Don't Agree With Your Appraisal District Notice?

It is that time of year again when you receive the dreaded notice from the local appraisal district notifying you of their proposed valuation on your home.  This of course is the first step in determining how much in taxes you will be paying at the end of the year.

Well there is no need to fear this notice or be intimidated by it as well as I am here to help you.  If you feel their proposed values are too high or you are not certain be sure to reach out to me and have me double check them for you.  

I can provide you with comparable sales to help determine where your the market stands for your property.  With that information in hand you can confirm the appraisal district is within range or you can have some powerful information to contest your valuation.

I offer this help to you for free!  Free!!! My favorite word.

Feel free to reach out to me if I can be of service or if you have any questions.  Don’t forget you have 30 days to protest the valuation, so time is limited.

Don’t forget to give this video a “LIKE” and be sure to “SUBSCRIBE” to my channel!

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Look At This!!! - May 1, 2018

Do You Know About The "Lewisville Property Enhancement Program"

Lewisville Property Enhancement Program - Luis Cuevas, Realtor | RE/MAX Cross Country

So if you haven’t heard about this program by the City of Lewisville, the Property Enhancement Program is set to help many homeowners with the cost of many common exterior repairs and projects.  The Property Enhancement Program, otherwise known as PEP, is a financial grant-rebate program for Lewisville residents to assist with exterior home repairs.

Eligible applicants and projects may be approved for a 50% matching grant-rebate, up to a maximum $5,000.  How cool is that!!!  

Some of the eligible projects include concrete, driveway repair, siding, fascia, fencing, foundation repair, gutters, exterior painting and many more projects.

For more information and the whole list of eligible repairs be sure to check out the website:

https://CityOfLewisville.com/PEP

I had a chance to interview Drew Chrst from the City of Lewisville who helps oversee the program to get more information and answer to some general questions I had.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, do not hesitate to contact me.

Don’t forget to give this video a “LIKE” and be sure to “SUBSCRIBE” to my channel!

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Lease With The Option To Buy? | Luis Cuevas Realtor® | RE/MAX Cross Country

Lease With The Option To Buy?

Home Partners Of America Review

One of the most frequently asked questions I get from prospective buyers is if I have any lease to own or rent to own options.  The question comes up so often as I find people are generally tired of leasing however have the idea of purchasing a home in their minds.  They may not be in a position to purchase now whether the reason is due to bad credit or lack of down payment, regardless the goal of owning a home is there.  People really see how renting is a waste of money, know buying is a good idea, but they are not quite there just yet.  This is where Home Partners of America comes in to play to fill this niche.

Now let me be the first to tell you I highly do not recommend a person get in to a lease to own property, for many reasons.  Check out this blog post here, on my reasons, and let me just say I do agree with it in very few cases… just not the majority of the time.

What makes the Home Partners of American program so interesting is they are a legitimate company doing it the right way & even better than I could have expected.  That is where I am on board and have worked with them to help some of my clients.  The vast majority of the lease to own programs I do not recommend for that reason, the programs are not in the buyers best interest and are very much seller friendly.

So what does Home Partners of America offer?

HOW IT WORKS

Home Partners of America will offer to purchase a home on the market for sale in their selected areas and meets their criteria & lease it to you with the option to buy.  You agree to lease it, they buy it, you move in and you have options to purchase it in a one year, two or three.  If you decide you don’t want to buy it, then you move on like nothing ever happened. 

Qualify

The first step to participate in the program is to get qualified with them, which is handled via their website.  They have a dedicated team to take care of this for you and work fast, sometimes as fast as a few hours.  Now realize they are qualifying you not to buy the house but to lease it, so if your credit isn’t perfect that is fine, remember this is their exact niche audience they are targeting. 

For many people there are 2 reasons why they may not qualify to buy a home on their own… bad credit and no money for the down payment or closing costs.  Home Partners of America realizes this so they are aware of that when you go to apply, so don’t let that hold you back.  This is really designed for those who are working on both credit and down payment but just aren’t there.

Approval & Home Search

Once you are approved a couple of things happen, you are given an approval amount they are willing to lease to you per month.  So for example maybe they give you an approval of $2,000 a month, you will use this to search on their site for homes.  They have a site they send you to view approved homes in their criteria… and this isn’t just a few homes but many of the homes on the MLS for sale.  It is actual live listings for sale they have access to through the MLS.  What will be different than other websites are the homes will be shown in their rental amounts Home Partners of America will offer that home to you.

An example would be if you see a home at 123 ABC Street, listed on the MLS for $230,000, however in their site it would appear as a rental amount they are willing to lease it to you for.  So it would show up as the rental rate for the home… example $1,850 per month.  So Home Partners of America will buy it and turn around then lease it to you for $1,850 per month… how simple is that?

 Option To Buy

So where does the option to buy come in to play?  At the same time you are searching Home Partners of America will also give you an estimate of a sales price option to purchase the home in one, two and three years.

Let me explain.  Right up front Home Partners of America is showing you their estimated sales price in one, two, or three years from the time you lease with them.  Those numbers you see are only estimates, by the time they actually purchase the home and get it ready to lease to you those figures are finalized.  Why just an estimate?  Simply put when you are searching they are estimating based on the list price, however we know the list price may not be what they actually purchase it for, it may be less or more.  Plus you have to consider if they spend money on getting the home ready for you such as painting, carpet or other expenses, those are considered in to the option price.

So right from the start you know what to expect for a lease payment as well as a sales price if you decide to purchase the home, how awesome is that!

3 Year Options

Home Partners of America will give you the option to purchase in three year increments right up front.  You will know what the sales price is after year one, two and three.  For each year it goes up by a certain percentage, so keep in mind it doesn’t stay the same.  They are accounting for a slight appreciation, don’t forget they are a business and looking for a return.  

My thoughts on the program is that it is fair because they are seeking a nominal return in my opinion.  Right now I am seeing properties in my area appreciate much faster, if not twice as fast than the percentage they are adding.  So in turn you could actually benefit more from the actual market appreciation compared to the appreciation they are offering to you , but it doesn’t matter to them.

What If I Want To Move?

If you decide to move after the lease then you move, it is that simple!  That is the true beauty of this program, you are not tied in to this property, which allows for flexibility on your part.  Also your budget and needs may change by the time you are ready to buy a home.  The flexibility of this program is the beauty which works in your favor.

Why I Recommend It

The program is legit, plain and simple while most programs are not.  This is the only program I recommend or will be involved when it comes to lease to own options.  All other programs I do not agree with because it leans more in favor of the seller rather than the buyer.

The program doesn’t require you put down a large down payment for a lease, in all fairness it is only a lease up front.  The option you have is to purchase is just that, an option, not something you are tied to.  

What Are The Cons?

Rents in my opinion are a bit above market rent when compared to similar homes.  I would imagine this is a form of getting a better return on their risk and investment.

Option to buy price is not set in stone up front, there are factors that cause this to go up or even down such as the final sales price and make ready expenses.  The good news is you will have a good idea of the range up front so really it is not way off.  Clearly if you want new paint, flooring and other repairs then it would only be fair that it add to the sales price in the option, so it is not any kind of mysterious premium they are adding it is fair.

The pros in my opinion outweigh the cons by far, the reality is the risk they are taking is rather high.  I would have expected a higher cost or some sort of gotcha moment somewhere when working with them but I never came across it.  They are fair, transparent, tell you their plan up front and you decide if it works for you or not.

I find if you are working towards getting your credit up to par or even saving for a down payment and are not there yet, this program would be worth considering.  Others may be frustrated with the slum lords they keep coming across in the rental inventory and want a better home to lease, this works for them.  Assess your situation on where you stand and what your goals are and see if this fits for you.

If you have questions about the program that I didn’t cover or maybe would like more information please do not hesitate to contact me.  I would be glad to answer your questions and share my experience with Home Partners of America with you.

 Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don not hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Why Use A Realtor® | Luis Cuevas Realtor® | RE/MAX Cross Country

Why Use A Realtor®?

Let’s not assume that everyone knows what a Realtor® is or what exactly it is they do for a client like a buyer or seller.  A Realtor® is a professional real estate agent who is a member of the National Association of Realtors®, who abide by a strict code of ethics.  So what does this mean to you the client?

1. Fiduciary - They owe you a fiduciary responsibility, essentially putting your best interest first above all else.  They will look out for your best interest,  give you loyalty, obedience, full disclosure, confidentiality, and above all else put you in their highest priority.
2. Changing Regulations - The real estate industry is heavily regulated in many aspects and as a Realtor® I stay on top of the changes on an ongoing basis.  The reality is most will own a house on average 7-10 years and between that time many regulations will change.  Contracts, mortgage, credit, & laws will change and a Realtor® will keep up with them and offer that benefit to you.
3. Home Search - The reality is searching for a home is a bit more complicated than downloading an app.  Use a Realtors® knowledge of the area, neighborhoods, home types, builders, and their experience pointing out property condition issues.  From looking at the roof, soil line, cracks in the walls, dated electrical panels, foundation issues & even old dated sewer lines, use a Realtor® who goes beyond the pictures you find online of a home.
4. Negotiations - Knowing the ins and outs of contracts is critical when negotiating with the other party.  Having a Realtor® by your side ensures you are made aware of your options and well informed when you go to negotiate.  Most think it all revolves around the sales price but in reality there is so many more details that need to be negotiated.
5. Code of Ethics - As a Realtor® I abide by a strict code of ethics to differentiate myself from the average real estate agent.  All this to pledge my duty to my clients as their fiduciary and putting clients first!

The reality is there are many more reasons to work with a Realtor® and almost 90% of the real estate transactions involve a Realtor®.  Most parties have a Realtor® by there side, it would only make sense that you do the same. 

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Marketing Your Home - Luis Cuevas Realtor®

This is where a real estate agent really shines and stands out among the rest.  Marketing is what it is all about when it comes to getting your home sold.  The goal is to give you property the most exposure, great first impression, and really draw a potential buyer’s attention.  So how is this accomplished?  The reality is the majority of agents simply place a sign in the yard and list the property in the MLS… then see what happens.  

Let me cover just some of what I offer my clients when marketing their homes:

• • • Professional photographs - This is a buyer’s first impressions, you only get one chance so it has to be right.  Professional photos, pictures taken with a phone.  Remember the vast majority of buyers first view the home online before deciding if they want to visit the property.
    • Broker Open House & Tour - This is similar to an Open House but instead brokers and agents attend to see the home, gives feedback but most importantly to be familiar so they can sell it.
    • Open House - This allows for an additional audience to get exposure to the home that they otherwise wouldn’t have had.  See my blog post about an OPEN HOUSE for more information.
    • Social Media - Let’s face it, a large audience is on social media and these outlets are used to get your home listing exposure.  Not all social media is the same, each site requires a proper approach, but this median can not be ignored.
    • Neighborhood - A campaign to inform the neighbors is key, let’s face it many neighbors have friends who want to live in their neighborhood.  This is a good way to get neighbors to turn in to advocates for your home.
    • Video Walk Through - Pictures don’t say everything and video fills that gap with a full video walk through.  This helps show the layout and see more than any picture could show.  Think about that out of town buyer who can’t view the home in person… do you think this would be helpful to them?  I have sold several homes this way and both times the buyers saw it for the first time in person when they were moving in.  On both occasions they said it looks exactly like they viewed in the video… WOW!
    • 360 Video - The technology exists now to not only film this type of video but to also consume it easily.  Again this takes video to another level and full interactive so people can see the layout, what type of flooring is in a certain section of a home or even ceiling texture.  Again think about that out of town buyer, this takes it to another level of confidence of what they are buying.  I have found this type of video increases their confidence and they are less likely to back out during the contract.

There are many more ways to market you home, these are just a few.  Yes your home will be syndicated to other websites for their audiences to view but that is a given.  Work with an agent who thinks outside the box, has your best interest at heart and knows how to go above and beyond the norm.  The market is changing when it comes to marketing and your agent should be up to date on these changes so your property can get the best exposure.  Needless to say marketing is a serious issue that doesn’t get enough attention and that is a serious disservice to sellers.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

Free Seller Consultation - Luis Cuevas Realtor® RE/MAX Cross Country

I offer a free consultation to property owners interested in knowing more about the market, property evaluation to ultimately determine where they stand in comparison to the market.  This is free, no gimmicks, no pressure, no sales pitch service I offer.  

With the heart of a teacher I set out to inform and educate property owners so that they can make an informed decision.  I carry this through my consultation as well when I inform property owners on where they stand.

Property Condition -  A walk through of the property is key, we must know the property features and condition.  Often I suggest repairs or general maintenance that I see come up on property inspection.  Also there are requirements for certain loans on property condition, so identifying these and addressing will help widen the potential buyer pool.

Upgrades & Projects - One of the most common questions I receive is whether an owner should make improvement A or B, both or neither.  While any improvement is a good thing I also take in to consideration the owner’s goals.  I have been asked to fix the sidewalk or kitchen countertops, fix the toilet or plant new flowers, address the broken gutters or plant a tree.  These all may seem easy but again it depends on the property, market and the owner’s goals.

Timing - Yes it is true, real estate sells differently at certain times of the year in comparison to others.  Summer tends to be hot with activity while the falls & winter tends to cool, but the reality is markets vary by neighborhood and city.  Let’s determine your goals and see what fits best for you.

Competition/Market - Let’s look at the competition, what do other homes have to offer compared to yours.  What is their condition?  What upgrades are the norm?  Let’s make plans to actually view those properties so we can compare with where the market is and plan accordingly.

CMA - I can create a Comparative Market Analysis on your home to determine what the market is doing in your particular area.  From this we will know how fast homes are selling, average price per square foot, seller concessions if any and general condition of the properties being sold.  This is the key to this consultation because it brings everything together in the market to show you where you stand in comparison.

Numbers - From the CMA you can start formulating your numbers, bottom line, closing costs, selling expenses, etc… so you can narrow down on what type of proceeds you look to walk away with.

Next Move - If you plan on selling your home then you need to go somewhere and I can help with that as well.  Let’s look at your goals, what are you looking for and then let’s go see what that market is like.  What does it cost?  What can you expect?  How is that market? 

As you can see that is a good amount of information and education I offer you for free.  No gimmicks and in a no pressure environment.  I offer this because I know people want to know where they stand and be clear on the data they are getting.  Too often websites offer this data but it isn’t tailor to you and with out the actual input of a professional.  I hope to be that professional for you!  

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

What is a CMA? - Luis Cuevas Realtor® RE/MAX Cross Country

A CMA is a Comparative Market Analysis used by real estate agents to help with deciding on a sales price for a property they will be listing or maybe come up with a reasonable offer on a property to purchase.

The CMA is used to figure out where the market is in comparison to the home being evaluated.  Let’s say you are buying and viewed a home you are interested in making an offer.  A CMA would serve as a way to check comparable sales data of similar properties to make an educated offer.  The same goes for a seller, it would be used to figure out where their property stands in regards to the market and determine an asking or listing price.

A CMA, Comparative Market Analysis, isn’t as simple as just plugging in some numbers and see what pops up, you really have to know what data your after and how to interpret it.  Let’s take a look at a few keys items when going through the data.

1. Know your subject property - If your a seller know the data on your home such as square feet, number of rooms, amenities, year built, upgrades, etc.  It is important to be clear on your home as the subject, as this will be the base subject and will be compared to other similar properties.
2. Find Comparable Properties - This is key to zeroing in on your goal of knowing where the home should be priced.  Comparable properties should be similar in size, construction type, near the subject, year built, number of stories, etc… the closer the better for comparison.
3. Make Adjustments - Not all data will be exactly like the subject property, some adjustments will need to be made.  Maybe one house has one more half bath, extra garage, carport, covered patio or maybe is an exterior lot facing a busy street instead of an interior lot on a cul-de-sac.  A Realtor® can really prove to be valuable when it comes to interpreting this data.

At the end of the process you should have a good understanding of the the market, which is represented by similar homes that have sold.  This data should give you an idea of where the subject property stands in the market and therefor help when coming up with a sales price.

Now let’s be clear, this is not an alternative to an actual appraisal.  Notice the word “value” or “worth” was not used in the description, the reason is clear… Realtors® are not appraisers and can not determine “worth,” “value,” or “opinion of value.”  While a Realtor® will have the same access to the data as an appraiser, a Realtor® is not a licensed appraiser.  Keep this in mind because there are a ton of gimmicks out there leading you to believe that they can determine your properties value or worth, which is not allowed and they are not in a position to do this.  It would be like a cashier diagnosing you with a disease when in reality they are not a doctor.

A CMA, comparative market analysis, is a helpful tool I as a Realtor® use to help guide my clients to decide on a list price or what type of offer to make.  It is using real data, not estimates, but actual data from similar properties.  This is a tremendous tool I offer you so you are more in line with your pricing and in line with the market.  So next time you hear the acronym CMA thrown around you can know a little bit more about it.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

6 REASONS TO HOLD AN OPEN HOUSE

Holding an open house at your home is a good way to expose your property to as many potential buyers as possible.  I hold an Open House on listings if the client desire which serves several purposes in the marketing of the home.  Let’s cover so reasons as to why an Open House is a good way to market your home.

1. EXPOSURE - As your Realtor® my goal is to expose your home to as many potential buyers as possible and holding an Open House is one way of doing that.  It is a bit of an informal way to open your doors to the general public who may be in the market.
2. FUNNEL SHOWINGS - What I mean by this is if a buyer sees there is an Open House they may be less likely to view it on another time but instead wait for the event.  This helps to push more showings during the event instead of having them spread out throughout the week, therefore saving you time.
3. UNREPRESENTED BUYERS- The truth is not all buyers have an agent, this is their only way of viewing the home.  These are potential buyers who would otherwise not had the opportunity to view your home.
4. RELAXED ATMOSHPHERE - Potential buyers can come and go, or stay as long as necessary without the pressure from their schedule.  Most Open Houses are held on the weekends which means the buyers have more time as opposed to viewing it during their lunch break, before they pickup the kids or before making dinner.  In this setting it is at their pace, they can make notes and take the time to view the home without the added pressure.
5. NEIGHBORS - This one goes back to exposure, neighbors, family or friends may be looking at the home for their friends or family.  A common occurrence is to have an out of town buyer with a friend or family member who lives in town go view the home for them.  This is very common and of course the friend or family member attends the Open House as a way to view the home.  Also neighbors will view the home for a friend, often they mention having friends who have always wanted to live in their neighborhood and this might be their opportunity.
6. BUSY AGENTS - Open Houses serve as an easy way for a real estate agent who may be booked on the weekend & not have time to show the home to their buyer to just send them to the Open House.  This allows for the buyer to still see the home instead of waiting for their agent to make time, this is a very common occurrence.

 The reality of an Open House is allows a no pressure, weekend time to expose your home to as many people as possible.  There are numerous situations where an Open House might be the only way a buyer has the opportunity to view the home.  Regardless the end result is we want to market your home and giving it as much as exposure to the market is key & an Open House is just one more way of accomplishing that goal.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHom

5 Tips For First Time Home Sellers

These are 5 insider tips to consider for first time home sellers.  These are insights from experience of working with sellers and paying attention to the details that really help to not only prepare someone who is selling their home but to cut out any surprises.  Selling a home can be overwhelming with all sorts of issues to deal with, but these are some I see that aren’t considered enough.

1. Don’t Forget The Outside - Yes the outside is just as important as the inside, so don’t forget to give it the same TLC when preparing to sell.  Lots of emphasis is put on the inside of the home, when in reality the outside is just as important.  People want to see the outside is taken care of and show TLC as well.  
2. Be Prepared To Show On A Short Notice - The reality is your home could be shown at any moment and you must be prepared to allow the showing.  It is typical to ask for a one hour notice, so be sure you are prepared to clean up and leave the home in that time period.  Remember evenings and weekends tend to be the busiest so you can plan accordingly.  Keep in mind you are in control, you can set the limits on when it can and can’t be shown.
3. Know Your Competition - Be aware that you may not be the only home on the market, so make time to see who your up against & see how you compare.  I always tell my clients to pretend they are in the market for a similar home and look around, then figure out where you stand in comparison. 
4. Know Your Numbers - This may seem obvious but knowing your numbers is extremely critical to having a successful transaction… in many ways.  First know what your bottom line will be after all expenses, that means the sales price minus the payoff, fees, commissions, repairs, etc… what is your bottom line number?  So know your fees so there are no surprises.  What is the exact payoff… not just your balance but payoff… you will find there can be a big difference.  Finally know how much you will need for your next move, down payment, moving expense, etc… you will need those funds for your next transaction.
5. Prepare For Repairs - This is by far the number one issue most new sellers don’t expect.  They get their house under contract, figure out what they are going to make and think they are done, when in reality the buyer will be expecting some repairs be completed before moving forward.  So be sure to account for making the requested repairs, now remember that is all negotiable, but it is rare for a buyer not to ask for something.  Consider doing an inspection before putting your home on the market, so you know the exact condition of your home.  Make repairs before listing it and you will know what repairs are left that a buyer could be asking for as well as associated costs.

Bonus - Numbers & Negotiating - Going back to the numbers, on top of knowing them I always tell my selling clients to draw an imaginary line in the sand when negotiating.  Whether you are negotiating terms, sales price, or repairs, decide where you are comfortable and where you are not as far as your numbers.  I see too many bruised egos and clients taking it personally, so it is best to decide up front so you know where you stand from the start.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

5 Types Of Morgages

There are many ways to finance a home, let’s cover some of the more popular types of loan products.   Home financing options can get a bit confusing with all the terms and types of loans, each with their different requirements.  Let’s break down these different types of loans in a simple easy to understand format.  I will cover some of the more popular types of loans I see used to finance a primary residence.

Remember we won’t cover rent to own, owner finance, hard money loans and other types of financing.  While those types of financing options do exists it is generally is not very common.

These are just some of the basics for the different types of loans.

FHA - One of the most popular loans for low credit and down payment requirements

- Insured by the Federal Housing Administration

- Minimum down payment as low as 3.5%

- Minimum credit scores of 580

- 2 Mortgage Insurance Premiums

-Paid up front or financed in mortgage (1.75% of loan)

- Monthly Mortgage Insurance Premium (Based on several factors- .80-1.05%)

- This is probably one of the most popular due low to credit and down payment requirements.

Conventional - Offer better financing options however has stronger qualifying requirements

- Privately insured (not backed by government but private investors)

- Minimum down payment as low as 3-5%

- Higher credit score requirements than FHA

- Private Mortgage Insurance charged if less than 20% down payment

- Typically .5%-1% of the loan amount on an annual basis paid monthly

Ex: 100,000 loan - $1,000 per year - $83.33 per month

- Popular for those with higher credit & down payments

VA - Veteran requirement - low credit & even 0% down

- No mortgage insurance however it has a funding fee

- Funding Fee - ranges from 1.25%-3.3% (can be financed)

- Low credit score ok

- 0% down payment option available

USDA - 0% Down Payment Option

- Income eligibility 

- Property eligibility (www.usdapropertycheck.com)

- Credit Score low to middle 600’s

Jumbo Loans - Higher Price Point loan amount above conventional conforming loan limits

- Roughly $453,000 minimum loan

- Higher credit requirements - Middle 600’s & up - depending on down payment

- Higher interest due to higher risk loan

- Down Payment as low as 5% but typically higher

Keep in mind, we only covered the basics, we did not cover additional items such as:

• • • Debt to income ratios
    • Income requirements
    • Income Calculations
    • Self Employed vs Employed
    • Time on the job
    • Escrow options (Escrow or No Escrow)
    • Property Requirement - condition
    • Max Loan To Value %

As you can see there are different types of loans for different situations to suite you best.  From my experience these loan requirements can change on a regular basis and can be difficult to keep up with which I why I strongly recommend the loan officers that I work with.  They stay on top of these loans, are up to date and also know the ins and outs of loans to see which ones fit your need.  With so many variables to consider beyond credit and down payment I leave it up to the pros to assess your situation and present to you all your options. 

I hope this helped you breakdown the different loans and at least to know some more of the terms you hear all the time when it comes to mortgages.  If I can be of assistance or you have any further questions please do not hesitate to contact me.

 Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don not hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

5 Common Gimmicks In Real Estate

Gimmicks are too common in this industry and give many real estate agents a bad reputation.  The reality is much of that is well deserved and very much true.  Why?  The simple answer is it is true, gimmicks are everywhere in this industry and unfortunately are the more the norm than not.  Not with me, I don’t participate or run my business in this manner at all.  No gimmicks period!

So what gimmicks are out there that I am referring to or some you may have already come across?  Here are the top 5 I see on a regular basis:

1. “I Have A Buyer For Your Home” - You hear this all the time but the reality is that the majority of the time it is not true and just used as a bait and switch to get your attention.  The gimmick works like this, an agent either calls or knocks on your door claiming they have a buyer for your exact home.  Really?  You haven’t even look inside?  The reality is they are trying to get your attention and get their foot in the door where they promise you the world but only to realize the buyer didn’t exist or had a change of heart.  The truth is they don’t exist, it is a gimmick!  While a quick sale would be nice I strongly recommend you list your home on the market because the reality is you will have more buyers and offers which would be in your favor.  Again don’t fall for that gimmick.
2. “The Neighborhood Expert” - Every agent claims to be the neighborhood expert, while technically they can be, the reality is they are trying to be neighborhood experts everywhere.  If they really are an expert you more than likely already know of them and should not be a surprise.  Instead realize this is just a gimmick to justify them stepping inside your home to convince you you should list your home with them.
3. Unsolicited Cold Calls - This is the modern spam except they actually are calling you directly, again this is exactly what gives real estate agents a bad reputation.  The reality is they are cold calling, saying the same thing to everyone hoping someone bites.  Even if your number is on the “No Call” list the calls continue.  Oh and when they call I am sure you will hear of a gimmick listed in the article.
4. “If I Don’t Sell Your Home I’ll Buy It” - This is a very common gimmick that sounds too good to be true… because it isn’t true.  The reality is they use this tactic to get your attention and get their foot in the door.  Now will they actually buy your home?  I haven’t met a seller where that has happened or even asking around with other real estate agents I know.  The reality is the sale is at a deeply discounted price, probably one you would never consider to begin with along with other restrictions.  The gimmick is so common INMAN did a story on it you can read it here. 
5. Inflated Market Analysis - This gimmick is simple, stretch the numbers on your home to make you think you can get a higher price which leads to you signing the listing agreement.  The reality is the tactic is again designed to get your attention, get your hopes high, put a sign in the yard only to find out it is over priced.  Eventually you will start to lower the price or sell it at a lower price, probably where it should have been to begin with.  The reality is the agent gets a listing they otherwise wouldn’t and gets a sell, even if your original expectations were not met.  In other words they will tell you what ever you want to hear in hopes of getting their sign in your yard.  They know once the sign is in the yard you are less likely to fire them and change agents, so they collect a commission regardless of the price.  This gimmick plays on your emotions of naturally wanting most for your home, only to disappoint you in the end.  I have lost business because I refused to pitch this gimmick, I gave them my opinion, which was $70K below what the next agent proposed.  The sellers went with the other agent & higher listing price… 4 months later it sold for the price I had suggested from the start.

I flat out do not participate or run my business to fool people with gimmicks to get their attention or business.  I focus on honesty, integrity, transparency, full disclosure and seek to educate my clients so they can make an informed & educated decision for themselves.  No gimmicks period!

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

10 Tips For Home Buyers

It can be easy to get caught up in looking for the right home and forget about some of the details.  I see this happen often where buyers only think about a couple of details like the interest rate, home location, layout and monthly payment, however there is much more to the home buying process.  Here are some buying tips I really hope will help you!

1) Protect Your Credit - Get Pre-Approved - Yes this might be a bit obvious but I can’t stress this enough, protect your credit before during and after.  It takes time and good credit choices to build up your credit but it can only take a moment to ruin it.  Having good credit gives you more and better options, so protect it.  Along these lines, make time to get pre-approved even in advance of your purchase so you know where you stand and what you should expect.

2) Know Your Limits & Fees - This is key before you start your home search, knowing what you are approved for and what fees to expect.  You wouldn’t shop for a tv with out first knowing the specs and costs, applying for a home mortgage is not much different.

3) Be Informed - keep all your documents together from start to finish, ask questions - From the first loan estimate, copy of your credit report, home inspection, and all the way to your closing documents it is a good idea to keep these all together.  Having these documents readily available through out your transaction is important and will save you time and stress in case you need to access them.

4) Set your priorities - Write your priorities down and remind yourself what it is your looking for and why.  From location, price point, type of home, etc… have those priorities as you don’t want to venture off and end up with buyers remorse.

5) Work with a Realtor® - As a Realtor® I work on this every day and I am up to date on many aspects of this topic from contracts, interest rates, inspection and so much more.  Take advantage of the fact the commission is paid by the seller and essentially a free service to you.  Why wouldn’t you have your own representation, the seller does… shouldn’t you?

6) Know The Market - Don’t be afraid to start many months in advance to when you plan to buy, use that time to learn the market.  Figure out what you can get for your money, which you might have to make adjustments.  By the time you start your search you will be ahead of the competition and making better decisions and offers sooner!

7) Don't Fall In Love - inspect the house - Too often buyers can fall for a home hard and want that home no matter what, even if it means skipping on a home inspection.  The reality is all homes are not perfect, even new homes should be inspected.  Take your time this is a big decision and an inspection will prove to be valuable in the long run.

8) Consider Utilities, HOA dues, maintenance, etc.. - Yes the sales price is only one part of it, the reality is there are many other expenses associated with a home.  The most frequently asked question is how much are the utility bills, especially the electric bill.  Others consider the landscaping and what it will not only cost to water it but also maintain it.  Just be sure to look at the whole picture, remember once you buy it then you have to live in it and maintain it, consider those expenses as well.

9) Think RESALE - Don’t forget that one day you will have to put this home on the market, how will it appeal to the general public?  Sure you may like it and think it is unique but that may hurt you on resale, the reality is we have to think ahead to the day it goes on the market with you as the seller.

10) Just Say No - No big purchases, no new credit, etc… - Once your shopping for a home, under contract and waiting to close your favorite word should be “NO.”  No to putting anything on credit cards, no to opening new credit card account, no to a new vehicle you have to finance… no, no, no.  Just say no!  Why?  Because adding more credit can change your ratios, credit score, etc… and could then hurt your financing or even get you decline.

There are many things to consider when buying a home, these are some of the least mentioned topics that I thought would be good to bring up.  Remember there are many things to consider when buying a home beyond the layout and the sale price.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, don’t hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome

4 Tips For Pricing Your Home

Pricing a property is probably one of if not the most important tasks when listing your home.  You don’t want to go to high and risk sitting on the market too long, but you don’t want to under price it in fear of leaving money on the table.  Let’s cover 3 important tips to consider when deciding on a price for your home.

1. Comparable DATA - Use actual sold comparable homes to give you an idea of where the market is, these comparable properties should be nearby, similar in style, size, condition and usually within the last 6 months.  You want to use ACTUAL comparable data, which means using a REALTOR® with access to the MLS which will list that sold data for you to use to your advantage.  Remember that in Texas sales prices are not made public, they are however disclosed in the MLS system, which your REALTOR® has access to.  The last thing you want to use are online estimates, Zestimates®, or county appraisal tax values.  Use actual sold data that is up to date not estimates.
2. Know Your Property - Knowing your property data such as square footage, number of rooms, flooring type, year built, age of important components such as your hvac system is critical to know where you stand.  The reason this is so important is you will be comparing your property to others, which may be similar in some aspects but not all.  Be prepared to make adjustments for size, conditions and features.
3. Don’t Be Bias - Yes it is really easy to justify why your property should be priced higher than the rest of the properties but don’t get caught up in that mindset.  Instead be realistic, put yourself in the consumers shoes and compare your home features & price to the others.
4. Know The Market - Get out and shop your competition, know your market.  Figure out what similar homes are not only selling for but how fast are they moving.  Is it a buyers market or sellers?  How long are they on the market before it finally sells?  Are there incentives?  Seller concessions?  All these items are extremely important because those are factors you have to take in to account when you consider your listing price.

  Pricing is key to a successful home and often can be one of the toughest decisions to make in this transaction but it is a critical one for sure.  Be sure to have a Realtor® by your side like myself who deals with all these issues on a regular basis and is in tune with the market.  Remember my goal is not to give you answers and expect you to go with it but instead to have the heart of a teacher and give you the knowledge so you can make an informed & educated decision.

Again I hope this was of value and maybe you picked up a tip or two.  My goal is always to be a resource and educate my clients so they can make informed & educated decisions.

Have questions about this or other topics, do not hesitate to contact me.

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:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome