Wayne Johnson Coldwell Banker D'Ann Harper Realtors

San Antonio, TX-The Vineyard

One of the most distinctive landmarks in north central San Antoniois the tower at the corner or Loop 1604 and Huebner Road. The tower is on the northeast corner of the intersection. During the late 1990's, the tower was pretty much the only large structure west of Stone Oak on Loop 1604.

The tower marks the unofficial entrance to the Vineyard community. The Vineyard is the umbrella name for an area comprised of six subdivisions. The subdivisions are all under the same general covenants, conditions, and restrictions, use the same management firm to administer the rules, and handle the upkeep of the common areas.

All communities share in the use of and provide funding that support the community pools play areas, and clubhouse.

The subdivisions are Napa Forest, Sienna Woods, The Enclave, Tuscany Hills, The Renaissance, and The Province. Napa Forest and Sienna Woods are east of Huebner Road. The other communities of the Vineyard are west of Huebner Road.

The chart, below, reflects the size of the subdivisions and real estate sales activity for the first three quarters of 2009.

In the coming days, I will provide additional information about the communities in the Vineyard.

See the report on the communities of The Vineyard by following the links:

Napa Forest and Sienna Woods

The Enclave

The Province

Tuscany Hills

The Renaissance

The legislation for the tax credit for first-time home buyers was enacted in February 2009. To be eligible for the up to $8,000 refund, a first-time home buyer must complete the purchase by November 30, 2009.

After October 15, 2009, the chances for your transaction to close by the November 30 date begin to diminish. Your transaction may make it, but there is no guarantee.

Here are some of the things that could get in the way:

• FHA and VA Loans-Currently taking between 30-45 days to close. October 15 is about forty-five days from November 30. If you do not have a signed contract with a seller by October 15, your chances for making the November 30 date get smaller every day.

•Conventional Loans-Currently these are taking about 30 days with local lenders. Some internet-centric lenders take a few more days, but there has not been a significant difference thus far. Loans can be expedited and can be done in less than 30-days. But remember, the number of transactions may be higher than usual for this time of year because of the tax credit. So don't expect a deal where agreement is reached on November 15 to make it to closing by November 30. It could happen, tut it probably will not.

Once your contract for purchase has been signed by all parties, here are the things the buyer must do to reduce the chance for missing the target date and missing the tax refund:

• Submit all requested documents promptly. The ideal is to return them on the day the request is received.
• If the documents are faxed, get a fax confirmation
• If the documents are e-mailed, get a received and read receipt
• Call the requesting party and get confirmation that the information was received. Get the name of the person who confirmed the documents were received and the time of the contact.
• Ask your realtor to check with the Closing Officer at least weekly to determine the status of the documents needed to close your transaction.
• The Buyer should contact the Loan Officer to get status of the transaction weekly. The Loan Officer of their assistant may think this a bother, but they will not make you whole if your deal does not close on time. Stay on them to make sure the Underwriter will not miss your date.
• Delays in providing information to anyone involved in processing the loan, appraisal, underwriting, survey, insurance, or title could mean your loan will not be processed in time to get you the tax credit.

Be alert to requests for information. Respond promptly.

Be consistent in documenting contacts with people involved in processing the loan.

Remember the Thanksgiving Holiday week reduces the normal business week from five days to about two and a half days. If your close is December 1 or later, you will not be entitled to a tax credit based on the current law.

After a couple of days of good rain, we've greened up a little, but this small creek bed in Hollywood Park will return to its normal dry and rockly condition soon. No doubt the deers will appreciate the better quality of the grass.

Some marathon runners hit "the wall somewhere between 19-23 miles. This is the point at which they use up stored fuel within their bodies and basically have to finish the race on intestinal fortitude- mind over matter and a quick easily digestable snack during the run. Sometimes buying a house can feel similar to running a marathon.

You find a house, negotiate terms, repairs, price, and possession. As a buyer, you may think the hard work is done. But it's not. In fact, your agent has to work throughout the time between everyone signing off on the deal until you get to the closing table.

I think of this time as the "wall" in the transaction. As a buyer, you can help get to the finish line for a successful close, or you can imperil the deal and watch everything crash and burn.

How can the buyer's acts help hit the wall and cause the transaction to terminate?

• Don't miss any payments, particuliarly rent or mortgage payments
• Don't have any delinquences on credit payments
• Don't open any new lines of credit while your new mortgage is being arranged
• Try to avoid changing jobs

There are lots of things the buyer cannot control during the process. But control the things that can be controlled for a better chance at closing the deal.