About Brazos County, TX

Although there are many terrific move-in ready homes on the resale market in Bryan / College Station, there are some that might be better classified as fixer-uppers. These homes can be a great purchase, particularly if you are comfortable living with some moderate construction for a few months.

The obstacle most people come across when considering buying a fixer-upper is how will they be able to both finance the purchase price and the cost of repairs. Will a lender finance a home that may or may not be habitable?

The purchase of a fixer-upper house that needs repairs is often a catch-22 situation. The bank won't lend you the money to buy the house until the repairs are done and you can't borrow the money to make the repairs until the house has been purchased.

So now what?

Well the FHA 203k renovation loan program will provide the necessary funds for both the purchase price and the renovation costs, all nicely rolled into one mortgage loan. Once the purchase of the home has been funded and closed then the renovation funds are held in escrow to pay for the pre-determined and qualified repairs.

So what exactly is a FHA 203k Renovation Loan Program?

• Only 3 ½% down payment is required and this can be gifted by family members.

• More flexible qualification requirements mean that those with less than perfect credit can qualify to purchase a home at competitive rates.

• A single loan for both the purchase of the home and the repair and improvement costs mean only one loan application, one mortgage payment and one set of closing fees, which saves you time and money.

• FHA loans can be assumed by another qualified buyer and there are no prepayment penalties.

• An FHA Energy Efficient Mortgage (EEM) can qualify you for a larger mortgage so that you can add additional improvements that will result in lower utility expenses.

• Rather than paying a premium price for a move-in ready home you can take advantage of foreclosed properties and homes that are in less than perfect condition which can often result in a substantial increase in equity once the repairs have been completed.

So the next time you are out driving around looking at properties and you come across one that needs a little TLC, you might want to take a closer look at it. There are many bargains out there for the taking and with a planning and perserverance you could find yourself owning your dream home at much less than the cost of buying new.

I love going to the downtown area in Bryan. Not only does it bring back many fond memories but the revitalization there has made it a great place to go for a night out, lunch, or just a peaceful walk . There are still a few of the old hand painted signs on the sides and rears of many of the antique buildings in downtown Bryan.

We actually bought garden seed from the company in this building back in the late 1970's. The business is no longer there but the sign remains me of the experiences we had there. I can still remember the smells in this old feed store.

Copyright 2010 Milam F. "Trey" Thurmond III, Broker, CRB, GRI, SRES. For all your real estate needs in Bryan-College Station , and Aggieland Texas .....including Residential, Land, Investments, and Property Management Services. Now is a great time to buy or sell real estate. Call or email me today and I will get right to work to meet your real estate goals.

Serving Bryan -College Station, Texas for 3 decades!

Quality Service Certified Platinum O5' 06' 07'
Classic Realty Associates
3600 Hwy 6 South , Suite 100
College Station, Texas 77845
(979) 694-8844 -110 979-229-8465 cell

In Texas we call them ponds.

People love ponds. One of the most frequently asked questions I get on land/farm and

ranch listings is "Does it have a pond?"

I have been told that they are called different things in other parts of the country.

When conducting my MLS searches for properties with ponds I have noticed that in the

comment sections some of my fellow realtors will state things like, "Good place for a pond"

etc. It makes in come up in our searches if a keyword search has pond in them. HMMMMM.

Food for thought.

You have just got to love kids.

One client has a 4 year old.

She sounds about 16 on the phone.

I called one day and asked to speak to her mother.

She said, "Brenda she can't come to the phone right now she's doing the laundry."

I again asked to speak to her Mother. She stated, "Brenda, she is doing laundry

for the WHOLE family."

I decided to call back later.

I was telling her Mom about this. I said, "You have quite a little secretary there."

She laughed and said, "Oh, Brenda, sometimes she answers the phone, listens for a second and hollers

TELEMARKETER and hangs up.

The Mom is thinking of hiring her out!