Archive for the 'Selling Real Estate' Category
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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| Discussion: 1 Comment »
How to get rid of PMI - Part One
December 2nd, 2008 categories: Buying Real Estate, Foreclosures, Home Improvement & Design, Real Estate News, Selling Real Estate
No I didn't say PMS. If I knew that, then I'd be a millionaire. PMI - your Private Mortgage Insurance protects your lender in case if a borrower defaults on the loan, and the value of the home is lower than the loan balance. [caption id="attachment_1879" align="alignright" width="150" caption="Home Equity and PMI"]
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PMI has been a large money-maker for the mortgage lenders. The amount of the insurance (usually $40/month for a $100k home) is commonly rolled into the mortgage payment. Given the size of the overall note payment, this additional fee is often overlooked. Homeowners continue to pay the PMI even after their loan balance has dropped below the original 80% threshold. This occurs naturally, of course, as the home owner pays down the principal on the loan. On a typical 30-year loan, however, it can take many years to reach that point.
Lenders were under no obligation to tell home owners when they had reached a point where the PMI can be dropped. That all changed back in 1999 when the Homeowners Protection Act took effect. In most cases, this law now
| 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 »
Time to Inspect Your Property - How Do You Prepare?
October 21st, 2008 categories: Selling Real Estate
So you've sold your house and now the buyers are going to do inspections. Should you worry? Do you need to do anything to get ready?
YES YES YES!
When you and a buyer come to an agreement on price and terms you want to make sure nothing goes wrong. Below are a few ideas to help make the inspection process go as smoothly as possible.
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Pets - Make sure all animals are off property for the inspection. No inspector wants to dodge the dog or let the cat out or find the snake in the kid's bedroom.
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Turn on the utilities! Make sure everything is on especially if you don't live in the property. Check the electricity, gas and water.
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Make sure all the pilot lights are lit - water and air!
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Light bulbs? Make sure all are working great. You don't want the inspector to write up that you need an electrician when all you need is a light bulb.
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Check the a/c filters & vents. Replace the a/c filter. Clean the vents. You want no dirt or dust anywhere.
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Trim the bushes and trees away from the house. Make sure the inspector can easily get
| Discussion: Your Comments Please »
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 »
