still a reliable tool to know when a buyer presents the seller with a low-ball offer or when it's a good deal.
"In June and July when business is booming, sales data was plentiful. Last months sales were a good indicator of a property's present value," Seaton said. "When there is a sudden shift in market, this is not necessarily the case. More research needs to done to quantify the stability of an area's market."
Who should use an appraiser? Usually, Verdad Valuation sees banks and lenders as their client. Seaton also sees home owners as clients, who just want to get an idea of value on their home pre-sales, before they even become a seller. Or an independent FSBO may try to protect himself from a bad deal, seeking the opinion of an independent third party.
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How to get rid of PMI - Part Two
December 7th, 2008 categories: Investment Property, Market Trends, Mortgage Help, Real Estate News
Last time we learned that PMI, like PMS, doesn't last forever. Aside from home owners asking for it to be removed and aside from lenders terminating it when the principal balance of the loan reaches 78% of the original loan amount, there is another way to have it eradicated. [caption id="attachment_1882" align="alignright" width="150" caption="Increase in home value"]
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For people living in areas where their home value has risen, the value could actually exceed the amount of principal owned on the mortgage. In this situation the lender is under no legal obligation to remove the Private Mortgage Insurance. Usually if the home owner has been prompt on their monthly payments and is not an exceptional risk, the lender will agree to remove the extra fees.
The hardest thing for most home owners to know is just when does their home equity rise above this magical 20%? A certified, licensed Appraiser like Verdad Valuation can help. Owner and appraiser, Kelly Seaton, says that it is his job to know the market dynamics of this area.
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| Discussion: 2 Comments »
Pre-Sales Appraisal Services
November 5th, 2008 categories: Home Improvement & Design, Investment Property, Selling Real Estate
Bryan, TX -- Looking for a second opinion on your home's value? Enlist the services of an objective, third party Appraiser. You will receive an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales". [caption id="attachment_1872" align="alignleft" width="150" caption="Appraisals from Seaton"]
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"Having a recent appraisal of your home can be very useful at the negotiating table," said Kelly Seaton, owner of Verdad Valuation Services. When interested parties see an appraisal, an inspection, a survey, or a map of the home, these serve as additional tools that cut down on the time it takes to close.
Seaton says Verdad Valuation can complete a residential appraisal in as little as one day if necessary, where a narrative appraisal for a rural property could take one week. It all depends on how much sales data is available and how much time is necessary to adequately research the survey, title, and sales of comparable properties.
In addition to answering questions like "how much is my house worth", Seaton suggests a few other things to consider prior to listing your home. Certain upgrades
| Discussion: 2 Comments »
Credit Crunch? Media Feeding Frenzy
September 30th, 2008 categories: Buying Real Estate, Commercial real estate, Investment Property, Land & Rural, Market Trends, Real Estate News, Selling Real Estate
BRYAN, TX -- You and I know the media are out to make a buck. And most people know that a majority of the news is presented in a cunning way to grab your attention to increase media viewership to sell more ads to make a buck. What viewers may not know is that the recent hype on the alphabet soup mortgage companies (WaMu, AIG, FNM, FRM, ...) is just that - hype. Sensationalism to get you excited to grab your attention to increase media viewership to sell more ads to make a buck. It's like the Dallas Cowboys training camp... (more...)| Discussion: 1 Comment »
