In pretty much any home transaction, the home needs to be appraised before the lender will give out any money for the home. An appraiser is hired to do this job and find the appraised value of the home. Home appraisal is not an exact science, it is an opinion of value determined objectively. Chances are, if you have 10 appraisers appraise the same house, you will get varying levels of appraised value.
There are a few reasons why appraisals are conducted. While the most common one in a real estate transaction is usually based on market value, a few of the other reasons include:
Replacement Value
Assessed Value for Property Tax
Insurance Value
When the market conditions change, so do appraised values. It will never be constant.
Lenders will use which ever is lower between the sales price or the appraised value, in order to determine how much mortgage amount they will offer.
If you have any questions about buying or selling your home, please contact me, Eric D. Bolton, REALTOR. I will be pleased to help you in any way. Call me at 210.918.0307 or visit my website at www.ericdbolton.com
It started with me showing one of my listings this morning. I wasn't able to show it yesterday because the seller was being uncooperative. The buyer was patient enough and liked the house to come back this morning. We did. He liked the house, took some pictures, and I explained to him how it would work if I'm representing both him and the seller. Afterwards, I passed out listing postcards to the neighbors and left after doing a couple blocks.
I went a direction I normally would not have gone. And I stopped by the store before I went to my full time job to pick up a few things. I took my time leaving the parking lot and was driving towards my work when I saw some cars stopped at a four way stop, and when I drove past I rubbernecked. Like most of us would. And there was a man laying on the street with his face propped up by the curb. Blood was all over his face and on the pavement. He looked dead.
My mouth must have been agape and I said a quick prayer. Because there's nothing that I would be able to do I thought. People were around him, I'd just be in the way. Then I was told to turn around and go pray over him.
Now, I'm not going to argue with God. I sometimes don't always listen. That's usually about stuff he tells me not to do. And it usually doesn't involve another human being laying bloody on the street.
I turned around and got out of the car. I had never seen a dead body before that wasn't in a casket. Each step I took, I didn't want to go closer. "You don't know if he is dead. Do you know if he knows My Son yet?" "What if this is his last few minutes on this earth?" Ok.. Ok.. Not my will.. But Yours I said..
As I walked across the street he had moved his head. Praise God. He wasn't dead. A lady was on the phone calling 911. Some people were just looking at him and walked away. A lady with some dry cleaning came down and placed a blanket under his head to elevate it and talked to him. I kneeled down next to him, placed my hand on his shoulder and just started to pray for him.
He wasn't hit by a car. I overheard that he had a seizure and fell. No one around me knew him. He would go in and out of conscienceness and I would talk to him, call him my brother and pray over him. Dry Cleaning Lady would talk to him to keep his eyes open. I looked at Cell Phone Lady and she just got off the phone with 911 and she said she had his phone. I asked her to look thru the directory to find someone that might look it would be a relative.
I continued to pray over him and hold his shoulder. He couldn't form words and didn't know what was going on. I just prayed that Jesus be with him and that any injury be healed quickly. He started to become more coherant, and Cell Phone Lady found his Dad's number. But Dad's in Houston. 200 miles away from the four way stop at Silicon and Fairinon. He seemed to move when I spoke about Jesus. So, I knew that I was there for a reason. Even when I could do nothing more.
The ambulance arrived when we found out his name was Jason. The EMTs came out and recognized him as helping him before. He lives in the apartments about 150 yards from the four way stop. He's had seizures before. Apparently he hasn't been taking his medicine.
The Dad wanted to talk to the EMT. I knew everything was going to be all right. Dry Cleaning Lady had already started walking down the sidewalk. I got up, turned around and exchanged looks of "I'm not sure I was any help, but thank you anyways" with Cell Phone Lady, and we walked to our respective cars.
I drove past Dry Cleaning Lady and saw Cell Phone Lady drive off in my rear view mirror. Three strangers with nothing in common other than a fourth stranger in need of help. . All coming together through the events of the past few hours and continuing on and adjusting for the time we spend there. But even after the three of us left the fourth who we now know as Jason wasn't alone, a Friend remained. A Friend named Jesus. For He is a Friend that will sticketh closer than a brother. He will never leave you nor forsake you. And I felt confident that Jason would be ok.
I know that there's a lot more going on in this world with wars over seas and fires threatening cities. So, a man who hasn't been taking his meds might not seem like a big deal. But if we don't stop to talk, call, or pray for these single people. Why the heck are we fighting the fires and the wars over seas?
God Bless you all my friends. If and when you pray, can you please say a quick prayer for Jason. It doesn't have to be much. Just something to help him out a bit.
We have databases for buyers. We have a datbases for sellers. We have our SOI. We have past clients. But don't we need a database of professionals as well.
To find some, it's just as easy as opening your phone book and starting with the letter A.
Accountants
Appraisers
Attorneys
Auto Sales
Bankers
Chamber of Commerce
Chiropractor
Computer Repairs
Counselors
Dentists
Engineers
Entertainment Industry
Florists
Furniture Stores
Gas Station Owners
Hair Dressors
Health Insurance
House Cleaning
Insurance Agents
Jewelers
Limosine Service
Martial Arts
Newspapers
Optometrists
Pediatrician
Pest Control Services
Photography
Religious Leaders
Restaurant Owners
Roofers
Self-Improvement
Tax Preparers
VFW
Website Services
YMCA
If you have a list of professionals that you keep in contact frequently. They will have a Realtor that they may keep front of mind when they or someone they know might need one.
Pretty much anything that you do these days requires a credit check. Whether it is buying a new car, car insurance, furniture, credit cards and a home. Unless you have the blessings of everything in cash, chances are you have to face this number often.
Typical credit scores can range from 400 to 800. There are some that are lower than 400, and chances are it will be next to impossible to get them what they want. We're often judged by our credit. Ways that will affect your credit score can be any of the following:
Credit History. How long have you had credit? Lenders will look more favorably to ones who have had it longer, than those who do not.
Payment History. Have you paid them on time? Have you paid them early? Have you paid them at all?
Credit Owed. You might have over extended yourself if you happen to owe money on quite a bit of accounts.
Types of Credit. Lenders like to see a variaty of credit types. Take for instance a car loan and credit cards for example.
Do You Have New Credit. Even if paid ahead of time, new credit can be considered too risky for some lenders.
For more information about understanding your credit score, contact a Loan Officer or visit www.myfico.com
For information about buying a new home. Give me a call. 210.918.0307. I can help you get in touch with a Loan Officer who can see how much home you can pre-qualify for.
You've entered your empty nest years. Your youngest child has just disappeared down the street headed for that out of town university. You notice that the five bedroom house is just too much now. So, you begin to ponder the pros and cons about selling the house your family has grown up in. You hire a Realtor and sign all the paperwork. The sign is in the front yard, the keybox is on the front door. And you're just waiting for the house to sell.
A few weeks go by and a few people come around. Some people are interested and some are not. A month goes by and you don't understand. What is taking so long? The truth is, many houses stay on the market for several months before they are sold.
One way to make sure that your home is sold sooner than later is to look into "Staging." Staging is a newer concept used to help highlight the home in it's best light. You could hire a professional to come in and decorate the home, or you can just add a few things to highlight areas of interest in the home.
One of the things your Real Estate Agent should have you do at the beginning is to make sure you start depersonalizing your home. You've put a lot of emotional value into your home. From the paint job and shelves in your daughters room to the deck you built yourself. The fact of the matter is, the buyer will not see these as any added value to the home, even though you do. It's a pretty good idea to make the home as blank canvas as you can, so any new buyer can come in and make the memories theirs.
It's very important that you do not have any personal and family photos laying around. This is especially imoportant if you have little children. Almost every Realtor puts pictures of the home on the internet. So, we would want to make sure that we don't accidently put our children in any danger by showing pictures of them and their address on the internet.
It's also a good idea to pack away the baseball, football and track trophies. These will hold no interest to the potential buyer. Pack them and store them away.
These are just a few ideas and suggestions. If you need help getting your house ready to sell and need a Realtor, please contact me, Eric D. Bolton at 210.918.0307 or email at eric@ericdbolton.com. I will be delighted to help you out with any of your needs.
Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.
For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.
Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer's partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.
After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer's promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.
The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.
In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can't exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.
Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property's value with the appraiser's signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer's ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it's found to be imperfect.
Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.
If you need more classes on Real Estate Lingo.. Give me a call.. Eric D. Bolton, at 210.918.0307 and I can help you out.
In today's world, we have a barrage of information being shot at us on a daily basis. Sometimes we get overwhelmed on what to take in, what to pick up later, and what to let it pass.
A lot of questions come up in the Real Estate Market. Is now a good time to sell? Is now a good time to buy? What is my home worth? What's the best place to buy an investment property?
Well, that's why I'm here. My name is Eric D. Bolton and I'm a licensed Realtor in the San Antonio area who can help you answer those questions.
All you have to do is email me at eric@ericdbolton.com , or call me at 210.918.0307 and I can do my best to get the answer to your question.
A sure way to end up with sleepless nights and worry-filled days is to buy a home that is more expensive than you can really afford. Large mortgage payments, combined with utility bills, taxes and insurance can equal more debt than your income can support. The best way to avoid such a scenario is to think long and hard about what price range you are going to explore.
Many web sites offer mortgage calculators that use variables you input (i.e. expected down payment, salary, other debts / loans, etc.) to determine the maximum monthly payment you can afford. This is a useful exercise, but it does not mean you must buy in that price bracket. Instead consult with your Realtor® and see what a little less might buy you. Perhaps you don't need the extra bedroom or the biggest lot. If you can make concessions and live with a little less, it may help you in the long run.
Remember there will always be unforeseen events that can quickly put you in financial jeopardy if you have bitten off more than you can chew. Some serious examples include medical illness or job loss. But there are smaller events that can have serious implications too. An unexpected house repair, a car accident, or a hike in property taxes can tip the scales pretty quickly if you are already stretched too thin. You can avoid being caught in the red by working with your real estate agent to find the property that meets your needs and your budget.
If you don't want to get stuck getting a house that is more than you can handle. Contact Eric D. Bolton at 210.918.0307 or email at eric@ericdbolton.com. I'll make sure that you're comfortable with your upcoming purchase and do my best to show you what the future might hold with payments on the house before you go to the closing table.
Last week I got a phone call from a business that said they were looking for a Realtor to work with foreclosed homes. But my phone has been acting up and I didn't even know they called. I got the voice mail a couple days later. When I finally found out they called, I made a mental not to call back. Welp, I forgot. My fault. I didn't want to call back a week later to look like a jerk calling only when I have time..
So, I got the call again yesterday. YES! I returned the phone call right away and they said they were from US HUD. I admitted I never heard of them.
They said they were looking for EXCLUSIVE AGENTS for my area. I was like.. Oh yeah.. I'll fax the rep agreement. But they weren't going that way. He explained the info when I realized, it was a service. Cranberry Sauce!! Now I knew what was coming.
"Is this a service you offer?"
"Yes"
"Like a membership?"
He gave a canned response.
"How much does it cost?"
"We can waive the set up fee and it will be a monthly fee of $199.00/month"
"Umm... yeah! Not so much. But I thank you for calling"
So, this is just a notice to anyone that might get a voice mail from someone saying they need EXCLUSIVE AGENTS. It may not be as cool as it seems....
POPOZAO!
For Information On Buying or Selling A Home. Please contact Eric D. Bolton, REALTOR. Email at eric@ericdbolton.com and request to subscibe to newsletter or just visit http://www.ericdbolton.com/ for more information.
Moving day is typically a high-stress occasion. No matter how organized and prepared you are, there is always a chance for a few things to fall through the cracks. Here are seven things to remember on the day of the big move.
1. Keep all valuables in your possession. This includes important paperwork, collections, family photos, jewelry, heirlooms, checkbooks, wallet/purse and the like. You do not want to hand these over to movers if possible.
2. Charge your mobile phone and keep it with you. In addition, take along your address book. And before the movers depart, be sure to exchange contact information.
3. Remember to ask for a copy of the inventory from the movers. You should also note the condition of your property before they leave.
4. Take out cash for incidentals. You may need to fill the gas tank or need money for lunch on the road. If the move is taking place within one day, you will want to tip the movers if the job is completed to your satisfaction. A good rule of thumb is $20 per mover.
5. Final payment for the moving company is traditionally due upon completion of the move.
6. Don't forget medications. Like your valuables, it is better to keep medications for you and your family members or pets with you.
7. Check the house before you leave. Turn off the lights and turn down the thermostat and hot water heater. Give each room a final once over. Lock all the windows and doors.
For Information On Buying or Selling A Home. Please contact Eric D. Bolton, REALTOR.
Want to Move for Free with EDB? email me at eric@ericdbolton.com for information.
Here you will find mainly rhetorical questions about the things that happen in Real Estate.
Also, you will also find status on how I am becoming The Best Realtor in San Antonio
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Pretty much anything that you do these days requires a credit check. Whether it is buying a new car, car insurance, furniture, credit cards and a home. Unless you have the blessings of everything in cash, chances are you have to face this number often. 
In today's world, we have a barrage of information being shot at us on a daily basis. Sometimes we get overwhelmed on what to take in, what to pick up later, and what to let it pass. 
So, I got the call again yesterday. YES! I returned the phone call right away and they said they were from US HUD. I admitted I never heard of them.
;)
;)
