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 Real Estate Blogs
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Articles On This Page:
    •  Sell your old home before you buy a new one?
    •  Bonita Springs, Estero, and the rest of Southwest
    •  Who is considered a First Time Home Buyer?
    •  Strong Texas Economy Attracting Thousands
    •  List Price, Sales Price and Appraised Value
    •  Buyer Agent Commission (BAC)
    •  Stated Income Loans
    •  Stoneybrook in Estero Florida
    •  Uniform Residential Loan Application
    •  Refinance or Upgrade Utah County Homes
Pages: 1 2 3 4 5 6 7 8 9 10 ...
Sell your old home before you buy a new one? posted by Robert A. Hulme on 1/5/2009
When it comes time to purchase a new home, the question always comes up, should I sell my old home before I buy the new one? Depending on your credit situation and your ability to qualify for two loans, this question could be easily resolved. We will assume you have excellent credit and can do whatever you please. 
It is always better to have your present home sold before you make an offer on the new home. If you have an offer with a contingency of selling the old home, the seller will be less likely to accept the offer or allow better terms. You will always be in a better bargaining position if you were able to move in without delay. 
Credit terms on you new loan will also be better based on you living in the new home as your primary residence. Banks never offer better rates or terms on a second home. 
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Bonita Springs, Estero, and the rest of Southwest posted by Jesse McGreevy on 12/31/2008

The new word out on the streets is that Southwest Florida homes are now undervalued......you can now buy property for less than you can rent and you also cannot replace it for what you buy it for. The inventory remains high which is keeping downward pressure on prices but when it starts to thin out you will see prices begin to rise again. Jump on it while you can......lets take advantage of this buyers market!!!

Jesse McGreevy is the exclusive real estate agent for:
Bonita Springs Estero San Carlos Park Bella Terra
Who is considered a First Time Home Buyer? posted by Robert A. Hulme on 12/30/2008
Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more. Some home loan guidelines are longer than that. 
There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers. First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them.
Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important.
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Strong Texas Economy Attracting Thousands posted by Chris Sato on 12/29/2008
Census bureau shows Texas economy attracting droves

 

More people are moving to Texas from other states than from other countries as the state's relatively strong employment base attracts families struggling with foreclosures and layoffs elsewhere, the Census Bureau reported in late December.

Between July 2007 and July 1, 2008, nearly 141,000 people moved to Texas from other states, compared with about 92,000 international migrants, the bureau said.

The data provides a fresh indicator of how longstanding immigration patterns into Texas are changing.

In the early years of this decade, international migration into Texas was two to three times as great as domestic, but the trend reversed starting in 2006.

Much of Texas' international migration historically hails from Mexico and Central America, where immigrants fled poor conditions. But the surging domestic migration into the Lone Star State is now likely to come from economically depressed states such as Michigan, which lost about 46,000 residents between July 2007 and July 1, 2008.

Texas gained 484,000 residents last year, more than any other state. In percentage growth, Texas' 2 percent tied for third with North Carolina and Colorado behind Utah, 2.5 percent, and Arizona, 2.3 percent.

Karl Eschbach, the state demographer, said Texas has continued to produce jobs while employment declined in many other states. He said this was the key factor driving the increased domestic migration.

"For the past several years, job growth in the United States means Texas," Eschbach said. "The Texas economy has so much outperformed the rest of the country."

Source: Houston Chronicle

Chris Sato is the exclusive real estate agent for:
Austin South Austin Round Rock
List Price, Sales Price and Appraised Value posted by Robert A. Hulme on 12/26/2008
The difference between List Price, Sales Price and Appraisal Value is very easy to explain, but not understood completely by some home buyers.
List Price – The list price is the amount entered into the MLS by the listing broker and agent. It is the asking price or offered price for a home for sale. Usually the list price is determined by comparing like properties that have sold in the vicinity. Many times the seller needs to sell the home for an amount equal to or greater than the outstanding mortgage on their home. This is not the best way to price a home especially during times when home values are deflated like the present market. 
Sales Price – The sales price is the actual price at which the home sold. This is the price that is recorded with the city and county taxing authorities and is recorded in the Public records of the county where the property is located.
Appraised Value – The appraised value is the amount that an appraiser has assigned to the home after conducting a search of comparable sold properties. There is some objectivity when assigning a value to the home based on various factors that are unique to each neighborhood. The appraised value is used primarily when lenders are determining how much money they should loan to the borrower when they are purchasing the home.
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Buyer Agent Commission (BAC) posted by Robert A. Hulme on 12/24/2008
One of the most often used marketing tricks that Listing agents use to attract home buyers is a Buyer Agent Commission (BAC) that is larger than what is generally offered. Generally speaking most home sellers offer a commission of 6 percent to the agents that assist to sell their homes. Half of the commission or 3 percent goes to the agent that listed the home for sale. The other 3 percent goes to the agent who represents the buyer in the transaction. By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show their home before the home that only has a 3 percent commission.
Home Buyers Beware
Home buyers need to understand that sometimes their agent may be motivated to show them a home with a larger BAC, only because of the larger commission they would be getting once the property sells. Make sure that your home buyer agent knows that you understand the commission process. Ultimately the sale price would be higher due to the inflated BAC. Most agents are very ethical and are able to stay objective when being offered a larger commission. 
The best way to avoid any problems is full disclosure. During the showing process Realtors should keep their clients informed of what the BAC is for each property. Recently, while working with a buyer client of mine, we came down to making an offer on two properties that were equally attractive to my buyers. Due to the fact that I had fully disclosed each property, my client turned to me and said, “Let’s make an offer on the property with the larger commission.”   I felt pretty good; I knew that by keeping my clients interest first and foremost in my mind, I was able to gain his complete confidence and trust and he rewarded me after the fact.
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Stated Income Loans posted by Robert A. Hulme on 12/23/2008
Stated Income Loans have become fairly obsolete in recent months. Due to the present situation in the Mortgage market, lenders have taken a closer look at getting as much information about the applicant as possible. Stated Income loans allow the borrower to simply state their income on a mortgage application instead of having verification. Stated Income loans were originally established to help the self-employed borrower obtain financing. Many time the stated income loan has been referred to as, liars loan, mainly because many borrowers stated what they only needed to qualify for the loan.
Stated Income loans can still be obtained although the process is much more difficult that in recent year. The applicant’s credit score must be nearly perfect and the interest rate will be significantly higher. Full documentation loans are pretty much the standard in today’s market.
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Stoneybrook in Estero Florida posted by Jesse McGreevy on 12/22/2008

If you do not know about Stoneybrook in Estero than you are missing out on a great place to live. It is golf course living without the fees!!!

Single Family homes start in the high 100+s so it is extremely affordable as well.

Call us at 239-898-5329 for your showings in this great community.

Jesse McGreevy is the exclusive real estate agent for:
Bonita Springs Estero San Carlos Park Bella Terra
Uniform Residential Loan Application posted by Robert A. Hulme on 12/22/2008
Once you have decided on a Loan Officer to represent you in obtaining a Home Loan, the first step that you need to take is the Uniform Residential Loan Application (Form 1003). This loan application has been used for many years. It is very complete and allows the lender to evaluate your ability to repay your home loan or mortgage.
In today’s Real Estate market with all the fraud that has taken place in the home buying process, the loan application has become a very important piece of information in helping determine whether fraud has taken place. When filing out the 1003, it is very important to be as complete and accurate as possible. When things go wrong following the purchase of a home, this is the first place that lenders go to determine if the borrower had made any false representations. Do not sign your 1003 until you have reviewed your application for any errors that may have been recorded.
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
Refinance or Upgrade Utah County Homes posted by Robert A. Hulme on 12/18/2008
With the real estate market going through all the changes it is presently going through, many new questions start to come up. Should I buy a new home? Should I re-finance my present home? Should I rent out my present home and Upgrade to a new home?  
The scenario I see quite often these days is the later. Many of my home buyers are looking into renting their present home due to the high demand that there is for rentals.  Once they find a good qualified renter, the next step is to take advantage of the great deals available on new homes and the low interest rates that make it possible to upgrade and keep their payment reasonable.
The re-finance scenario is more difficult to accomplish, due to the decline in the home values and the loan to value ratio not working to the lender’s satisfaction. 
Robert A. Hulme is the exclusive real estate agent for:
Orem Provo
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