Whether you are buying or selling a property, you can get overly excited when an initial offered is tendered. Both sides are asking questions like is it too high, or too low? Will they counter, or will the offer upset them and will they walk away? It is part psychology, part business, part competitiveness, and partly exciting. It may be stressful, but keep in mind that at least in Texas, the initial offer is just the first part of the process. In Texas real estate buyers have two chances to negotiate when … [Read more...]
HOA changes passed by the Texas Legislature
An estimated 4.8 million Texans live in neighborhoods with homeowners associations (HOAs). That means that nearly 20% of all Texans' property rights may be affected by rules set by entities that have been largely unregulated ... until now.Last session, the Texas Legislature passed several bills designed to better balance the interests of property owners and HOAs. These laws change how homeowners associations are governed, what HORs can and cannot do regarding penalties and foreclosures, and provide more rights to … [Read more...]
Lease Purchase a Houston Home but be Careful
The problem with the agreement is that a buyer may be asked to sign a contract which has been written to highly favor the owner. The Texas Real Estate Commission does not have standard forms for a lease purchase agreement. This means that an attorney or the owner themselves write the contract. The contract is a unilateral or one-way contract. The buyer has the right to buy but not an obligation to buy. The seller is obligated to sell the property to the buyer. Definition of a lease purchase agreement An … [Read more...]
What to ask your Homebuilder
Home Building in Houston has slowed along with the economy. In this buyer’s market builders are striving to compete against the many foreclosures which are for sale. To be competitive, many builders offer a dizzying array of structural upgrades and home design options that include “packages of appliances, doorknobs, and lighting fixtures. That kind of razzle-dazzle often diverts a potential buyer’s attention from what’s really important, many construction professionals say. Following are 10 important … [Read more...]
Homestead Exemptions in Texas change Sept 2011
Effective September 1, 2011, in order to qualify for a residential homestead exemption you must provide HCAD with a copy of either your Texas driver’s license or Texas ID Card. The address on your driver’s license or state ID card must match the physical address of the residence for which you are applying. Remember: Your physical street address must match the address on your vehicle registration and both must match the address on your driver’s license or state ID card. All three must have the same … [Read more...]
Techniques to use in your HCAD tax protest
Every year that dreaded time comes when you must protest your property taxes. The notice comes in the mail that you have until May 31 to file your property protest. If you believe that the property has been appraised for more than its January 1 market value, or if you were denied an exemption or agricultural appraisal, you may protest to the appraisal review board. The owner or owners are allowed to represent themselves in any property tax matter, or hire a paid property tax agent to represent them. Here are … [Read more...]
What agent remarks can tell you about a listing
When making a decision which homes to preview, keep in mind the key words written in the listing. The clues are all there, words such as fixer upper, needs a little tender loving care, tear-down etc. Messages from the selling agent state the home is not eligible for FHA financing or cash only, an investor special. An investor special is like the ad for a dog in the newspaper which states the dog is not suitable for children. What the ad really tells you is that the dog bit the owner. An investor special … [Read more...]
How to buy a Tax Foreclosure
The Harris County Tax sale resembles a carnival where property listings are auctioned off to pay for taxes owed by the owner. You see Ex-Enron traders, professional home re-modelers, wide eyed novices, and even investors flying in from out of town running madly around a city block with excel spread sheets in their hands. Everyone has their secret formula to success which they are guarding with their lives. The most important thing to realize is that the professionals have figured out a maximum price they will … [Read more...]
How to buy a Bank/Mortgage Foreclosure
Here is what happens after you have picked out a property which happens to be a Bank or Mortgage Company foreclosure. Negotiation Your offer for the property listing needs to be realistic. If the property went on the market yesterday. Then the seller is not going to be too negotiable. If the property has been on the market for six months with no contract offers. Then the seller is going to be very negotiable. Home Warranty Banks and mortgage companies will not pay for a home warranty. Don’t write it in the … [Read more...]
FHA Houston Property Inspection List
It is important for both homeowners and buyers to know what a FHA/HUD property appraiser will look for. The FHA states that it "has shifted from its historical emphasis on the repair of minor property deficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear." The FHA inspection covers Safety, Security, and Soundness issues with the home. The age of the home has nothing to do with whether the home will pass or … [Read more...]