Good news for our Austin TX and Houston TX markets!
Realty Times - Keep Your Eyes On These Real Estate Markets In 2012
Friday, December 30, 2011
Tuesday, December 27, 2011
Wednesday, December 21, 2011
How to claim $500K tax break after spouse dies | Inman News
Here are some great Q and A's in this article worth looking at
How to claim $500K tax break after spouse dies | Inman News
How to claim $500K tax break after spouse dies | Inman News
Monday, December 19, 2011
Friday, December 16, 2011
Realty Times - Real Estate Investors: Understanding Your Options
Good article to read should you be considering or have ever thought of bankruptcy.
Realty Times - Real Estate Investors: Understanding Your Options
Realty Times - Real Estate Investors: Understanding Your Options
Thursday, December 15, 2011
Wednesday, December 14, 2011
Tuesday, December 13, 2011
Monday, December 12, 2011
PREVIOUS BLOG:
MY RESPONSE; Buyers need to understand that having a competent
loan officer that has a strong relationship with their
underwriters/lenders is a key point when using financing to purchase.
However, the loan commitment deadline stated in the financing addendum
does not mean that the seller can claim the EM. If as the agent, you
have negotiated a fair amount of time for the commitment to take place,
and the loan officer can't meet that, the chances are good that they
will not meet the closing deadline either. Cancel or amend for a longer
timeline and find a better lender. loan commitment and loan approval are
two very different things and if at the 11th hour, the underwriter
requires something in order to approve the loan which the buyer cannot
reasonably obtain, then loan denial does not mean that seller gets to
keep the EM because you are past the commitment date. You still have the
financing contingency in place should the loan be denied. You can have a
timely commitment w/o the guarantee of full loan approval. So the
financing contingency should protect your buyers EM as long as they have
not breached any other area of the contract.
I believe it is "our job" to protect our clients interest which includes their EM. Our job does not end once a deal is made. Buyers have put their faith in their agent to assist, protect, and negotiate for them as we are the professionals. You are representing your buyers so it is not just up to them if you are providing all the information for the buyer to make their decision. Most buyers do not know how long it should take their loan officer to complete a commitment, or how long an FHA loan should take. They don't realize that working with the "big" banks take much longer due to their strict guidelines and u/w scrutiny that is required for fannie mae loans now. As agents we need to be aware of these time tables and make sure that we incorporate the appropriate deadlines into our contracts to protect our clients from EM issues and breaches out of their hands as they are responsible for them regardless.
Ok, it may sound like I've had my head in the sand for the past few years, but I guess it's taken me this long to fully understand what the Finance Meltdown has done to our industry?
The Buy/Sell contract has a
loan commitment deadline. We sign that contract. The bank is not part of
the contract, so they have no responsibility to keep that deadline.
They can add loan conditions the day of closing. So how can we protect
our clients Earnest Money?
I believe it is "our job" to protect our clients interest which includes their EM. Our job does not end once a deal is made. Buyers have put their faith in their agent to assist, protect, and negotiate for them as we are the professionals. You are representing your buyers so it is not just up to them if you are providing all the information for the buyer to make their decision. Most buyers do not know how long it should take their loan officer to complete a commitment, or how long an FHA loan should take. They don't realize that working with the "big" banks take much longer due to their strict guidelines and u/w scrutiny that is required for fannie mae loans now. As agents we need to be aware of these time tables and make sure that we incorporate the appropriate deadlines into our contracts to protect our clients from EM issues and breaches out of their hands as they are responsible for them regardless.
Friday, December 9, 2011
Thursday, December 8, 2011
Industry Home Price Reports Show Further Declines
Although these are national stats, it reflects on wall street and national home builders decisions
Industry Home Price Reports Show Further Declines
Industry Home Price Reports Show Further Declines
Wednesday, December 7, 2011
HOLIDAY GIFT OPEN HOUSE!
COME JOIN US!
Vendors include: Beckley Rose, Biltmore Inspirations, Cakeball Boutique, Elaborations Embroidery, From Clay to Z, Mia Bella Candles, Posh Designs, Simply Jayne Photos, Tastefully Simple, The Paisley Rabbit, and Thirty One Gifts.
Thursday, December 8 from 5:00 PM to 9:00 PM
11703 Creek Point Dr Frisco, TX 75035
I will be sponsoring the event!
Vendors include: Beckley Rose, Biltmore Inspirations, Cakeball Boutique, Elaborations Embroidery, From Clay to Z, Mia Bella Candles, Posh Designs, Simply Jayne Photos, Tastefully Simple, The Paisley Rabbit, and Thirty One Gifts.
Thursday, December 8 from 5:00 PM to 9:00 PM
11703 Creek Point Dr Frisco, TX 75035
I will be sponsoring the event!
Monday, December 5, 2011
scan0001-pdf-december-5-2011-11-51-am-1-4-meg (application/pdf Object)
This link is for a letter that I received over the weekend from Exide Technologies. A working plant in Frisco, TX that has had some previous environmental issues noted this past year. There were many concerned neighborhoods and many rumors spreading. This should help share some light.
scan0001-pdf-december-5-2011-11-51-am-1-4-meg (application/pdf Object)
scan0001-pdf-december-5-2011-11-51-am-1-4-meg (application/pdf Object)
Friday, December 2, 2011
Don't know where the foreclosures are?
Massachusetts Sues Five Largest Servicers and MERS
If any investors are wondering where all the foreclosures are, well, read this article. Basically the top banks are under fire with several lawsuits claiming that many foreclosures were illegal. This has caused banks to halt and delay further foreclosures until the issue is cleared up. Although I have not seen TEXAS mentioned, I am sure most states are affected until their lawyers review and settlements are reached. It does not appear that deeds in lieu of foreclosures are affected, and obviously their are some REO properties trickling in to agents, but not many.
If any investors are wondering where all the foreclosures are, well, read this article. Basically the top banks are under fire with several lawsuits claiming that many foreclosures were illegal. This has caused banks to halt and delay further foreclosures until the issue is cleared up. Although I have not seen TEXAS mentioned, I am sure most states are affected until their lawyers review and settlements are reached. It does not appear that deeds in lieu of foreclosures are affected, and obviously their are some REO properties trickling in to agents, but not many.
Thursday, December 1, 2011
All agents are not the same; most are.
I read a posting today by another agent stating: "Meet the new agent, Same as the old agent." And while many times this can be the case, it is not quite the truth. The article goes on to say that the agent cannot control what the sales price is going to be and the seller needs to listen to their agent, and so forth - we have all heard it. However here are my issues with this post:
There are so many Realtors, many being cookie cutters of the other that it many cases this article points out the truth. HOWEVER, what the article fails to point out that if the old agent is a cookie cutter and treats every property the same, same area comps, same staging, same advertizing, that there will be an impact in the listing should the new agent have an edge. That edge can come from many avenues, whether it be education, experience, desire, networks in place, and on and on.
What I am trying to say is not every broker is the same, and not every Realtor is the same. The market is flooded with cookie cutter agents that know basic knowledge to pass the test, however do not know the legal words of the contract and how they truly impact their client. Maybe they do not stay up to date within their city to determine that values are going up or down ever so slightly, or that the battery plant in the area is under litigation for contaminating surrounding subdivisions. It could be that one agent just does not have the resources or funds to educate themselves beyond the "basics" or to make the time to create a marketing plan that is diversified enough to reach the many. Maybe they stick to their "old school" ways that have always worked and are unwilling to adapt to the new technology.
In any case, my point is that as a seller or buyer, its not just enough to be friends first, or pick an agent based on who your neighbor used because your needs maybe different. Or who answers the phone when you call from a sign. Research your agents background; can you find any personal information on them? What is their past experiences with issues? Do they have a web presence? Are they easy to locate should you need them? Are they so far away that if someone calls last minute for a showing they would be unwilling to make that concession?
Food for thought.
There are so many Realtors, many being cookie cutters of the other that it many cases this article points out the truth. HOWEVER, what the article fails to point out that if the old agent is a cookie cutter and treats every property the same, same area comps, same staging, same advertizing, that there will be an impact in the listing should the new agent have an edge. That edge can come from many avenues, whether it be education, experience, desire, networks in place, and on and on.
What I am trying to say is not every broker is the same, and not every Realtor is the same. The market is flooded with cookie cutter agents that know basic knowledge to pass the test, however do not know the legal words of the contract and how they truly impact their client. Maybe they do not stay up to date within their city to determine that values are going up or down ever so slightly, or that the battery plant in the area is under litigation for contaminating surrounding subdivisions. It could be that one agent just does not have the resources or funds to educate themselves beyond the "basics" or to make the time to create a marketing plan that is diversified enough to reach the many. Maybe they stick to their "old school" ways that have always worked and are unwilling to adapt to the new technology.
In any case, my point is that as a seller or buyer, its not just enough to be friends first, or pick an agent based on who your neighbor used because your needs maybe different. Or who answers the phone when you call from a sign. Research your agents background; can you find any personal information on them? What is their past experiences with issues? Do they have a web presence? Are they easy to locate should you need them? Are they so far away that if someone calls last minute for a showing they would be unwilling to make that concession?
Food for thought.
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