So, you've bought the house of your dreams and moved in. What's the next step? Remembering that one day, whether you realize it or not today, you'll be selling. Increasing the value of your home isn't just a blitz right before you list it. Protecting and increasing the value of your home starts the day that you write the offer.
So you've closed now. What is the number one thing to do as soon as you've bought the home? If I could tell you that in one day you could make a change to increase the value of your home by possibly up to 20%, decrease your utility bills, and reduce your stress while helping the entire ecology of our area would you be interested? You can! Quick, plant trees!
In any area this holds true, but in our area it's of prime importance. Bryan and College Station, actually all of Brazos Valley, has traditionally been used as farm land. Trees in fields aren't a great value, as they provide unneeded shade and reduce the area given for crops or livestock. Therefore many were eliminated. The remaining trees in many cases, are Post Oaks. Post Oak trees are beautiful trees and very hardy, when given a natural enviroment. They are, however, very resistant to change and to human intervention. Pouring a slab close to their root system, watering them with clorinated and processed water, putting a tree house in them or driving over or near their root systems are all huge problems for these gorgeous natives. In other words, as homeowners, we don't play nice with them. They tend to die within a year of a new property being built on, leaving you with a big empty space in your yard.
Here's some quick statistics on the value of a tree:
Dr. Roger S. Ulrich of Texas A&M University stated that "in laboratory research, visual exposure ot settings with trees has produced significant recovery from stress within five minutes, as indicated by changes in blood pressure and muscle tension."
The USDA Forest Service states "Trees properly placed around buildings can reduce air conditioning needs by 30 percent and can save 20-50 percent in energy used for heating"
The Management Information Services/ICMA states "Landscaping, especially with trees, can increase property values as much as 20 percent."
According to the US Department of Agriculture "The net cooling effect of a young, healty tree is equivilant to ten room-size air conditioners operating 20 hours a day."
"A mature tree can often have an appraised value of between $1,000 and $10,000," according to the Concil of Tree and Landscape Appraisers.
Dr. E. Greg McPherson, Center for Urban Forest Research states "if you plant a tree today on the west side of your home, in 5 years your energy bills should be 3% less. In 15 years the savings will be nearly 12%."
These tidbits all come from The Arbor Day Foundation. Visit them today for inexpensive trees and think about joining. Membership comes with 10 free seedlings and discounts on other trees. For those interested in saving more on their utilities short term visit one of our local tree farms and get more mature trees. Surpisingly affordable, these can provide some shade immediately and increase the value of your property much sooner. A couple of our local tree farms are Brazos Valley Tree Farms in South College Station and Bill Willamson's Tree Farm in Iola. A recent trip to Brazos Valley Tree Farms found prices as low as $95 for a 30 gallon tree and 45 gallon trees for $265. Delivery is free within the area and planting typically runs half the price of the tree if you don't want to D-I-Y it. Other lower cost options for in between sizes can be found at Lowe's or Home Depot as well.
Wow, lower your blood pressure, decrease your utility bills and increase your property value in one fell swoop! Definately a recipe for success!!!!!!!
Sunday, September 28, 2008
Thursday, September 25, 2008
Get Fit and Feel Great!!!
My blog readers know that I typically stay close to the subject of real estate and how to maximize your profits on it. Today, however, I'm going to focus on a local business that has truly made an impact on my life. MaretHouse Fitness is housed inside Aggieland Fitness Dome right off of Highway 6 between Graham Road and Barron Road. David MaretHouse has been a client and a friend for a few years since he moved here from New Orleans where Hurricane Katrina destroyed his neighborhood and home. I always knew that David had to be a great personal trainer...he has a great sense of humor (of paramont importance...for anyone who knows me) and he is DEFINATELY fit! Did I go and see him though? Well, there was always an excuse!
Six short weeks ago I went into the Dome to get Davids signatures on his own personal home for sale (see his gorgeous home on 5 acres in featured properties). I walked out with a precious gift. The gift of fitness. I saw the sign up sheets for MaretHouse fitness camps and thought "hmm...I'll ask him about it".
My first question, since this is Aggieland, and we have a predominance of young, beautiful people is "will I be out of place?" David assured me that he has people of all ages in his fitness camps and that someone on the "wrong side" of 40 wouldn't be out of place.
My second question was "do I have to be a member of the Dome to be in your camp?" Absolutely not, was the answer. Though Dome membership may be beneficial and they have a free 14 day trial run, it isn't necessary to be a member to be part of the fitness camp. (I still am not a member of the Dome).
My third question was "what if I'm not available during the time when the fitness camp is held?" Well, with 7 different times of the day and the ability to go to different ones if your schedule gets bogged down that objection was countered.
The fourth and most important question was "OK, Sounds good....but what's the price?" I was surprised, for the six week period the price was only $180. That works out to a slim $10 per workout.
That was 6 short weeks ago and I'm so happy I signed up! I'm trimmer, more energetic and happier with the way I feel. It's time to renew, and guess what? I did!!!!!!! I can say that, by far, my experience with MaretHouse has been the best fitness experience I've ever had! I've done personal training, group classes, semi private training, circuit training...this takes the cake! It's fun and a great group and you can feel the progress week to week.
Here are the details. The 5o minute classes are Monday, Wednesday and Thursday. They begin September 29th and end November 7th. The times are 6 am, 8 am 9 am 4 pm, 5 pm 6 pm and 7 pm. They consist of circuit style training, outdoor running and plyometric drills (OK, I don't know what it is but it's fun :) The classes are geared for weight loss, toning and body sculpting.
Of course, David and group also offer excellent one on one personal training. The fitness camps get my vote though! Convenient, fun and refreshing this is the best way I've ever found to get fit and stay fit.
For more details call David at (979)574-3124 or visit http://www.Marethouse.com. You'll be glad you did. See you there!
Six short weeks ago I went into the Dome to get Davids signatures on his own personal home for sale (see his gorgeous home on 5 acres in featured properties). I walked out with a precious gift. The gift of fitness. I saw the sign up sheets for MaretHouse fitness camps and thought "hmm...I'll ask him about it".
My first question, since this is Aggieland, and we have a predominance of young, beautiful people is "will I be out of place?" David assured me that he has people of all ages in his fitness camps and that someone on the "wrong side" of 40 wouldn't be out of place.
My second question was "do I have to be a member of the Dome to be in your camp?" Absolutely not, was the answer. Though Dome membership may be beneficial and they have a free 14 day trial run, it isn't necessary to be a member to be part of the fitness camp. (I still am not a member of the Dome).
My third question was "what if I'm not available during the time when the fitness camp is held?" Well, with 7 different times of the day and the ability to go to different ones if your schedule gets bogged down that objection was countered.
The fourth and most important question was "OK, Sounds good....but what's the price?" I was surprised, for the six week period the price was only $180. That works out to a slim $10 per workout.
That was 6 short weeks ago and I'm so happy I signed up! I'm trimmer, more energetic and happier with the way I feel. It's time to renew, and guess what? I did!!!!!!! I can say that, by far, my experience with MaretHouse has been the best fitness experience I've ever had! I've done personal training, group classes, semi private training, circuit training...this takes the cake! It's fun and a great group and you can feel the progress week to week.
Here are the details. The 5o minute classes are Monday, Wednesday and Thursday. They begin September 29th and end November 7th. The times are 6 am, 8 am 9 am 4 pm, 5 pm 6 pm and 7 pm. They consist of circuit style training, outdoor running and plyometric drills (OK, I don't know what it is but it's fun :) The classes are geared for weight loss, toning and body sculpting.
Of course, David and group also offer excellent one on one personal training. The fitness camps get my vote though! Convenient, fun and refreshing this is the best way I've ever found to get fit and stay fit.
For more details call David at (979)574-3124 or visit http://www.Marethouse.com. You'll be glad you did. See you there!
Wednesday, September 24, 2008
What Does Your House And A Widget Have in Common?
It's time to put your house on the market. You've cleaned, you've staged, you've contacted several agents to come out and talk with you. The agents seem to agree that, though your house is in great shape, and looks nice, your wall color is a bit unique. It's not going to suit everyone. What's your inclination? Do you paint, or let the buyer?
As real estate agents we often see people get a little emotionally involved when selling their home. It's hard not too! You've invested years of your life there. The kids may have grown up there. Johnny's height still is marked on the utility room door...I understand. I also caution you to try very hard to divorce your emotions from the process.
Imagine this...you are the head of the leading widget maker in Texas. You've done studies that show that College Station people like maroon widgets (what else would they like here in Aggieland?) Instead of going with maroon widgets though you decide that blue widgets are the way to go. They go with your office furniture better. Guess what? The widgets don't sell. You've spent alot of money on fancy boxes and marketing widgets that just sit on the shelves.
Now let's talk about your house. Yes, that purple in Suzy's room might have been her color, but for right now it's not about Suzy. For the moment it's about equity and maximizing it. Suzy's new room at the new house can be purple and pink, if she'd like. Paint the walls and you'll see green!
Your house when on the real estate market is, first and foremost, a product. You need to present it as a product. It needs to be clean and look nice. It needs to be staged properly. If at all possible it needs to be as neutral as possible. Accent with your furniture and accessories, not the wall color when preparing to sell your home.
For more advice on how to sell your home faster and for more money call today. Please let me talk with you about our professional marketing services. I would love to apply for the job of selling your home!
As real estate agents we often see people get a little emotionally involved when selling their home. It's hard not too! You've invested years of your life there. The kids may have grown up there. Johnny's height still is marked on the utility room door...I understand. I also caution you to try very hard to divorce your emotions from the process.
Imagine this...you are the head of the leading widget maker in Texas. You've done studies that show that College Station people like maroon widgets (what else would they like here in Aggieland?) Instead of going with maroon widgets though you decide that blue widgets are the way to go. They go with your office furniture better. Guess what? The widgets don't sell. You've spent alot of money on fancy boxes and marketing widgets that just sit on the shelves.
Now let's talk about your house. Yes, that purple in Suzy's room might have been her color, but for right now it's not about Suzy. For the moment it's about equity and maximizing it. Suzy's new room at the new house can be purple and pink, if she'd like. Paint the walls and you'll see green!
Your house when on the real estate market is, first and foremost, a product. You need to present it as a product. It needs to be clean and look nice. It needs to be staged properly. If at all possible it needs to be as neutral as possible. Accent with your furniture and accessories, not the wall color when preparing to sell your home.
For more advice on how to sell your home faster and for more money call today. Please let me talk with you about our professional marketing services. I would love to apply for the job of selling your home!
Tuesday, September 23, 2008
What Marketing Sells a Bryan or College Station Home?
"Everyone has 30 seconds of fame", remember the old adage? Well, expand that to every marketed property and you'll have the fate of a property that is marketed by an agent that is, shall we say, not "net savvy"?
The old stick it on the MLS and forget it was enhanced by newspaper coverage, magazine coverage and Cable Mart coverage. In its time this was good! Newspapers used to make my phone ring reliably on Monday mornings. I remember the day when I would study all the listings in the paper, in case someone called and the property they called about was sold, I could refer them to a different property and set up a showing....That was several years ago. Enter the internet age...and a whole different way of showcasing your property.
Your property has the potential to be extremely "famous" this way! Web sites with real estate listings abound and getting your house on to these web sites is as easy as hiring a "net savvy" agent. Getting an agent that places well on the search terms typically used is one of the ways that your house will get maximum exposure. "College Station real estate", and "Bryan Texas real estate" are two of the top terms for Google in B/CS real estate. If you Google "College Station real estate" currently you'll find my listing coming up at number 4, you'll find my featured properties coming up easily and quickly when you open the page. Excellent exposure! If you Google "Bryan Texas real estate" you'll find my listing at #9 on the first page as well. This requires work to keep my web site up there at the tops of these searches, but doing it gives my marketed homes more exposure than 95% of the other homes out there. This is better than most of the more public portals because the traffic is typically the very interested home buyer for our area. The public portals many times have people just shopping different areas to find out how real estate compares.
Our marketing doesn't stop there though! There are other more public portals that won't attract such a targeted market, but still perform very well. Trulia, Craigs List, Realtor.com, Oodles, and other general portals will showcase your home well when someone searches in our area. We carefully insure coverage on the best of these with some 300 or more web sites getting the information as well.
In general print advertising whether it be newspaper, magazine, or flyers, underperforms in comparison with targeted web site marketing.
Make sure your agent has a large internet presence and can get things done with Web 2.0!!!! Call today to speak to us for our marketing package!!!
The old stick it on the MLS and forget it was enhanced by newspaper coverage, magazine coverage and Cable Mart coverage. In its time this was good! Newspapers used to make my phone ring reliably on Monday mornings. I remember the day when I would study all the listings in the paper, in case someone called and the property they called about was sold, I could refer them to a different property and set up a showing....That was several years ago. Enter the internet age...and a whole different way of showcasing your property.
Your property has the potential to be extremely "famous" this way! Web sites with real estate listings abound and getting your house on to these web sites is as easy as hiring a "net savvy" agent. Getting an agent that places well on the search terms typically used is one of the ways that your house will get maximum exposure. "College Station real estate", and "Bryan Texas real estate" are two of the top terms for Google in B/CS real estate. If you Google "College Station real estate" currently you'll find my listing coming up at number 4, you'll find my featured properties coming up easily and quickly when you open the page. Excellent exposure! If you Google "Bryan Texas real estate" you'll find my listing at #9 on the first page as well. This requires work to keep my web site up there at the tops of these searches, but doing it gives my marketed homes more exposure than 95% of the other homes out there. This is better than most of the more public portals because the traffic is typically the very interested home buyer for our area. The public portals many times have people just shopping different areas to find out how real estate compares.
Our marketing doesn't stop there though! There are other more public portals that won't attract such a targeted market, but still perform very well. Trulia, Craigs List, Realtor.com, Oodles, and other general portals will showcase your home well when someone searches in our area. We carefully insure coverage on the best of these with some 300 or more web sites getting the information as well.
In general print advertising whether it be newspaper, magazine, or flyers, underperforms in comparison with targeted web site marketing.
Make sure your agent has a large internet presence and can get things done with Web 2.0!!!! Call today to speak to us for our marketing package!!!
Thursday, September 18, 2008
Bryan and College Station real estate Slowdown?
Both Bryan and College Station posted home sales down in August from previous years and the past very strong months. Remember that July of this year was a record breaking year with sales surpassing previous years strongly. This could be an indication that the market is softening slightly here, though it could be that many people that traditionally would have bought in August instead jump started their plans and bought in July.
Overall there were 411 new listings in August. 292 sales occurred with a total number of active listings sitting at 1,139. The average sales price stayed strong at $179,870. Average days on the market stood steady at 105.
In the lower end market up to 99K there were 44 sold and 216 total listings. in the 100-180K market there were 149 sold with 446 total listed. In the 180-299K price range 57 sold with 257 total listed. Over 300K saw 30 sold with 220 total listed.
Again remember that in July we saw an almost equal number of sales and listings in the more popular price categories up to 200K. This could be the beginning of a slight softening or it could be a minor fluctuation.
Stay tuned for more details!
Overall there were 411 new listings in August. 292 sales occurred with a total number of active listings sitting at 1,139. The average sales price stayed strong at $179,870. Average days on the market stood steady at 105.
In the lower end market up to 99K there were 44 sold and 216 total listings. in the 100-180K market there were 149 sold with 446 total listed. In the 180-299K price range 57 sold with 257 total listed. Over 300K saw 30 sold with 220 total listed.
Again remember that in July we saw an almost equal number of sales and listings in the more popular price categories up to 200K. This could be the beginning of a slight softening or it could be a minor fluctuation.
Stay tuned for more details!
Wednesday, September 17, 2008
Is It Your Offer, Or Your Agent's Reputation?
I have a beautiful, older house in one of our charming historic districts for sale currently. It is listed at $229,900, a "quick sale" price since the clients are moving out of the country. When we first put it on the market we had three offers and chose the best one. The buyers were represented by a new agent in town but had their prequalification letter and were fairly good to go. They decided since then not to use the local lender they were prequalified through, but instead an out of town lender, DiTech Funding. DiTech sent an appraiser out that isn't familiar with the neighborhood, just did a drive by and didn't use the correct square feet. It ended up appraising for around 20k less than what we had multiple offers on it for. Unfortunately, long story short, though another appraisal was done and it came out at $242K DiTech wouldn't accept that. During this fiasco, however, the new agent was never heard from. We would get the occasional phone call from her manager, or another agent that was helping, but repeatedly this agent wouldn't call back.
Fast forward and the house is back on the market. This same agent, along with two others brought us another very attractive offer. The seller, at this point, doesn't want to consider her offer because of her track record. Fair to her client? Absolutely not, but understandable to anyone.
When choosing an agent the only qualification isn't whether they can get you into the properties. Their reputation with other agents, and the general public, their experience, their knowledge are all necessary to get the job done. When choosing a buyers agent ensure that your agent is very familiar with lending practices and has been an agent for several years, or is a buyers agent for someone with an excellent reputation that will guide the buyers agent.
Don't loose out on the perfect house because of your agent!
Fast forward and the house is back on the market. This same agent, along with two others brought us another very attractive offer. The seller, at this point, doesn't want to consider her offer because of her track record. Fair to her client? Absolutely not, but understandable to anyone.
When choosing an agent the only qualification isn't whether they can get you into the properties. Their reputation with other agents, and the general public, their experience, their knowledge are all necessary to get the job done. When choosing a buyers agent ensure that your agent is very familiar with lending practices and has been an agent for several years, or is a buyers agent for someone with an excellent reputation that will guide the buyers agent.
Don't loose out on the perfect house because of your agent!
Thursday, September 11, 2008
College Station Best Buy Alert!!!
Looking for a secure place for your student? Wow, I ran across this listing today and I'm very impressed with the price. I am not the listing agent on this one, and it is a corporate owned unit in a student community off Wellborn Road. This 4 bedroom/3 bath with granite countertops and 1504 square feet is selling for $124,000!
Rentals in the area have been between 1400-1600/per month. Sales show the latest two units sold fo $141K and $142,200.
Other units available are listed at $169,900 and $165K. Please note there are several floorplans and these might be quite different.
These are two story units about seven miles away from campus.
Go into search the MLS and type the reference number 51395 to see the pictures and/or call me today to see the property!
Rentals in the area have been between 1400-1600/per month. Sales show the latest two units sold fo $141K and $142,200.
Other units available are listed at $169,900 and $165K. Please note there are several floorplans and these might be quite different.
These are two story units about seven miles away from campus.
Go into search the MLS and type the reference number 51395 to see the pictures and/or call me today to see the property!
Storm Preparation for College Station and Bryan
Want to know the latest about Hurricane Ike, or any major storm that might roll into town? Go for all the latest information.
Looking for information on what to stock up on for a storm? Here is the place you need to be!
Information currently coming in states that
Due to inclement weather predicted in the wake of Hurricane Ike, the following closures and cancellations have been announced from the City of Bryan:
· Bryan and College Station independent school districts will be closed Friday.
· Texas A&M University and Blinn College will be closed Friday.
· All branches of the Bryan and College Station public library system will be closed Saturday and Sunday. The due dates on library materials are extended to Monday so patrons won’t have late charges. Patrons are asked to not use book drops.
· The Bryan Aquatic Center and Neal Recreation Center will be closed Friday through Sunday.
· College Night in Downtown Bryan on Friday night is canceled. It will be up to the discretion of individual restaurants and entertainment venues whether they stay open, but city-sponsored giveaways will not be effective. The event will be postponed to a later date.
· The Patriot Day 9/11 event originally planned for Veterans Park at 6 p.m. Thursday night has been moved to Southwood Park, 1600 Rock Prairie Road.
Other pertinent information:
· Evacuees are being asked to go directly to Veterans Park on Harvey Road. They should call 211 for more information.
· The George Bush Presidential Library and Museum is extending free admission to all hurricane evacuees. Visitors simply need to identify themselves to staff as evacuees.
· 507 evacuees are currently being sheltered locally. Twenty-eight small animals and 46 large animals are being sheltered locally.
The local shelter capacity is about 2,500.
For the latest about Hurricane Ike go to the City of Bryan hurricane center website.
The weather is fine currently, with the sun up and just a few clouds in the sky. Probably will be changing rapidly tomorrow.
Keep Safe!
Looking for information on what to stock up on for a storm? Here is the place you need to be!
Information currently coming in states that
Due to inclement weather predicted in the wake of Hurricane Ike, the following closures and cancellations have been announced from the City of Bryan:
· Bryan and College Station independent school districts will be closed Friday.
· Texas A&M University and Blinn College will be closed Friday.
· All branches of the Bryan and College Station public library system will be closed Saturday and Sunday. The due dates on library materials are extended to Monday so patrons won’t have late charges. Patrons are asked to not use book drops.
· The Bryan Aquatic Center and Neal Recreation Center will be closed Friday through Sunday.
· College Night in Downtown Bryan on Friday night is canceled. It will be up to the discretion of individual restaurants and entertainment venues whether they stay open, but city-sponsored giveaways will not be effective. The event will be postponed to a later date.
· The Patriot Day 9/11 event originally planned for Veterans Park at 6 p.m. Thursday night has been moved to Southwood Park, 1600 Rock Prairie Road.
Other pertinent information:
· Evacuees are being asked to go directly to Veterans Park on Harvey Road. They should call 211 for more information.
· The George Bush Presidential Library and Museum is extending free admission to all hurricane evacuees. Visitors simply need to identify themselves to staff as evacuees.
· 507 evacuees are currently being sheltered locally. Twenty-eight small animals and 46 large animals are being sheltered locally.
The local shelter capacity is about 2,500.
For the latest about Hurricane Ike go to the City of Bryan hurricane center website.
The weather is fine currently, with the sun up and just a few clouds in the sky. Probably will be changing rapidly tomorrow.
Keep Safe!
Bryan and College Station Schools Closed For Hurricane Ike on 9/12/08
Both Bryan and College Station School Districts have called school off for 9/12/08 because of Hurricane Ike. Reports are out that the City of College Station is also offering the employees extra time off today to prepare for the storm. Here in Bryan and College Station we will be relatively immune to the devestation of the storm, expected to make landfall somewhere between Galveston and Corpus Cristi. High winds, however, will be likely if the storm moves right through, along with flash floods. The roadways will be clogged with evacuuees and gas will be difficult at best to buy. All residents should prepare by filling gas tanks, picking up debris in their yard and securing loose outdoor items. Stock up on water, non-pershible items such as canned foods (make sure you have a manual can opener!) and ready to eat items that require no refrigeration. Please make sure you prepare and BE SAFE!!!
Tuesday, September 9, 2008
Fannie Mae/Freddie Mac Bailouts Yield Lower Interest Rates
Interest rates plunged nearly 1/2 a point on the news of the Federal bailout for the mortgage powerhouses of Fannie Mae and Freddie Mac. Interest rates that were 6.26 have suddenly fallen to 5.88%, the best deal in the last eight months. Mortgage lenders are warning that this is temporary, and they are bound to go up soon. In the meantime take advantage! On a 200K loan for 30 years the difference would be $49 a month. Almost $600 a year. The average homeowner owns a house for seven years before moving, so that is an average savings of $4,200!
If you are looking to buy, now is the time! Both Bryan and College Station real estate have consistantly been good investments.
Call today! (979)575-7765 for Coti or (979)574-1084 for Chris
If you are looking to buy, now is the time! Both Bryan and College Station real estate have consistantly been good investments.
Call today! (979)575-7765 for Coti or (979)574-1084 for Chris
Saturday, September 6, 2008
Down Payment Assistance in Bryan or College Station
Many first time homebuyers ask about downpayment assistance or special lending programs. For the first time in years there are some new lending programs specifically targeted towards first time buyers and we will focus on those at a later time.
What you must know about downpayment assistance in Bryan or College Station
Both Bryan and College Station have downpayment assistance programs directly through the city. These programs apply to income qualified buyers who have good credit and can qualify for a loan. They are based on the number of people in the family and will loan up to $7,500 in downpayment assistance. The income guidelines are quite strict and are related to the poverty level.
These programs fund in October, so it is especially important that you be one of the first to apply. It's also important to use an agent, such as my team, that is fully qualified to participate in these programs, as there are special provisions to the contract that must be completed. For more information on this program contact us at (979)574-1084 or go to our website www.ChrisTesch.com (for those of you finding this blog independantly).
Federal help is available! For first time homebuyers the federal government will give you a tax refund that to help you buy your first home (you must repay it however!), or a primary residence if you haven't owned a home for 3 years or more. Later I'll do a complete article on the ins and outs of this program. In the meantime contact us for more information. ImportantYou can amend your return to get your money NOW, before the interest rates rise!!!!
What you must know about downpayment assistance in Bryan or College Station
Both Bryan and College Station have downpayment assistance programs directly through the city. These programs apply to income qualified buyers who have good credit and can qualify for a loan. They are based on the number of people in the family and will loan up to $7,500 in downpayment assistance. The income guidelines are quite strict and are related to the poverty level.
These programs fund in October, so it is especially important that you be one of the first to apply. It's also important to use an agent, such as my team, that is fully qualified to participate in these programs, as there are special provisions to the contract that must be completed. For more information on this program contact us at (979)574-1084 or go to our website www.ChrisTesch.com (for those of you finding this blog independantly).
Federal help is available! For first time homebuyers the federal government will give you a tax refund that to help you buy your first home (you must repay it however!), or a primary residence if you haven't owned a home for 3 years or more. Later I'll do a complete article on the ins and outs of this program. In the meantime contact us for more information. ImportantYou can amend your return to get your money NOW, before the interest rates rise!!!!
Monday, September 1, 2008
What You Must Know About Lenders!
Can your lender make or break your real estate transaction in Bryan or College Station? ABSOLUTELY!!!! Imagine that you have chosen a home, put down around $1000 earnest money, done inspections (cost of about $500), had an appraisal (cost of $450), and paid various application fees. You're confidentally waiting for the final approval and ready to move in. Can something go wrong? Absolutely! In the past I've had several properties where the closings didn't happen on time. Once the lender doesn't get their paperwork on time there is a chance that it will get sold out from under you and you will be left having done inspections, an appraisal and forfeiting your earnes money because the lender didn't perform.
Recently I had an in demand home listed with me. This house is in an amazing area, with over an acre, built in 1939 with beautiful wood floors. The house was on the market for four days before we got several offers. We accepted one with a preapproval letter from an in-town lender. The buyers then decided to go with an internet lender.
The transaction was going along smoothly until it was time for the appraisal. The appraiser that the lender hired didn't bother to enter the house to verify information. Our tax assessors have the house at a smaller square footage than recent appraisals have so I carefully documented this in the listing. Apparently the appraiser didn't look at the listing either. The result? An appraisal that didn't come up with a value that clearly (considering the interest) the house had. The buyers wanted a second appraisal, which ended up costing them another $350. Then the lender didn't process the paperwork fast enough ending up with the property not closing on time.
The property is back on the market currently and may, or may not, get sold to the people that are "almost there". At this point, if another offer comes in that will work, my sellers will almost certainly accept giving the buyer in this transaction a loss of around $2000. For what? If the transaction took place the buyers might have gotten a 1/8 point decrease in the interest rate. If they were financing 200K and if the interest rate was 6.5 with an in town lender and 6.375 with an internet lender the difference in the payments would be about $16 per month. If they were to live in the house the typical 7 years then the total difference in payment would have been $1344, or less than they lost in having a lender that couldn't deliver what they promised.
Many times what you see with the internet lenders is a "teaser" rate that no one qualifies for. Have you seen the internet commercials with people dancing saying that the interest rate is down to "an amazing 3% rate". That truly is amazing. I can tell you that none of my mortgage brokers has a rate that low on their own home....
Conider your lender a part of the team. Find someone that you can physically meet with if things go wrong. They are much more likely to fix the issue. We have many good local lenders! If you would like the names of some of them please give me a call!
Recently I had an in demand home listed with me. This house is in an amazing area, with over an acre, built in 1939 with beautiful wood floors. The house was on the market for four days before we got several offers. We accepted one with a preapproval letter from an in-town lender. The buyers then decided to go with an internet lender.
The transaction was going along smoothly until it was time for the appraisal. The appraiser that the lender hired didn't bother to enter the house to verify information. Our tax assessors have the house at a smaller square footage than recent appraisals have so I carefully documented this in the listing. Apparently the appraiser didn't look at the listing either. The result? An appraisal that didn't come up with a value that clearly (considering the interest) the house had. The buyers wanted a second appraisal, which ended up costing them another $350. Then the lender didn't process the paperwork fast enough ending up with the property not closing on time.
The property is back on the market currently and may, or may not, get sold to the people that are "almost there". At this point, if another offer comes in that will work, my sellers will almost certainly accept giving the buyer in this transaction a loss of around $2000. For what? If the transaction took place the buyers might have gotten a 1/8 point decrease in the interest rate. If they were financing 200K and if the interest rate was 6.5 with an in town lender and 6.375 with an internet lender the difference in the payments would be about $16 per month. If they were to live in the house the typical 7 years then the total difference in payment would have been $1344, or less than they lost in having a lender that couldn't deliver what they promised.
Many times what you see with the internet lenders is a "teaser" rate that no one qualifies for. Have you seen the internet commercials with people dancing saying that the interest rate is down to "an amazing 3% rate". That truly is amazing. I can tell you that none of my mortgage brokers has a rate that low on their own home....
Conider your lender a part of the team. Find someone that you can physically meet with if things go wrong. They are much more likely to fix the issue. We have many good local lenders! If you would like the names of some of them please give me a call!
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