Tag: richmond texas homes and rentals

Happy Clients Realty Group - Ali Palacios > richmond texas homes and rentals

Greek Style Meatballs

Posted on by Ali Palacios - Broker
Greek style meatballs
  • 1/2 red onion, grated
  • 1 lb ground turkey or beef
  • 2 garlic cloves, minced
  • 1 grated zucchini
  • 1 cup breadcrumbs 
  • 1 egg
  • 1/4 cup fresh parsley, finely chopped
  • 6 large mint leaves, finely chopped 
  • 1/2 tsp dried oregano
  • 1 tbsp extra virgin olive oil
  • 3/4 tsp salt
  • Black pepper
  • 1 can diced tomatoes
  • feta cheese (to taste)
  1. Grate the onion and zucchini into a large bowl, then add remaining Meatball ingredients through black pepper. Use your hands to mix well for a few minutes until the mixture is quite smooth and very well combined.
  2. Then roll into balls.
  3. Heat oil in a large skillet over medium heat. Cook meatballs until browned.
  4. Add diced tomatoes and cook until meatballs are cooked through.
  5. Sprinkle with feta cheese

Enjoy!

Note: I’ve served these with rice, pasta or pita bread

I moved

Posted on by Ali Palacios - Broker

I moved.

But, not to a new house. I moved to a new company. My own company. 🙂

I’m now an independent broker with Happy Clients Realty Group.

Not that the brand an agent/broker works at is entirely important for you. The brand that really matters is the agent/broker. It’s your real estate agent who’s ultimately responsible for providing you the best results and quality service.

As usual you can and should call me. Anytime. For any real estate need or question.

Here are some things that might come up. If you want more insight on any of these, give me a ring, or reply to this e-mail, and I’m happy to get into more detail with you.

1. You just want to go see a house that is on the market…

(Yes, even if you aren’t serious about buying it. I won’t be pushing you to buy the house. I will be protecting you from making any regrettable decisions. Unfortunately, I hear from people after they got swept up in the moment and bought a house, and they are feeling regret, or have questions about the process or their decision. At that point, I can’t chime in. Because another agent represents them.)

2. You want to know how much your home is worth.

(Yup, I know all about all of those websites that show you the value of your home. And I know how inaccurate they are. Whether you are just curious, are wondering if it makes sense to sell, or need to get a handle on your net worth…just call me. I will give you an accurate value of your home. My pleasure. Not a bother at all.)

3. You are considering a home improvement project.

(Almost any project you choose to do will certainly raise the value of your home. But, will it raise the value more than it cost you? Better to know whether or not it is money worth spending before you even start.)

4. You are thinking of refinancing.

(Being in the business, I get to know who the good lenders are, and who the not-so-good ones are. I hear way too many horror stories from people about the process being horrendous with such-and-such bank. Or that they felt duped because they were quoted one rate, and were ultimately given a higher rate. Just call me, and I’m glad to give you the names of some people I would trust handling your needs.)

5. You don’t even work in my area.

(Even if you live hundreds of miles away, I can help… before you decide to buy or sell a house. I can’t chime in once you are represented by an agent. But if you call me before, I can remain involved and add my two cents, as long as I have referred you to the agent you use. And I can really help find you a great agent in your area. It’s not always the one with all the signs and sales! Let me do some digging before you just hire anyone.)

————-

Like I said, this is not a thorough list. I just wanted to give you a sense of some things you may not have wanted to “bother” me with, that I would never consider to be bothersome.

I’m excited about starting my own company and I wanted to share! Thanks to all of you for all of the encouragement and support you have already sent my way. It is much appreciated.

I hope all is well with you!

Ali Palacios, GRI, ABR, MCNE, TAHS, ASPRE, HARRL, CSMS
Broker
Happy Clients Realty Group
ali@happyclientsrealtygroup.com
Mobile – 832-418-0670
www.ilovehappyclients.com

P.S. Please make sure to make note of my new contact info!

Common myths that stop renters from becoming buyers

Posted on by Ali Palacios - Broker

I’m a real estate agent who specializes in helping people who are renting become homeowners. I can’t and won’t tell you that buying a house is the best choice for you. (It’s not for everyone.) But there are a few common myths or misunderstandings that stop people who should buy a house from doing so.

  1. You can’t afford to buy a house. If the reason you’re renting is because you simply think you can’t afford to buy, you can know pretty quickly and easily. All it takes is reaching out to a mortgage professional to get “pre-approved” for a mortgage. They’ll not only let you know if you can afford to buy, but also how much you can afford to spend. Maybe you can even qualify for a mortgage and find a house that only costs you as much or less than you’re already paying in rent every month!
  2. You could never save enough for a down payment. But what you may not know is there are mortgages out there that require low down payments. In fact, depending on your rent, a down payment could be equivalent to having to pay a landlord: security deposit, last month’s rent and possible pet deposits…before you can move in.
  3. The cost of upkeep and repairs are too high. True enough. You aren’t responsible for the upkeep or repairs in your rental…But you also have little or no say about what gets fixed, when it gets fixed, or the quality of the work. And you don’t have any say in making improvements
  4. You don’t want all their money to be tied up in a house. People claim they want their money to be “liquid” (available to use), or that it’s better off being invested another way, making them more money. That’s OK if the person has a lot of liquid cash tied up in a way that’s actually making them money, or they truly need the money they have to be available for some other reason. It’s really a personal decision when it comes to this.
  5. The market might crash. They’re afraid that they’ll buy a house, and then the market will decline and it won’t be worth as much as they paid for it. Sure, the market could “crash”. Or it might not “crash” (that’s pretty drastic). Real estate values go up and down. Historically, values go up. They might dip, but then they do eventually surpass where they’ve ever been before.
  6. You want the freedom to pack up and go. Good thought but most people aren’t just packing up and moving to Bali (or wherever else) making a living online (or doing whatever else). Sorry, not trying to be a buzzkill…
  7. You have poor credit. If this is your main reason for renting, you might be in luck…There are lenders who have mortgage products for people with lower credit scores. And if your credit score is too low, and you can’t qualify for a mortgage at this time, you can repair your credit and raise your score in a short period of time.
  8. It’s too soon or too late to buy a home. There’s never a perfect time to buy a house. Either they still have too many months to go on their lease, or not enough time before they have to sign another one. There are a couple of ways to deal with this: Can you break your lease with little or no penalty? If so, great, you have a lot of flexibility to buy a house or If you can’t break your lease without a hefty penalty, then you just need to plan ahead.
  9. The process is too overwhelming. Actually, buying a house can be complicated and overwhelming. But it doesn’t have to be. The problem for most people is they try to do a lot of the process alone. Maybe it’s to avoid having to deal with real estate agents…But when you work with a real estate agent who is truly on your side the process isn’t overwhelming or complicated.
  10. I can’t get the home I desire. Unfortunately, everyone has a budget. Even people with the highest budget you can imagine go through the same thing. Everyone seems to want just a little bit more than they can afford at the moment. It’s simply human nature. To quote Jack Welch: “Deal with reality as it is, not as you wish it to be.”
  11. It’s too much of a financial commitment. It certainly is a financial commitment. But so is renting! When you sign a lease, you’re committing to pay someone a certain amount, each month, for a period of time. There are penalties for breaking a lease or for not paying.

If you already know the benefits of buying a home, and just aren’t sure where to begin, just give me a call or send me an email and I can get you pointed in the right direction.

There are a lot of ways and places to get pre-approved, but I have a few lenders that I trust and recommend. Feel free to reach out to me.

 

Ali Palacios, GRI, ABR, MCNE, TAHS, ASPRE, HARRL, CSMS
Broker
Happy Clients Realty Group
ali@happyclientsrealtygroup.com
Mobile – 832-418-0670
www.ilovehappyclients.com

Will higher mortgage rates affect your ability to purchase?

Posted on by Ali Palacios - Broker

Recently, people have been asking if mortgage interest rates will be going up.

That’s a good question. And it’s good to be concerned about it if you’re considering buying a home in the near future.

There’s no way to definitely answer this, let alone how much the rates will go up. They go up and down constantly. If they go up (or down) a little bit, that won’t really affect you all that much.

Deep down, the concern is of course whether the rates will go up a lot… enough to impact how much home you can afford, or to even be able to qualify for a loan at all.

The one thing we can say for sure is that mortgage rates have been historically low for quite some time now. Literally for years and years.

At some point, they will probably go up a good amount. One could even argue that they need to go up. But let’s not get into that debate…

So let’s get into what the core fears are when people are asking about this…

If rates go up, a buyer could:

  • Pay more for the same house they could have gotten for less per month if they had bought before the rates went up.
  • Not be able to afford the same homes on the market they could have afforded before rates went up.
  • Possibly not even qualify to buy a house at all, depending on their financial situation.

So, what is an agent to advise?

To say that, “You should buy now, or you will miss out due to interest rates rising…”, can lead to fear-based decision making. That isn’t something a good real estate agent makes a habit of doing with their clients. Or at least shouldn’t.

Besides, the interest rates may not go up enough to affect you, if at all.

So, the best way to look at it is this…

If the thought of interest rates going up concerns you…buy now. Or at least sooner than later. Not because of fear that rates may go up. But because you are dealing with a known quantity, as opposed to the unknown. And because the mere fact that you are concerned speaks volumes about what you want to do deep down inside.

This is all pretty general advice…

If this has been concerning you, give me a call, or just reply back. I’d be happy to hear more about your situation and needs, so that I can advise you more specifically.

P.S. If you’re thinking about buying sooner than later, it might make sense to lock in an interest rate now. If you have a mortgage advisor, consider discussing this with him or her. If you don’t, just ask me and I am glad to recommend a great mortgage lender.

Would you please bother me?

Posted on by Ali Palacios - Broker

“I didn’t want to bother you. I know how busy you are…”

I hear that from past clients, friends, and even family, all the time.

But, at that point, it’s too late. And I’m not talking about it being too late for me to make money…

I’m talking about mistakes having been made, and regrets seeping in. And, at that point, there is nothing I can do to help.

So, it just occured to me that it would probably help if I just reached out to you, to let you know that you can and should call me. Anytime. For any real estate need or question. Before you find yourself in the same position as some other folks.

I know how busy you are, so I won’t go into every detail, of every scenario I’ve seen happen in this e-mail.

Here’s a short list, just to give you an idea…

But please, if you want more insight on any of these, give me a ring, or reply to this e-mail, and I’m happy to get into more detail with you.

1. You just want to go see a house that is on the market…

(Yes, even if you aren’t serious about buying it. I won’t be pushing you to buy the house. I will be protecting you from making any regrettable decisions. Unfortunately, I hear from people after they got swept up in the moment and bought a house, and they are feeling regret, or have questions about the process or their decision. At that point, I can’t chime in. Because another agent represents them.)

2. You want to know how much your home is worth.

(Yup, I know all about all of those websites that show you the value of your home. And I know how inaccurate they are. Whether you are just curious, are wondering if it makes sense to sell, or need to get a handle on your net worth…just call me. I will give you an accurate value of your home. My pleasure. Not a bother at all.)

3. You are considering a home improvement project.

(Almost any project you choose to do will certainly raise the value of your home. But, will it raise the value more than it cost you? Better to know whether or not it is money worth spending before you even start.)

4. You are thinking of refinancing.

(Being in the business, I get to know who the good lenders are, and who the not-so-good ones are. I hear way too many horror stories from people about the process being horrendous with such-and-such bank. Or that they felt duped because they were quoted one rate, and were ultimately given a higher rate. Just call me, and I’m glad to give you the names of some people I would trust handling your needs.)

5. You don’t even work in my area.

(Even if you live hundreds of miles away, I can help… before you decide to buy or sell a house. I can’t chime in once you are represented by an agent. But if you call me before, I can remain involved and add my two cents, as long as I have referred you to the agent you use. And I can really help find you a great agent in your area. It’s not always the one with all the signs and sales! Let me do some digging before you just hire anyone.)

————-

Like I said, this is not a thorough list. I just wanted to give you a sense of some things you may not have wanted to “bother” me with, that I would never consider to be bothersome.

So, would you please “bother” me? It will only bother me if you don’t!

Moving Check List

Posted on by Ali Palacios - Broker

It’s Finally Time to Move!

Below you will find a moving checklist

2 months before

  • Start sorting your belongings into “what to donate” and “what to keep” piles. Start getting rid of items you don’t plan on taking to your new home.
    • Sell/Donate to your friends
    • Hold a garage sale
    • Sell items online (Craigslist, Facebook, eBay etc.)
    • Donate to charities (get a tax receipt)
  • Avoid the last-minute pile of trash on the curb—start throwing away anything that can’t be donated, sold or gifted.
  • Make a room-by-room inventory of your home. Note and photograph any existing damage to your furniture, so you know who’s responsible for what on delivery day.
  • Research your moving options, and request on-site quotes from at least three moving companies**
  • Make a “moving” binder, which will include all your important contact info, estimates, receipt and other important documents.
  • If school districts are being switched, make sure you make the appropriate arrangements to transfer the records to the new school.

6 weeks before

  • Purchase bubble wrap, boxes, packing tape, and other necessary supplies.
  • Start using up existing stock of cleaning supplies, frozen foods, and any other items that cannot be moved, particularly on a long-distance relocation.

1 month before

  • Pack occasionally used items, number and label each box with the intended room and its contents.
  • Put important files and jewelry in a box, which you will move yourself personally.
  • Set aside a box with all the items required on moving day, such as small pieces needed for re-assembling furniture, tools, etc.
  • Request a copy of your family’s dental and health records  from your current provider(s).
  • Collect things you have loaned out and return borrowed items.

2 weeks before

  • Choose your preferred moving company and confirm the arrangements.
  • If you are changing banks, do not forget to close out safety deposits.

1 week before

  • Switch to another pharmacy and/or refill prescriptions.
  • Finish your general packing a few days before moving day.
  • Pack suitcases with clothes enough to wear for a number of days.
  • Let your credit card companies, employer, banks, insurers, and utility companies know about your move.
  • Transfer or start and stop utility service at your new and old addresses for the following:
    • Electric
    • Water
    • Gas
    • Telephone
    • Cell phone
    • Cable/Satellite and internet
    • Sewer
    • Trash collection
  • If you are using a moving company remember to discard aerosols, flammables, ammunition or bottled gas. Be sure to check with your moving company for other prohibited items
  • Make arrangements to rent a storage unit, if necessary
  • Schedule/hire a cleaning company for the week of your move.

A few days before

  • Empty and clean your refrigerator.
  • Once again, call the moving company and reconfirm the arrangements.
  • Keep cash in hand if you plan to give the movers tips.
  • If you’re switching banks, remember to clean out your safety deposit box.
  • Fill out the change of address form either at the post office or online at usps.gov.
  • Pack a bag of essentials for moving day and your first night, including a change of clothes, toiletries, napkins and towels, soap, shower curtains, important documents and electronic devices.

Moving day

  • Remove the beddings
  • Leave a forwarding address and other contact information for the new residents; after all, they could have a few questions.
  • Walk through your home one last time, before the moving truck heads out, to ensure nothing has been missed.

**It’s important to research movers and ask the right questions before you decide in a company.

Questions to Ask:

  • Insurance? – Basic insurance for most companies is 60 cents a pound. You can buy your own insurance as well.
  • Binding Quotes? – Is this quote binding? Is it a “not to exceed” quote?
  • Transfers? – Will my goods be on the same truck for the whole trip or will it be transferred to another truck at some point?
  • Extra Charges? – Does the quote include awkwardly sized objects, parking, storage, fuel, etc.?
  • What payment forms/terms do you accept? – Be leery of cash-only companies.
  • Mover or Broker? – Are you talking to the mover or to a broker working for moving companies?
  • Who’s Responsible? – If anything is damaged, who is accountable for the damage?

Many moving company tend to have bad reviews. The most common complaints include hefty price increases over original estimates, missing items, and goods held hostage until additional payment was made.

 

Here are the most common moving scams:

1. Low Estimate, Inflated Price

The most common scam is the bait-and-switch tactic. Movers will offer a low-ball estimate then on moving day you are told the load is larger than expected and they will need to increase the price. Some movers will keep your items hostage until additional funds are paid.

Ask what the quote covers. Movers can inflate the price by charging you extra for packing supplies or moving blankets.

Research the company and ask for referrals. Ask the mover to come by and review the items to be moved so there are no misunderstandings. Do not rely on over the phone quotes.

2. Lost or damaged items

During a move, valuables like jewelry and antiques might “disappear.” Its best for you to pack your valuable items in a box you can personally move.

Items also could get damaged. You can acquire insurance to cover damages or loss.

3. Hourly Estimates

When getting hourly quotes, ask in advance how many men will be present and how many hours are expected. You might get one company that will send out 4 movers and it might take 2 hours; another company might send 2 movers and it can take 7 hours.

Remember if it sounds too good to be true, it probably is.

4. Large Deposit

A mover may ask for a small amount of money in advance but if they request a large deposit, be concerned. The best company will require payment once your items have been delivered.

If you have anything else to add let me know :)

What is an option fee?

Posted on by Ali Palacios - Broker

In Texas an option fee is money paid by a buyer to a seller for the option to terminate a real estate contract. Option fee funds are not earnest funds. The option fee and the time allotted to terminate is discussed in section 23 of the resale contract. sample 1-4 resale contract

The termination option period gives the buyer are given time to fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections, needed repairs, or other considerations. During the option period, buyers may either terminate the contract or proceed to purchase the home.

This fee is due within 3 days of the effective date of the contract. The payment is made out to the seller and should be delivered to the seller within the allotted time or the buyer WILL NOT have a termination option period. If the buyer does not have a termination option period and they choose to cancel, the buyer might lose their earnest funds.

 

The option fee and numbers of days allotted for termination are negotiable. Typically you will see an option fee of $100-$300 for 7-10 days.

To avoid problems:

  1. Make your option fee payment by personal check or cashier’s check. Do not pay cash
  2. Make the check out to the seller on record. Do not make it out to anyone else, including the real estate agents involved.
  3. Deliver the payment within the 3 days allowed
  4. Request a receipt reflecting delivered.

The option fee will or will not be credited towards the buyer’s purchase if they proceed with the purchase. If the buyer should cancel the contract, they will lose this fee.

Can the option period be extended?

Possibly. Both the seller and buyer have to agree. The extension should be completed in writing and will involve an additional fee to be paid upon execution of the extension. Usually this occurs if additional inspections need to be completed or if inspections were not completed within the set amount of time due to a delay in utilities being installed. If you feel that you need an extension, speak to your Realtor® and discuss your options.

During the option period, the seller can continue to negotiate and accept back-up offers from other potential buyers.

7 Secrets About Short Sales You Need To Know Before Making An Offer

Posted on by Ali Palacios - Broker

Are you interested in buying a short sale?

Even if your aren’t, and you’re in the market to buy a house, you should know about “short sales”. There’s always a chance that a house you fall in love with will be subject to a short sale.

So, do you avoid a short sale like the plague? Or do you roll up your sleeves and make an offer?

You Probably Know This, But Just In Case

A short sale is when a homeowner sells their property for less than the amount they owe.

Not that the homeowner can just agree to a price and sell you the house for any old amount. They will need approval from their lender.

Not too many years ago, short sales weren’t really something you’d see on the market. Then the market tanked, and it became a solution for many people who owed more than they could sell their house for. It was a better alternative than foreclosure, for homeowners and for lenders.

At this point, short sales have been around for a quite while. And they keep on showing up. Maybe not as much as they have in recent years, but there doesn’t seem to be an end in sight. Unless the market goes back to the heydays of the early 2000s.

Which means you need to at least be aware of them, and know whether or not you want to deal with trying to buy one.

So, let’s get into some seven things you should know in case the house you want to buy is a short sale.

1. Not Every Short Sale Is A “Deal”

A lot of buyers say that they want to go after short sales, because they want to get a good deal.

Just because a house is being sold “short” (for less than the owner owes), does not mean it’s a good deal.

If there are equal options for you to choose from on the market that are not short sales, it may not make any sense at all to go after a short sale.

You really should only go after a short sale if you are getting a good deal. Or, if there are no other options, that are as good or even better, for about the same price. It isn’t worth the hassle.

2. Even If It Is A Deal, You’re Going To Pay For It

You’re going to pay for it in patience. Lots and lots of patience. Which boils down to time. And time is money.

The time you’re waiting for a short sale to be approved could cost you in many ways. Just to name a few:

  • You might miss other opportunities you would have liked to go after.
  • You might incur costs because you need to line up temporary housing while you’re waiting for the deal to close.
  • You could spend money on due diligence (inspections, mortgage process, etc.) all for nothing, if the sale never goes through.
  • Your mortgage rate could go up during the process of waiting.

Lenders have gotten a bit better and quicker about the process at this point. When this trend first started, they were swamped, and it was all kind of new for everybody. So it took time. Now that the kinks have been worked out, it can happen more quickly. But not necessarily. There is no way to know how long it will take. Err on the side of caution, and plan on it taking anywhere from six months to a year. But it’ll probably be more like between three to six months.

Regardless, it will almost always take longer than a straight up sale between you and a homeowner who does not need to sell their house short.

So, again, the deal better be worth your time and patience.

3. Expect To Buy It “As-Is”

Almost every seller in the world wants to sell their home “as-is”. Meaning they want to negotiate that the buyer won’t further negotiate any issues that are found in a home inspection during the process.

But the reality is, it’s pretty rare for a homeowner to sell their home truly “as-is”. There’s almost always some sort of concession or repair made, once a buyer does their home inspection. No matter how firm the seller wants to be, or how good of a price they gave the buyer, it happens. And sellers will typically agree to some, or even all of the requests made by a buyer. It’s just easier than losing the deal.

But it isn’t always just home inspection issues. It could be something related to permits, or certificates the town requires, for instance.

In a short sale, the lender isn’t going to step and fix anything, or consider a credit for repairs usually. And they aren’t going to get any permit or certificate issues resolved. It’s hard enough getting them to agree to the lower-than-owed price they accept. So don’t expect it. Don’t even hope for it.

And the owner probably isn’t in any financial position to do any repairs, given their situation. And frankly, they probably are pretty much checked out at that point anyway. They want nothing to do with what you want. They get nothing out of it. Unless they are that desperate to just get this chapter of their life over with, and somehow figure out a way to make some repairs.

Point is, expect to take on whatever problems the house comes with…

Which means, again, it better be a pretty good deal.

4. Don’t Be Surprised If The Lender Counteroffers

Unfortunately, not all real estate agents or homeowners even get the lender on board with the fact that they’re trying to sell the house short.

So, you could negotiate what seems to be a great deal with the owner, only to have their lender come back and counter your offer for way more than the house was even listed for.

So, let’s say the house is listed for $250,000. You negotiate it down to $225,000. But then the offer is submitted to the lender for approval, and they counter at $325,000…probably because they are owed that much.

This strikes a lot of buyers as crazy. How can a lender do that!? The house was listed for less! Well, they weren’t in on the process when the owner and agent made those decisions. Now they are.

It might take some time for them to come around.

Many buyers get so frustrated that they back out of the deal because of the lender not coming to agreement on the price. Only to see the lender eventually lower their expectations and accept an offer for the price the buyer had offered… or even less!

So, it might make sense to just hang in there and wait the bank out. Stand your ground. Be patient. Wait.

Or, let another buyer or two loosen the jar lid, and throw offers at the property. Let them get frustrated and get the lender to see the light. Then step in with your offer after one or two other buyers failed to get from offer to a closed deal.

But that does take patience. And some amount of strategy.

And there is no guarantee…

5. The Deal May Never Be Approved

Whether or not a short sale is approved is out of your control.

There are a lot of factors.

One of the most frustrating things is that a lot of owners who are trying to sell short do not put in the effort they need to. There’s a lot they need to supply in terms of information. And their motivation is minimal. Beyond that, they are stressed out and probably depressed. So there are times that the homeowner delays the process, if not kills the process altogether.

It can get to a point where they progress too far, and fall into foreclosure. And that process can drag on for quite some time. Sometimes, owners feel it would be even better to just get foreclosed. It buys them more time. And a short sale, while better for them than a foreclosure, is no bed of roses. It is still going to negatively affect them.

And a lender could simply not agree to a short sale. Maybe the owner is in better financial shape than they feel is necessary to approve a short sale. Or perhaps they just decide it makes more sense to foreclose.

It can be frustrating. Your hands are tied. There’s a lot of hurry up and wait. And very little you can do to get anyone to move faster. Even constant follow-up, complaining, or threatening to kill the deal will not make the process move faster.

So, just be prepared that you could waste your time, all for nothing. And you will spend money on your end of the process that will never be returned.

6. Be Prepared To Move Fast

When and if a short sale is approved, the chances are that the lender will give you a short time to actually close the deal.

So, while they could take months and months just to say yes…they might give you two weeks to close the approved deal. And if you don’t, it could throw the process back into review.

The biggest hassle here is with your mortgage (if you are borrowing money to purchase). Your lender needs some time to get your loan approved and “clear to close”.

You could be super diligent and get as much of your mortgage process done months ahead of the short sale being approved, but there is still a lot that needs to be done in the final stages. So make sure you’re working closely with your lender, and be good about getting them everything they need ahead of time.

7. Hire A Real Estate Agent Who Is Okay Working With Short Sales

It’s so important to work with a real estate agent who is willing to be in it for the long and hard haul…

Not every agent wants to deal with short sales. This is understandable. Agents don’t get paid more for dealing with this type of sale. In fact, they often get paid less. And they are more work. And they are less of a guarantee. And agents work with very little guarantee that their efforts will result in compensation as it is.

So, do be aware of this, and thoughtful about it.

So, when you hire a buyer’s agent to work with you on a short sale, you need to also be in it with them for the long and hard haul! It is the right thing to do.

And it will pay off…

Because so many buyers give up on getting a great deal on a short sale because an agent will persuade them to avoid going after one altogether, or encourage a buyer to move on if the process is taking too long. Again, not judging…they have valid reasons for being that way. But it is important for you to know.

One thing your buyer’s agent should do before you make an offer on a short sale is to assess whether the listing agent on the property knows what they are doing. Many do not. And in those cases, you might as well not even waste your time.

As scary as this all may sound, short sales aren’t something you need to avoid. Just know what you’re getting into beforehand.

And be patient. You will pay for the deal in patience, but knowing what you know now, it should be worth every penny of patience you pay.

 

Source: http://www.bestrealestateblog.com/7-secrets-short-sales-need-know-making-offer?m=JnojPGPgYwNqRUqKIeuc

Do You Need A Real Estate Agent When Buying New Construction?

Posted on by Ali Palacios - Broker

If you consider buying a new construction home, there’s a good chance you’ll question whether or not you even need to use a real estate agent.

You might even wonder if there’s an advantage to not using a real estate agent…perhaps thinking you can get a lower price, or more upgrades thrown in, if the builder isn’t paying a real estate agent their commission.

Or, you just might not give it any thought whatsoever, and stumble into buying your new construction home, without having your own real estate agent to represent you.

So, do you need to use a real estate agent when buying new construction?

Technically? No.

Should you? Yes.

Beyond Just Signing A Little Paperwork

One reason people question whether an agent is necessary, is because many tend to see it as an agent just signing some paperwork so they can get a commission.

There are certainly agents out there who don’t bring a heck of a lot to the table in terms of expertise and skills. There are ones who literally just want to make sure they are in the room when you do the paperwork, so they can secure their commission.

Unfortunately, they give great agents a bad rap.

Those are not the type of agents you should hire if you are buying new construction. Or any house for that matter.

The purchase of a new construction home really isn’t any different in many ways than purchasing a resale home. The knowledge and skills of a good real estate agent go beyond the “finding” of your home, or doing some paperwork.

The Builder Is Not Your Ally

Not that the builder is evil, and out there trying to take advantage of you. But a builder is certainly going to be looking out for their (the builders) best interests…not yours.

If a builder or their representative pushes you to not use your own real estate agent, that’s a huge red flag. Some may even give you an “incentive” not to use your own real estate agent, and say that they will throw in some free upgrades, or lower the price of the home.

A truly reputable builder will not push you to not use your own real estate agent. And they certainly won’t try and lure you with the temptation of free upgrades. Because that’s shady.

Look at it like this…

Let’s say you were suing someone in court. The person you are suing is a lawyer. The lawyer says to you, “Hey, don’t bother getting your own lawyer. No need really. I know what I’m doing. If you need some thoughts along the way, just ask me what I think you should do. Save yourself the cost of a lawyer, and I promise to take it easy on you in court.”

You’d never do that. It makes no sense. The lawyer isn’t going to look out for you more than his own interests. It would be your mistake for trusting that he would. Nobody would think you were all that bright for doing that.

Most reputable builders go out of their way to deal with local real estate agents. They expect to deal with a real estate agent.

They’ve factored a real estate agent’s commission into the cost of the home.

It’s About Representation

There may very well be a licensed agent at the new construction site, sitting in the model home. But that’s not your agent…despite any disclosures or documents that they may go over with you.

You want your own agent. Someone third party, not affiliated with the builder. Someone affiliated with you and your interests.

Because this is about representation. Representation of you and your interests. Not just someone along for the ride and to sign a few papers and then swing back around and collect a commission check.

And if you hire your own real estate agent, the agent has a fiduciary responsibility to you. They need to treat the relationship with care and trust. Look out for you and your interests.

But beyond that, they’ll help you understand the contract, and look for anything unusual. They might suggest some things to add to the offer and contract, like certain contingencies the builder may be trying to get away from including. They will negotiate on your behalf.

Your real estate agent will be able to help you decide between all of the options you have out there in the market. They will help assess the big picture. Maybe new construction isn’t the best choice for you. Maybe it is. Maybe this development is the best for you. Maybe it isn’t…

Do This First

Before you just stroll into check out a model home, find a real estate agent to represent you. (If you already have on, skip to the next section…)

Do not pass Go. Do not collect $200. Interview and choose an agent who will represent you.

If you find one that specializes in new construction, that’s a bonus, but don’t expect it or limit yourself to one that does. There’s more resale business than there is new construction in many areas. So a lot of agents aren’t going to be specialists in new construction. And that’s fine. You want someone sharp about the universal stuff, like negotiating, analyzing the deal, understanding the market, and you and your needs.

Then Do This

Now you can go check out model homes…

But don’t just wander into a development or model home on your own and have a look see.

For the first visit, go with your real estate agent. “Register” at the site, and reserve the right to representation by your real estate agent. (If you do not go with your agent on the first visit, it can be a mess trying to involve one afterwards.)

While you don’t technically need your own real estate agent, there’s certainly a lot of benefit to having one…and a lot of potential downside to not having one.

 

Source: http://www.bestrealestateblog.com/need-real-estate-agent-buying-new-construction?m=JnojPGPgYwNqRUqKIeuc

A Simplified Guide to Your Home Inspection – Part 1

Posted on by Ali Palacios - Broker


SAMPLE Inspection report

If you are under contract to purchase a home, congratulations! Of course, you are excited and a little nervous, too. Your physical inspection can be especially nerve-wracking. In a short amount of time, you will receive more information than you can process, and it will all seem very serious. And confusing. And potentially expensive. In order to calm your nerves, here is a breakdown of the inspection’s most important home components and priorities. (Homes and condos are constructed differently across the U.S.; this will deal with structures that are mostly wood and not brick, and homes that are not new.)

Your home’s most important elements are its roof, foundation, plumbing, and electrical system.

First, here’s the story on your roof. Your inspector may say that the roof “is at the end of its useful life.” It is not unusual for a roof to need some repairs and maintenance, but it is unusual to need a whole new roof. With continuing maintenance and proper repairs, your dying roof can last several more years. Repairs are pretty easy and most roofers are cost-competitive. Condo purchasers will want to check with the condo board to see what repairs have been done or are anticipated.

Your foundation will either be raised above the ground on piers and posts, or it will be a slab. If you have a basement, it is raised; if you have a newer home, it is likely on a slab. If your raised foundation has some cracks, those can be easily repaired with special epoxy products. If it is completely cracked, and off its posts, run away.

Electrical problems that your inspector finds can be difficult to understand. Amps, breakers, sub panels, drops – what does that all mean? Older homes may not have enough power to run today’s modern appliances, toys, and systems. Wiring may be older, too. The good news here is that electrical work, even replacing wires and panels, is very routine for an electrician. It does not take very long to complete and is usually cheaper than you think it would be.

Your plumbing has many components and some are more serious/expensive to fix than others. Leaky faucet? No big deal to repair. Septic tank pumping? Routine. Roots in your sewer? Common. Unfortunately, many other problems can be progressively more serious and expensive to fix, especially if walls need to be opened. You will want to get estimates from at least two plumbers – hopefully only a portion of your plumbing needs repair. It is usually not necessary to re-pipe a whole house.

Hopefully, your inspection will make a little more sense to you now. The next post on this topic will go over other home components like heating and air-conditioning, fireplaces, windows, and outside spaces.

source: http://www.bestrealestateblog.com/a-simplified-guide-to-your-home-inspection-part-1?m=JnojPGPgYwNqRUqKIeuc