About Rapides Parish, LA

A buyer recently posted on Facebook, "wish me luck, I just bought a house!" Had we just returned from the settlement table? Nope, we were one of FOUR people that wrote an offer on a foreclosure. Sadly we did not get the home. In football terms writing a contract would be the equivalent of the end of the first quarter. As Dallas Cowboy fans can sadly tell you, there are four quarters in a game. Let's look at what happens after the offer is accepted.

1) The home inspection-- In Louisiana we negotiate an inspection period. Normally buyers agents request between 10-15 days. Nothing else happens before this. That way, if the buyers want to back out no other money has been spent.

2a) Title Work-- It is important that title work start as soon as the inspections are complete. Problems with the title can spell a significant delay to closing. I have had buyers back out of a deal when confronted with a lengthy title delay.

2b) Appraisal/Loan Processing-- The appraiser is hired by the lender (paid for by the buyer) to ensure the home is worth the money being loaned. Depending on the type of loan/toughness of the appraiser the condition of the home may be examined. THIS SHOULD NOT REPLACE A HOME INSPECTION. I have seen appraisers on FHA and Rural Development loans overlook MAJOR issues. It all depends on which appraiser is selected for the assignment. At the same time the bank will process the loan application. DON"T MAKE ANY MAJOR PURCHASES UNTIL THE HOME CLOSES. Trust me on this.

3) Septic/Termite Inspection-- If the home has a septic system (not on city sewer) the health department will inspect the system and issue a certificate. At the same time a pest company will conduct a "Wood Destroying Insect" inspection. Due to the language in the purchase contract, I have my clients do the pest inspection during the home inspection (step one).

4) Final Walk-Thru-- The buyers make one final visit in the days leading up to closing. THIS IS NOT ANOTHER INSPECTION PERIOD. Simply put, you are making sure the home is in the same condition as when the offer was written. This is not the time to try to strong-arm the sellers into making more repairs/upgrades.

5) CLOSING-- Closing in Louisiana typically occurs at an Attoriney's office. Usually the day before settlement each side will learn how funds will be distributed. This helps limit "surprises" at the closing table. If you need to bring more than 500 bucks most attorneys require certified funds. Any invoices for repairs are provided by the sellers and keys are exchanged. Make sure your driver's license has not expired. This can kill a closing at the table.

After the closing... Simply make 360 monthly payments and you will be a home owner!

I remember the conversation like it was yesterday. "Buying this house is a great choice, and you can lock in this low rate for the next 30 years!" What was the rate you ask? Try 6.75%!

Last Summer I was telling anyone who would listen that rates "under 5% could not last long." For once I was right...My current buyers are locking in 3.75% for thirty years. Where is the bottom? Don't ask me! I will stick to matching buyers with houses. Let the mortgage folks deal with the loan forecasting.

Buying a home for the first time is a major life event. Here are "Ten Commandments" that can help you through the process.

1)I Am Your New Home, Put No Other Purchases Before Me-- Credit regulations are pretty strict these days. Buy nothing major on credit, or open new credit lines until the home closes.

2) Honor Thy Mother and Father, But Purchase The House YOU Want-- Family will offer advice in the hope of helping their children out. But odds are they don't buy and sell real estate every day. Find an agent that you trust, and pick the house that meets your needs.

3) Thou Shall Not Take The Seller's Name In Vain-- Buying a home can be stressful, and the negotiations intense. Agents are the buffer designed to keep things civil.

4) Remember The Sabbath Day and Keep It Holy-- Even the Lord rested one day a week. Spending every waking hour obsessing over a home purchase is not healthy or productive. Taking a step back will sometimes make the process more clear.

5) Thou Shall Not Kill The Deal Over Something Silly-- When major problems arise sometimes the smart thing is to pull the plug. Losing sleep over a 400 dollar dishwasher in 200k dollar home? Not so wise.

6) Thou Shall Not Bear False Witness To Your Lender-- Answer income/debt questions truthfully, they are going to verify everything anyway.

7) Thou Shall not Covet Thy Neighbor's ass-- No real lesson here, it's just fun to cuss in a blog post!

8) Thou Shall Not Steal That Foreclosure-- Most foreclosures are priced close to their market value even taking condition into account. Getting a nice home for pennies on the dollar? Not in the real world.

9) Thou Shall Not Commit House Adultery-- Once you are under contract their is no need to look at other homes. The grass will always appear greener in the other lawn. It rarely is.

10) Thou Shall Spread Thine Agent's Name to Others-- Agents live on referrals. Have a positive buying experience, tell a friend!

Would you like to work with the agent who wrote the buyer ten commandments? Call Doug Rogers with Bayou Properties Realty today (318) 613-1994.

Home For Sale in Good Earth Subdivision, Alexandria Louisiana

Searching homes for sale in Good Earth Subdivision? This 3 bedroom 2 bath home on Demeter street is a bargain at only 139,900 dollars!

Good Earth Subdivision is located just off Jackson Street extension in West Alexandria. The kitchen features a nice ceramic tile bar and plenty of workspace.

The living room features a working fireplace and plenty of room for all your furniture. With fresh paint and new carpet this space would look amazing. Thanks to the modest asking price there should be plenty of money for updates!

The fenced backyard is perfect for pets on the go!

Ready to tour this lovely home in Good Earth Subdivision? If so, call Doug Rogers with Bayou Properties Realty at (318) 613-1994.

The deals are out there, but boy this market is tough. And like all performance based industries, the pain is not equally shared amongst the members. In speaking with other agents you can almost feel the pain in their voice.

"I sure hope this deal closes", "if I can only close this deal everything will be okay", "I was planning on buying my familiy's Christmas with this commission".

Over the past couple of months I have heard these statements and several others that were nor fit to print. There is a sense of dread that I have not picked up on in the past. Do I think the market is getting worse? Not really, I think people are just getting tired of waiting on the recovery.

Like family members waiting on the dock for an over due ship, the collective hope fades as time passes. Many of these agents will have to seek refuge in other disciplines. For some the real estate roller coaster ride will soon come to a halt.

Those of us who do ride out the storm will not do so unscathed. My free spending days of the past have taken a far more conservative twist. If I don't have cash to buy something, it don't get bought. Frankly I will probably be one of those crazy old people who bury money in mayonnaise jars in my backyard. Just like my grandparents did after living through the Great Depression!