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Site Plan
A document that describes how a parcel of land is to be improved. It includes the outlines of all structures and site improvements, such as driveways, parking lots, landscaping, and utility connections.
Sitting Room
A room in a private house or establishment where people can sit and talk and relax.
Situs Address
The physical location of a property from the county appraisal district.
Small Aircraft Airport
Small aircraft means aircraft of 12,500 pounds or less, maximum certificated takeoff weight
Smallest Available Space
The smallest area available to lease by the tenant.
Smart Building
Building with computer and electrical systems that sense the areas to heat and cool for maximum efficiency and then transfer air with the appropriate temperature from one place to another.
Smoking Inside
This is to inform the tenant if smoking is allowed inside the dwelling.
Soil
The type of soil on the property.
Solar Heat
Heat created from the gathering of solar energy from the sun. It can be passive or active. A positive system takes advantage of winter sunlight through windows on the south side of a home. An active system heats through the collection of solar energy through solar collectors.
Solar Screen
A sun shading device, such as screens, panels, louvers, or blinds, installed to intercept solar radiation.
Solar Utilities
The building is powered by natural light.
Solar Water Heater
An automatically controlled vessel designed for heating water and storing heated water, heated by solar power.
Sold (S)
The listing has closed and/or funded.
Sold As-Is
Without guarantees as to condition, as in a sale. Premises are accepted by a buyer or tenant as they are, including physical defects except latent defects.
Special Assessment
The amount of tax or special payment due to a municipality or association.
Special Assessment District
An area where a special assessment is imposed because of a public project that benefits the owners in the defined area.
Special Showing Instructions
If the buyer’s agent needs special instructions to view the unit.
Split Rail Fence
Zigzag patterned fence of logs split lengthwise, which are held together with spikes.
Sport Facility
A place where a pro- or semi-pro sport team plays.
Sport Pool
This type of pool typically is no deeper than five feet. Sport Pool, also known as Play pools generally are built for cooling off and relaxing in, playing volleyball, other water sports, as well as for swimming laps.
Spring Fed Creek
A body of water, confined within a bed and banks and having a detectable current fed by a natural spring.
Sprinkler System
An integrated system of piping and sprinklers installed in an area to water the ground.
SQFT
Square Footage – The area, measured in square feet, of a piece of real estate. Generally measured by exterior walls but does not include basement, garage or carport, patio, or atrium.
SQFT Source
The Source of the SQFT data.
Stables
A farm building for housing horses or other livestock.
Standard Industrial Classification
Federally designed standard numbering system identifying companies by industry and providing other information.
State
If the property listed is outside the state of Texas.
State Land Use Code
Some states maintain a land use coding system that designates the primary use of each property.
Storage Shed
A building designed for extra space, with or without electricity.
S-Tile Roof
A ceramic roof material molded in the shape of a S for structure and design.
Stories
The amount of different levels in a dwelling.
Strawbale
A building method that uses straw bales as structural elements, insulation, or both. It is commonly used in natural building. It has advantages over some conventional building systems because of its cost and easy availability, and its high insulation value.
Street Surface
The construction of the street in and around the property.
Street Traffic Count
The recording of the vehicles and pedestrians passing a given point, usually in a day.
Structure – No Value
A structure, such as a barn or shed, that has no improvement value placed upon it.
Sub-Agent
The relationship under which a sales agent tries to sell a property listed with another agent. This situation is common under a MLS. A listing contract is taken by a listing broker and entered into the MLS, from which any member broker may sell the property. The listing broker and the selling broker split the commission.
Subdivision
A tract of land divided into lots suitable for home-building purposes. Some states and localities require that a subdivision plat be recorded.
Surface Water
Water above the surface of the land, including lakes, rivers, streams, ponds, floodwater, and runoff.
Survey
The plan showing the measurements, boundaries, area, and contours.
TAR
The Texas Association of REALTORS©
Tack Room
A place to store horse riding equipment including saddle and bridle etc.
Tankless Water Heater
Provide hot water at a preset temperature when needed without storage, thereby reducing or eliminating standby losses.
Tar/Gravel Roof
Roof constructed primarily or solely of tar and/or gravel material.
Tax Record
Information taken straight from the County Appraisal District tax record.
Tax Billing Address
The mailing address for the owner of the property. May be different than the address of the property.
Tax Escalation
Tax increase
Temp Date
The date the status of the listing was changed to Temporarily Off the Market.
Temporarily Off Market (T)
Currently not available.
Tenant
The current occupant of the unit.
Tenant House(s)
Additional building on the property for the leasor to occupy.
Tenants-in-Common
An undivided interest in property taken by two or more persons. The interest need not be equal. Upon death of one or more persons, there is no right of survivorship.
Tenant Expenses
The utilities and bills paid by the tenant, not the owner.
Tentative Close Date(TCD)
The approximate date of when the construction will be complete and/or the contract will be finalized.
Please contact Amy Underwood at 972-921-8787 with North Texas Home Finders, if you need help finding a home. Please visit our site: www.NorthTexasHomeFinders.com and put “Amy” in the How Did You Hear About Us Section.
Breaking News! We have access to a special loan program…100% Disaster Relief Loan Program. The program allows adding 6% towards Closing Costs for Victims of Hurricane Ike. The following are the Underwriting Guidelines to qualify:
1. You must provide proof ( drivers license, utility bill, etc ) that you resided in the following designated disaster affected counties:
Angelina, Austin, Brazoria, Chambers, Cherokee, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jasper, Jefferson, Liberty, Madison, Matagorda, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Trinity, Tyler, Walker, Waller, and Washington Counties.
- Families whose residences including homes, whether rented or owned, and apartments destroyed or damaged to the extent that major construction and repairs are necessary.
Proof is required including Letter from Health Department or Landlord requiring Vacating the Premises, pictures providing proof of the damage or inspection by a qualified Appraiser / Inspector providing written verification of damage.
The new or existing home does NOT have to be located in the disaster affected counties listed above. You can qualify purchasing a home outside of Houston.
For more information contact us today 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.
Let’s face it. The industry is struggling right now. The market is over correcting itself. We still want bigger and better when it comes to housing. Many people can afford to move and are doing so. In some cases however, they must either sell their current home or lease it out to cover the payment.
Caution!! New mortgage guidelines have come down and you can no longer count a lease payment to cover the debt of an existing mortgage. This means in order to the buy the new home, you must either sell your old one, or be able to qualify for both mortgages.
For more information contact a mortgage expert.
There are buyers out there. There are also a ton of “homeless” people that no longer qualify for a mortgage but need a place to live and make the money needed to pay rent. It is a wonderful time to own an investment property. Just be sure to keep it rented and make sure that any new home purchases you make you can cover the payment if you are turning your primary residence into a rental in order to move!
What is next? Who knows? Bottom line, if you want to take advantage of the great interest rates, don’t delay and start looking. If you have good credit and 3% or more to put down, you are in good shape. There is currently legislation being reviewed to bring back the down payment assistance programs for buyers with good credit scores.
What do you do if you have challenged credit? Sit down and decide what is important to you. If getting your self financially secure is important, then meet with an adviser and fix it. Every issue can be fixed. Some just take longer than others. As long as you set your goals and take the necessary steps to reach those goals you will be relaxing in your new home before you know it!
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.
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“Foreclosures, Short-sells and Deals on Newer DFW Homes”
I have a couple of clients looking for deals in Collin/Denton County, and I have been really surprised at some of the bargains I have been running across on homes built after 2000 the last few weeks. Many struggling homeowners who could not sell over the summer, are now forced to short sell, or even foreclose. Summer job transfers and moves, also have many homeowners selling at a loss to avoid two mortgage payments. When a home is vacant, you are at a definite advantage when it comes to negotiating.
Bad Credit-forget it!! – Just because a home is distressed, does not mean the bank will accept an offer from a buyer with bad credit. I get many calls on foreclosures because people think the bank is desperate enough to sell to anyone. The bank has already made one mistake, and they definitely don’t want to do it again. I recommend that all my clients get a pre-qual letter, so when the right deal comes along, we are ready to make a strong offer. Most banks offering foreclosures or short-sells won’t even let a Realtor turn in an offer without a pre-qual.
Short Sell= patience!! I have a client that put in an offer on a short sell last week, and we have still not heard from the bank. Short sells and foreclosures can test your patience to the extreme, but on the upside you can walk away with a very good deal, if you stick with it. I do not recommend buying these types of properties if the buyer is under a time crunch or wants a particular neighborhood. In order to get a good deal you have to be somewhat flexible about where you will live, and when you can move. Many people do not have that type of luxury.
If you are looking for a good deal on a home, I would be more than happy to assist you. All I ask is that you be somewhat realistic about your home needs. I think you will be very surprised at what your money will buy, if you have a little patience and flexibility.
Amy Underwood, Realtor/Owner/Buyer Specialist, North Texas Home Finders, LLC., Amy@NorthTexasHomeFinders.com Site: www.NorthTexasHomeFinders.com Please put “AMY” in the “How Did You Hear About Us Section.”
“Mr. Realtor, I’d like to see homes in McKinney and Frisco.”
“Mrs. Buyer, I can show you homes from 6:00 PM to 7:30 PM Monday through Friday, and all day on Saturday.”
“But, I work nights, so mornings and early afternoon are the best times for me.”
“I’m sorry Mrs. Buyer, but I have to wait until I get off work before I can show you houses.”
“I thought this is your work??”
Sadly, this has become the case for many in my profession. The slowness of the real estate market has taken its toll on quite a few people. To be fair, there were, and are still a great number of people who “dabble” in real estate. Some have used it for years as a part-time job. However, now many who were formerly working full-time as Realors have taken another job to support themselves. I don’t begrudge anyone, you have to do what it takes to provide for your family.
What does all this mean for prospective home buyers? If you want someone who has time to devote to finding you the best homes available, you need a full-time professional. The same goes for those putting their homes on the market. There is more to listing a home than sticking a sign in the yard. Who do you want helping you with likely your largest investment – someone who does real estate on the side, or a full-time agent? The problem for home buyers and sellers is that there are now fewer of us out there. You need to be sure to interview agents before agreeing to work with them. Make sure this person has the time and resources to commit to you.
On an additional side note. Once you hire the full-time agent, and he/she does all the work, and finds you a great home, reward that person with your loyalty. I’ve had several instances over the last few years when I’ve had a client tell me about some friend of a friend that agreed to do the sale for less commission – after all the work has been done. That friend of a friend is usually a part-time dabbler trying to take advantage of someone else’s hard work. Honesty, integrity, and commitment goes both ways. You want your Realtor to commit to you, and we expect the same.
Dallas/Fort Worth have a number of fantastic, full-time agents. Ask for a referral from friends or family, check out testimonials from an agents past clients. You can learn a lot from checking a person’s track record.
“Real Estate Terms..Part 8″
Qualifying Ratios
The ratio of your fixed monthly expenses to your gross monthly income, used to determine how much you can afford to borrow. The fixed monthly expenses would include PITI along with other obligations such as student loans, car loans, or credit card payments.
Quarry Tile Flooring
Glazed or unglazed ceramic tile made using an extrusion process.
Radiant Heat
The method of heating the walls, floors or ceilings in order to transfer heat to the occupants of a room.
Radiator
Apparatus for heating of a room, which gives off heat to the space by radiation and convection.
Ramps
An inclined plane installed in addition to or instead of stairs.
Rate Cap
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
Rate Lock-In
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
Rating Year
The year a Green Building Rating was given.
REALTOR.com
Do you wish your listing to be sent to the national public web site, Yes or No?
Rebate
Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with “points” (see above).
Refinancing
The process of paying off one loan with the proceeds from a new loan using the same property as security.
Region
A section of the city or county for public use.
Relo Addendum Required
An addendum prepared by a Relo company indicating their specific requirements.
Rent Includes
The payment of rent includes other bills.
Renovation Description
The restoration of the primary residence. Generally, this includes repairs, improvements and additions to the permanent structure of the primary residence.
Renovation Year
The year in major renovations were done.
Rental Records
Documentation of past and current tenants and rental amounts.
Rent Roll
A list of Tenants, generally with the lease rent and expiration date for each tenant.
REO
Property acquired by a lender through foreclosure and held in inventory.
RES
Residential Property Type – Single family dwelling.
Residential
A Single-Family dwelling determined by the Land Use Code in the County tax records.
Residential Mortgage Credit Report (RMCR)
A report requested by your lender that utilizes information from at least two of the three nations credit bureaus and information provided on your loan application.
Resort
A resort is a place used for relaxation or recreation. As a result, people tend to seek out a resort for holidays or vacations. Generally, a resort is distinguished by a large selection of activities, such as food, drink, lodging, sports, entertainment, and shopping.
Restriction Description
Description of the type of restrictions on the property.
Rilled Lot
A small channel created by soil erosion and small enough to be obliterated by plowing.
Road Frontage Description
Land bordering a street.
Road Surface
The construction of the street in and around the property.
Row Crop
Corn, beans, peas, mixed vegetables.
RV
A parking space/garage large enough to fit a RV or boat.
Sandy Loam
A soil mix of coarse sand, silt, clay, and organic matter.
SBA Type Loan
(Small Business Administration) A federal government agency in Washington, D.C., that encourages small business.
Scheduled Gross Income
The rental rate of a property multiplied by the total rentable space.
Section 8
Privately owned rental dwelling units participating in the low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act. Under the program, landlords receive rent subsidies on behalf of qualified low-income tenants, allowing the tenants to pay a limited proportion of their incomes toward the rent.
Security Deposit
A cash payment required by a landlord, to be held during the term of a lease to offset damages incurred due to actions of the tenant. Such damages may include physical damage to the property, theft of property, failure to pay back rent and breaking the lease. forfeiture of the deposit does not absolve the tenant of further financial liability.
See Disclosure
The buyer and Buyer’s Agent need to read the Seller’s Disclosure for comments.
Seller Carry Back
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.
Seller Name Search
Searches the most recent seller of the property.
Seller Type
The person or entity that is selling the property.
Seller’s Disclosure
A statement required by law, in which sellers of particular kinds of property, or under certain circumstances, must reveal specified information to potential buyers.
Separate Meter
Describing the type of meter on a commercial property.
Separate Spa/Hot Tub
A spa and/or hot tub that is not attached to the pool on the property.
Septic Shared
A bathroom that has multiple doors, usually leading to multiple bedrooms.
Shared Bath
A bathroom that has multiple doors, usually leading to multiple bedrooms.
Shoals
Shallow areas located offshore where eroded sand builds up.
Short Sale Approved
A short sale is the sale of real property where the fair market sale price is less than the loan balance.
Short Sale Potential
A property where the lending company will consider a short sale.
Show Instruction
Special instructions to the Buyer’s Agent on how to show the property; if they need to make an appointment or just go.
Sign
Is there a visible sign on the property?
Silo(s)
Usually a tall, cylindrical structure in which fodder (animal feed) is stored; may be a pit dug for the same purpose.
Single Lot
One Parcel being sold separately.
Single Pet Allowed
Only a single pet is allowed on the premises.
If you need help locating a home. Please do not hesitate to call us. As always, a buyer’s agent cost you nothing. Call Amy at 940-464-7530 or visit www.NorthTexasHomeFinders.com and put “AMY” in the How Did You Hear About Us Section.
The Dream Is Still Alive Without DPA!!
The game clock has buzzed. It is officially at an end. The days of buying a home for $0 Total Move-In are gone. Many of you are saying “well that ends my dream of home ownership!”, but it doesn’t have to.
Here are a few easy steps to take to get your self ready to buy a new home:
1. Look at New Construction and consider building your “dream” home. With this option, you can put together a savings plan to save up the necessary down-payment needed by the time the home is completed. You might have to tighten up some of the excess spending during this time (like only 1 Starbucks a week as opposed to one a day!), but isn’t it worth it to be living in a beautiful new home and no longer paying someone’s mortgage for either the home you are renting or the apartment building you are living in. Savings plans work wonderfully as long as you have a written plan and started it with at least $500 to $1000 to put down at time of contract.
2. Ask your parents for an advance on your inheritance. Let’s face it, the excess money will be yours eventually. Wouldn’t they enjoy seeing you take advantage of the best buyer’s market in years by gifting the money to you now? After all, you could invite them over for monthly B-BQues once you move in.
3. Save your annual bonus or tax refund check for your down payment fund. It is really hard not to spend it when you have it, but what better investment can you find than shelter for you and your family!
The above are just a few ideas on ways to generate the necessary money to buy a home in today’s market. Remember, many new home builders have stopped building “inventory” homes and only build to order when someone walks into the sales center. This building process can take as little as 4 months to as much as 8 months here in the North Texas area. This gives you several months to save up money needed at closing.
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.
“What 200K Buys You in 6 Popular DFW Suburban Cities”
Not all ’burbs are created equal when it comes to what you get for your money. We will look at 5 popular suburbs and compare how far your dollar stretches.
Frisco (North of Dallas)
2718 Sparks, Frisco TX
Built 2006
2400 sq. ft.
4/2/2, Frisco ISD- $199,990
Arlington (between Dallas and Ft. Worth)
7914 Joshua Tree
Built 2005,2900 Sq. ft
4/2.1/2
Mansfield ISD, $199,000
Sachse (East of Dallas)
6102 Crestridge
Built 2005, 2698 sq. ft
4/2.1/2
Garland ISD, $200,000
Plano- (North of Dallas)
7217 Pompeii Way
Built 2005, 1400 Sq. ft.
2/2/2 Townhome
Lewisville ISD, $190,000
Keller (North of Ft. Worth)
Built 2006, 2800 Sq. ft.
5036 Pinellas Ave.
4/2.1/2
Keller ISD, $200,000
Cedar Hill (South of Dallas)
416 N Waterford Oaks, Built 2003
4/3.1/3, 3226 sq. ft.
Cedar Hill ISD, $199,000
If you need help with any of these homes please contact Amy Underwood with www.NorthTexasHomeFinders.com. Please put “Amy” in the How Did You Hear About Us. Or Call 940-464-7530- Office
