You are currently browsing the monthly archive for August 2008.
Before you start your house hunting in earnest, the real estate professional with whom you are working likely will “prequalify” you to determine a price range you can afford. According to Teresa Robinson, ABR®, prequalification is a necessary part of the home buying process that helps save you time and money.
“Don’t be shy or withhold information about your income or credit status. Your real estate professional isn’t trying to pry. Rather, he or she must know all details related to your ability to obtain a mortgage,” Teresa Robinson, Owner and Buyer Specialist of North Texas Home Finders says.
By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford, Robinson notes. “If you don’t open up, you are placing the real estate professional in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the seller,” she says.
Once you have signed a contract to purchase a home, you must choose a lending institution or mortgage company from which to obtain your home loan. Your loan application will request financial data including your place of employment, assets, and liabilities (including recurring debts such as credit card bills and car payments).
Here are two important tips on loan qualification from the North Texas Home Finders. 1) Do not borrow the down payment without disclosing the loan, submit fake letters-of-credit or gift letters, or make secret financial arrangements. 2) Accurately list your income and assets, all debts and the approximate amounts you owe.
You’ll most likely be charged a credit report fee by the lender, which will cover the cost of having your credit history examined. Credit reporting agencies compile credit reports on consumers, including bill payment history, as well as whether you have been sued or filed for bankruptcy among other information.
Federal credit reporting laws do not give you the right to inspect the actual credit report at the reporting agency or to receive an exact duplicate of the report. But, you are entitled to a summary containing the sources of the report’s information.
If your ability to obtain a mortgage is adversely affected by the credit report, you have the right to challenge its accuracy and seek corrections.
“The credit report is part of the information the lender uses to determine if you qualify for a loan. It is not a mechanism to prevent you from buying. Remember, lenders want to make loans, not turn them down,” Robinson says.
Teresa Robinson is one of more than 40,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 44,000 active real estate professional members of the organization throughout the world.
157,000- 52K under Tax Roll of 209,000
2684 sq. ft built in 2004
3 bedrooms
2.1 bath
3 living areas..one could easily be a game room
2 car garage
Soaring ceilings with tall windows
This fantastic home is located in a cozy neighborhood just off Highway 5. Home is very private & backs to area of mature trees . Neutral colors & 2′ blinds throughout, vaulted ceilings & an in ground 12 x 15 ft. spa with remote control. Wonderful wood burning fireplace with marble surround, security system, 2 ac&heat systems. A must see in this price range. This is a short sale.
Please contact Amy Underwood at 940-464-7530 or cell- 972-921-8787 to view this property, or visit www.NorthTexasHomeFinders.com to see more great deals on properties. Please out “Amy” in the How Did You Hear About Us Section.
With all the choices in today’s market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.
It’s important to visualize your needs and plan ahead. “Know what you want in a home, what’s important to you, and what you can live without,” Teresa Robinson, Owner and Buyer Specialist of North Texas Home Finders says. “Many of us start out with a champagne taste and a beer pocketbook, so it’s important to be realistic,” she adds.
Where and what you buy will affect you for as long as you live in the house. “Get your priorities in order before you start looking or even talk to a real estate broker or sales associate,” Robinson says.
For first-time home buyers this is a new experience, so it’s especially important to do your homework. If you currently own a home, you know exactly what’s lacking. You may need another bedroom or bathroom, or a good school nearby.
First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly. “Regardless, you should practice the commute in rush hour before you make a commitment. A seemingly quiet road can transform into gridlock during peak hours,” Robinson cautions.
People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. On the other hand, a lavish public school system may indicate high local real estate taxes. Check them out.
Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb. “In other words, make sure you’re in close proximity to the things that matter most,” Robinson says.
It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op.
In planned unit developments (PUDs), you can find almost any combination. In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.
On the other hand, you’ll pay fees for these services. “In addition to checking the documents and financial soundness of the homeowner’s association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room,” Robinson explains.
Affordability can be a factor not only in the type of housing, but whether it’s new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.
New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. “Make sure you’re dealing with a reputable builder,” Robinson says.
Selecting a real estate professional is an important first step in beginning your search. “Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service,” Robinson says. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.
Teresa Robinson is one of more than 40,000 members of the Real Estate BUYER’S AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 44,000 active real estate professional members of the organization throughout the world.
Wow! Upgrades Galore!
1 story, 2045 sq ft
3 bedrooms, study, 2 baths
Covered patio with golf course view!
Located in the rolling hills of McKinney Greens. This home offers granite countertops, undermount sink, 42″ ash custom cabinets, ceramic tile in the extended entry, kitchen, breakfast, utility, and all baths. This home is a must see! We include a 1 year membership at the private Golf Club at McKinney with 18 hole course, 3 swimming pools, club house grill, and work out facility.
List $217,990
Discount $197,990 for North Texas Home Finders Clients!!
For more information on this wonderful home, contact a real estate professional at 972.335.0571.
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. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com for more information.
Beautiful Stone and Brick Elevation
2 story, 2796 sq ft
4 bedrooms(2 down), 3 baths
gameroom, media room
Located in the rolling hills of McKinney Greens, this new home has an impressive cathedral entry and formal dining room! It also offers granite countertops, undermount sink, ceramic tile in the entry, kitchen, breakfast, bathrooms, and utility room. We offer a 1 year membership at the private Golf Club at McKinney. It includes an 18 hole course, 3 pools, club house grill, and work out facility!
List $231,990
Discount $211,990 for North Texas Home Finders Clients!
For more information on this wonderful home, contact a real estate professional at 972.335.0571.
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. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com for more information.
Real estate Terms..Part 7
Parking Ratio
Number of parking spaces per 1,000 square feet of gross leasable area.
Parking Spaces
The description of the parking in and around the property.
Partially Cultivated
Partial alteration to physical or chemical properties of the soil or vegetation by former agricultural use.
Pellet Stove
An appliance of steel or beautiful cast iron that burns wood bio-mass pellets. These have forced exhaust blowers, thermostats and can be horizontally or vertically vented.
Pending (P)
Contract Pending – An offer has been accepted on the property.
Pending Date
The date the status of the listing was changed to Pending or Pending Taking Back-Ups.
Pending Over 4 Months (PO)
The computer automatically changes that status to PO from P or PB after 4 months.
Pending Taking Backups (PB)
An offer has been accepted on the property; however, the owner would like to continue taking additional offers. This status needs to be used when there is an Option Period.
Perc Test
A procedure to measure the drainage characteristics of the soil on a lot.
Perimeter Fence
The percentage of the property where a fence encircles the entire property as a whole.
Perlite
A volcanic glass that can be expanded through heating to produce a light, airy material used, among things, as infill insulation
Per Person
Each individual pays the amount.
Per Pet
If the pet deposit is just a flat, all-covering fee, or if the deposit is per each pet.
Pet Addendum
A special addendum required for pet(s) on the premises.
Pet Deposit
This is a deposit for any pets on the premises.
Pet Description
Defining the type of pets that are allowed on the property
Pets
Are pets allowed on the property?
Pipe Fence
A fence constructed of metal plumbing pipe.
Pipeline
A conduit or network of pipes used to carry liquids such as water, sewage, gasoline, and oil.
PITI
Principal, interest, taxes and insurance — the components of a monthly mortgage payment.
Planned Unit Development
A zoning classification that allows flexibility in the design of a subdivision. Planned Unit Development zones generally set an overall density limit for the entire subdivision, allowing the dwelling units to be clustered to provide for common open space. A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.
Plans & Specs
The arrangement of rooms in a building; built without a tenant or buyer/user.
Plumbed for Icemaker
Plumbing is in place to the refrigerator for an automatic icemaker.
Points
Prepaid interest assessed at closing by the lender. Each point equals 1 percent of the loan amount. (2 points on a $100,000 mortgage would cost $2,000)
Polystyrene
A type of plastic foam. It is often used in insulation, plates, egg cartons, coffee cups and disposable food containers. Anything made of this product is not very biodegradable and is also difficult to recycle.
Pool on Property
A water-filled tank or depression, used as an ornamental feature in a garden or, when large enough, for swimming on the property.
Possession
The holding, control, or custody or property for one’s use, either as owner or person with another right.
Posted Date
The date the record was posted.
Post Fence
Long poles, either whole or split, are erected horizontally joining sections to form a zigzag pattern fence-line. May also be called a split rail fence.
Prepaids
Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.
Prepayment Penalty
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.
Principal
Amount of debt, not including interest. The face value of a note or mortgage.
Private Mortgage Insurance (PMI)
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally required private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
Private Golf Course
A Private Golf Courses is a facility where play is restricted to members and their guests.
Private Hanger
A large building at the airport where planes are stored or repaired that is privately used.
Private Landing Strip
An airfield without normal airport facilities that is privately used.
Probate
To establish the validity of the will of a deceased person.
Profit & Loss Statment
Summary of the revenues, costs, and expenses of a company during an accounting period.
Propane Available
The property is set up for propane.
Propane Needed
The property will need propane, but not currently on the property.
Propane on Property
The property has propane currently on it.
Property Address on Internet
Is the physical address of the property allowed to be displayed on the web sites to the general public?
Property Type
Determined by the Land Use Code in the County tax records.
Public Golf Course
A Public Access Golf Course is a facility that provides at least limited access and which may or may not offer memberships.
Public Hanger
A large building at the airport where planes are stored or repaired that is open to the public.
Public Landing Stip
An airfield without normal airport facilities that is open to the public for use
Public Water System
A government owned water system not from the city or water district.
Please visit www.NorthTexasHomeFinders.com for New home deals, or if you need immediate assistance in finding a home, please contact Amy Underwood at 940-464-7530
There’s a hidden gem of a community in McKinney, TX called McKinney Greens. It’s a beautiful community that feeds to highly rated McKinney ISD. Here’s the best news of all: If you are considering moving soon, now is the perfect time to buy a new home in the area.
I stumbled across McKinney Greens some time ago, and I was immediately impressed. The community is surrounded by The Golf Club at McKinney and is located just east of US Highway 75. Two builders are active in the community at this time: D.R. Horton and Highland Homes. Highland, however, is closing out of the community. D.R. Horton may get another companion, but the timetable is unclear at this point. Since Highland is on the way out, let’s concentrate on what D.R. Horton is offering.
Floorplans offered at McKinney Greens range from 1,523 to 3,175 square feet. Prices start in the $170,000 – $180,000 range, which is incredible when you consider the location and included features. You can expect to see granite counters, ceramic tile, full sprinkler systems, and much more. Some of the plans include gamerooms and media rooms, 3 car garages, and golf course lots are available. Every new home purchase includes a one year membership to The Golf Club at McKinney.
Getting back to why NOW is the time to take advantage of opportunities in this neighborhood. D.R. Horton has a fiscal year end of September 30. It is a HUGE public company that must report numbers to shareholders. If you are in a position to close on a home in the next 45 days, this is the time to buy from this builder. Knowing things like this is what separates North Texas Home Finders from many Realtors out there. We are going to help you leverage all advantages to get the best deal.
If living in a golf course community appeals to you or someone you know, shoot me an email at Cody@NorthTexasHomeFinders.com. The savings you can get right now from such a quality builder are pretty incredible.
Article by W. Cody Robinson, Owner/Buyer Specialist, North Texas Home Finders
Contact Cody directly at 972-365-0432 or Cody@NorthTexasHomeFinders.com
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.
On July 20,2008, President Bush signed a major housing bill (HR 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first-time homebuyers. The $7,500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.
Not everyone is eligible for this credit, so let’s take a look at some of the guidelines. IMPORTANT REMINDER: As with any tax law change, check with a tax advisor if there are any questions about this deduction!!!
Income Guidelines:
Single or Head of Household income no more than $75,000
Joint income no more than $150,000
Who Can Use It:
Only 1st time homebuyers are eligible to use the credit. You cannot have had an ownership interest in a principal residence in the past 3 years.
You must have purchased your new home between April 9, 2008 and before July 1, 2009.
This Credit is Tied to the Price of the Home:
Only 10% of the purchase is used up to a max of $7,500. So if you purchase a home for $65,000, your potential credit would be $6,500. If you purchase a home for $140,000, your potential credit would be $7,500.
Credit Must Be Repaid over 15 years:
The best way to think of this credit is an interest free loan. How many chances do you have to borrow money without having to pay interest on the loan? NEVER!!! You must budget to pay 6.67% of the credit back each year for 15 years. If you receive the max credit $7,500, you will need to pay back $502.50 each year. Your repayment will start in the 2010 tax year.
For more information on this wonderful program, contact a real estate professional at 972.335.0571.
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. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com for more information.
When buyers tell me the things that are important to them in buying a new home, proximity to work is mentioned a lot. While I agree that it should be a factor to consider, I’ve found that home buyers typically put too much stock in this item. Here are the top 5 reasons you should move this consideration DOWN on your list:
5) Having a bit of a commute can be a GOOD thing. Think about it, if you can take 30 minutes to unwind from work you’ll be a lot more pleasant when you arrive at home. You can use this time to get out of “work mode” and clear your mind for a good evening.
4) Lots of business gets done on the phone, and sometimes the best time to reach someone is while they are commuting. If you have a cell phone number for a client or potential client, you can make calls as you travel home, and sometimes making calls outside your office is healthy.
3) If you live too close to work, you’ll be tempted to work later, go back to work after returning home in the evening, or work lots of weekends. I’m all for a healthy work ethic, but it’s nice to be able to separate yourself from the office.
2) Living a little further away from work can give you ammunition when you approach your boss and ask for the ability to work from home part of the week. Telecommuting is all the rage right now, especially with gas prices through the roof. If you’ve ever wanted to work full or part-time from home, this is a good time to ask…and if you live a little further away, it’s easier to justify your argument.
1) Odds are you will live in your new home longer than you will stay at your current work location. Think about it. Consider the following factors: You could change companies, you could transfer to another location, your company could relocate. Not many people work in the same office for 5 years, yet that’s the average time people live in a home. Even if you currently live 5 minutes from the office, odds are that will change, often based on things outside your control.
Like I said, you should consider your job’s location in deciding on a new home — just consider the above list when you decide where to rank this factor in your list of important things.
Article by W. Cody Robinson, Owner/Buyer Specialist, North Texas Home Finders
Contact Cody directly at 972-365-0432 or Cody@NorthTexasHomeFinders.com
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.
“8 Major Renovations that Never Pay Off When Selling”
Some major renovations will never pay off. These top 10 don’ts will save you money in the long run! See what they are and save your money for your NEW home!
1. Put in Top-of-the-Line Carpet
If you have dated and dirty carpet, it is a good idea to remove it. But don’t replace it with the best carpet money can buy. Instead, install a mid-grade neutral toned carpet, at a modest price. Anything you choose will make the home look better, and you can save thousands of dollars over the luxury carpet.
2. Install High-end Appliances in Your Kitchen
No one will argue that New appliances are a good selling feature, but don’t go out and buy luxury appliances. Purchase a mid-grade stove and dishwasher if yours are dated, but don’t worry about buying a refrigerator, because many home buyers will most likely buy their own.
3. Retile Your Bathroom with Travertine
The bathroom should look clean and inviting, but it doesn’t have to look like a bathroom in a luxury resort hotel. Simply remove old dirty caulk around the tub and replacing it with fresh caulk. Also, a good cleaning with the proper cleanser will get that old tile sparkling. Buy new bath towels and put away all personal styling products from vanities, and you will be amazed at the transformation.
4. Paint Your Bedroom to Match the Bedspread
When home buyers see pink or purple walls, they can’t visualize living in the space. The buyers will just look at them and think of all the work they’ll need to do as soon as they move in. So, keep the walls neutral to compliment any decor, and show off the room they’ll live in. So if pink is your thing, resist and step away from the paint can!!
5. Install Expensive Custom Draperies
Expensive custom draperies will never match the furnishings of the new owner. If you must put something on the windows, choose basic panels, valances, or blinds. The look will be consistent throughout the home, and the buyer will see a clean slate to decorate to their own taste when they move in.
6. Paint the Outside a Color to Make Your House Different
You want your house to make a statement, but not because it’s painted with a trendy bold color. It should attract buyers by how well it fits into the neighborhood, not by how it sticks out like a sore thumb. The exterior might need touching up and a good power washing. Re-painting the front door will give your home a quick facelift, since that’s the first thing a buyer will see.
7. Cut Down All the Trees So People Can See the House
If “George of the Jungle” is swinging from your trees, then it might be time to cut them back. Also, if buyers cannot see your home from the curb, it’s costing you offers. Big mature trees are worth their weight in gold, so hire a tree-trimming service, so buyers can get a wonderful view of your home. Trees and shrubbery should enhance or frame your home, not cover it up.
8. Fill in Blank Walls and Fridge With Family Pictures and Artwork
You should remove as many family photos/pictures as you possible can. For one thing, you don’t want a lot of strangers looking at pictures of you and your children. Buyers might also feel like they are intruding on your space, and that is the last thing you want to happpen. In addition, home buyers should be able to visualize their own family pictures on the walls, not yours.
For help in finding your dream home in North DFW, please contact:
Amy Underwood (a)my@northtexashomefinders.com
Buyer Specialist/Realtor
North Texas Home Finders, LLC
Call: 940-464-7530
www.NorthtexasHomeFinders.com Put “AMY” in the ‘How did you hear about us section.”
