Archive for the ‘Buyers’ Category

Homebuyers Can Be Victims of Houston Home Mortgage Fraud

Wednesday, July 6th, 2011

The FBI, and the US attorney general have been on a mission since 2005 to arrest, and convict any person involved in committing fraud by deception when it comes to home loans. Even though a homebuyer has nothing to do with the scheme that many mortgage brokers are a part of, they can lose their homes all the same. There might even be some jail time involved until it can be proven that the consumer had nothing to do with the crime in the first place. It is unfortunate that this happens to unsuspecting people looking to buy their next or even first home, but greed is the deciding factor when it comes to any white-collar crime.

What happens in most cases, a married couple or even an individual will come into a lending institution to get approval for a home loan. The agent or broker will run their credit checks, and look at everything pertaining to their income, and backgrounds. They already know that these prospective applicants cannot be approved for a loan, but instead of telling them no, they falsify the records that they submit on the application to the host loan grantor to ensure approval.

Everything seems fine for a while, and the homeowners are happy to have received the loan, and have settled into to their new lives of home ownership. Then one day an FBI agent shows up at their front door and delivers the news about the loan being illegal due to the falsified information that was listed on the application. Usually these investigations are launched when a certain loan brokerage in the Houston area are having too many defaults under their name.

This causes an immediate foreclosure on the home, and the buyers are not only out of a place to live, they have lost their down payment, and all the closing fees that go along with the purchase. This happens more than some might think, and as home sales dwindle across America, these loan agents are becoming desperate to maintain certain levels of income from their commission on deals that they close. This is a very hard crime to prevent in the first place, as it is done without the applicants seeing the flawed information, and there is no way they can verify that the real documents were sent.

The outright defiling of the great American dream is happening all too often and is financially destroying families left and right. One way of verifying that the company cutting the check for you loan has the right information, is to contact them directly once approval is received, and ask for a copy of the application to verify it’s correctness.

Are You Having A Tough Time Buying A Home in Houston Right Now?

Thursday, June 23rd, 2011

Well you are not alone with this issue, and many people would love to move out their apartment, or rented home, and start living that “American Dream”, of being a bona-fide homeowner. There are many reasons that people are not qualifying for home mortgages in the Harris County and surrounding areas right now, and some consumers will have multiple reasons preventing them from buying their dream home. There is a huge inventory of available homes all over the Metroplex, but even lowering the prices on them does not seem to make them move any faster to a sale.

Debt To Income Ratio

There are stricter standards being laid out as this is being written, and the old sixty percent debt to income ratio will no longer be tolerated. The new figure that Fannie Mae has put into operation is forty five percent, which cuts down on the consumer’s buying power quite a bit. The government and the lending industry as a whole know that all to often homebuyers, mortgage agents, and realtors will try to force a sale on a home that cannot be afforded. In a perfect world your housing costs would not run over twenty-five percent of a person’s annual income. This is a figure that is from the 1970s and 1980s, and people do not mind being drowned in debt currently.

Foreclosures

This has put many people in the rental market, and there currently not any home loan companies that will take a chance on someone that has already lost their home due to financial difficulties. For these future homebuyers, it would be wisest to get out of debt and rebuild their credit file, and score for a purchase a few years down the road. It is also a good time to just completely get out of debt, so when your credit is restore, there will only be the house note on your debt to income ratio.

Mortgage Lenders Missing The Closing Dates

This issue has everyone involved in the home buying process enraged currently. Home loan companies are given a closing date, and they agree to it, but just as quickly they will add, “but we cannot guarantee the date”. What happens is that the closing day comes, and the lender has not responded, or worse yet the day before, they have new issues about the loan, and they will need more time to let the borrow correct the situation. No one really understands the stall tactics, at all, but it is making home sellers rich, because the can refuse to extend the closing date, and just pocket the earnest money that was put down.

Exploring Cypress-Bridgeland Master Planned Community

Monday, May 16th, 2011

Growing up North, I’ve always been fond of residential suburbia, which greatly defers from subdivision living encountered upon moving to newer and expanding locations, such as, Houston. However, the growing trend in housing is “master planned communities”, which according to Chris Fiscelli writing in Reason Public Policy Institute, are “suburbia’s response to the boring, cookie-cutter, detached globs of housing that still make up much of America’s suburban nation”. The distinguishing markers of a master planned community are as follows; golf courses, expansive parks with bike paths and jogging trails, and even community clubhouses with recreational facilities, such as, pools and spas. So it seems that just as Americans are demanding more amenities and luxuries in their everyday products i.e.; cars, cell phones, we are now requiring our neighborhoods to supply an abundance of recreational amenities from which to choose but how do you know which community works best for you and your family?

Master Planned Communities: Cypress-Bridgeland

Bridgeland is an 11,400 acre master-planned community in northwest Houston, which includes 3,000 acres of open space. Bridgeland’s appeal lies in its fusion of outdoor amenities and its award winning schools in Cypress Fairbanks ISD. Offering 60 miles of interconnecting trails, Bridgeland connects community residents from border to border. Breathtaking views, courtesy of over 900 acres of Bridgeland lakes and waterways along with vast outdoor space won’t be diminished by unsightly power lines because Bridgeland has buried all underground power lines.  Most appealing to the environmentally friendly residents is Bridgeland’s self-sustaining irrigation; it is the first community in Houston to embrace the ‘Purple Pipe’ system, which uses recycled water from Bridgeland lakes to irrigate all common areas. Bridgeland offers a variety of housing options with prices ranging from the $160s to custom home designs over $1 million. These are just some of the qualities that have earned Bridgeland the title of #1 master-planned community in the nation by the National Association of Home Builders.

Contact  Bonny Roman @ 832-878-7713 to find your Bridgeland home.

Close To Houston Tomball Still Has That Small Town Atmosphere

Monday, February 21st, 2011

Anyone considering the Magnolia, or Spring areas for real estate would be doing themselves a disservice by not seeing what the city of Tomball has to offer in the way of single family homes. The FM 249 Freeway branches off Beltway 8 and makes for a pretty quick ride home when living in this part of Harris County. Though the little city is growing every year, it still has remnants of that down home Texas lifestyle that appeals to many who have to work in Houston during the week. The home prices are reasonable, and may be a touch higher than communities further out, but the close proximity to Houston, and trivial travel times makes this a great location to raise a family in a safe setting.

Just minutes from The Woodlands, and Willowbrook malls there is not enough time to completely see the shopping opportunities that are available in a month of Saturdays. However, Tomball is considered by many to be a bedroom community, and offers mostly low paying retail jobs for the locals. It is the perfect hub when the scenario arises where one spouse may work in one of the facilities at the Research Forest complex in The Woodlands, and the other works in Downtown or North Houston.

The Tomball independent school district is highly rated on the national scores, and there is also a private Christian High School as an option for parents when their children reach the appropriate age. With over sixty thousand people per year moving into the Houston Metroplex, alternative and more cost effective housing is needed, so they start searching the outskirts of they Bayou City for such relief. In a word, Tomball “fits” that niche perfectly, and offers an environment that many find appealing for family living.

Though rich in history, one landmark in Tomball Texas is unbelievably a restaurant. Goodson’s Cafe was one of the first eateries to open in the city and has been a true friend to the visitors and citizens of Tomball since 1950. Touted as having “The Best Chicken Fried Steak In Texas”, droves of people come everyday for lunch and dinner with lines sometimes going out into the parking lot. This writer has personally sampled the chicken fried steak and at least twice a year makes the one and one hour commute each way to eat there and soak up the family atmosphere that exudes from the establishment. Serving chicken fried stead for sixty years makes for plenty of practice that has turned into perfection.

The Process of Making an Offer

Monday, November 8th, 2010

The real estate market is dynamic, so buying a home here will likely require quick thinking on your part. With that in mind, if you are considering a purchase in the Sugar Land real estate market, you owe it to yourself to understand the process of making an offer so that your home buying experience can be quick and (relatively) effortless.

Here are some factors to considering when making an offer in the progressive Sugar Land real estate market:

  • Making a Low Offer – Many buyers may be apt to make a low offer, given the struggles of the real estate market. However, this type of strategy may backfire and result in an immediate rejection of your offer. Instead of making a low offer, consider other factors, such as contingencies (is your offer based on the sale of your home?); repairs that may need to be made to the home; and the allure of a cash offer.
  • Including Contingencies – Most real estate offers include a few contingencies and two of the most common including a financing contingency and an inspection contingency. A financing contingency makes the sale of the home contingent upon the buyer’s ability to obtain financing and an inspection contingency makes the sale of the home contingent upon a clean inspection. Your offer may include these contingencies or no contingencies at all.
  • Considering a Low-Ball offer – A low-ball offer, a common term used to describe an offer that is far below the asking price of a home, is a tricky prospect. In fact, most sellers will flatly reject low-ball offers and not even engage in negotiations. Take the time to find comparable home sales in the neighborhood, for example, to back up your offer. If you put in a low-ball offer, make sure you have the reasons to back it up or else you could end up accomplishing little more than offending the seller.
  • Negotiation Tips – Chances are there will be negotiations beyond the initial offer. Therefore, it is best to learn things about the seller that will help you in negotiations, such as the reason for selling the home. In particular, many motivated sellers are more likely to negotiate.

New Homes or Pre-Existing Homes: Which is the Better Value?

Wednesday, October 13th, 2010

You may have been interested in Houston’s many hot new home communities, and for good reason. Houston has its share of hot new home communities in nearly every price range and for nearly every budget. In fact, owning a new Boston home has never been more accessible.

However, it is also important to consider the deals to be had with Houston’s fantastic inventory of pre-existing homes. We know that interest rates are down and selection is great, both for new and existing Houston homes, so which is the better value?

Let’s consider:

  • New Homes will likely have all of today’s best safety features, which is a bonus for many home buyers. As a result, hazards within the home may be decreased, thereby protecting your family better than a pre-existing home.
  • Pre-Existing Homes likely have bigger yards. Newer homes are often built on smaller lots, compared with pre-existing homes, which often boast larger yards for the price. So if the size of your property is important to you, consider pre-existing homes, as they will often feature more outdoor space.
  • Pre-Existing Homes are likely to be less expensive. If money is an issue, or if you simply want to get the most for your money, a pre-existing home is probably the better bet. Because pre-existing homes don’t come with all of the modern features and design of new homes, the price tag is usually significantly less.
  • New Homes are likely to be more energy efficient. From energy-efficient windows and insulation to low-flow showers and toilets, new homes are typically equipped with all of the latest “green” building materials, appliances and fixtures.
  • Pre-Existing Homes usually have more interesting architectural features and finishes. For some home buyers, there is simply no substitute for beautifully refinished hardwood floors and decorative crown molding found in pre-existing homes. Therefore, if you love traditional styling a pre-existing home is probably best for you.
  • Pre-Existing Homes usually have more room for negotiation. Many of today’s hot new home communities throughout Dallas are highly desired, thereby leaving little room for negotiation. Owners of pre-existing homes, however, may be more anxious to sell than a buyer, so you could realistically negotiate a better price.

Building Green: What you need to Know

Tuesday, October 12th, 2010

If you are looking at River Oaks custom homes, you may have thought about incorporating green building materials into your project. In fact, it is quite common to see green building materials and processes being incorporated into River Oaks custom homes.

There are a number of ways in which you can begin incorporating green building standards and practices into your River Oaks custom home. Here is a list of key features of today’s green homes:

  • From the design and construction of a home to its energy and water efficiency, one of the first things builders consider when building a green home is the home’s overall impact on the environment. In other words, it is quite common for builders to focus on such things as indoor air quality, building design and building materials.
  • Many of today’s green building products are easy to locate because they come with an ENERGY STAR rating. You may find ENERGY STAR ratings on everything from light bulbs and lighting fixtures to appliances, windows and water heating systems.
  • Beyond ENERGY STAR appliances and fixtures, you may want to consider low-flow shower heads, water-saving toilets and faucets and wastewater treatment systems, just to name a few.
  • When building River Oaks custom homes, the design of the home is often just as important as the features that go inside the home. In particular, the layout and floor plan of the home, as well as the home’s position on the lot, will all affect the ways in which you heat and cool the home. For example, it may make sense to pay attention to the natural light that the lot receives when configuring the lot’s development as to reduce lighting needs.
  • Building materials are now a large part of the green building process. In fact, it is quite common to use renewable materials and rapidly renewable woods when building River Oaks custom homes. You can also find recycled content in many of today’s carpets, tiles and concrete materials.
  • The HVAC system of the home must be efficient and the home must be properly ventilated when considering green building standards. In addition, the use of low-VOC paints and finishes should be considered as to improve the home’s indoor air standards.

How to Approach the Home Buying process with a Level Head

Sunday, September 19th, 2010

You know you want to buy a house. But what’s next?

If you’re like most homebuyers, the process of purchasing a Galleria property can be downright frightening. You may be asking yourself a wide array of questions: How much house can I afford? Is my credit good enough to secure a loan? Where do I want to live? How much will I get for my current house? Should I hire a real estate agent to help me through the process?

Although you have many options when it comes to purchasing a house, and each house buying experience is decidedly different, there are a few things that every homebuyer can do to ensure that they keep a level head throughout the entire process:

  • Make it your mission to learn everything you can about the home buying process – before you begin! Simply put, there is no substitute for education and knowledge when it comes to purchasing a new Galleria home. The home buying process is a long –and often complicated – process, and if you don’t understand the process you could find yourself even more confused than you thought. And, if you’re confused, chances are that you are not making the best decisions regarding your home purchase. From reading books and online articles to hiring a qualified real estate agent who can guide you through the process, you simply must make it a priority to learn all you can about the home buying process.
  • Your credit IS important. Don’t assume that your past credit indiscretions are going to be forgotten when it comes to obtaining a home loan. Now, more than ever, lenders are scrutinizing the credit reports of their applicants and turning down more people than they are approving. Therefore, the best thing you can to do ensure that your credit is in good shape is to order a copy of your credit report from all three credit reporting agencies and repair your credit before you head to the lender for a home loan.
  • Don’t underestimate the power of a qualified real estate agent. Sure, you can purchase a home without using a buyer’s agent, but is it really in your best interest? A qualified, educated real estate can be your best advocate when it comes to buying a home, and can be there to guide you throughout the home buying process and answer any of your questions or concerns. In addition, a buyer’s agent will help you negotiate the deal and guide you through the closing process.

What to Expect in a Real Estate Purchase Agreement

Monday, July 12th, 2010

A real estate purchase agreement, just like any other piece of legal paperwork, can be a bit confusing. In addition, there are many things that you will want to consider before signing a real estate purchase agreement.

In particular, you will want to make sure that the terms and conditions of the purchase agreement are suitable to you, the buyer for the purchase of an Uptown property.

The first thing you need to understand is that a standard purchase agreement for a residential real estate transaction is quite lengthy and quite complicated.  However, don’t use this excuse for not thoroughly reading the agreement, as this could spell disaster for you. Take the time to read the purchase agreement carefully and immediately ask for clarification on anything that you don’t fully understand.

Although you will need to be slightly flexible with the seller when it comes to negotiating your real estate purchase agreement, you should not sign it until it is satisfactory to you.

Here is a list of questions that you will want to ask yourself when reading the purchase agreement:

  • When does the inspection need to be completed? Who is responsible for making the repairs as a result of the inspection? Make sure your purchase agreement leaves room to negotiate repairs with the seller. A standard purchase agreement will likely have some language regarding repairs on the home as a result of the inspection report.
  • Is the seller providing a home warranty on the property? If not, it may be in your best interest (and the seller’s, for that matter) to purchase a home warranty for the property. Most of the time sellers are willing to foot the bill for a home warranty on the property.
  • When is the escrow due to close? The closing date on the purchase agreement is one of the most important details, for both the buyer and the seller, so pay close attention to the date and make sure that it is convenient and realistic for you. Once again, you may have to be flexible in this area, but it should nevertheless be satisfactory to you.

Consider Objectivity when Purchasing a Home

Thursday, June 3rd, 2010

Purchasing a River home is one of the biggest financial decisions you will likely ever make. It can be exciting, exhilarating and stressful. Because there are so many emotions involved with purchasing a home, you may find yourself letting your emotions guide you in the home buying process.

Although you may walk into your dream home and instantly fall in love, you have to take a step back and consider all of your needs and wants. In other words, don’t let your emotions get the best of you! It takes a level head and a lot of consideration to find the home that will best suit you, your family and your budget.

The Price of the Home

You may find a home that meets all of your requirements, but the price is just a little too high. However, upon walking into the River Oaks property and falling in love with the vaulted ceilings and gleaming hardwood floors, the idea of your budget may become a distant memory. Make sure to ask yourself plenty of questions, including:

“What will my monthly payments be if I were to purchase this home?”

“How much will I need to have for a down payment?

“Will I have enough money to comfortably handle home expenses, maintenance and moving expenses?”

The Condition of the Home

How much can you realistically tackle if the home needs upgrades or improvements? Can you afford to repair or replace the roof? Will the plumbing or electrical need upgrading? Will you have enough money to handle repair and renovation costs once you pay your monthly mortgage payment? All of these questions should be considered when purchasing a home that needs lots of TLC.

The Size and Layout of the Home

Does the home have enough bedrooms and bathrooms to accommodate your family? Will you need to consider a growing family and the space requirements that go along with it? If you’ve already fallen in love with the spacious master bedroom you may very well overlook that fact that the home’s backyard is simply to small to accommodate your small children, for example. Make a list of must-haves and bring it with you each and every time you view a home.