Let's Talk Property Appreciation!
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It is not secret real estate prices are hot, but let’s take a look at how price appreciation has happened over the last decade.
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Rent To Own: Good Idea?
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Rent To Own, Good Idea?
So you have seen the signs and maybe even considered it, Rent To Own. Rent To Own can sound so easy and really simple. You are paying rent anyways why not have it go towards buying a home as well, harmless right?
The reality I have found is Rent To Own properties rarely work out to benefit the buyer or in this case renter. The issue I have seen is they are not properly executed meaning there is no contract, no public record and no attorney involved either. This leads to confusion, misunderstanding and possibly nothing legal about it.
First let me say there are people that are doing it correctly, but that is beyond rare to see. A properly executed rent to own situation would be handled by an attorney, filed in the county records and in writing. The vast majority unfortunately do not fall in this category.
Remember title stays in the seller’s name, for that reason the buyer is at a disadvantage. The seller could have a mortgage, which means if they don’t pay they could get foreclosed on, meaning the buyer/renter is out as well. How can a renter be assured the seller is making the payments? Who has insurance on the property?
What happens if the seller gets divorced or dies, will their family respect the agreement in place? My experience has told me no, family wants to sell and not deal with any headaches. This would mean the buyer is out of luck, out of a house, out their money and out any improvements they have made. Speaking of improvements, would you be able to do any improvements on the home knowing you could lose that money?
As you can see there are many risks of doing a rent to own which is why I don’t recommend it. Even the state has no promulgated contract to address this type of transaction which should give you a strong indication that it should not be done. Instead save for a down payment, fix your credit and work on getting approved. Yes it will take time and money but in the long run you will so much better off.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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How To Establish Credit
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How To Establish Credit
When you hear about financing you usually hear about credit as well. How well is your credit, do you have good or bad credit? What is your credit score? What you don’t hear much about is how to establish credit and today I wanted to show you a common and easy way to establish credit if you have none.
My favorite suggestion to most folks is a safe and easy one. I like the idea of establishing your credit with a secured credit card. A secured credit card is exactly what it sounds like a credit card that is secured… let me explain. A bank or lender will approve you for a secured credit card, lets say with a credit limit of $300. However that credit limit is secured, the way they do that is the bank ask you to give them the $300 as security.
You might be thinking, well am I just not borrowing my own money back? The answer is yes, however the difference is the bank or lender is reporting your behavior to the credit bureaus, this is called credit. So in essence what you are doing is showing the bank how you are responsible with money while they do not have any risk of losing since they have the $300 as security.
Now remember this isn’t a long term credit card to have, this is mainly just to establish you credit. Once you establish it you can explore other credit cards or lines of credit you may be interested in like a car or home. The main idea of credit is to have the lender report your behavior with money to the credit agency, which is how credit works.
If your interested in this idea, save up the $300, find a bank that will issue one and apply. Use the card, pay back the borrowed money on time over and over again. Over time your credit will not only be established but your behavior to a potential creditor in the future will be established as being good & this should be your goal!
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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6 Home Improvements That Don’t Add Much Value
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6 Home Improvements That Don’t Add Much Value
Homeowners are used to spending money on their homes for routine maintenance. Some will go as far as spending money on home improvements to better their home for their taste or even increasing the value. The issue I often come across is when these improvements are completed they don’t always added value to the home.
Here are 6 Home Improvements I see all the time however don’t add much value to the home.
- Over The Top Landscaping - Landscaping is key to buyers it is your curb appeal and first impression of the home. Keeping up with mowing the lawn, watering and trimming the bushes is a good for your curb appeal. However when you decide to go over board with the landscaping that goes above and beyond the norm for the neighborhood you start to lose money. Going over the top on landscaping can become too niche and often lead to losing money on the landscaping improvements.
- Improvements beyond the neighborhood - Improvements should be kept within range of the norm for the neighborhood and not go above as you start to lose your ROI. An example would be installing wrought iron doors in a neighborhood where no one else has some, this would be difficult to justify increasing the value much. While in other neighborhoods those doors may be the norm and are expect just to keep up with the neighborhood norm.
- Delayed Maintenance - Often maintenance items are confused with home improvements and this is not something that necessarily adds value. For example a homeowner could have delayed painting, roof, a/c and new carpet in the bedrooms for year but then does this all at once. While this may add up in expense it doesn’t necessarily add value, instead it is maintenance buyers expect and just brings the property up to par with the neighborhood norm.
- Inconsistent High End Upgrades - You ideally want to keep all the upgrades consistent instead of over investing in just one area & ignoring another. So maybe you put really high end appliances however you still have old bad counters, cabinets in need of TLC and laminate floors. Can you picture how those inconsistent upgrades might not fit in or flow with the rest of the home? Instead spread the improvements to bring everything up to par, not just in one area but the whole home.
- Sunroom Additions - It is no secret in North Texas is hot and a sunroom really isn’t appealing for most buyers.
- Pools - Pools tend to be a niche upgrade with low demand making the ROI rather low. Keep in mind people don’t want to deal with the maintenance, cleaning, chemicals, safety issues and the space it takes up in the back yard. As a result I find pools don’t have a good ROI as an improvement.
I hope you found this list helpful if you plan on making improvements or had questions regarding your ROI on these projects. At the end of the day I encourage anyone to make improvements that makes them happy. If you have questions or if I can help please do not hesitate to reach out to me.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
Follow me on Facebook:
Great 2nd Bathroom Layout
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Great 2nd Bathroom Layout
Secondary bathrooms just don’t get enough respect and I feel bad for them! The second bathroom often gets heavier use and you would think it would get more attention from builders but it doesn’t. I came across a second bathroom setup that I really like especially in a big busy house.
Most second bathrooms I come across are the main bathroom for most folks in the home. The master bathroom is reserved for the master bedroom only therefor leaving the second bathroom for everyone else from the kids and guest. The issue I see is that it gets a lot of use but often isn’t designed to accommodate this use… let me explain.
Second bathrooms in a big house with a family is a busy place in the morning when everyone is getting ready for school. Kids are waking up, using the restroom, showering and getting ready. However most second bathrooms are designed to accommodate one person at a time and that is why I think they don’t get enough respect.
What I really love to see is a second bathroom which is divided with two doors. First this allows two uses at the same time therefor being more practical and useful at the same time. One section has the shower/tub and toilet while the second area holds the dual vanities. This setup allows one person to either be using the bathroom or taking a shower while the second person can be brushing their teeth or getting ready. This is so much more practical and useful.
What is surprising is not enough homes have this and by this I mean big homes which you know are made for big families. It is no secret the bathroom is a busy place in the morning and to design it to fit their needs is key. Unfortunately I don’t see these split bathrooms enough and that is a shame. So next time your looking at homes don’t forget the second bathroom it deserves some attention as well.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Tips For Negotiating Repairs
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Tips For Negotiating Repairs
Most buyers imagine only having one set of negotiations and that is at the beginning over price and contract terms. The reality is there are several times when you will have to negotiate and asking for repairs is one of them. The repairs are brought up right after the inspection is completed and review. Knowing what to ask for, cost of the repair and which are a must is key.
I strongly believe being prepared is key to negotiating repairs efficiently. Knowing what all you will ask to be repair, how much they costs and what you might be able to do yourself later is important. First the most important is what you will be asking to repair, ask yourself what is a realistic concern and what is excessive. Many sellers will be asking themselves that very question right up front, so be sure you can justify it. Is the market in a position where a buyer may get everything they want repair or maybe just bare minimum items? Know ahead of time what is important and what is negligible. My top five concerns for repairs are foundation, roof, HVAC, plumbing and electrical, anything else is minor in a hot market.
What will those repairs cost both in dollars and in time. Is it realistic to ask for a certain repair if the seller can’t afford it. Will the repair delay closing or is it even realistic for the seller to repair as opposed to buying a property as is. Know if what you are asking for is realistic and affordable to the seller. Asking to repair the roof might be expensive and time consuming but at the same time very important.
Is it realistic for all your repair request to be completed? I often tell my buyer clients to list them in order of importance and decide ahead of time which they can go without. What I mean is knowing ahead of time that if the seller counters with three repairs instead of the five you requested what will you do. I suggest you play that scenario ahead of time instead of while it is happening as you are limited on time. Realize the possibility of the seller not doing all the repairs is possible so be prepared on how you will react ahead of time.
Negotiating repairs can be a tense moment to some but with a little preparation the negotiations can be easy. Be prepared to expect a counter from the seller, know how much the repairs costs, ask yourself if it is something you can do yourself later and which repairs are a must. Keep these tips in mind and you will come out of repair negotiations much happier with your results.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
Follow me on Facebook:
Tips For Choosing A Lender
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Tips For Choosing A Lender
Choosing a lender to work with can be overwhelming but here are a few tips to help you through the process. Lenders play an important part in the real estate transaction and picking the right one is key. You may have seen commercials, billboards or even internet ads but which lender is right for you.
Start by having choices, I strongly recommend you interview at least three lenders. I have lenders I work with on a regular basis and recommend for many reasons. The key is to know you are in control and have choices, pick the one who is right for you not necessarily the first call you make.
Ask about pricing, interests rates and costs. This by far is a buyer’s main concern and while I agree it isn’t everything either. Find out what you need to have as far as credit, down payment, closing costs and total out of pocket. Ask about different loan options available to you under your situation. Keep in mind someone who just got out of college may have different choices as opposed to a move up buyer with an established career know your options.
Are they available in the evenings and weekends? This is extremely important as that is when real estate deals are done. Most people are shopping when they are off of work and that is when your lender should also be available. Traditionally lenders have been a nine to five business hour work week however in a competitive market we are in that has evolved to be available through out the week to stay competitive. Availability is key so be sure to ask so you know you can be competitive in this market.
As you can see many there are several things to think about when choosing a lender to work with. While television commercials might make you think it is something you choose down on your phone or on an app it really is much more involved than that. The reality is you want to have someone who is available, gives you options, is transparent with their fees and has a good reputation of getting loans closed on time.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Final Walk-Through Tips
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Final Walk-Through Tips
The closing date is finally here and you are excited to close on your home but before you sign it is a good idea to check the property one more time. The final walk-through is scheduled so you have the opportunity to double check everything with the home one more time before signing on the dotted line. Here are some tips to make sure you cover all your bases.
Remember that once you sign at the title company and the transaction is funded the property is now officially yours. The purpose of the walk-through among several things is to make sure it is still in the same condition you agreed to purchase it in. Many things can go wrong, even in just one day so doing a final walk-through is a good idea to be on the safe side.
Your first priority is to make sure the seller has left the property in the condition you expected. This not only means in the way it was presented when you made your offer but even after the seller’s belongings have been removed. Often I find movers may scratch the floors, bump the wall or even discover a big stain an area rug was covering up. This is the time to check for those things both on the inside and out.
If the seller agreed to make any repairs this is a good time to verify they have been completed but also to your satisfaction. Too often I see repairs are not completed properly or at all. What you don’t want to happen is have a situation where you are an hour away from closing and no repairs have been completed. This leads me to my biggest tip when it comes to walk-throughs, schedule two of them.
Having two walk-throughs might sound excessive however I find it cuts down on last minute issues. The biggest problem I have encountered is finding repairs are not completed or done properly at the final walk through the day of closing. For this reason I really like to schedule a walk through one week before closing and another the day of closing. The week before gives you a chance to verify the repairs and if they are not done properly it gives the seller time to get them addressed. I have found this to be helpful and not cause big delays like finding out at the last minute a repair has not been completed.
Final walk-throughs are important so be sure to schedule them with time so you are not rushed. Take your time looking over the house but also the repairs. Schedule two walk-throughs instead so there is time to make repairs or take care of an issue before closing if one is discovered. Being prepared goes a long way and scheduling two walk-throughs is an important part of making sure you have no surprises.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Top 5 Repairs I Look For In An Inspection
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Top 5 Repairs I Look For In An Inspection
So the inspection has been done and you are overwhelmed by the report, what repairs are of concern and which are not? Here are my top 5 repairs I look for when going over an inspection.
Let’s start by acknowledging that no home is perfect and no inspection comes back perfect either. Also there are more than five items of concern however these are my top five in no particular priority.
- Roof - This is a non-negotiable item because it is just that important. A roof is so important that an insurance company will inspect even after you purchase the home. If they determine repairs are needed or even replacement they will not cover it and ask that you make the repairs with in a certain period of time. What happens if you don’t? They will drop your coverage, which remember you lender expects you to have insurance. Can you see why this is a non-negotiable?
- Foundation - North Texas is covered with clay just underneath the dirt and when that gets to dry it can cause problems with your foundation. Foundation problems can be small & inexpensive or they can be overwhelmingly expensive. Not only will a damaged foundation be an issue but dry wall damage, structure and even plumbing issues within the slab.
- Plumbing - Plumbing is a necessary function of the home and without it the house is more like a nice shed. Also this has to be repaired by someone who knows what they are doing which is why a licensed professional is needed.
- Electrical - This is the same as plumbing, you don’t want to have the seller do these repairs themselves it is best to leave it to a professional.
- HVAC - Remember this is North Texas which means our summers are hot and long, a little AC helps. Making sure this is in good working condition is key to having a good home ownership experience so start off by having a system working in great working condition.
So those are my top five but by no means are they all I look for. Just know having a Realtor® by your side is key who is used to seeing these issues and willing to negotiate for you.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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What Is A Home Warranty?
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What Is A Home Warranty?
You often hear the term “home warranty” when talking about buying a home but what exactly is a home warranty? Often the term is confused with other warranties and even insurance. A home warranty is not a builders warranty, that is more related to a structure of the home and provided by the builder on a new home. Home insurance covers more for incidents such as wind, fire and water damage. When you think home insurance you can think of more like accidents to the home and contents.
A home warranty on the other hand is more directly related to the day to day appliances and mechanical items of a home. For example a home warranty typically covers some plumbing, electrical, built in microwave, HVAC, exhaust fan and other similar items you use everyday in your home. There are extra items you can purchase coverage on that is not typically included in the basic home warranty such as refrigerator coverage, washer & dryer, pool and spa equipment.
So how exactly do you use a home warranty? When ever you have an issue with the items I mentioned such as the air conditioner you want to make sure you call the home warranty company directly to report the issue. They will then send out a third party vendor to take care of the issue as long as it is something covered in their warranty. The cost to you is the service fee, so if the bill comes out to $400 then you only pay the service fee which tend to be in the $60 to $80 range.
Please remember not to call an air conditioner company to fix the issue then expect the home warranty company to pay them. They have to use their third party vendors they have a relationship with already. Also keep in mind not all home warranty companies are the same, it is very important to read the fine print. I find most complaints about a home warranty is due to a misunderstanding of the coverage and this can be avoided by reading the fine print and not making any assumptions of coverage.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Renting Vs. Buying
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Renting Vs. Buying
Renting vs Buying, which is better for you? There are advantages to both buying and renting as well as negatives. As a real estate agent I am biased towards buying but I am more than aware that it does not work for everyone, so let’s talk about the two.
Renting in my opinion has a lot of flexibility to it. You get to move whenever your lease is up, you can change area, type of home and even go from plain jane to luxury rental. Now more than ever apartments are making it more of a resort style living to really keep tenants happy and there longer. With pools that rival those found in typical resorts and fitness centers to make it easy to save money on gym memberships. All this is a big plus for renting, so what is the negative?
The reality is you are not gaining any equity and most people see it as throwing money away. I don’t agree with that because you are getting a place to live in exchange so you do get something for your money but I understand where they are coming from with that statement. Also parking at apartments can be down right awful even if you have assigned parking. How about noise from neighbors either above you or besides you. What if your the one that wants to turn up the radio or have a party, it can get uncomfortable fast for your neighbors.
Buying on the other hand gives you the advantages of not being surrounded by neighbors literally on the other side of the wall. You have more freedom and that is welcoming for many buyers. You can finally paint the bedroom walls, change the flooring and really make the home yours. Did I mention you finally start gaining some equity both by paying down on your loan and the appreciation that usually follows in the housing market.
So what could be bad about buying? Your mobility is limited, now you can move but it isn’t as easy. You have to sell your home in order to consider moving, where in a rental situation it is a whole lot more simple. Let’s talk maintenance, because as a buyer you are now the maintenance crew, so be ready. Also repairs come out of your pocket so be sure to be ready for that as they can be small or large.
So which is better? To me it depends on your situation and position in life. Are you ready to settle in the city or area where you are or do you think you will be relocating, even to the other side of the metroplex? Are you financially ready to take on the responsibility of a mortgage, maintenance and repairs or would you ready leave that risk with someone else? These are all things to take in to consideration and the answer is different for everyone.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Mortgages: Pre-Qualification vs Pre-Approval? What is the Difference?
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Mortgages: Pre-Qualification vs Pre-Approval? What is the Difference?
So which is better and which should you get… pre-qualification or pre-approval? What do they mean and what is the difference? You often hear the two terms thrown around when talking mortgages and financials so let’s break them down.
First just know these two terms can be interchangeable to some loan officers and lenders so be sure to ask for clarification.
Pre-Qualification is considered to be the easier of the two and involves less information. Let me explain. First in this scenario you provide your limited information to either a loan officer or even a website and almost immediately you get a response. Either yes you are pre-qualified and for how much or declined. However please know that there was no verification involved and this is the key difference. You could have lied to a computer or loan officer and based on your information they make a decision. When you get a letter from the lender with a pre-qualification it usually is not taken as seriously due to the lack of verification.
Pre-approval on the other hand is the same except there is actual verification. Now instead of just entering your income you will need to provide proof of your income such as bank statement, tax returns and pay check stubs. If you have assets those will need to be verified as well as your employment. As you can see this takes more effort however due to the verification it carries more weight in comparison to a pre-qualification.
So what does this actually mean to you when you start shopping? A pre-qualification will have a bit less meaning than a pre-approval to a seller who receives your offer. Knowing there has been some verification involved will make the seller more confident in a pre-approval as opposed to a pre-qualification.
Now do you want to take it up a notch and be fully approved? This is even more verification and even involves the lender’s underwriter. Just know at this type of approval you are fully approved meaning everything is verified and all questions the lender may have to give you a loan have been satisfied. At that point the only thing between you and a loan is finding a home. You can read more about fully lender credit approval here.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Are You Ready To Buy A Home?
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Are You Ready To Buy A Home?
Are you ready to buy a home? You have always heard buying a home is a good investment and a wise thing to do but is it right for you? Even if you want to buy a home are you necessarily ready to buy?
Buying a home, in my opinion, is a great thing generally in a person personal life but also financial. However I will be the first to state it is not for everyone, you much be financially ready and prepared to maintain it once you own it.
How confident do you feel in your current job, career field and your marketability to be employed? This is something you much ask yourself because if you are not confident in either of these then you may think twice before purchasing. When you purchase you are committing to a long term loan, so being prepared to pay that over the long term is important, having confidence in your job which is your income source is extremely important.
Have you saved up money for a down payment, closing costs, moving expenses, and possible maintenance issues? All these are important to keep in mind, as you want to not only be able to buy the home but also maintain it for the long term. Remember there is no maintenance person you can call anymore you would know be in charge of that. Also find out how much money you will need to bring to closing if you were to buy a home and have that ready. Remember you can do down payment assistance programs and get gifts funds from family but it is best to figure that out ahead of time instead of at the last minute.
How is your credit and is it good enough to qualify for a loan? There are loan programs for people with all sorts of credit scores so your chances are good but you still want to know where you stand. I always strongly recommend to speak with a loan officer to gauge where you stand and inform you of your options. If you don’t qualify then find out why and get a plan in place to get you qualified in the future. Credit is very important so knowing where you stand is important to determining if you are ready to buy a home.
All these items are more financial, how about personal? Will you want to stay in a particular area for a long time or do you want to move away in the near future. Remember buying is for the long term so take that in to account.
Being ready to buy a home is all different to everyone especially with the personal side of the equation. I can help you with the financial side but I feel the personal side is very important as well.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
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Home Buying Tip: Advantages Of Shopping For A Home During A Holiday
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Home Buying Tip: Advantages Of Shopping For A Home During A Holiday
If you are like many buyers you are finding the lack of inventory and high buyer demand to be your number one problem. A big tip I give to my buying clients is to keep shopping for a home even during a holiday. Let me explain.
Buyer demand is at all time highs while inventory is at all time lows, these two forces create a buying frenzy. Often you will hear about multiple offers on homes and it can get tough to compete with every home having multiple offers. From my experience I have noticed that around holidays such as Forth of July I tend to see demand drop temporarily. My experience has been that many folks tend to have plans, take a break and all of a sudden there is significantly less traffic of buyers. I say to use this to your advantage.
I certainly do not mean to ignore the holiday or not celebrate it, but instead make time to continue viewing homes. You will find less multiple offer situations and your odds of having your offer accepted will be much better. This could be your opportunity to have your offer accepted and maybe it won’t have to be as aggressive of an offer. Either way if you are shopping for a home don’t let holidays be a day off, instead get out there and you will find your odds will be much better!
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Advantages Of Getting Full Credit Approval
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Advantages Of Getting Full Credit Approval
What is the advantage of getting full credit approval? First let’s break down the types of lender approvals so we know where we stand. Remember first there is a qualification or even referred to as pre-qualification. In this case a buyer is pre-qualified for a mortgage by having given their information and determined to be able to qualify for a mortgage. However please note there is no verification if the information given was actually true, so this type holds very little weight and I do not recommend it.
Next is the pre-approval or approval of a mortgage, in this case the same happens but there is verification of the information provided. So the income is verified with pay check stubs, tax returns and even banks statements, so this is the preferred way to be approved for a loan.
Full credit approval however is the ultimate form and has really become more popular as the market has become more competitive. In this case the approval goes as far as fully approving the buyer by the lender’s full underwriting standards. In this case the buyer is not only review and verified by a loan officer but also the lender’s underwriter, which is the ultimate decision maker.
Keep in mind this takes up time, the lender’s resources and fills the lender’s pipeline with other buyers who may already have a house under contract. This is something big the lender’s are doing and it s an enormous help to a buyer when it comes to competing for a home in a multiple offer situation. The only thing missing from the lender actually giving you a loan is the contract on a home.
So how is this stronger? You are fully approved, meaning you almost hold as much weight as a cash buyer!!! You are guaranteed as far as your credit approval is concerned. That is big, and getting this done is recognized when it comes to making your offer because now the seller doesn’t have to worry if you will not qualify down the road. The reality is you are ready and approved so your offer holds weight and they are more likely to take your offer over others just for that reason.
Getting fully credit approved takes time and the lender’s resources, so when you have a lender willing to do this realize how important it is. This means that not only are they serious but they know what it takes to help you win those multiple offer situations. If you have the opportunity this is the best route to take, it will put you ahead of the rest of the buyers and get you in a home that much fast. When I tell people how to win in multiple offer situations this is my number one suggestion!
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Location! Location! Location!
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Location! Location! Location!
You hear it all the time but what does it actually mean? Location! Location! Location! Let me explain from a real estate agent’s perspective.
Location is by far the most important quality when buying a home. Location determines many things from what school district it is zoned to and how far it is from work.
The reality is homes can be changed both in the inside and out. Sometimes those changes can be easy and cheap while others are a bit more expensive but none the less those options exist. Location however is something that can not be changed, that land isn’t moving anytime soon so it is very important.
Buyers want to be in a certain school district which is another important factor, however remember this is determined by location. Also how far or close they will be from work, shopping, church and family come in to play as well. Location cannot be changed and see it tends to be the most important factor.
Let’s look at two extreme examples, both involve your dream home. In your mind think of what your dream home looks like but don’t put it anywhere just yet. Let’s start by putting it right next to a landfill, busy intersection, gas station and even busy shopping center. Still like it? Now lets move that home to back up to the beach in a quiet neighborhood. Now how do you like it?
While that example is extreme the home was the same yet we had to responses, no I don’t like it and yes I love it. Same house but different location. Location is very important and you should keep that in mind, not just for when you buy but also when you sell as it will be important to the next buyers as well.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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My Thoughts: High Demand & Low Inventory Market
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The current real estate market here in the North Texas area is hot just like many parts of the country and the result is a high buyer demand and a low home inventory. What does that actually mean? Is it in all markets? What should a buyer or seller know going in to this market?
Let’s start with the basics and take a look at what the market is actually like. While the news may say the real estate market is hot that is not the case everywhere. Remember that there are many different markets within cities and like many those different markets based on price point vary. So here in the Dallas/Ft. Worth area you are seeing a strong demand for homes under $250,000. Move in to some of the suburbs like Lewisville and the trend continues as well. However keep in mind that once you start going up in the price you begin to see more inventory on the market as well as lower buyer demand.
So the important topic to understand is where you will be looking, what does that market look like? What is your price point, size of home, number of bedrooms, school district, etc… that is your market. Let’s look at that specific market and then determine how the market looks, is it hot or not? Remember not all markets are the same so be sure to focus on your specific market and adjust accordingly to make sure you are as realistic and competitive as possible.
Remember this market won’t last forever but in the mean time if you are looking to buy or sale be sure to get as educated as possible so you can make better decisions. I make it a point when I meet with clients that we assess where the market is that they are looking in so that we have a clear picture. A little bit of research goes a long way to help you get in to a home faster or if you are selling to get the best price possible in the least amount of time.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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Buyer Personal Letter Tips
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Buyer Personal Letter Tips
If you haven’t already heard demand for homes is through the roof in some markets and price points that many buyers are trying to find new ways to set themselves apart. One way to do that is by writing a personal letter from the buyer to the seller to help put a face behind the offer. I want to give you some tips to take in to consideration if you decide to prepare a letter yourself.
So what exactly is this personal letter? The letter is basically a brief letter introducing the buyer & expressing to the seller why they really like the home and would really appreciate it if their offer was chosen. The intention is to put a face behind an offer which otherwise would just be another offer in a stack of offers.
First realize these letters can be effective so please be sure to take your time drafting this letter. If you were the seller what would you want to hear? Maybe you will be living at the home as opposed to turning around and using it as a rental property, that would make the seller feel better about the future of the home and even neighborhood.
Second be sure to make it personal, not only about you but also the home. Maybe start by describing your family and why this home really fits your needs. Is it the neighborhood or the layout, maybe you have a personal connection. Don’t be afraid to open up and make it personal as this is very effective.
Also be specific to a particular property, don’t draft one letter and use it on all offers. You should mention the layout, colors, upgrades in the kitchen, the big tree in the back yard, or anything that is specific to that home. The reason is to point out a positive feature and how you plan to enjoy it and appreciate it but also to not sound so generic either. If you sound too generic it can really take away from it being personal and remember after all this is a personal letter.
Keep in mind these letters don’t always work but I find the majority of the time it does make a difference. There are still those sellers which at the end of the day is all about the bottom line regardless of who buys it and what they love about it. That should distract you from not trying it, you will be more successful trying this method than if you didn’t.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
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One Story Vs Two Story: Pros and Cons
/One Story Vs Two Story: Pros and Cons
Which is right for you a one story or a two story home? Let’s talk about some of the pros and cons of each to see which may be for you. I will also give you some insight on what I see with both types as far as demand and other things to consider.
One story homes appeal to many people for the lack of stairs, let’s face it we are not getting any younger. The lack of stairs can make it more appealing with older buyers who see stairs as an issue as they age. With no stairs one story homes can be more flexible with their square footage. For this reason you will see smaller one story homes.
Two story homes offer more space and can accommodate large families. Sometimes they can have an additional half bath as well due to the layout of the down stairs. Since they have a smaller footprint on the lot this allows them to have a large backyard.
Demand for a one story is stronger due to it having a larger appeal than a two story, this means a one story will be more expensive. The positive is that you get more bang for you buck on a two story generally. Keep in mind utilities like an electric bill on a two story may be higher due to more space to heat and cool. Remember hot air rises so it will usually be warmer up stairs as compared to down stairs.
All these are items to take in to consideration but it all depends on your particular situation. Remember demand is a big driver for home sales so don’t forget to think ahead for when you sell your home. A one story will have a better resale generally so that may be better financially. Also keep in mind we are in a hot market and everything is selling, however what happens when it cools, that hot two story may not be as hot as a one story.
These are all things to take in to consideration and remember they vary by area and neighborhood. If I can help answer any questions you may have please do not hesitate to contact me.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.
Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
Check out my website for more helpful tips:
Subscribe to my YouTube Channel:
http://Youtube.com/MakeNorthTexasHome
Follow me on Facebook: