The Willowbranch Lofts are well under construtction and what better way to show the progress then to blog about it. Here is a video showing the frontage of the Willowbranch Lofts under construction. It’s not much, but it is a glimpse of what’s to come!
Paul B. Perez, AHS
Licensed Realtor®
Prudential Texas Realty
Main: 512-380-1469
See more of our <a href=”http://perryhenderson.postlets.com” target=”_blank”rel=”nofollow”> available listings here.
For more Information regarding Down Payment Assistance and Lease to Own Properties Contact Paul!
I recently posted a question on Trulia to this effect:
Foundation Findings? What is acceptable variation in the foundation? I hear 2-3 is the norm and that no foundation is ever zeroed out? One engineer tells us that it slopes and to have it repaired. The other says there are slight variations but does not suggest any repairs? The slope claiming engineer used a water level. The variation claiming engineer states that a more expensive tool called a zip line level should be used for more accurate measurements? No cracks or sticking windows present. What would you advise to your client?
After a few long days of sleepless nights and a crash course in foundation repairs I have been able to come up with this acceptable conclusion for folks looking for an answer to my question.
The owner of the foundation company explained to me that there is a measurable amount of moisture that is trapped underneath the slab when any foundation is poured. Over time the trapped moisture dries, which causes the soil to compact and crack, which causes the foundation to shift.
Foundations leveling standards are determined on a case by case basis. In this case the home was evaluated and thereby concluded that a level cosmetic appearance and structural integrity would be the determining factors when performing the contracted workmanship. The owner further stated that if any foundation is corrected to its originally intended level surface that the foundation would raise but would create voids in various parts of the house, thereby causing sagging in the foundation and could create potential for further foundation failure.
I recently posted a question on Trulia to this effect:
Foundation Findings? What is acceptable variation in the foundation? I hear 2-3 is the norm and that no foundation is ever zeroed out? One engineer tells us that it slopes and to have it repaired. The other says there are slight variations but does not suggest any repairs? The slope claiming engineer used a water level. The variation claiming engineer states that a more expensive tool called a zip line level should be used for more accurate measurements? No cracks or sticking windows present. What would you advise to your client?
After a few long days of sleepless nights and a crash course in foundation repairs I have been able to come up with this acceptable conclusion for folks looking for an answer to my question.
The owner of the foundation company explained to me that there is a measurable amount of moisture that is trapped underneath the slab when any foundation is poured. Over time the trapped moisture dries, which causes the soil to compact and crack, which causes the foundation to shift.
Foundations leveling standards are determined on a case by case basis. In this case the home was evaluated and thereby concluded that a level cosmetic appearance and structural integrity would be the determining factors when performing the contracted workmanship. The owner further stated that if any foundation is corrected to its originally intended level surface that the foundation would raise but would create voids in various parts of the house, thereby causing sagging in the foundation and could create potential for further foundation failure.
Just press play! You may want to keep the cursor on the pause button as it plays a bit fast.Please visist my website for the latest news and info regarding Austin, TX at www.prudentialtexasrealty.com/paulperez
So you want to buy your first home but don’t know where to start… The first thought that comes to mind for many first time buyers is to jump on the internet and start looking at what’s available. “How much can I afford?” This is probably the first and most important question you should ask yourself. “How do I figure that out?” Call a loan officer is my advice! “But I don’t want to call a loan officer; I heard it could affect my credit!” If this sounds like you then read on. Loans now days are issued on DTI or Debt to Income Ratios coupled with your Credit Rating. “What’s a DTI?” Debt to income is exactly that. How much you are obligated to pay divided by how much you bring home pre-tax. For instance, You make $2,400 per month, but you are obligated to pay $500 per month on minimum balances due on your credit card, car loan, etc. In this situation your DTI would be 500/2400= 20%. ***Only the balanaces reflected on your credit report need be used to figure your DTI: cable bill, gas bill, and electric need not be figured in!***
The next step is a bit more complicated. I am going to adding more to this self-qualifying in the near future so keep in touch….
Two days ago I finished my last module to become an Affordable Housing Specialist. There are all kinds of programs out there to help almost anyone get a place to call home. There is a program here in Texas that will contribute 5% of the price of the home to help pay for down payments and closing costs. This program is a grant and does NOT have to be paid back.Can you believe that there is also a program that requires you to be denied from other lenders in order to qualify for up to 105% of the cost of a home. In other words, there can be NO Down Payment! Over the next few posts I will show you the programs and where to go to for more information.Not overlooking out vets, the Texas Vet program offers our Vets a great opportunity to borrow upwards of 400k for a home with interest rates as low as 4.25%!Visit often to see what we can do to help you own a home of your own.Please visist my website for the latest news and info regarding Austin, TX at www.prudentialtexasrealty.com/paulperez
Anyone in the U.S can buy a house using the following estimates based on a purchase price of $100,000:
Earnest Money: $500-1.5% of the purchase price: This is used to demonstrate the buyers seriousness to the sellers. This comes in handy when there is a multiple offer situation. It is also used as an indicator to the seller as to the financial ability of the buyer. This can be refunded to the buyer if they decide to terminate the offer before the option period has ended.
Option Fee: $50-$100 U.S.: An option fee is paid to “buy time” in order to obtain an inspection of the property; usually 7-10 days. This is only an option, so you don’t have to do it. This is paid at the same time the contract is presented, and it’s best when you stipulate that the option counts towards your purchase price. This does not get refunded if you decide not to go through with a contract.
Inspection: $150-250: This is conducted immediately after a contract has been receipted from the title company. This should be completed within the first 72 hours of receipt as this will help you finalize your decision as to the quality of the house. If repairs are needed then it would be wise to have your REALTOR draft an addendum asking for a concession from the seller to have the repair made and paid for at closing.
Appraisal fee: $350-$500: The bank will not loan you money without one of these. This is paid out of your pocket before you get the property.
How many of you have told yourself that this was the last year you where going to rent?
How many of you are renewing your lease yet again?
Don’t you think it’s about time to stop thinking; and finally make the moves?
How many excuses can we find to keep paying rent?
I come in contact with many people in many different situations. Some have crappy credit to put it lightly. Others are of the 80/20 nature; meaning one of them has 80 percent of the credit and the other has the other 20, etc. Some are so well qualified that they assume anytime is a good time. There is a good number of young couples that are looking to stop wasting their money on their landlords mortgage; and putting that towards something better. What and how? Let me tell you about this scenario from just the other day…
There was a young couple New Year’s day I ran into. It was kinda cold and they where looking for a place close to Decker lake and not far from Down Town. There is a little subdivision in the North East called Sendero Hills that was perfect. Take MLK East past 183 & you will see 969 on the left hill after the RR tracks. Sendero Hills is behind the awesome Agave homes on the hill overlooking Down Town. I showed them the house they wanted to see and a different home that I had listed on the same street. I was still a little shook from the New Year’s the night before; but they were understanding. I showed them a great place, but we were not sure if his boat would fit in the garage, not to mention the grade up to the garage was steeeeeep!
They were talking about buying later and then I asked them “Why don’t you both lease to purchase?” I explained to them that even if they were not married it was just a lease with an option. So it wouldn’t be any worse than a normal lease. I’m glad I was able to give this couple a bit of insight as to how to convert your rent into a down payment!
Now think about your situation. If you are thinking about buying a home and on the fence; it would be wise to consider this:
If you pay $1000 a month in rent; then you pay $12,000 a year. Perhaps you ask for 50% of each months rent to be credited towards the purchase of the property. When? 1 to 5 years. At the end of 1 year you will have $6000 of YOUR rent that counts towards the purchase of YOUR new home. Many investors prefer this method over traditional market sales. They get tenants that care about the condition of the property and treat it like a home! When you close you ask the seller pay for a 1 year home warranty after you close! If you are fortunate enough to find someone that is willing to do this then do it! You are going to pay to live somewhere! Even if it’s not what you “dream” about you can at least put your money to work for you.
So make Home Buying a resolution this year! I am and I’ll keep you posted on my adventure.
If you are in the market for a home and have never owned one before then you have come to the right place! There are many different things that you have to stay abreast about in order to get the best possible deal. Right now FHA regulations are changing! There is legislation that is currently pending to allow buyers to put down a mere 1.5% at closing in order to get a home. If you think about it that’s only $1500 for every $100,000 dollars. Currently it’s 3% (about $3000) for every $100k. If you don’t have it, don’t stop reading: there are other ways to account for the 3%.
If you are a true first time home buyer then there is a dream rule that I impose on all of my first time clients. YOUR FIRST HOME WILL NOT BE YOUR DREAM HOME!
Many people hear that and are immediately disenchanted with owning a home. The truth is that the average person can’t go out and qualify for a dream home, so a shake my imaginary client in the friendliest way and tell them to stop dreaming! Instead let’s focus on the positive possibilities.
For instance, your first home should be a place that not only “feels homey” but is affordable. Many first time home buyers go out and max out the credit that is afforded to them through a lender. Don’t be that person! Instead take the number given to you from your pre-qualification letter and discount it by about $20k, this will save you at least $100 per month based on today’s interest rate. I call this the fudge factor.
What’s a fudge factor? The easiest way to describe A Fudge Factor is with this thought: “I don’t know what tomorrow brings so I had better plan something for it just in case!”
Next, you will have to cough up about $400 for an appraisal fee, $100 for an option fee, $300 for an inspection and $500-$1000 for an Earnest Money Deposit.
Blog Reader: What’s an appraisal for and why do I have to pay for it?”
Paul: It’s a third parties opinion of the value of the home. Loans are based on appraisals, so you have to pay for it!
Blog Reader: “What’s an option fee and why do I have to pay for it?”
Paul: An option fee is exactly that, an option. An option to do what you ask? An option to have a home inspector come in and tell us what’s wrong or not wrong with the property. Like I said, this is an option, but I highly suggest you obtain this. Some inspection companies will wait until closing to get paid on inspections. Ask me which ones when we write an offer and I’ll tell you!
I started my adventures in real estate when I was 23. At the time there was a huge buzz about California and my dad was in my head selling me on a dream of moving from Texas to open a brokerage firm of our own. It didn’t take long to realize that I didn’t know too many people that qualified for a loan which required a six figure income. Not to mention that I wasn’t going to be able to work with my Dad.
While I was obtaining my license in California I attended Rio Hondo Community College and went to The Mullhearn Academy. The Mullhearn Academy was run by a slew of California’s brightest; including David Wick, Tim Rush, and the legal forms lady(I’ll remember your name and come back to edit it!). Dave, as we called him, was a great teacher who taught us the day to day about being an agent. One of the funniest things he said at the beginning of the course was “Go get yourself into a world of debt!” This was very contradictory to what anyone has been taught. He immediately combated everyone’s astonishment with “It takes a good reason to motivate people into doing what they have been capable of doing their entire lives!” At that time I didn’t fully understand what he was trying to say!
Bruce Mullhearn was the man though. He had started his business about 20 years prior to that and told stories that would blow your mind! He was from Newcastle, England. He had an amazing model for a Real Estate Brokerage firm that spand across the Los Angeles Valley into at least 8 offices. I was able to work for Bruce in the evening as a Recruiter; I was able to learn his various techniques from educating prospective Realtors, to recruiting them, to arming them with appropriate tools and knowledge to become top producers. In California it was a bit to easy for the average joe to obtain his or her license. Simply attend a weekend crash course for three classes and a test review and if you were lucky you would pass. This realization left an unsettling feeling in my stomach, if not for any other reason but personal accomplishment. I mean how could anyone respect a weekend warrior as a professional in their respective field? Eventually I relocated from California to Austin Texas. I quickly realized that Austin was to Texas as Los Angeles was to California. On the other hand, Texas education was not for the weekend warrior. Here you have to pass five classes and pass two tests! Alas, an easy weed eater in my book. Yet still there are a few lucky folks that get through and embarrass the rest!
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