So What The Heck Do Agents Do? May 23, 2008
Posted by ScottAlexander in : Real Estate , add a comment
I am a retired teacher/basketball coach, and my wife always knew what I was doing when I was in the school business. Third period was Government, Fourth period, English, etc. When I scoot off to work now, I don’t think that she knows what I do. So it occurred to me that if the wife of an agent thinks that he is playing solitaire on the computer while he is waiting for the phone to ring….then what does the general public think?
So here’s what a real estate agent does. First of all, he knows the market. Remember that his job is to match buyers with sellers. So if he is working for a seller, he tries through a variety of methods to shout, (well, not literally) this house is for sale. He will of course know the needs of his buyers and those of other agents. This is why I spend a great deal of my day on the phone or on the computer…. Not playing solitaire… How does he “shout”? In the newspaper, on the internet, through direct mail, on the phone and via email, as well as knocking on doors are all things that work.
Of course, the agent “shows” homes to potential buyers and helps to price homes for potential sellers. This means that he has to know what buyers are looking for and what is important to sellers. The most important skill in this area is listening. Everyone’s needs are different: some seller’s want top dollar; others have to move rapidly. Often that is a factor in price. Buyer’s tastes and needs vary. What is important to them must become important to me: whether it’s schools, location, a big master bath, or a chef’s kitchen. I have to find out what they like and then find it.
The last thing that I do is something that the school business prepared me for…paperwork! Writing contracts, helping figure out financing details, and coordinating inspections requires a variety of skills. Writing the contract so that the deal gets done in a way that is favorable to my client is obviously important. The most important element is trying to operate in a way to that is fair to everyone but helps the interests of those who employ me.
So that’s what lots of us do every day….in between games of solitaire.
Scott Alexander, REALTOR
(325) 450-5099
scott.alexander1@coldwellbanker.com
Short Sales Explained by Steve Morris May 8, 2008
Posted by admin in : Real Estate, Short Sales and Foreclosure , add a commentIn this video, Steve Morris of Coldwell Banker Patterson Properties in San Angelo, TX will explain short sales and how they can save you from foreclosure.
First Time Home Buyers: Listen UP! May 6, 2008
Posted by JeannieBautista in : Financing, Real Estate , add a comment
My name is Jeannie Bautista and I specialize in residential real estate sales. In my experience, I have found that first time home buyers have a lot of questions and feel lost about where to start in their search for a home. Here are some simple steps to follow:
#1. Talk to a lender and get pre-approved.
- This will help you determine what price range is right for you.
- Give you the time and opportunity to shop for the best interest rate.
- Ensure you know the amount of cash needed at closing.
- Sellers will know you are serious able buyer.
#2. Choose a real estate agent.
- This will benefit you because you will have representation throughout the transaction.
- You can feel confident that your agent is looking out for your best interest.
- Working with you, your agent will negotiate the details on your behalf.
- Your agent will ensure that deadlines are met so that the transaction proceeds smoothly.
Buying a home is major investment and you want to be sure to make wise decisions and get the most for your money. If you’re ready take that step, please call me today so we can make it a reality.
Jeannie Bautista
325-763-8616
How Mortgage Interest Rates Are Set May 3, 2008
Posted by GregChaffin in : Financing, Real Estate , add a comment
Mortgage interest rates are not set by the Federal Reserve, nor are they set by the yields of US Treasury bills, bonds or notes. Despite what you hear in the Media, mortgage interest rates are actually set by lending institutions and are based solely on mortgage backed securities.
For many years, the media and inexperienced loan officers everywhere have suggested that the 10 year Treasury Note, a government backed security is directly tied to mortgage interest rates, that the two are separated by a specific interval – which is simply not true. The Federal Reserve cut interest rate 6 times from September 07 thru March 08, yet mortgage interest rates actually rose during that time frame.
Stop being misled, if someone you know is thinking about purchasing a new home, or refinancing their existing one, give me a call. I’ll give you the facts you need to make a truly informed decision.
Greg Chaffin
Mortgage Advisor
(432) 528-3192 - Cell
greg.chaffin@mortgagefamily.com
Don’t Sell Yourself Short, Avoid Foreclosure With A Short Sale. April 25, 2008
Posted by ScottAlexander in : Financing, Real Estate , add a commentWhat is a “short sale?” Well, it’s certainly not something that is fun to talk about. Simply defined, a “short sale” is a situation where the market value of the property is less than the amount the seller owes his/her lender. For a short sale, the lender must agree to accept less than the full amount due. Why would a lender do that?
There are several reasons. First of all, the lender really doesn’t want to own houses. It is a huge headache for them to repossess, list and sell homes. It is a costly, time-consuming process. The reality is that often it better for the lender to “cut its losses” and allow the owner/borrower to sell short.
This is cold business driven calculus, not motivated by “feel good” sentimentalism. I can’t blame lenders for the problem. Here is why I bring it up. We might see some of these situations in San Angelo in the coming months. If you are someone who has a problem, the last thing that you want to occur is repossession. So talk to your lender. See if you can work something out. Then you might want to talk to them about a “short sale.”
Scott Alexander
(325) 450-5099
scott.alexander1@coldwellbanker.com
http://www.scottalexanderhomes.com
Club Park at Bentwood Better Than Arizona? April 10, 2008
Posted by ScottAlexander in : Real Estate , add a commentOne of the great questions that we all face as we fade off into our AARP years is: “Where am I going to live?” For some the solution has been Arizona, Florida, maybe Central Texas. Think about what we want: quiet living around good people with similar interests, a nice low-maintenance home, a safe community, and access to restaurants, theater and most importantly—a good golf course! So why in the pluperfect heck would anyone leave San Angelo?
Everything you want, need, desire, and long for is located right here.
Just move to Club Park at Bentwood, the new patio home addition to San Angelo’s most prestigious neighbor, Bentwood Country Club Estates. Club Park is under development as I write. Thirty-one patio home lots await their new owners.
Some of these terrific building sites are on the golf course while others are just across the street from the 10th fairway. The homes are going to be oriented towards those of us who have played more than a few rounds of golf. There will be a practice area practically in your back yard and the homes will be in the neighborhood of 2200 square feet.
If you are interested in building in Club Park, come to Bentwood on Tuesday, April 29th between 6 and 8 in the evening. You can meet Jim Lane of Horizon Builder, Scott Alexander of Coldwell Banker Patterson Properties, and Susan Pulley from the Bank of San Angelo. The point of the evening is informational. We want to share some time with you and tell you more about how you can make your retirement dream a reality.
Home Warranties and Why You Need One April 10, 2008
Posted by admin in : Real Estate , add a commentWhich 2008 Police Chief Candidate Is Best For San Angelo? April 9, 2008
Posted by AndrewK in : @San Angelo, Real Estate , add a comment
I recently had the pleasure of attending the Tom Green County Democratic Club meeting at which there was an in depth discussion with all six of the candidates for San Angelo Police Chief. I was impressed with the candidates and their platforms. Some had good ideas, others had some great ideas. The resounding theme of the discussion was clearly that the police force needs to be more involved with the community they each had ways they planned to achieve this.
The current police chief Tim Vasquez stated that he is considering adding citizen contact to the minimum work standard. Mr. Burkett advocates a “community base policing” program where the officers on duty are to get to know the residents and business owners where they patrol.
Another issue that is pressing our community is the war on drugs and gangs. Drugs, particularly methamphetamines, are a rapidly growing problem in San Angelo and tend to lead to more serious and violent crimes. All of the candidates addressed this issue and assured the audience that they had a plan to fix this. More details can be found at each of the candidates websites.
There was even talk of the police department “going green” and saving money by ordering hybrids for all non emergency vehicles and solar panels or wind turbines for the police buildings. This idea was met with a little resistance but the candidates did suggest that a bond election could raise money for this cause and that the current facilities are antiquated.
Altogether the candidates did a great job and we thank them very much for their time. If you don’t know the candidates I encourage you to research them and their websites. This issue strikes to the core of real estate in that our neighborhoods and communities need to be safer from drugs and gangs and our police and citizens should come together to achieve this goal.
I encourage you to vote on May 10th for the candidate you feel will lead our police force the best.
Does Fluffy Come With the House? April 9, 2008
Posted by ScottAlexander in : Real Estate , add a commentOne of the things that is always a source of contention between buyers and sellers is the answer to this question: “What is the seller offering for sale?” Generally, what appears to be part of the house and is attached to the house is part of the sale. So ceiling fans, chandeliers, blinds, etc. are part of the offering unless specifically excluded in writing by the seller.
My twisted sense of humor brings me to the pictures that we realtors post on the internet. We take great pains to stage a house: buying new bedspreads, painting, removing clutter, putting out floral arrangements, etc. Then when the pictures swirl out into cyberspace, prancing across the carefully staged living room is “Fluffy,” the family poodle. I always wonder, “Is the dog part of the deal?”
So I guess my point is simple. If you are a potential buyer or seller, make certain you know exactly what is conveyed in the transaction. The devil (or dog) is in the details. Have your realtor spell it out. And please, don’t offer the family pet as a “buyer incentive.” There are better options.
What Happened to 100% Financing?! April 9, 2008
Posted by GregChaffin in : Financing, Market Reports, Real Estate , add a commentThe days of 100% financing are over for the time being. The exception is VA loans for our veterans. FHA is fast becoming the financing of choice for numerous borrowers for various reasons. FHA loans offer a low down payment and provide the security of a fixed payment. FHA is used when borrowers have limited funds to close requiring a minimum investment of only 3%.
There is a saying in the mortgage industry “No credit is good credit”. FHA is not a credit score driven program. Borrowers who are faced with credit limitations on conventional financing may find a solid alternative through FHA. Borrowers who have no credit established are able to obtain alternative credit sources for creditors who don’t report to the 3 major credit bureaus. This method makes it possible to “build” a credit file for potential borrowers.
Major benefits for borrowers seeking FHA financing are; New debt-to-income ratios of 31/43%. No reserves are required, Sellers in the transaction can contribute 6% towards the buyers closing cost, Borrowers down payment can be in the form of a gift letter from another person, or a gift swap program. What makes a gift swap program different, the seller contributes the down payment funds to a non profit organization that in turn make the funds available to the buyer for their down payment.
Ameridream, Nehemiah and Genisis are the organizations who make this possible for buyers.
The new loan limits for the West Texas area are $271,050.00. This means single family homes with a sales price of $279,181.00 will qualify for FHA financing. Singlewide and Doublewide manufactured homes are acceptable for FHA financing. Some restrictions apply see your lender for details.
Grag Chaffin, Coldwell Banker Mortgage Specialist
(432) 528-3192
http://gregchaffin.coldwellbankermortgage.com
Greg.Chaffin@mortgagefamily.com
Posted by GregChaffin in : Real Estate