Bank REO’s are motivated sellers. They don’t want to keep the home for long and will try to liquidate to recoup losses. The bank … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Foreclosures – The Court House Steps - Austin Real Estate Agent, Kenn Renner
- 03/28/11 07:50 AM
If the house does not sell pre-foreclosure or short sale, the house will be sold at auction on the courthouse steps. At the court house, their will be an opening price, usually the amount to cover the bank balance and accrued expenses. The house will be bid on by potential buyers until there is a final bid – going once, going twice, sold. In 95% of the cases, the bank is the highest bidder because the auction price is higher than what the other bidders are willing to offer. If an auction bidder is successful in having the highest bid, they … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Short Sales - Austin Move Up Home Buyer Specialist Kenn Renner
- 03/28/11 07:48 AM
If an owner has a lot of equity, they can usually avoid foreclosure by just reducing the price enough to garner a quick sale. The problem comes when the loan amount is too high compared to the value. The owner is “upside down” meaning they owe more than it will take to cover the expenses of the sale after loan payoff and other selling expenses. They will approach the bank and attempt to do a “short sale.” This is where the bank will take less than what is owed so that it can be sold at a reasonable price on the … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Pre-Foreclosure - Austin Real Estate Investment Expert Kenn Renner
- 03/28/11 07:46 AM
When a home owner starts to have financial difficulties, the owners will usually start to get behind on their unsecured (credit card) debt. There are a multitude of reasons why people get behind. Job loss, medical problems, marital problems, etc. They let their credit cards go delinquent first but usually try to keep up on the house payment. When they get in further distress, they start to get behind on the house payment. They may put the home on the market and, hopefully it will sell. This is called a “distressed sale,” the seller is in trouble. Once the owner gets … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Foreclosure, Short Sale and REO Secrets Revealed - Lakeway Real Estate Expert Kenn Renner
- 03/28/11 07:45 AM
Today’s real estate market offers a multitude of opportunities to capitalize on the over exuberance of past years. There are tens of thousands of homes that have been foreclosed upon or are headed towards that possibility. These homes can be a great opportunity in the market but you are wise to consult with your real estate professional regarding the “realities” of these opportunities. Although foreclosures and short sales have gained a lot of media attention lately, the reality is that the good and great deals are farther and fewer between than you may have been led to believe. I would ask … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Be Firm With Final Touches - Austin TX Real Estate Expert Kenn Renner
- 03/28/11 07:09 AM
I once had a client who was having a home built with red brick and white mortar. The day they installed the brick it had rained and the white mortar turned pink. My client was upset so we called the builder to fix it. The superintendent couldn’t do anything about it so we called his boss, the project manager who said he could not change the mortar color. So I went up the corporate ladder to the V.P. of construction. He came out to the home and tried to convince my buyer that it was “within tolerances.” Not to my buyer! … (2 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: New Home Walkthrough & Punch List - Keller Williams Austin Broker
- 03/28/11 07:08 AM
Once your new home is complete you will do a walkthrough and orientation several days before closing. You will meet the superintendent or a warranty manager and they will give you a tour of your home. They will explain all the functions of your home and how to operate all the appliances and mechanical devices. This is also the time where you will be able to make a final punch list of all remaining items yet to be completed. It is not uncommon to have a light fixture not working or a broken window needing replacing. This is also the time … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Inspections and Repairs – New Homes - Keller Williams Lake Travis Expert
- 03/28/11 07:07 AM
It is recommend that you get an inspection on a new home. This will be done around the time of your final walkthroughs. Your inspector will want to wait until the home is complete and all utilities are turned on before doing the inspection. You do not want to wait until the very last minute before closing to do an inspection. You want to give the builder time to address issues and fix them prior to closing. You may consider a staged inspection. This is where the inspector will check the home out during the different stages of construction. Staged inspections … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Visiting Your Home During Construction - Austin Real Estate Broker
- 03/28/11 07:04 AM
As the home is being built, I suggest you visit it during construction. There are always things that are in need of adjustment. Most of the time the superintendent knows about the glitches, sometimes they don’t. My suggestion is to make a list of items you notice that are wrong and give it to you to your on-site sales agent. Keep a copy of your notes. Your sales agent will go over the list with the superintendent. If you have a list of ten things you notice wrong, your superintendent will usually know nine out of ten items but that tenth … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Construction is Stop & Go - Austin Real Estate Author Kenn Renner
- 03/28/11 07:02 AM
Once your financing is moving forward and your design & decorating is completed, the builder will begin the building process. At first, you may not see anything happen on your lot for thirty to forty-five days. This is the time when the builder is finalizing plans, applying for permits, and lining up subcontractors. You may have a pre-construction meeting with your building superintendent and go over the plans and the placement on the lot. Then a week or two after that, the construction begins. Construction happens in fits and starts. There will be a lot of activity and then the construction … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: The Design Center - Austin Real Estate Agent, Kenn Renner
- 03/28/11 07:00 AM
Within a few weeks, you will go to the design/decorating center. This is where you will customize your home. From cabinets to flooring and counter tops to light fixtures and on and on. Keep in mind that it is easy to go overboard at the design center. It is easy to spend way more than you should because it is exciting. If available, you will want your real estate professional with you to help you make wise choices. Try not to over upgrade compared to the surrounding homes in the neighborhood. If everyone in your neighborhood has the basic standard lighting … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: The Builder’s Lender - Austin Real Estate Expert Kenn Renner
- 03/28/11 06:56 AM
Every major builder has an in-house mortgage company or a list of “preferred lenders” that they will encourage you to work with. There are pros and cons to working with the builder’s lender. For the builder, their in-house lender is another profit center. Mortgage loans made to their home buying clients can add thousands to their bottom line. The builder will often provide you with “incentives” for using their in-house lender like paying some or all of your closing costs. By law they can’t force you to use their in-house lender but they can throw money at you to get you … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: The Home Building Process - Austin Real Estate Agent, Kenn Renner
- 03/28/11 06:54 AM
The new home purchase process differs from the resale home process. Building a home from scratch will take from four to six months or longer from start to finish. You will also be involved in a lot more decisions about how the home comes together. Building a home can be a lot of fun, but it stretches the stress out over a longer period of time. Building is not a perfect science. As rewarding as the finished product can be – be prepared for some challenges. One great thing about building a home is you are involved in making the house … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Model Homes - Austin Move Up Home Buyer Specialist Kenn Renner
- 03/28/11 06:52 AM
On your first visit to a new home, you will arrive at the model home or a model home “park” where there are multiple builders selling new homes. The model homes are usually beautifully decorated and landscaped versions of the builder’s product located on the best and most convenient lots. The model homes are usually incredibly “staged” by professional decorators and highly upgraded with all the best (expensive) amenities the builder has to offer. It is important to know that the builder’s model home can easily include $50,000 to $100,000 in “upgrades” like granite counters and outdoor living areas that are … (0 comments)
SECRET REVEALED: Check out previous phases to see how the neighborhood is “holding up.” As Excerpted From "Home Buying Secrets Revealed" By Kenn Renner, Copyright 2010 "All Rights Reserved" www.BuyHomeBuyingSecrets.Com - 512-423-5626 - www.BuyAustin.Com … (0 comments)
The large production builders build neighborhoods divided into sections called tracts. These tracts are small or large parcels of land that are subdivided and developed. Land developers put in streets and utilities, water and wastewater drainage. The developer may also put in amenities like golf courses, recreation centers, and pools, etc. Many of the large neighborhoods that are developed nowadays are master planned communities or planned unit developments (P.U.D.s). They can range from several dozen acres to several thousand acres. Some master planned communities can take ten or even twenty years for complete build out. … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Reserve the Right to be Represented - Keller Williams Austin Broker Kenn Renner
- 03/28/11 06:46 AM
When dealing with builders, it is very important to have your own representation. Even if you do start looking at advertisements, billboards, and builder internet sites – make sure you reserve the right to have professional representation. If you wander into a builder’s model you will meet the builders representative – the builder’s on-site sales agent. Inform the on-site sales agent that you will be having your own representation (even if you have not selected a buyer’s agent yet). Keep in mind that builder’s on-site sales agents are employees for the builder. As nice as they may be, they are trained … (0 comments)
Check With the Neighbors In addition to having good representation, one grass roots way to check on a builder’s performance is to knock on a few doors in the neighborhood. Ask a few neighbors how their experience went. Were they satisfied and happy with … (0 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Inventory Homes - Austin Real Estate Broker
- 03/28/11 06:41 AM
Another good case for negotiation and great deals is for what are called “aging specs.” Spec homes (a.k.a. inventory homes) are homes built as inventory – without a particular home buyer in mind. The reason builders build spec homes is so they have homes available for a buyer who doesn’t have the time to go through the building process. For a builder, the problem comes when the spec home sits finished for too long. Week after week, month after month, the unsold home becomes a burden to the builder. So often times you can get a great deal on an “aging … (2 comments)
first time home buying secrets revealed kenn renner buy sell real estate austin tx house for sale: Home Builders By the Numbers - Austin Real Estate Expert Kenn Renner
- 03/28/11 06:40 AM
Most first time home buyers purchase from large national or local volume home builders. These builders are corporations that rely on their reported financial statements to reflect their ongoing performance as a company. It’s all about “the numbers.” The monthly, quarterly, and yearly “numbers.” Knowing this can put you in a better negotiating position. There are “better” times of year to buy from builders. For instance, a builder who is trying to meet a quota before fiscal year end may take a deep discount on a home or even a loss to make up in “volume.” A knowledgeable real estate professional … (0 comments)
REO’s are houses that have been taken back by the bank through foreclosure. If no bidder purchases the home at the auction, the bank will be the winning bidder. They will assign the house to the “REO” department. REO stands for “Real Estate Owned.” The REO department will assess the home, appraise it, hire a real estate professional to market it. The bank may or may not fix the house up. It is case by case.
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