Ann Cordes

Today I went to a luncheon where the Waco Chamber of Commerce www.GreaterWacoChamberofCommerce.com gave their quarterly report on the state of the Waco economy. The news was GREAT!

Unemployment rate: March 2008 March 2009

United States 5.2% 9.0%

Texas 4.3% 6.7%

Waco 4.1 % 6.0

Industry Job Growth, non agriculture:

2008 to 2009

Mining & Construction 5,900 -100

Manufacturing 14,800 -700

Trade, Transportation & Utilities 18,500 0

Information 1,600 -100

Financial Services 6,600 0

Professional & Business Services 8,400 -300

Education and Health Services 19,600 +600

Leisure & Hospitality 9,500 +100

Other Services 3,800 -100

Government 17,800 +500

Sales Growth ( local sales receipts in millions) 2007 $27.5, in 2008 $28.08, an all time record.

In the last couple of years the Chamber has really focused on revitalizing downtown and have had a quarter of a million put into new construction or remodeling, including condos, restuarants and business. These include Austin Avenue Flatts, The Olive Branch, Square Bar, Austins on the Avenue, a new building for the Department of Social Services, and an office building, The Livingston.

Coming in the next year or two are Heritage Quarters and the Hotel Indigo, which will be on the bank of the Brazos River. There are many other future projects which are too numerous to fit in this blog!

So if you or your company is looking for a family friendly, energetic , growing town Waco is the place!

If you follow my blog, you know I am an animal lover and donate a percentage of my real estate commissions to Fuzzy Friends Animal Rescue, a no kill shelter here in Waco Texas.

You should therefore not be surprised at my reaction to the front-page story in Tuesdays Waco Tribune Herald. I was saddened, mad and incredulous at the same time.

Local law enforcement raided a home in Elm Mott, a small town about 30 miles outside Waco and seized 78 dogs from a puppy mill. There were 5 to 6 dogs crammed together in rabbit cages, filthy, hungry and covered in their own feces and urine. They also found carcasses of dogs and goats in piles of dirt!

The animals are now at the Waco Humane Society. There will be a hearing on Friday the 8^th to decide if the owners will get them back or not. The animals are so scared of people that when the volunteers at the Humane Society come to their cage, the dogs go to the back and turn their backs. They have not been able to bathe and care for some of them because the dogs will not let them get close enough. They have obviously had very little human contact.

Most of them will probably have to be euthanized because they are too physically and mentally sick to be adopted.

The owner's excuse is that they have health problems which made them unable to care for the dogs. They said they hired some one to come take care of the dogs but they didn't come do the job. SORRY, I AM NOT BUYING THAT! The sheriffs department said you could smell the place from a long distance. This had obviously been going on for some time.

If you live close to Waco, please help any way you can by donating to the Waco Humane Society, 254-754-1454 . www.WacoHumaneSociety.com or helping find a home for these poor dogs. If you don't live here, I'm sure your local shelter could use some help.

If you are a pet owner, thank you for taking good, loving care of them. And give them an extra treat when you get home tonight.

It was Friday April 13th 2007 when I quit my retail job and became a full time real estate agent. I knew that first year was going to be tough. I was told not to expect to make anything for 6 months to a year. I closed 2 transactions that year.

Last year was a year of big changes for me. In February my friend and fellow agent Peg decided to get out of the business. In September I changed companies from Century 21 to Keller Williams. That was a big adjustment going from an office with 10 agents to an office with almost 70. I knew it was going to be a challenge and would be almost like starting from scratch.

But I closed 5 transactions in 2008! Which is pretty good I think, considering over 40% of the Realtors in my local board didn't close a single transaction last year. My goal this year is to close 12. I am off to a slow start and have only closed 1 so far. But I am feeling optomistic. I think I see signs of the economy started the slow curve back up.

I am still trying hard to improve myself and continue to take classes. My company and my local board offer many opportunities to learn. I even went to a two day class about real estate advertising ( and drug my husband along. Surprise, surprise, he liked it!) I have the best most supportive husband anyone could ask for.

Sometimes I thing I should have given up on real estate because I am just barely breaking even, but I love it and am not ready to give up. And I know with time and experience, I will start makeing more money. Besides, with me I am not in it just for the money. Growing up, my family never owned our home. My first home was the one my husband and I bought 6 years ago. It was such an unbelievable feeling to say this home is mine, and I got into real estate to help others, especially first time homebuyers.

While I was taking classes to get my license I heard all the statics. 2 out of every 5 new agents don't make it through the first year. Half of those left don't make it through the second year. BUT I DID IT. I am either very stubborn or a glutton for punishment, I'm not sure which.

So all you rookies out there, don't give up if this is what you really want to do. By the way, when are you no longer considered "a new agent?"

Any time before you plan to purchase:

Begin saving for a down payment. The sooner the better!

Six months to a year before:

Check your credit report and credit score. You can get one free report per year from each of the three credit reporting agencies, Experian, Equifax and Transunion from the following website. https://www.annualcreditreport.com/cra/index.jsp Getting your actual credit score does cost. You can get it at http://www.MyFico.com

Check the report for errors and get any discrepancies cleared up. Your ability to qualify for a mortgage and the interest rate you will pay is directly tied to your credit score!

If you plan to sell your current home, get it ready for market by cleaning, painting and repairing.

Three months before:

Go to your bank or credit union or a mortgage company and get pre-approved. This will give you an idea of what price range to look in. If you qualify for less than you hoped, don't get discouraged. The lender can also give you advice on how to raise you score and improve your credit. It might mean waiting another year to buy a home.

Start looking at those free Real Estate books, on the internet, and the Sunday paper real estate section and go to open houses. Get an idea of what is out there and what area you want.

Start interviewing Realtors and find one you feel comfortable with ( going to open houses is a good way to do this). You will be spending a lot of time with this person. The commission payed to the buyers agent comes out of the fees the Sellers are paying their Realtor. The commission on the listing is 6%. The Seller's agent gets 3%, the Buyer's agent gets 3%.

Start looking at houses with your Realtor! This is the fun part.

We found the home we want. Now What?

It usually takes about 3 to 4 weeks to complete the sale from offer to close.

1.Mr and Mrs. Buyer will sit down with your Realtor and write up "an offer". This tells the seller how much you are offering and what terms you want. Although it is written on a purchase contract form, it is not legally binding until both sides agree on the terms.

Some of the things the two sides have to agree on are price, how many days before closing, who pays for the survey?

Are you going to ask the sellers to pay for a residential service contract? This is a great idea. A residential service contract is written for one year and costs about $400 dollars. It covers repairs of most things that could break during that first year. And can be renewed each year ( at the homeowners expense).

Are you asking the sellers to help with closing costs or down payment assistance?

At this time you will also give your realtor two checks, one for an "option fee", the other for "earnest money". If buyers and sellers don't agree on terms and the house doesn't go "under contract" the buyer gets both checks back. If the sale goes through, the $550 is credited to the buyers at closing.

The option fee, usually $50 is made out to the sellers. This is a fee to put the house on layaway for you for 10 days while you get an inspection and make your final decision about buying the house.

The earnest money, usually $500 is made out to the title company where your closing will occur and is to prove to the sellers you are serious about buying the house and have the funds to do so.

2.The seller makes a "counter offer" "I will not accept the price of $$ you offered, but I will take $$$. Oh, and you pay for the survey."

3.Sometimes this back and forth can go on for several days or weeks. Once the two sides agree on terms, the papers are taken to a title company and receipted. It is now officially "under contract".

4. Now, Mr. and Mrs. Buyer, order your inspection. It is not required by law, but it is never a good idea to buy a home without one. This will cost about $250. This is where your 10 day option period comes in. The 10 days begin the day AFTER the property is put under contract. If problems show up in the property you don't feel good about, you can cancel the deal before the 10 days are up. You get the $500 earnest money back, but not the $50 option fee.

5.If the inspection turns up something, request that Mr. and Mrs. Seller make repairs. Keep in mind they are not obligated to make the repairs. That means you have a choice of taking the house as is, or walking away from the property. But if you still want the house, some mortgage companies will require the repairs be done before funding (especially if the problem is termites), so you may have to pay for them yourself if the sellers will not.

6. If the repairs are made and both sides are happy and the 10 option period is passed, the title company and mortgage company will begin to prepare for closing.

The mortgage company will order an appraisal. This is usually done about 1 week before closing and is where a licensed appraiser looks at the house and ones like it, or "comps" in the neighborhood to make sure the house is worth what you are paying for it. If it is not, the mortgage company will not fund your loan.

At about the same time your mortgage company will run another credit check on you. So while you are waiting for the sale to go through DO NOT go on a shopping spree. Do not go open a charge account at a furniture store and buy new furniture for your new house! Do not buy a new car for the garage in your new house! This is very important because if you create new debt it will change your debt to income ratio and you will not qualify for the mortgage loan. Being denied funding is one of the few ways you can be released from the contract once the 10 day option period is up. The other is death of one of the parties.

7. One or two days before closing you receive papers from the title company. It will contain the results of their title search and a title insurance policy. This is their guarantee to you that the title is free and clear to be transferred to you and all liens against it will be cleared up before the deed is transferred to you. Look these over and ask your Realtor if you do not understand anything.

You will also receive a HUD Settlement Statement. This is a complete accounting of what the Buyer's and Seller's charges are and how much money you will need to bring to closing. In Texas if it is under $1,500 you can bring cash or a personal check. If is more than that you must bring a cashiers check or money order.

8. Closing day! After signing many papers, you will receive the keys to the property. Congratulations, you are now a homeower, Umm homeowner!

This is a large two story home for a large family! Totally remodeled inside. 4 bedroom 3 bath with living room, formal dining room, and second loft/living area upstairs. Large fenced backyard, and 1 car detached garage.

Close to MCC. Offered at a very affordable $79,000 by Ann Cordes and Esther Trejo of Century 21 Towne Adams. Call Esther at 254-716-6469 or Century 21 Towne Adams at 254-755-0021