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!
Thursday, September 11, 2008
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!
Saturday, August 30, 2008
Waterwood Townhomes College Station
We've had some great questions about Waterwood Townhomes lately and I wanted to, in addition to addressing them in private emails, post about the availability currently.
Currently there are two Waterwood Townhomes available on the market. One is a three bedroom/three bath offered at $146,500. The other is a four bedroom/four bath priced at $159,900. This, of course, is subject to change, and you should always check to see current availability. Right now is a great time to buy. Most of the parent investors have, of course, already bought and the students are back to school. If you are not going to carry a mortgage on the property it can be an excellent time to buy because it's a great time to negotiate those prices down! If you were going to carry a mortgage it's probably not a good time to buy because you will have on going expenses and no rental income until someone moves in, probably either in December or next July or August.
These townhomes have shown great appreciation in the last few years and are likely to show good gains in the future as well. To view these townhomes call Chris or Coti today at (979)574-1084.
Gig 'Em Aggies!!!!
Currently there are two Waterwood Townhomes available on the market. One is a three bedroom/three bath offered at $146,500. The other is a four bedroom/four bath priced at $159,900. This, of course, is subject to change, and you should always check to see current availability. Right now is a great time to buy. Most of the parent investors have, of course, already bought and the students are back to school. If you are not going to carry a mortgage on the property it can be an excellent time to buy because it's a great time to negotiate those prices down! If you were going to carry a mortgage it's probably not a good time to buy because you will have on going expenses and no rental income until someone moves in, probably either in December or next July or August.
These townhomes have shown great appreciation in the last few years and are likely to show good gains in the future as well. To view these townhomes call Chris or Coti today at (979)574-1084.
Gig 'Em Aggies!!!!
Monday, August 25, 2008
Bryan & College Station Foreclosures
Many returning Ags, or even first time homebuyers believe that getting a foreclosure deal will give them instant equity in their Bryan or College Station home, condo or duplex. Unfortunately this isn't always, or even generally, the case. Unless you are buying a home that is significantly more pricey than the average home, or significantly less, then the Bryan or College Station house would have sold before foreclosure with no problem. With our average market time of less than 100 days for homes within the popular 120-180K market, only the truly stubborn homeowner, or the truly negligent, will get foreclosed on. These properties, placed on the open market and priced reasonably will likely receive multiple offers as long as they are reasonably cared for, in the metropolitan areas of Bryan or College Station (as opposed to the smaller towns of Franklin, Caldwell, Snook, Hearne, Navasota), and priced right.
The rare decent College Station real estate properties that do go to foreclosure will likely face intense scrutiny and garner multiple offers when finally put up for sale. A typical scenario is the home in Westfield Village that sold in a HUD foreclosure. A HUD foreclosure is a foreclosure for a FHA insured property and notably well priced typically. This home was priced about $10 a square foot under market (about 10% less than market) and was in a great area. The floors needed to be replaced, the house was built with substandard materials and the lot placement left something to be desired with the backyard backing up to a major road. Showing this house was an exercize in frustration with only the rare agent NOT having a client that was interested in it. Multiple offers were gained while other buyers lost out on homes much better suited to their experience waiting to hear how they had fared in the bidding process. When it was all said and done the property sold for over list price and dozens of prospective buyers were disappointed.
A better strategy for securing a great buy on a Bryan or College Station real estate purchase is to look for a property that is vacant and costing the owner each and every day that it's on the market. Other possibilities are purchasing in the off season and finding a house that needs work and has been on the market quite some time. An experienced agent can help you, either with a foreclosure or identifying excellent buys on the market. Sometimes a Bryan or College Station foreclosure is not what it's cracked up to be. However, there is almost always a great property out there at a good price for each person. Call Chris or Coti today to find the right property for you!
The rare decent College Station real estate properties that do go to foreclosure will likely face intense scrutiny and garner multiple offers when finally put up for sale. A typical scenario is the home in Westfield Village that sold in a HUD foreclosure. A HUD foreclosure is a foreclosure for a FHA insured property and notably well priced typically. This home was priced about $10 a square foot under market (about 10% less than market) and was in a great area. The floors needed to be replaced, the house was built with substandard materials and the lot placement left something to be desired with the backyard backing up to a major road. Showing this house was an exercize in frustration with only the rare agent NOT having a client that was interested in it. Multiple offers were gained while other buyers lost out on homes much better suited to their experience waiting to hear how they had fared in the bidding process. When it was all said and done the property sold for over list price and dozens of prospective buyers were disappointed.
A better strategy for securing a great buy on a Bryan or College Station real estate purchase is to look for a property that is vacant and costing the owner each and every day that it's on the market. Other possibilities are purchasing in the off season and finding a house that needs work and has been on the market quite some time. An experienced agent can help you, either with a foreclosure or identifying excellent buys on the market. Sometimes a Bryan or College Station foreclosure is not what it's cracked up to be. However, there is almost always a great property out there at a good price for each person. Call Chris or Coti today to find the right property for you!
Subscribe to:
Posts (Atom)