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Katy, TX

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Can’t Decide Can't Decide Which Home to Buy? $300 Holds 3 Homes 10-14 Days in Texas.

11-04-09
Dale Ross
Dale Ross: Real Estate Agent in Katy, TX
  • view my blog
  • Office: (281) 599-6575

I recently read in AR about a tactic showing up where buyers bid high on homes to secure a contract on them then why the home under appraises, the price is renegotiated. Legal? Absolutely. Ethical? It's is a legal tactic.

When my buyers can't decide which home to buy, out of say 2 or 3 properties, I suggest they put them all under a Termination Option, at any price, while they decide which one they want. The Termination Option Period (TOP), which is usually 10 days but can be negotiated to 14, usually costs $100 per home with no risk of losing the Earnest Money if they terminate within the bounds of the Option Agreement. They can always renegotiate the price, or anything else for that matter, during the TOP and back out if they can't get the deal they want. The state of Texas, maybe other states too, has given this priceless option, or loophole, to buyers to take as many homes off the market with little or no risk while they decided which home is best for them at a very low cost. There is no contractual obligation, whatsoever, by the buyer during this time frame. Is it fair to sellers? I guess the state thinks so. Personally, I think it creates more of a hostage situation for the seller. Wait while we decide whether or not we want to buy your home. Sure we want to close and move in in 21 days and we'll let you know in 14 days whether or not we REALLY want to buy your home.

Then, think about it this way...Sellers can take advantage of this option also by taking their competition off the market for a few days using the same strategy. After all, our Earnest Money Agreement does not ever state that the party putting the home under the TOP has any obligation or even intent to purchase the home, just an option to purchase. So, if you have a listing and there another listing just like it down the street at a lesser price, your seller can put that other home under option and be the only home on the market for up to 14 days for $100. Once again, Texas has created and left this loophole wide open for years.

How can it be fair to the buyer and seller? By doing away with the TOP and not tying the seller into sitting on their hands for 10-14 days waiting for the buyer to decided whether they want the home and how much they will demand in way of repairs, allowances or price deductions. Instead create a written agreement that does not bind either party to anything except to allow an unlimited amount of time for a prospective buyer to perform inspections, and THEN make an offer based on the inspection results. No more renegotiating the offer up to the last minute of the TOP. If another buyer comes in with an "as is" offer before the first buyer comes back with an offer, then let the sellers choose who they want to work with. That's a free market system and no one looses time or money. What do you think?

Katy Texas Real Estate

Get a Free Over The Web Market Analysis TODAY!

Dale Ross, RE/MAX Fry Road, Katy, Texas

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How being smarter than a caveman can save you money NOW!

11-02-09
Ron Tarvin, REMAX, WHP Katy/Cypress TX Luxury Homes for Sale, Family homes too
Ron Tarvin, REMAX, WHP Katy/Cypress TX Luxury Homes for Sale, Family homes too: Real Estate Agent in Katy, TX
  • view my blog
  • Mobile: (281) 935-7152


How Being Smarter Than A Caveman Can Save You Money NOW!



Just like the popular ad tagline refers to, saving EASY money is a no brainer, right?

Well, let me tell you a little bit about how being smarter than a caveman can save you big money now and in the immediate future!

You see, we've just had a time change and that would have been a HUGE deal to cavemen back in the day if they had time changes. Why? Because if you didn't notice, it was completely dark by about 6pm last night.

As a caveman, you would have spent your whole summer gathering and foraging and storing up food because as the days got shorter, it became time to become a more sedentary being. In the interest of self preservation (not just saving money!) you would start to stay inside more and go outside a lot less.

Don't follow the caveman's example! They did, afterall, go extinct, right?

Captain Caveman

Nope, it's time to get out there and find and close on your home! Why?

It's purely a SAVE MONEY opportunity that even a Caveman wouldn't miss (if they were still around ya know!)

Here's why:

First of all there is the most obvious thing. The recent tax credit that is being voted on and likely to be passed will not only give the first time home buyers an opportunity to save some money on their taxes (don't look for a lot of that in the near future!) but it is supposed to expand to anyone who has lived in their house for 5 of the last 8 years. In other words, if you have owned your home for 5 years, you can now do that MOVE UP and get your tax credit!

Secondly, your buying power is pretty good this time of year! Why?
Because, let's face it, selling a home is a pain in the rear! Anyone who is selling their home right now, during the last two months of 2009, means business. The holidays are creeping up on us and if your home is on the market right now, it means that you NEED to sell your home. It's not the home seller that says, "let's put it out there and if I get the price I want, I'll move".

Nope, the sellers that are active now are looking to sell and while they certainly aren't giving their home away, you know they are serious and they want to work out a reasonable deal for you!

Thirdly, and this is the one that is so often overlooked, Texas is a Homestead state. We have a homestead tax exemption but you have to be in the home on JANUARY 1st. That means, close by December 31st! If you do not close on your home by the end of 2009, you will cost yourself a nice chunk of change in taxes next year. Especially if it's your plan to move just after the first of the year!

For example, if you purchase your typical Katy or Cypress home, average price near $200,000 (the median price in the area is about $185,000 but let's make the math simple!). If your tax rate is 3.5%, then you taxes will be right about $7,000. With the homestead, it will save you about $1500, your first year in the property!

Now, C'mon, that's a no brainer...certainly YOU can use that $1500 next year a lot more effectively than the government can, right?

Lastly, get into your new home and there is nothing like breaking in the new home with Christmas decorations! (ok, maybe that's not a real reason to be smarter than the slug caveman is this time of year, but it sure is a nice BONUS!)

So doesn't that make a lot of CENTS? Well, more likely DOLLARS?

REMAX Katy Texas REMAX Cypress TEXAS

Call us now if you are looking to buy or sell a home in the West Houston, Katy and Cypress area!

We are the Katy and Cypress area specialists!
Call the team with any questions: 281-935-7152 or our Toll Free information line (anytime):
Call (877)472-5390 and use the code to hear about the topic:

Short Sale Information Code: 7003
$5000 Buyer Guarantee, Code: 7004

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Short Sales in Katy and Cypress

10-30-09
Ron Tarvin, REMAX, WHP Katy/Cypress TX Luxury Homes for Sale, Family homes too
Ron Tarvin, REMAX, WHP Katy/Cypress TX Luxury Homes for Sale, Family homes too: Real Estate Agent in Katy, TX
  • view my blog
  • Mobile: (281) 935-7152


How can I find a short sale agent in Katy and Cypress Texas?





Short sales are a big part of the real estate world right now. It's the hot buzzword of the day around real estate offices. But, not every agent who tries to conduct a short sale is really able to do so. The law doesn't require a specialization so it's important to make sure your agent you hire KNOWS what they are doing. The consequences of failure on a short sale can impact you and your family for years to come!

Contract for Short Sale

The first thing you have to do is ask some very pertinent questions of the agent that presents themselves as a "short sale agent". Ask questions that a Katy and Cypress area short sale agent should know:

First things first, ask:

How many short sales do you typically work on in a month?

---typically I handle anywhere from 3-7 short sales on an active ongoing basis each month but I know many agents that do 1-2 a year. As a gauge, 1-2 a year closed short sales is not enough experience to trust this very important task to. In our area, I know of one agent that promotes himself as a "SHORT SALE AGENT" and has about 20 short sale listings. Sounds good,right? Until you dig a little deeper and find that this agent has NO recorded Short Sale closings in the last 5 years!

How long have you been working short sale transactactions?

--many agents are going to say, yep, I've been doing them for a year or so now. Fact is, they really started becoming prominent in the last year but I've been doing short sales for over 4 years now. My first short sale transaction was done just over 4 years ago and I had A LOT of help with getting it to close. Problem is that many short sale agents that are working on their first short sale do not get the help they need or they don't have access to the help they need. Nowadays, seems when other agents really needs help with a short sale, I seem to be the one they call. I'm flattered and glad to help where I can! One word of warning, everyone has to learn somewhere but do you really want to be a listing agent's first short sale?

Does Your team have a dedicated "short sale/foreclosure" specialist?

--most agents are a one man/woman show. They do it all and trust me, as a real estate agent running your own business, you are responsible for A LOT of things. However, with our team, you will have a dedicated Short Sale Specialist who will work on your file to get it to closing!

Is your short sale package deemed "complete" by most banks that you deal with on foreclosures?

--very important! Why? Because the short sale process takes to long to miss your turn at bat. As these negotiators work files, when they come to one that is not complete (and there are a set of documents and things that a bank needs to even process a short sale), then they generally just bypass your file and move on to the next one! That could lengthen the process by a month or two more and in this world of bank foreclosures, you may not have that time! OUCH!

Can you have me prepared for the short sale prior to the offer coming in so it's not a mad scramble to try to collect the paperwork and information that the bank needs?

--I try very hard to foresee everything the bank wants. Most of it is pretty stock but occasionally, the bank comes up with some new wrinkle. Most of the time, I will have you prepared and ready to go when the offer comes in. BUT, remember that I can only show you what you need to gather and get ready for me, I can not actually gather that personal information for you!

Do you work with a short sale team or coach that helps you if you have issues with a particular short sale?

--of course. I have an entire network of real estate professionals that I consult with if there are problems. The more that I have gotten done, it seems that problems come up less and less, but the network is always there and available if we do have questions! VERY IMPORTANT!

Won't a bank do a short sale for me directly?

--Not usually. Most of the time, the bank wants a licensed real estate agent on the job in order to commit to a short sale attempt. I use the analogy of football. Most people know a little about football, right? You know, you run or throw the ball and try to get into the endzone to score a touchdown, right? But you will get beaten badly if you do not know the rules of the game...such as what is a fumble, an interception, out of bounds, perhaps understanding other scoring options like field goals or safeties. You have to be aware of the rules in order to play in the game succesfully. Most don't know the rules, but rest assured, the banks do! You need to have a short sale agent that knows the rules and can put you on the same footing as the banks when it comes to gametime!

Are there other options to short sale that I might not be aware of?

--yes, there might be other options that you have not considered and each circumstance is different. We will look at the options and make sure you understand what those options are.

The National average for short sales to close is less than 70% success. What is your success percentage?

--that's right. Over 30% of all short sales attempted fail. Why? Sometimes it's the property, sometimes it's the bank, sometimes it's the agent, but that is a startling fact when you consider the end of the road option on a short sale is FORECLOSURE. As of this writing, I have never had a short sale that I took on that failed to close. Some have shortened my life with stress and gone down to the last possible minute, but we have successfully closed every listing that we have taken as a short sale in the Katy and Cypress area. So right now, in Katy, Cypress and the entire West Houston area, we have a 100% success rate! That certainly is a stat worth protecting!



Remax Katy Texas Remax Cypress Texas

Call us now if you are looking to buy or sell a home in the West Houston, Katy and Cypress area!

We are the Katy and Cypress area specialists!
Call the team with any questions: 281-935-7152 or our Toll Free information line (anytime):
Call (877)472-5390 and use the code to hear about the topic:

Short Sale Information Code: 7003
$5000 Buyer Guarantee, Code: 7004


 

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Why Some Buyers Will Not Get the Home They Want...Or do They Really Want it? Real Estate in Katy Texas

10-27-09
Dale Ross
Dale Ross: Real Estate Agent in Katy, TX
  • view my blog
  • Office: (281) 599-6575

First of all I want to say that I love helping families find the home they really like and want to live in. It gives me personal satisfaction knowing I helped someone find a home that makes them happy. I don't mind showing people as many homes as it takes to find the perfect home. In fact, I have worked with people for many months before they found the right home. Then, there are the buyers who hope to steal the perfect home, and in our current market, that is just not going to happen.

Have you had a home buyer that looks at every home on the market as soon as it comes up for sale (no problem there), decides it's the best home out of 20 that they have seen (because it is), they know it's a good deal and then they want to put in a really low offer AFTER you advise them that there are other offers on the home. Our market in Katy Texas is very competitive for the best homes. Many of the best homes get offers at or above list price the same day they come on the market. You inform your buyer that there are offers on their preferred home and they still insist on making a low, low offer. My only guess is that they either do not believe me or do not really want the home. You know that their chances are probably slight of even having a shot at getting a counter offer but you write the offer anyway to satisfy your client.

Did they really want that home? When I have a buyer who insists on making a low, low offer, I write the offer for them and when they ask when we will hear back, which they always do, I ask them if they can wait five minutes for an answer. They usually say yes. Then, I pick up the phone and put it on speaker, call the other agent on their cell phone and if I get an answer, I let them know we are presenting an offer of $XXX, XXX. Then I ask how long will it take for a response from the seller? Most of the time the other agent will let me know there are other offers higher than the offer we are making. I say thank you and good bye and hang up the phone. The buyers have their answer instantly and must decide whether this is the home for them. The reason I do it this way is to show the buyer that I am not trying to get them to pay more than they want to for the home, but to let them know that I am being honest with them about the circumstances. If they give up on the offer, then that tells me that this was really not the home for them to begin with. Some buyers still go through the same motions two or three times until they lose a home they really liked and hated to lose. Then they start making serious offers. So, when a buyer is making a low, low offer on a home, I now ask them...Is this the home you really want?

Dale Ross, RE/MAX Fry Road, Katy, Texas Real Estate

Find out what other agents refuse to offer. MaxValueEzExit.com

Get A Free Over The Web Home Evaluation at KatyHomePrices.com.

Search For Homes In Katy Texas HERE.

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Dewberry Farms - Great Things to Do Near Katy

10-21-09
Timothy Sojka
Timothy Sojka: Real Estate Brokerage in Katy, TX
  • view my blog
  • Office: (281) 220-2113
  • Mobile: (713) 822-2152

Dewberry Farms - Great Things to Do Near Katy

Written By Timothy Sojka, Realtor ® / Broker

713-822-2152 - shop for a home on-line at www.search-katy-homes.com

(If you would like more information on Communities or to arrange a tour call Tim at 713-822-2152 or shop for a Katy or West Houston home online at www.Search-Katy-Homes.com)

This time of year one of the greatest outings for your family is Dewberry Farms. The trip is great for kids or the kids at heart. Dewberry Farms features a pumpkin patch, a petting zoo, a corn maze, great fair food and dozens of intresting things for the kids to do.

However, go near sundown and you can enjoy the hayride and jack o lantern show. This is truly the highlight of the outing.

For more information on Dewberry view this website

www.dewberryfarm.com

To find a home just call the Tim.

For more information about Katy Texas, or the beautiful homes within the confines contact Katy realtor Tim Sojka at 713-822-2152. To shop for a home online go to www.Search-Katy-Homes.com . To find out the value of your home go to www.seetimsell.com

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