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The following is a sample of items that could cause you serious problems when purchasing a new home directly from a builder. Even the most experienced buyers may forget a point or two. If you don’t know how to handle each of these items and more, why would you go to one of these offices without having your advocate with you?
- Has there been any Special Assessment Financing (SAF) for this property?
- How often will access to the home be granted during the building process?
- Are there any Construction Liens on the property?
- Are there any initial contributions, annual assessments or special assessments collected by the HOA that will be paid by the buyer at closing?
- Can I see a plot plan of the homesite to evaluate the easements before closing?
- Can I get a copy of the CCRs for the community before I purchase?
- How long has this home plan been built? Will I be the first?
- How will we document our agreement on the protected features of the homesite?
- What type of drainage will the homesite have? Is it the correct one for the long term?
- Is there a lot premium for our home site? Should I pay it?
- What will be built next door, behind, in front of the homesite?
- What is the city zoning for any undeveloped property?
- What about a soil test? How do I know that it has been done and passed inspection?
- Explain “binding arbitration” to me.
- How can I ensure that this home will be built 100% city code compliant?
- What clause should I add to the contract to ensure that any material installations performed by your workers does not void the builder included warranties?
- What does the purchase agreement say about material changes? Don’t you have to get my approval first?
- Is this home in a PUD or MUD district? How will that effect my property taxes?
- When do I need to have my design selections finalized?
- What happens if you do not complete construction of the home at the agreed time?
Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders
Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. Visit www.northtexashomefinders.com for more information.
Are you afraid to pick up the newspaper, or watch the evening news? According to them, the sky is falling, and it has been for some time. There seem to be too many Chicken Littles running around these days.
Once or twice a week, I hear a story about the impact of the sub-prime market on the economy. Combine that with the stories about the skyrocketing foreclosure rate, and the declining housing market, and it’s no wonder people are afraid.
For those of us who live in Texas, I’ve got some good news. As Cody mentioned in one of our previous BLOG articles – there is more than just one singular real estate market. Texas remains stronger than most of the country, and is poised to become stronger.
Below are some figures from the National Mortgage Bankers Association Chief Economist, Doug Duncan. He wanted to set the record straight about what is going on around the country. He also indicated that people in Texas have nothing to worry about.
Some of his defenses were…
- The foreclosure problem in this country is really a story about 7 states
- The biggest foreclosure problem is in Michigan, Ohio and Indiana. These are predominantly manufacturing states
- Since 2001, Michigan has lost 300,000+ jobs
- The other 4 states are California, Florida, Arizona and Nevada. In each of these states there has been significant overbuilding. 25% of the foreclosures in these states are on properties that are held by investors who were speculating
- California & Florida have been hit very hard
- 35% of the homes in the USA do not have a mortgage
- 98% of the mortgages in the USA are performing
- Only 9% of all mortgages are sub-prime
- 75% of all sub-prime mortgages are performing
- In the other 43 states, foreclosures have fallen in 2007 from 2006
Currently, our local inventory levels are half the national average. Better yet, Dallas has the second shortest average sales time – 79 days. Only Denver was shorter at 77 days. These figures were published in the Altos Research and Real IQ Market Analysis released on March 11, 2008.
The bottom line is, keep your chin up. Remember, these things are cyclical, what goes up comes down, and vice versa. We may be a little down now, but we eventually will head back up.
Submitted by Chad Underwood, Owner/Broker, North Texas Home Finders
Remember, having a buyer’s representative never involves any fees or commissions charged to you! The Sellers/Builders pay our service fees from their marketing funds. Learn more about how you can benefit from having a professional on your side at:
www.northtexashomefinders.com
If you spend any time reading the newspaper, watching the news on television, surfing for news on the web, or listening to casual conversation around the water cooler, you’ve probably heard that the real estate market is terrible. Headlines appear every day bemoaning the state of the current real estate market, mentioning falling house values, and generally scaring the living daylights out of the average Joe. I’ve got good news if you live in Dallas / Fort Worth or North Texas – and the good news deals with the #1 Myth in Real Estate.
Enough suspense? Okay, here goes…..The #1 Myth in Real Estate is the notion that there is only ONE real estate market! This couldn’t be further from the truth. There are HUNDREDS of markets in the United States, many within each state. In some cases, there are several markets in a particular city. However, that doesn’t stop the national media from spreading the news that THE (singular) real estate market is currently in the tank.
The wonderful news for those of you that live in Dallas / Fort Worth or are considering moving to the area is that our market is among the most healthy in the nation. We didn’t have a bubble burst, because we have no bubble. Prices are generally holding steady, and in some areas are rising. I also read an article last week that ranked D/FW as the most UNDERVALUED market in the nation. You know what that means? It means if you are a buyer, and you want a great deal on a home that should hold it’s value or gain value (obviously no guarantees, but look at D/FW’s track record), then North Texas is the perfect place to buy right now!
Submitted by W. Cody Robinson, Owner/Buyer Specialist, North Texas Home Finders
Remember, having a buyer’s representative never involves any fees or commissions charged to you! The Sellers/Builders pay our service fees from their marketing funds. Learn more about how you can benefit from having a professional on your side at:
www.northtexashomefinders.com
There is nothing hotter than a Texas summer! So, how can you save money on your electric bill? You might want to look at an “Energy Star” certified home!
In 1999, Chad and I built a brand new home in Denton, TX, with a very reputable builder, and at that time, it was probably considered somewhat energy efficient, but not a true ”Energy Star” certified home. Our first test of our new home’s energy efficiency would be the June electric bill. I quickly discovered that our home was not as energy efficient as I thought it would be.
So what is an “Energy Star” home? Well, in 2001-02’s many major builders began to add additional energy saving features that surpassed the standard TX building codes, because home building is a business, just like any other, the builders wanted a better more marketable product for their buyers. These new and innovative features improved the cost of cooling, heating, lighting, and appliance energy use, thus giving NEW homes more appeal to a potential buyer. By May of ‘02, more than 100,000 new homes had earned the “Energy Star” label. Energy savings are typically achieved through a combination of:
- Exterior construction upgrades;
- High-performance windows;
- Controlling the amount of air leaking out through the duct system or unsealed holes;
- Controlling the amount of air entering the home from the outside;
- Properly installed insulation;
- High-efficiency heating and air conditioning systems; High-efficiency water heating equipment; ENERGY STAR qualified clean air systems;
- High efficiency ENERGY STAR lighting fixtures; and ENERGY STAR qualified refrigerators, clothes washers, and dish washer
ENERGY STAR qualified homes function more efficiently as a system, resulting in benefits for homeowners:
- Money savings each month from lower monthly utility bills;
- Increased buying power with more favorable financing options through an energy efficient mortgage;
- Elevated return on investment with higher resale value; and
- Greater comfort than homes built to the current residential code.
At “North Texas Home Finders” we are aware of the builders that offer “Energy Star” rated homes. We are eager to help you find the perfect home with energy efficient features which will save you money.
We have all had those moments. You unlock the front door and notice the peeling paint, the stuff piled all around you, and just feel overwhelmed. It doesn’t have to be that way. If you have outgrown your current home, rest assured there are plenty of different options available. One that you could call home in less than a month.
Next the fear sets in. How can I possibly pack up all this junk? There is no way I can move. Yes, you can. I found these great moving day tips from Sotherby.com. Check it out.
2-3 Weeks before moving
Confirm your pack dates with the moving
company and supply them with destination address and phone numbers.
Make family travel plans. Have your car prepared for the trip.
Have rugs and draperies cleaned. Leave wrapped when they are returned.
Set a date for utilities disconnection.
Take pets to the veterinarian. Most states require health certificates and rabies inoculations.
Return library books and anything borrowed from friends and neighbors.
3-4 Days before moving
Prepare valuables such as money, credit cards, stamp collections, etc. to take with you.
Pack suitcases.
Arrange for a babysitter for moving day if necessary.
Empty the refrigerator so that it can dry at least 24 hours before the movers arrive.
The day before moving
Have dishes washed and dried, and unplug TV so it is at room temperature when loaded.
Check closets, cabinets and storage lockers for articles overlooked.
Moving day!
Be on hand when movers arrive.
Carry jewelry and documents yourself.
Plan for transporting pets.
Let someone know your route and schedule and serve as a message center.
Be on hand to watch unloading process.
Check on service connections.
Register to vote, and obtain driver’s license and car registration if necessary.
Register your children in school.
Submitted by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders
Remember, having a buyer’s representative has no cost to you! The Sellers pay our service fees. Learn more about how you can benefit from having a professional on your side at:
www.northtexashomefinders.com
Do you clip coupons to save money on groceries, or drive around town to find the best price on gas? If so, then doesn’t it make since to save money on one of the largest purchases you will ever make…your home!
Builders offer promotions just like car dealers, grocery 
1) When builders have an inventory or spec home that is completed, or near completion, they will often reduce the price to get the home sold quickly to avoid paying interest on monthly construction loans.
2) When a builder is in closeout and has a few remaining homes left in the subdivision, they will often reduce the price on inventory so they can transfer their sales personnel to newer communities.
3) When builders are at their fiscal year end, they will often run promotions to boost sales to keep their stockholders happy.
4) When a builder opens a brand new community, they will often offer large discounts to get people in the neighborhood and keep their construction team busy, before raising the prices.
Article by Amy Underwood-Buyer Specialist
North Texas Home Finders
To better serve our clients, the North Texas Home Finders Team maintains relationships with hundreds of builders that inform us when they have inventory homes they need to sell NOW, whatever their circumstance. Please contact us today, so we can assess your home buying need and start looking for your new home. We are waiting to hear from you….Toll-Free: 866.959.FIND
