{Austin, TX} Home Values Report - What's Your Home Worth?

{Austin, TX} Home Values Report - What's Your Home Worth?

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FHA LOAN - THE BASICS

FHA Loans

The Federal Housing Administration was created in 1934 as an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.


Advantages:

• Bankruptcy not an automatic disqualification (min. requirements)
• Lower interest rates
• Down payment is less (3.5%; of which can also be a gift)
• Lower mortgage points and other closing cost requirements
• Resale can be made more quickly
• Is backed by the U.S. government

Features:

• Down payment required  (3.5%; of which can also be a gift)
• Higher upfront MIP than on conventional loans but monthly MIP is lower
• Loan Limits are lower than conventional
• MIP required regardless of the Loan-to-Value (LTV)

Win the War Against Clutter

Win the War Against Clutter

Austin, TX Real Estate (Questions to ask your Realtor)

There are many complex issues and details involved in selling a home, so it’s important to consult a REALTOR® who can guide you through the process and help you avoid legal trouble. Find the REALTOR® who is right for you by asking him or her these questions.

Are You a REALTOR®?

Not all licensed real estate agents are REALTORS®. Only REALTORS® are members of the National Association of REALTORS®, which holds its members to a Code of Ethics. Additionally, REALTORS® have access to comprehensive property listing content for homes for sale in Austin and throughout Central Texas. REALTOR® members can share details about your home with other REALTORS® and expand its exposure by showing it to worldwide audiences on Web sites like Realtor.com and Austinhomesearch.com.

 

What is your background and what professional organizations do you belong to?

To ensure you work with someone who is prepared to meet your needs, your REALTOR® should be a licensed professional who is ideally a member of the local and state real estate associations and the Multiple Listing Service (MLS), as well as the National Association of REALTORS®. The associations they belong to and the activities they are involved with give you a better understanding of their key strengths. For example, REALTORS® who hold leadership positions or belong to community organizations likely have strong communication and networking skills and demonstrate a willingness to actively work for a cause they believe in. These traits are all useful in serving clients throughout the process of buying and selling homes in Austin, Texas.

 

Do you work mostly with sellers?

Some REALTORS® are strictly seller’s agents while others work with both buyers and sellers. A number of REALTORS® hold designations—such as the Seller Representative Specialist (SRS) designation—which indicate their specific areas of expertise. Having an idea of your REALTOR®’S training and experience helps you better understand the level of service he or she can provide for you.

In the last six months, how many houses in Austin have you listed and sold that are similar to mine?

Look for an agent who has experience with homes similar to yours and who is active in your area. If your home has special features, look for an agent with experience in those markets. REALTORS® specialize in many different types of Austin real estate, from luxury homes and condos to small homes and ranches.

Can you tell me about your firm and who you work with?

Some REALTORS® work individually; others work with brokerage firms that can range from small to large. Every real estate firm operates differently, so understanding their processes and special services will help you make a decision that is right for you. For example, sometimes a REALTOR® has a team of employees who handle the details or an assistant whom you might deal with directly at some point in the process.

How do you typically market houses for sale in Austin?

Learn how often your REALTOR® will hold open houses and what other tactics he or she uses to sell a home. For example, your REALTOR® may work with a home staging company to increase your home’s appeal to potential buyers. Beyond placing a sign in the yard, your REALTOR® can help you develop a specific marketing plan for your house. As REALTORS® offer different services and use different marketing strategies, it is important for you to discuss with your REALTOR® which features will be highlighted when selling your home and why.

What will you do to sell my home if the marketing plan you suggest doesn’t work?

It is always good to have a "Plan B." Your REALTOR® may decide to take a different approach to attract a different group of buyers or highlight other features of the home. Make sure you understand the strategy and what the next steps are.

What listing price do you recommend?

Your REALTOR® has the most up-to-date market knowledge to price your Austin home effectively. He or she knows the details of properties in your area, is aware of developments in the neighborhood that could impact home values or zoning laws, and understands utility issues that can impact the sale price of your home. Your REALTOR® can help set a fair selling price that should attract prospective buyers and get you top dollar in the current market.

What is your commission rate and how does it compare to that of other agencies that offer the same services?

Discussing your REALTOR®’S commission rate up front is important. There are certain factors that make up how a commission rate is structured. Remember your REALTOR®’S rate is reflective of the amount of time and effort he or she will spend marketing your home and matching you with the best deal. When REALTORS® work with a buyer’s agent, they are required to pay the buyer’s agent part of their commission. Therefore, your REALTOR® will work to sell your home for the highest possible amount.

Can you explain the listing agreement to me?

Ask your REALTOR® to go over every detail of the listing agreement with you until you understand it completely. Make note of fees and the beginning and ending dates in the agreement.

What disclosure laws and inspections do I need to be aware of?

Selling a home involves many steps and a myriad of professionals—from inspectors and appraisers to repairmen and title companies. Your REALTOR® can connect you with service providers they know and trust and ensure all aspects of the home sale are compliant with real estate law.
 
Reprinted from AustinHomeSearch.com 1-27-2014

Helpful Tips for New Home Buyers

Helpful Tips for New Home Buyers


-Know your budget - Get pre-approved for a home loan. It will let you know what you can afford when shopping for your next home. And it will help in negotiating with a seller

-Get the information on the true cost of home ownership - taxes, insurance, closing costs, total interest, etc...talk to a mortgage advisor.

-Provide all of the requested documents and disclose everything.

-Know the neighborhood that you plan to move in to....how far is it from work? What is the traffic like in the area? How are the schools? Are there any parks or green belts? What does the Homeowner's Association offer, if there is one. What are the neighbors like? You may even want to talk to them to find out more about the area and neighborhood.

-Decide on the type of house that is best for you. What is most important to you...the size, layout, floorplan, yard, kitchen size, garage, etc...


Compliments of Misty Marmolejo (Mortgage Advisor, Supreme Lending)


Misty D. Marmolejo nmls#264317
Supreme Lending nmls#1141684
11183 Circle Drive, Ste. C
Austin, TX 78736

512-445-LOAN (5626)
www.MortgageLoanApprovals.com