You are currently browsing the monthly archive for May 2008.
Intermediary
Anyone who serves as a go-between, including an executive recruiter or broker.
Intermittent Creek
One that runs water when it rains, and does not when the weather is dry.
Internet Remarks
Remarks displayed on the Internet. Can not contain any names, phone numbers, web address, email addresses.
Key w/Listing Agent
The key to the property is being held by the Listing Agent.
Key w/Listing Office
The key to the property is being held by the Listing Office.
Key w/Occupant
The key to the property is being held by the current Occupant of the property.
Kitchen
A facility with receiving, storage, preparation, cooking, ware washing, and serving areas.
Kitchenette
Tiny kitchen area that is often built into the end of another room such as a room in an efficiency apartment.
Label
Any type of addendum or additional information added onto the contract.
Land Assessment
The amount of tax or special payment due to a municipality or association for the land.
Lap Pool
These types of pools are typically narrow and long, usually over 50′, to facilitate exercise and swimming for health and fitness.
Largest Available Space
The largest area available to lease by the tenant.
Laundry Facilities
The type of laundry connections available in the property, if any.
Laundry Location
The location in the dwelling where clothing can be washed and/or dried.
Lease Back
The simultaneous purchase of a property and lease back to the seller. The lease portion of the transaction is generally long-term. The seller-lessee in the transaction is converted from an owner to a tenant.
Lead Based Paint Addendum
Considered a hazardous material. It is potentially poisonous and its existence in property is to be disclosed to a buyer. Its presence is often difficult to determine because applications of lead-based paint may have been covered by more recent paint applications that are free of lead.
Lease Expiration Date
If the current occupant is a tenant, this is when the Lease agreement expires.
Lease Frequency
The time frame the List Price for a Commercial Lease listing is calculated.
Lease Measurement
The area measurement the List Price for a Commercial Lease listing is calculated.
Lease Purchase
A lease that gives the lessee (tenant) the right to purchase the property at an agreed-upon price under certain conditions.
Lease Term
The length of lease allowed or accepted by the owner.
Lease Type
The type of leased signed between the lessee and the landlord/owner.
Leased (L)
The listing has been leased.
Legal
Legally acceptable identification of real estate by one of the following: The government rectangular survey, Metes and Bounds, or recorded plat (lot and block number)
Limited Services
Plan offered by some real estate brokers that allows the buyer to contract for less than the full array of brokerage services at reduced commission rates.
Lien
An encumbrance against property for money due, either voluntary or involuntary.
Finding your dream home at a discount! Compliments of www.NorthTexasHomeFinders.com
On Tuesday the Commerce Department reported that new home sales were up 3.3% in April. Great news for the housing market! However, you’d never know it was great news if you read the same article I read from the Associated Press.
The article headline started my headache: “Home Sales Post Unexpected April Increase” You may think I’m nitpicking, but I have a problem with them tempering the good news with the word “Unexpected”. In the lead paragraph, it gets worse: “Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years“. The italics are mine, used to point out a few key words. WOW. The could have said “Sales of new homes rose in April giving hope that the downturn in the housing market could be coming to an end” or “The housing market got a much needed shot in the arm today when the Commerce Department announced that sales of new homes rose in April”.
The AP decided to go with the doom and gloom outlook, and I just don’t get it. It sickens me to read this type of reporting day in and day out. Look, if there’s bad news then deliver it – we’re big boys and girls. However, if there is good news to report, especially news that could buoy the spirits of so many homeowners, then just report it. Don’t add a negative slant. Just report it.
People wonder why consumer confidence has taken a hit in our current environment. I’d argue with anyone that our media deserves a big part of the credit. People believe what they read, and if you want to spin it as negative you shouldn’t be surprised when consumers get scared.
Posted by W. Cody Robinson
Contact Cody directly at Cody@NorthTexasHomeFinders.com
Okay, okay….I’m taking advantage of the buzz created by America’s #1 television show. I’ll admit, I’m hooked just like many of you are. Will it be David — or David? Just wanted to take the opportunity to mention a couple of things to consider when YOU are voting for a winning Realtor.
1) Do you like this person? Yep, that’s #1 in my book. Talk to the agent on the phone at length or get together in person. Most of us can get a sense very quickly of whether or not we like someone. If you don’t like the agent the first time you talk, chances are you won’t like them throughout the process. Plus, it’s a lot more fun looking for a new home with someone you enjoy spending time with.
2) Does this Realtor have a specialty, and does that specialty match your needs? To give an example, my brokerage, North Texas Home Finders, specializes in representing buyers. If you ask me to list your home for sale in Dallas, I’d refer you to someone that specializes in that. If you asked me to find you the best deal on a home in Frisco, Keller, McKinney, or any number of Northern suburbs, I’d explain to you why you are talking to the right agent.
3) Is this a Full Service Realtor or not? Harkening back to my last blog, be wary of the “limited service” Realtors that are offering cash back. Make sure your agent will provide you will help in identifying the property, negotiating the deal, assisting you with financing options, and attending your closing…you deserve TRUE representation.
Consider these factors when deciding which agent you should work with. By asking these 3 simple questions, you should be able to find your very own Idol!
Article by W. Cody Robinson cody@NorthTexasHomeFinders.com
It seems like every day I see a flyer or get an email or see an ad from a Realtor offering 1% cash back for buyers. Seems like a good deal, right? I mean, why not get a $2000 rebate on that $200,000 dollar home you’re buying? It seems like a no lose situation! Here’s what I say: Be careful!
Indulge me for a moment and consider a hypothetical situation. Let’s say you are the victim of a car accident at the hands of a drunk driver. Let’s assume that you have a rock solid case against the guy that hit you. You talk to two attorneys about taking the case, and each agrees that you have a good case. They also each tell you that they will collect fees only if you win your case. One attorney says his fee will be 30% of your judgement. The other attorney says 30% would be his normal fee, but he’s going to give you a REBATE and discount his fee to 20%. You go with the 20% guy. No lose situation, right?
Your case goes to court and you win a judgement for $1 million. After the 20% cut, you net $800,000. Sounds like a great deal…that REBATE saved you $100,000!…………………..or did it? Maybe the other attorney didn’t offer a rebate because he doesn’t have to rebate his services — his clients choose him because he’s the best. He earns business on merit, not by buying it. What if you found out the other attorney, the “more expensive” one, gets his clients an average of $1.5 million in judgements on the exact type of case you had. Even after paying the full 30% of $1.5 million, you’d still net over $1 million. In this illustration, you didn’t save $100,000. You actually cost yourself over $200,000 — all because you fell for the REBATE TRICK.
What does this have to do with real estate? It just shows you that the amount of a rebate isn’t the only factor to consider when making a decision. We all know you don’t pay a buyer’s rep, so the only consideration many people think of is this: If I choose Agent A, she will give me $2,000 cash back. Agent B hasn’t offered to give me anything, so I must choose Agent A. WRONG! First, find out what the services entail. Maybe Agent A is offering the rebate because she doesn’t provide very comprehensive representation. Maybe Agent B understands the market and could save you tens of thousands of dollars off the price of the home you purchase. If that’s the case, you should choose Agent B every time.
The bottom line is this. A rebate offer from a Realtor is merely a marketing technique. Choose your agent based on who will truly represent your interests, on who knows the market, and on who will negotiate the best deal for you. The combination of those things will outweigh a rebate every single time.
Article by W. Cody Robinson
Questions or comments, contact Cody directly at cody@NorthTexasHomeFinders.com
Understanding Real Estate Lingo
Every profession has it’s lingo, or words that only people in that particular profession can understand. For instance, my brother-in-law is a dentist and commonly refers to fillings as “restorations” and sets of teeth as “dentitions.” Real estate lingo is no different.
Here are some of the most common terms that home buyers and sellers need to know:
1. 1st Right of Refusal: The opportunity of a party to match the terms of a proposed contract before the contract is executed.
2. A/C Date: The date the status of the listing was changed to Active/Contingent.
3. Active (A): A listing that is currently ready to sell or lease, and available to show.
4. Assumable: A mortgage loan that allows a new home purchaser to undertake the obligation of the loan with no change in loan terms.
5. Appraisal: A written analysis of the estimated value of a property prepared by a qualified appraiser.
6. Assessed Value: The value established for property tax purposes.
7. Bridge Loan: A form of a second trust that is collateralized by the borrower’s present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as “swing loan”.
8. Broker: A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.
9. Buyer Agent: An agent hired by a prospective purchaser to find an acceptable property for purchase. The broker then represents the buyer and negotiates with the seller in the purchaser’s best interest.
10. CDOM: Cumulative Days on Market; tied to the PID number
11. Closing : A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also called “settlement.”
12. Closing Costs: Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney’s fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country.
13. Commission: The fee charged by a broker or agent for negotiating a real estate or loan transaction. A commission is generally a percentage of the price of the property or loan.
14. Contract: An oral or written agreement to do or not to do a certain thing,
15. Conventional Mortgage: A mortgage that is not insured or guaranteed by the federal government.
16. Deed: The legal document conveying title to a property.
17. Deed of Trust: The document used in some states instead of a mortgage; title is conveyed to a trustee.
18. Down Payment: The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
19. Earnest Money Deposit: A deposit made by the potential home buyer to show that he or she is serious about buying the house.
20. Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
21. FHA: (Federal Housing Administration) An agency within the U.S. Department of Housing and Urban Development, that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make more housing available.
22. Foreclosure: The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
23. Guarantor: One who guaranties, endorses, or provides indemnity agreements with respect to debts owed to others. Any losses are to deductible when sustained.
24. HOA: Home Owners Association – An organization of the homeowners in a particular subdivision, planned unit development, or condominium; generally for the purpose of enforcing deed restrictions or managing the common elements of the development.
25. Homestead Tax Exemption: In some jurisdictions, a reduction in the assessed value allowed for one’s principal residence.
26. HUD/VA/REO: A property owned either by the Housing and Urban Development Department, the Veterans Administration or Real Estate Owned (banks).
27. HUD: The U.S. Department of Housing and Urban Development.
28. Improvements: Any permanent, fixed development of land or buildings through expenditure of money or labor that more than merely replaces, repairs or restores to original condition and tends to increase the value of the property. Improvements are not deductible for tax purposes, but are capitalized and, if made to depreciable property, are depreciable over the same life as the asset that was improved.
Compliments of North Texas Home Finders..www.northtexashomefinders.com
Whoever tells you that homes are not selling, is not working in the Dallas/Ft. Worth real estate market place. Homes are selling. Especially new homes. The builders have loaded them up with all the upgrades you want and priced them to sell. Many communities do not have a single home ready for immediate move-in, you have to wait until July or August because they have sold everything!
I found this hot deal today! Check it out.
Little Elm, Texas. 2916 sq ft, 4 bedroom, 2.5 bath, 2 car garage, 2 dining, family, gameroom, and media room. List was $235,840. NorthTexasHomeFinders.com clients, $204,990!!
The home includes 60 x 120 homesite, full sprinkler, full sod, landscaping with stone border, full gutters. Inside, the home includes ceramic tile in the entry, extended entry, kitchen/nook, all baths and utility room. In the kitchen, the home will include stainless steel microwave, dishwasher, smooth surface cooktop, granite countertops, ceramic tile backsplash on diagonal. Other items included are rounded drywall corners, window seats, oil rubbed bronze lighting fixtures, lever door hardware and all plumbing fixtures. The community is complete with adult and children pools, changing facilities, covered gazebo for bbq’s and family get togethers. The property tax rate is 2.23%, and the yearly HOA dues are $360 per year.
We are buyers reps and know where to find the best deals. Our services are free to you, the builder pays our fees! Call 866.959.FIND or visit our website at www.NorthTexasHomeFinders.com to learn more about this and other hot deals.
Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders
Today I am sitting in a Bowen model home in Country Lakes in Argyle. I love this community so much that I decided to build here. When you drive into the community, you get greeted by a big mother goose and her goslings who waddle across the road almost every time your in a hurry. Three ponds with fountains also add to the relaxing atmosphere. It sort of feels like your in the country, but you are only 10-15 minutes from Highland Village, Roanoke or Denton. Homes here range from the 160’s to the 300’s. If you thought about Lantana, but the homes are too expensive, then Bowen Family Homes in Country Lakes is your best bet! The schools are: Razor, McMath and Denton High.
Bowen, the builder I am filling in for, has the following deals on their inventory homes:
3/2/2 1746 sq. ft.,tile in wet areas, full sod, sprinkler, oversized maple cabinets, fireplace, veranda, archways, crown molding, upgraded lighting, stainless appliances and on a corner lot! WAS 179K…NOW 159K
3/2/2 2025 sq. ft., dining room, family room, stone elevation, extended tile entry, tiled master shower, tiled backslash in kitchen, art niches, 6″ base boards, coach lights, sprinkler and full sod. WAS $207K..NOW 185K..ready in 45 days.
Contact www.northtexashomefinders.comfor special incentives on these homes and many others in the DFW metroplex.
Contrary to the popular belief in the media, there are still hot real estate markets in the country. Dallas/Fort Worth homes are selling! There are some incredible deals available, and savy buyers are taking advantage. I personally know of four communities north of Dallas where builders sold all of their available inventory in the last three weeks. New homes are being discounted to move.
The resale market is selling as well. When I’ve been out with clients the last two weeks, we’ve seen several homes that were available one day, then gone the next. One of my clients called on a home that just hit the market, it was listed for two days – it was sold before we could go see it. This is not a typical situation, it was priced about $30,000 below the tax appraised value, but there are those types of bargains available.
The point I’m making is that NOW is the time to buy. Don’t wait until the market starts ticking back up at a rapid pace. The old adage is true, buy low and sell high. Investors are on the prowl right now; they recognize the profitability of this market. Dallas/Fort Worth is still way undervalued compared to most of the country. You can get a lot more home for the money here.
I have one last point I want to add. Just because there are some great discounts and bargains available, you have to be reasonable. Sellers, builders, banks, etc. are not going to give the house away. You have to make a rational offer to be taken seriously. Hot areas of the Metroplex have remained hot – don’t expect to get a $1,000,000 house for $300,000, or a $200,000 house for $100,000.
Article by Chad Underwood
