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“Tips for Building an Earth-Friendly Kitchen”
Start with Fresh Air: Breath easier by using paint and paint supplies that are low in VOC’s or “volatile organic compounds.” Some VOC’s from paint, paint strippers and cleaning supplies can be very toxic.
Go for the Cork: Natural flooring, such as wood or cork doesn’t contain the dangerous toxins found in many other manufactured flooring products. Cork is similar to wood in price, and it’s also a sustainable material. It takes about nine years for a cork tree to regenerate, while maple or oak trees can take up to 30 years..do the math.
See Stars in the Kitchen: Be sure to use energy-efficient appliances in your new kitchen. Appliances with an Energy Star logo have met strict energy-efficiency guidelines set by the U.S. Department of Energy and Environmental Protection Agency.
H20 Saver: To conserve water, use a water-saving faucet with a flow rate around 2.2 gallons per minute.
Glass of the Past: Use salvaged glass for center panels in cabinet doors. This saves old glass from the trash. It can also add style to new projects because wavy antique glass adds an heirloom quality to newer cabinets.
Handle it: Use recycled door handles for an heirloom feel. Visit your local antique shop for vintage hardware.
These are just a few tips that can help you achieve a more “green” and “earth friendly” home.
Many new home builders are already incorporating some of these features like: the Energy Star appliances and low VOC paint. If your builder does not have some of these features..simply ask, or find a builder who will accomodate you!! For help in finding a green builder..contact Amy Underwood at amy@NorthTexasHomeFinders.com or call 940-464-7530
Picking up where we left off last week…
We just finished the inspections and the contract negotiations from the inspections. Now it is time to make sure the loan and title work are progressing along. Your real estate agent should do this part for you. The title company has been researching the title on the property to make sure you will get a clear title (other than your personal mortgage lien) at closing. Some things can come up in a search like back taxes, HOA dues, mechanic/construction liens, etc. It is important to know what is clouding the title. In some cases, it has been found that a clear title cannot be given due to land disputes from inheritance issues, etc. Once you know what is needed to have a clear title, your agent can again negotiate for these items to be paid.
Remember to get everything in writing signed by both parties (seller and buyer). This will save you a ton of heart ache!
Your mortgage company will have asked you for money to order the appraisal on the property. This is a very important step in the financing approval process. Once the appraisal is completed, it is a good idea to get a copy of the appraisal. The property must be appraised for the loan amount or more. Otherwise, your agent needs to go back to the seller and negotiate again.
Next step, you need Home Owner’s Insurance. This is a good time to shop around and get the best rate for your personal situation. Your agent should have a list of recommended people to help with this. Once you have secured your insurance provider, you will need to give that information to the title company and your mortgage company. This must be done at least 1 week before closing.
Almost moving day! Remember to call and turn on the utilities, or in some cases have them switched over to your name. You want to have this set for the switch the day of closing.
Finally, start doing some hand stretches and get ready to sign a stack of papers! You will need to be physically present for closing. If you are married they must be present (in the State of Texas) as well. You can prepare a Power of Attorney closing document if both parties cannot be present at closing, but this must be done a least 2 weeks before closing.
As you can see, having a good real estate agent on your side can really help. They can make sure all these items and much more get completed, so when you sit at the closing table, after you sign all the papers, you get the keys!
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.
What? No more down payment assistance programs? I have to put money down to buy a home. How is that going to work?
In an effort to stimulate the recovery of the housing industry, Congress is currently working to pass a new housing reform bill. Two proposed changes are:
1) All government sponsored, zero-down-payment assistance programs would be eliminated as f October 1, 2008. To be eligible for these programs, all home loans would need to be approved by September 30, 2008.
2) The minimum down payment for FHA loans would increase from the current 3% to 3.5%
These changes are not yet final, but they are likely to happen. These measures will have an immediate impact on the first-time homebuyer market, and those who want to hang onto more of their money. As a stimulus for the housing industry, these change seem a bit counterproductive to me. Having to come up with the down payment will cause many would-be homeowners to pass. I’ve seen studies that claim the zero-move-in programs have little to do with the current number of defaults. I’ve also studies that claim the opposite is true. I guess it depends on who sponsored the study.
I also can see the flip-side of the argument. Having to spend some time saving money for a downpayment is a good way to learn a little personal responsibility. When my wife and I bought our first house we spent a few months with her parents, saved, and scratched together 3% for our FHA loan. That scenario is not possible, or preferable, to most. However, if something is important enough – buying a home should be – you will find a way to save the necessary funds.
What does all this mean for you? If you want to buy a home with no money down, you better get busy, the clock is ticking. If you plan to wait 3 – 6 months to buy, you better start saving. Keep in mind, you don’t need the 3 or 3.5% until you actually close on the home. Buying a home that is ready for immediate move-in usually takes anywhere from 30 to 45 days to close. That gives you a little time to save the last remaining dollars you need. If you build a new home, you have 4 – 6 months to save the money needed for the downpayment.
Check back soon. I’ll have more as the bill comes to fruition, and the changes are set to take place.
Key Real Estate Terms..Part 5
Multi-Pid
If the property listed has multiple Parcel IDs with one or more counties, that are being sold as a package.
Multi-Plex
A multiple family dwelling with 5-9 units.
Multi-Zoning
If the property listed has multiple zoning codes from the county and/or city.
NAHB
National Organization of Home Builders green building certification.
Negative Edge Pool
This type of swimming pool is also referred to as infinity swimming pools or infinity edge pools. These are designed to look like the pool extends all the way out to the horizon. The edge of the pool is level with the surrounding land.
Net Lease
A lease whereby, in addition to the rent stipulated, the lessee (tenant) pays such expenses as taxes, insurance, and maintenance.
Net Operating Income
Income from property or business after operating expenses have been deducted, but before deducting income taxes and financing expenses(interest and principal payments).
Net Rentable Area
In a building or project, floor space that may be rented to tenants. The area upon which rental payments are based. Generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.
New Construction
The property has not been lived in.
New Year Built
The year the dwelling was constructed, not lived in.
No Backyard Grass
The backyard does not have any grass coverage.
Non-Conforming Loan
Also called a jumbo loan. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium. The current non-conforming loan limit is ,601 and above.
Note
A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.
Notice of Trustee’s Sale
Sale of property in foreclosure by the trustee, rather than through a judicial sale.
Oak Wilt Test
Oak trees have been tested for Oak Wilt.
Occupancy
Percentage of currently rented units in a building, city, neighborhood, or complex.
Occupant
The current occupant of the property.
Occupant Phone
The phone number of the person(s) currently occupying the property.
Office/Condo
A building with both offices and condos mixed.
Office/Study
A room in a house which is used for paperwork, computer work, or reading.
Offices
A structure used primarily for the conduct of business, such as administration, clerical services, and consultation with clients and associates.
On Golf Course
The property line backs up to a golf course.
Operating Date Year
The fascial year the information is gathered from.
Operating Expenses
Amounts paid to maintain property, such as property taxes, utilities, hazard insurance. Excludes financing expenses and depreciation.
Operation
Type of business the land is mainly used for
Option Period
A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy.
Option Period Date
The Date in which the Option Period will end.
Okay, I know it is a cheesy play on the “What to Expect When You Are Expecting” Book series, but it seems as if everyone I know is either having a baby or thinking about having one. As having a Baby is a huge life changing event, buying a new home can have the same type of impact on your life.
First you decide that it would be “cool” to have your own a home or a different home. What next? The book series for having baby tells you step by step what will happen each month during the process. After you have taken that leap of faith that now is a good time to make a move, you must meet with a mortgage professional and determine how much you can spend on your new home. After this has been determined, you need to spend a few days or even weeks figuring out your must have list for your new home purchase. Some examples maybe…island kitchen, 4 bedrooms, 3 bathrooms, 2 car garage, location, etc. Once you have a complete list, go through and prioritize it based on what you absolutely cannot live without in your new home, what would be wonderful to have, and what you can live without. In many cases, you want the media room, and the gameroom, but do you really need both?
Next take your list and meet with a professional real estate agent or Realtor. They will take your list and go to work narrowing down all the choices to a select few that meet your must have list and in some cases accomodate your nice to have items as well. A good agent will really listen and make sure they understand your needs for this new home and help you find a match.
Once you have found the home that meets your needs, the agent will prepare the offer. Only your agent knows your specific market conditions, and can help you present the best offer on the 1st try. If you are looking at new construction, the process changes here. Keep your eye out for What to Expect When Purchasing A New Construction Home blog entry in the upcoming weeks.
When purchasing a pre-owned home, once the offer has been accepted, you are now in the option period. This means you have predetermined amount of time to schedule your 3rd party inspections of the home. This is a make or break period for your agreement with the seller and also your last opportunity to negotiate for any repairs to made to the home by the seller. Keep in mind here, if the inspection turns up a ton of issues and the seller is not willing to repair the item with professional contractors and provide you with receipts, it is okay to walk away from this home. However, if you really love it and just simply cannot imagine living in any other home, chances are the seller will take care of the major items or give you a financial concession to cover the estimated repair costs.
While you have been working with the inspectors and your agent has been negotiating with the seller, it is imperative that you provide your mortgage specialist with any and all documentation needed for your loan’s final approval. After all, what good does it do to spend $450 on an inspection, get the items repaired that need to be addressed if you can’t get your loan finished in time for the closing date set in the contract?
The key to an easy and stress free home buying experience is communication. Be sure to talk to your real estate agent through the entire process. They have closed many homes and helped many people through the process. After all, you wouldn’t have a baby without talking to your doctor once and a while would you?
Stay tuned for part 2 to see what comes after the inspections are completed.
Article by NewHomeGal, Teresa Robinson with www.northtexashomefinders.com Remember, having a buyer’s representative should never cost you a dime, the seller should pay the fees.
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Affordable Neighborhoods in Frisco ISD
Believe it or not, there are still some affordable neighborhoods in Frisco ISD. Most of these affordable New and pre-owned homes are actually in the city of McKinney. One particular subdivision is Westridge in McKinney. Here is a current listing: Built ‘04, 1600 sq. ft, 3 bed, 2bath, 2 car garage, brick with community pool..listed for only 135,000. If NEW is more you style, you can get a brand NEW home in Westridge for about 155,000. This home is 1450 sq. ft, 3 bed, 2 bath and 2 car garage. The home boasts an open floorplan and great open kitchen and is available in August.
There are many builders and areas (Reserve, Eagle’s Nest, and Heights…to name of few) of Westridge. If you are looking for an affordable home in a great location, than Westridge may be the perfect place for you. If you give me an idea of what your budget is, than we can search for the best pre-owned or NEW home for you and your family. You can own a home in Frisco ISD!! Some of these home may even be cheaper than your current apartment rent, so call me today to see if we can make your dream of home ownership a reality.
Amy Underwood,
940-464-7530 Office
Site: www.NorthTexasHomeFinders.com Put “AMY” in How did you hear about us!
Main Level Beds
The number of bedrooms on the main level of the dwelling.
Major Tenant
The name of the tenant who holds the majority of the property.
Manufactured Home
A home built entirely in a factory under a federal building code administered by the Department of Housing and Urban Development that went into effect June 15, 1976.
Mansard Roof
One having two slope on all four sides, with the lower slope steeper than the upper, flatter sections.
Mapsco
The Page and Grid the property is located in the Mapsco Map book.
Margin
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A representative margin would be 2.75%.
Market Value
The theoretical highest price a buyer, willing but not compelled to buy, would pay, and the lowest price a seller, willing but not compelled to sell, would accept.
Margin
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A representative margin would be 2.75%.
Market Value
The theoretical highest price a buyer, willing but not compelled to buy, would pay, and the lowest price a seller, willing but not compelled to sell, would accept.
Masonry
Construction made from brick, cement block or stone.
Master Main
The master bedroom of the house on the main level.
Maximum Lease
This is the largest time frame a lease offer will be accepted.
Media Room
Another term for a game room with home theater, snack bar, seating area, billiards table, etc.
Mid Rise
A four to ten floor building with elevator service.
Mineral
The privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.
Mineral Wool
A broad term used typically to refer to rock wool and slag wool. In some countries, this term is also used to refer to fiber glass.
Mini Farm
A property with barns, sheds, fences common on farms but with very small acreage.
Minimum Lease
This is the smallest time frame a lease offer will be accepted.
ML#
The number automatically assigned by the MLS system to the particular listing.
Mobile Home
A factory-assembled residence consisting of one or more modules, in which a chassis and wheels are an integral part of the structure, and can be readied for occupancy without removing the chassis and/or wheels.
Modular
A modular home is factory constructed and delivered to the home site in modules where it is assembled on foundation walls which have been constructed on the site.
Month to Month
If the current occupant is a tenant, this describes the Lease is on a monthly basis.
Monthly Payment
The current monthly payment on the loan.
Mo. Pent Rent
An additional monthly charge/rent for pets on the premises.
Mortgage
A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Disability Insurance
A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.
Mortgage Insurance (MI)
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
Mortgagee
The person or company who received the mortgage as a pledge for repayment of the loan. The mortgage lender.
Mortgagor
The mortgage borrower who give the mortgage as a pledge to repay.
Mortgage Disability Insurance
A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.
Mortgage Insurance (MI)
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
Mortgagee
The person or company who received the mortgage as a pledge for repayment of the loan. The mortgage lender.
Mortgagor
The mortgage borrower who give the mortgage as a pledge to repay.
Move-In Requirements
Documentation or actions necessary before the property can be possessed.
MUD
Municipality Utility District – A utility that serves a limited geographic area, formed as a municipality rather than a private corporation to take advantage of lower interest rates available to municipal bonds. Allows development in an area that might otherwise not have utility services.
MUL
Multi-Family Property Type – Duplex, Triplex or Fourplex dwelling.
Multi-level
The property has more than two stories.
Multiple Lots(Adjacent)
Multiple Parcels being sold as a package.
Multiple Pets Allowed
More than one pet is allowed on the premises.
Okay, maybe a little strong with the headline. However, many people were asking that question about 6 weeks ago when they received their new home values as prepared by the local appraisal board. The great news is that you have a right to protest if you feel that your home has been appraised incorrectly.
I’ll be attending my own personal protest hearing next Monday, July 7. Last year they really hit me with an increase of almost 10%, then they hit me again this year. As a buyer’s rep, I know what homes are selling for and I know there are great deals to be had in this buyer’s market. I simply filled out the form provided with my new figures, and a couple of weeks later I received word that my hearing had been set for the 7th.
I’ll let you know how it turns out. Many people are intimidated and don’t challenge the numbers even if they KNOW they are wrong. Here’s a piece of advise. If you are using the right real estate agent when buying or selling a home, they should be happy to give you some guidance. Pick up the phone and call them. They have access to information not available to you — information that could help you win your case.
Real estate agents should be viewed like accountants, attorneys, even auto mechanics. When you find a good one, latch on! They can be helpful in many situations. I can promise you this…if one of my clients calls and asks for help in disputing their appraised value, I will jump at the chance to help them. After all, my goal is to build a network of clients for life, not for one transaction.
Article by W. Cody Robinson
Contact Cody directly at Cody@NorthTexasHomeFinders.com
“D Magazine Ranks the Top 10 Burbs Again”
Every year, “D Magazine” ranks the top 10 DFW suburbs by things like: housing, ambiance, education, and safety. University Park is the top ‘burb this season. I can almost bet that my phone will start ringing off the hook with out-of-staters wanting a home there for 300K. Having the best of everything does come with a price…a considerable price. In UP, 650K gets you a mid-century bungalow or cottage that some would consider a teardown property…crazy huh? Oh, the price of prestige….
A viable alternative to University Park, would be the second ranked Southlake. This upscale community plopped in the middle of the country, is a good value. At least, I feel you are getting some of the same amenities (good education, safety..etc) as University Park, but for a lot less. In Southlake, your 500K goes much further than UP, because the Southlake homes are newer and larger, and the average home site is close to ½ an acre. More prestige for the buck, so to speak! Also, if you are a frequent traveler, Southlake’s proximity to DFW airport is a plus.
Another city I consider to be a great pick is number eight, Highland Village. It is featured as a safe lake community situated north of Dallas near Lewisville. The new Shops at Highland Village mirror Southlake Town Center, and boast theatres, major retail and wonderful restaurants all within minutes. Newer homes (2005 and newer) go for 300-400K, so the price is definitely great for someone wanting to have it all on a budget.
Probably the most economical place to live, without sacrificing much quality, would be Keller. Keller was rated 50th in the best places to live in the U.S. by CNN’s Money.com. Keller is an affordable alternative to Southlake and the location is great. Keller if full of bike trails and parks, for the family that likes to stay active. New homes in Keller can be purchased from the low to Mid 100’s, so Keller is definitely within everyone’s reach.
Article by Amy Underwood
If you need further help in locating the perfect city for you and your family, don’t hesitate in giving Amy Underwood from NorthTexasHomeFinders.com a call or e-mail. We would love to talk to you.
Amy Underwood
Buyer Specialist/Realtor
Amy’s Cell-972-921-8787
Amy’s E-mail- amy@northtexashomefinders.com
Website: www.northtexashomefinders.com Put “AMY” in how did you hear about us..
