Christopher's Blog

Pocket Listing: Carriage Hills Neighborhood, Cedar Park Texas

Christopher Brooks Austin TX (REMAX Capital City Austin Texas) — Mon, 07 Jan 2008 22:04:41 -0600

So first off what exactly is a pocket listing? A pocket listing is a term used in Real Estate when a Realtor has an upcoming listing that has not yet been formally listed.

The pocket listing I have is at Carriage Hills in Cedar Park west of Lakeline. The home is a 3 Bed/2 BA 1340 ft2 3 side red brick home built by Centex Homes in 1995. The home is in good condition with a recent roof, has original paint inside, contains laminate flooring, and recent carpeting. Refrigerator will convey. Washer and Dryer is undetermined as of yet.

The home is located on a cove and sits on a treed lot and is just steps from the local park. Personally I think it is a blank pallet ready for someone to personalize and call home or for an investor looking to acquire a rental property. Lease rates for homes of this type averages $1000.

This house will be placed on the market formally within a week with pricing under $135K. Final pricing to be determined.

For more details feel free to contact me. Pictures to follow this week.

More Pocket Listings to come. So stay tuned.

Christopher

Understanding Your Texas 1 to 4 family Contract Section 23: Termination Option

Christopher Brooks Austin TX (REMAX Capital City Austin Texas) — Mon, 07 Jan 2008 15:28:24 -0600

Perhaps one of the most important (and frequently asked about) sections in the Texas One to Four Family contract is Section 23, the Termination Option. More of a benefit to a Buyer than a Seller in most cases, this section allows the prospective buyer the unrestricted right, given an agreed upon time frame and fee, to terminate if they meet the following criteria.

The first step is to negotiate the time frame and the fee amount during the offer phase. The fee is given directly to the seller in lieu of the time frame the buyer receives. Both fields within the section must be filled out and the in order for the option to be valid, the seller must receive the agreed upon fee which is generally paid within 2 days.

The termination option then gives the buyer three rights; to do nothing and simply close, to terminate the contract, or to amend the contract.

With out the first right, simply closing would be your only option with out a termination option in the contract. This is a risky option not to have because if during an inspection you found repairs that needed attention on the home, you would basically be left with little remedy and can end up with an as is home.

The second right gives you the option to terminate unconditionally. This is beneficial if there is a blatant defect in the property found during inspection or if you can't hammer out negotiations with the seller for repairs or otherwise. Also say you found out that there was a convenience store being built on your back porch having a termination option could assist you in saying "no thanks". Finally if you found out that you dream house has hit the market after you entered a contract, being able to go after the home you have always wanted can be attained.

Amending the contract can help you in many ways. The most notable is for repairs request/compensation stemming from an inspection. This gives a slight advantage to the buyer in some cases especially of the seller wants the house sold and doesn't want to lose a buyer. Here in Austin we have an abundance of buyers so this is not necessarily advantage buyer. Other changes that can be negotiated is price adjustment, movement of closing date, and other options covered by the Amendment Addendum.

Most importantly is time is of the essence. The clock starts when the offer turns into a contract. The first full days starts the day after execution of the contract and is valid for the time period stated.

For example, if you have purchased 7 days of option period starting on Jan 1st, the period is valid until 11:59 Jan 8th. If you are going to terminate be sure to have the termination document turned in to the seller's agent during that time frame or you will lose the termination option rights. If this is overlooked you could lose your earnest money and the seller could seek performance and you could end up buying the house anyway since the contract is a binding legal document.

Note that if you do terminate you will lose the option fee paid to the seller, although if you do not exercise your termination option it will be credited to you at the closing table.

For more information, please feel free to email me

Christopher

Austin Home Sellers New Year’s Resolutions for 2008

Christopher Brooks Austin TX (REMAX Capital City Austin Texas) — Thu, 03 Jan 2008 02:58:19 -0600

Yesterday I offered a set of New Year's Resolutions for any Austin Home Buyer for 2008. Today the focus is aimed at Sellers who may have plans to enter their home into the Austin Real Estate Marketplace. So for those wanting a successful sale, here are some of your resolutions.

1. Learn About the Austin Housing Market: Just like a buyer, it is a good idea to for sellers to understand their local market too. Seek the facts on your specific area where your home is located. In 2006 through most of 2007, sellers were seemingly flattered with an abundance of buyers and multiple offers. The market has cooled down a little so it is a good idea to understand the speed of your neighborhood currently so your moving plans will go smoothly. Get specific facts.

2. Spend More Time With Your Home: Today's Austin home buyer has an eagle eye when they walk up to and through a home. I have spent a lot of time and still do work as a buyer's agent so I tend to hear what things makes impressions on them. So that out of control flowerbed or that worn out carpet that needs attention is screaming for your time. Spend more time with your home and put the work into to needed to make it looks its best inside, increase its value, and reduce the market time to sell. Remember details are everything and the saying "Cleanliness is next to Godliness" applies here. If you have no idea what things Austin Buyers are looking for, seek consultation from your designated Seller Representative Specialist who knows what is in demand.

3. Discover Your Home's Right Price: Many times Sellers get caught up on what they would like to get for their home or they want this much for their home. Sometimes Sellers have done their homework and can get a close guesstimation, but overpricing can have negative effects. Longer market time and bad first impressions from buyers and Realtors alike ("Where's the value?") tend to be the major Achilles heal for Sellers. The right price sells homes timely.

4. Know When to Say When: Separate your ties to your home that is, when you definitely decide to place your home on the market. One of the biggest emotional hurdles and set backs for current homeowners selling is letting go and realizing that you are presenting your home so a buyer can envision themselves living there. Staging is a very beneficial compliment to your 2nd resolution which maximizes the look, space, and appeal of your home. Not to mention staging can minimize market time.

5. Stay Committed: Statistically we are still in a Seller's Market, but the numbers have swayed slightly. Staying proactive responding to the market and its buyers aggressively can help you sell your home quicker.

So remember, tie a string around your finger to help you keep these Austin Home Seller Resolutions for 2008 to ensure a successful sale your home.

For more in depth information on any of these areas, feel free to email me. I have a lot more to share. And feel free to comment below.

Christopher

Austin Home Buyers New Year’s Resolutions for 2008

Christopher Brooks Austin TX (REMAX Capital City Austin Texas) — Wed, 02 Jan 2008 16:33:18 -0600

Now that the holidays are over, the Texas Longhorn Bowl game has been won, the champagne glasses are empty, and all the great holiday sales are coming to an end, its time to think about our New Year’s Resolutions. For most its joining Pure to get back in shape or maybe an initiative to get organized- or maybe, just trying to stick with your new resolutions longer than you did in 2007. To help, I created the Austin Home Buyer’s New Year’s Resolutions list for 2008 conveniently available below to help if you are thinking about buying a home this year in and around Austin.

1. Learn About the Austin Housing Market: What may be a surprise to you is that our market is quite different from many of the other ailing areas of the country. Even Neighborhoods are different. National media reports on the market as a whole not areas individually. Austin did not explode in appreciation like many of the states along the coasts the led to their bubble pops. Get the facts.

2. Become Friends Again with Your Credit Report: I know you are probably thinking about the all the gifts you charged increasing your debt but whether you think you know your credit or are afraid of it, you have to know where you stand if you have visions of home buying. I read a report that identity theft rose from 20 Mil in 2006 to 79 Mil in 2007. That and careless errors reported to the bureaus are becoming more and more common. Your free yearly credit reports from the big 3 is a great place to start to grab you finances by the reins.

3. Understand How Mortgage is Changing: Also understanding different loan options is important. While there are only a handful of 100% financing programs floating around, many of the other programs and underwriting criteria have changed. Alternatives like FHA loans may be an option to fit your financial profile. Also grants and special programs like down payment assistance can also help. How do you find out about these programs? The way consumers find out is through a Mortgage Consultant. The number one way to find a Mortgage Consultant is through their Realtor.

4. Search for the Best Home for Your Family’s Needs: Location, size of homes, school district, neighborhood amenities are all important. Analyze how long you intend to stay in your home or neighborhood, distance to jobs, and convenience for shopping. Don’t be afraid to drive the neighborhoods at night or even view a couple of homes on the market at different price ranges. It is one thing to see it online on the MLS and quite another to actually walk a home. You will learn a lot more when you see with your own eyes.

5. Stay Commited: These are steps leading up to a purchase. Even if you are buying your first home, moving up, or relocating every situation is different and requires patience especially during the contract phase. I do this for a living and no two transactions have ever been the same. The one thing that is constant is knowing how to deal with these situations.

So there you have it. Even if you only make it to the gym for two weeks or fail to organize your desk, sticking with these Home Buyer Resolutions can help you successfully buy a home in 2008.

For more in depth information on any of these areas, feel free to email me. And feel free to comment below.

Christopher