seretha's soapbox

Truth in Lending and other real estate updates

Sanford & Seretha Sellers — Mon, 11 Jan 2010 19:34:00 GMT

I feel as if I have been on a long vacation. Hopefully, you have been checking our website and viewing the videos. (www.KatyDreamHomes.com)

There have been so many changes in real estate until I am not sure where to begin. Of course you have heard of the extended tax credit. You have until April 30, 2010 to sign a contract to purchase. If you sign a contract by that date, you will have until June 30, 2010 to compete the transactions. With the changes in getting a loan and the search for your home, you must move now. Time is definitely of the essence as everything takes longer .

The new tax credit for move up or existing homeowners is $6500. Certain restricitons apply but the deadline is the same as for first time home buyers.

On the lending side, there is a new truth in lending requirement. The truth in lending disclosure involves initial and final disclosures to borrowers on fees and will affect closing dates.

1. Closing may not occurr until 7 business days after the intial disclosures are sent to borrowers. ( business days=Monday through Saturday and exclude Sundays and holidays)

2. Upfront fees cannot be collected from the borrower until initial disclosures are delivered. This may affect the ordering of appraisal.

3. An increase in the APR (Annual Percentage Rate) by more than 0.125% requires the Truth in Lending Disclosure to be revised and delivered to the borrower 3 business days before closing.

I have read that Katy is ranked among the single digits as a good place to be and has lots of diversity but I have been telling you that.

The HVCC (Housing valuation Code) received a lot of interest in my earlier blog. It is in the midst of changes after a lot of input from various sources. Watch bill HR3126 which will possbly replace the HVCC initiative but is still under consideration. WWW.govtrack.us is a good source but I am sure there are others to keep abreast of the new Consumer Financial Protection Agency Act of 2009 or HR3126.

We expect to see increases in new homes and possibly re-sales as the inventory continue to decrease. For those who have the resources and the vision, this market is for you. How low can it go? When that question has been answered, opportunity will have left the building. Do your homework.

The period after Christmas leads into the tradition high season for real estate. The tax credit will give it a push but stops at the beginning of the season. How will this affect Sellers? My crystal ball is unclear on that one as many factors will contribute to the answer. Sellers will need to pay particular attention to pricing, preparation and marketing of their property. This is where we come in. Take a look at our website

http://www.getreadyset-homesold.com/

Future blogs will give incites on all three areas. So stay tuned.

All success to you

Commercial space to fit your need

Sanford & Seretha Sellers — Fri, 11 Dec 2009 14:03:00 GMT

For those with a one man operation and want to move it out of the home, to the larger business needing more than one floor in a professional atmosphere and accessible location, have we some information for you.

Yesterday, we toured a professional building, with a responsive and impressive staff and an involved owner all seeking to earn your business. The following is a short list of what the property offers:

1. Short term as well as long term leases

2. Free space planning

3. Suites or floors in a wide variety of sizes

4. Space available for immediate occupancy

5 Access controlled covered parking,

6. Full service building

7. On site daycare, deli and sundry shop

8. 24 hour on-site courtesy personnel

9. State-of-the-Art Energy Management System

10. Very competitive rates

11. Quality building

So if you are moving to the Houston area and the items I have listed are the same ones on your list, you owe it to your company to contact us. We will arrange a meeting and tour of the facility to answer all your questions and you become the hero.

All success to you

Tis the season to pay attention

Sanford & Seretha Sellers — Fri, 11 Dec 2009 13:27:00 GMT

This season brings out the best and the worst in people. We have received reminders of the worst that hopefully remind us all to be aware.

1. IRS - someone email or call you requesting information due to refund or inconsistency with your tax return. Don't give information out if you can not verify the source.

2. Shopping and not checking your receipt. Cash back has been showing up on some receipts without the request or knowledge of the debit or credit card holder. Cash was never given to the shopper.

3. The out of country request involving the transfer of money. Too good to be true is usually correct.

4. Going in and out of stores and not aware of those around you and taking care in approaching your car. Remember this is Christmas for thiefs as well.

Be safe. Be Aware and Merry Christmas.

Tax Credit Extension

Sanford & Seretha Sellers — Tue, 08 Dec 2009 19:48:00 GMT

They say a picture is worth a thousand words. How about a video courtesy of the IRS on the tax credit extension. This window of opportunity is only open for a short period of time.

http://www.youtube.com/watch?v=GkzB03uuGlg

All success to you.

Flexibility and lifestyle in the home

Sanford & Seretha Sellers — Sat, 07 Nov 2009 18:38:00 GMT

Every time we participate in the sell or purchase of a home, we are reminded of how emotions, economics, and lifestyles, affects the transaction. The term flexible home keeps comng up and has caused us to stop and consider what this means. Once upon a time flexible meant the layout of the rooms but not anymore.

As Realtors, we diagnose and match families to homes, on the Buyer side. On the Sellers' side, describe and market the home in such a way to attract the right buyer looking for that home in that neighborhood. So we need to know how you live in your home. Do you entertain a lot? Do you have young children or teenagers? do you have a pet? Are you caring for a older family member or anticipate doing so in the future? Is access to major roadways or airport important? Do you like the feel of an older home or prefer new? How long do you anticipate living in the home? Do you need space for a home office? So much to think about and much of it may not be something you have considered consciously while looking for a home.

So flexible means that the house will fit the lifestyle of the owner(s) and fit into their budget. As Realtors, our Clients' interests comes first. We cannot describe what it feels like when you get the right connection between home and owner. It makes all the stressful days, sometimes sleepless nights, and tons of paperwork, worth it.

You have probably heard the saying, if you do what you love, it won't feel like work. We are doing what we love and now all we have to do is continue to improve our service to those who trust us with the largest purchase they make in a lifetime.

All success to you.

"Foreclosure", price is not everything

Sanford & Seretha Sellers — Thu, 29 Oct 2009 17:31:00 GMT

Nothing has been finalized but the tax credit maybe revised and extended to give you another bite at the apple.

For those thinking about buying a foreclosure home, be patient. If you need to move in the next 30 to possibly 60 days, you may want to reconsider your foreclosure purchase. Your agent can get you through the process but unlike a more normal market, there will be some things they can not hurry.

Be prepared financially. You may be able to negotiate a desirable selling price but there are always other costs unplanned. Example: paying for a 2nd visit to verify repairs completed, missing appliances, fees the bank will not pay, etc.

It is an exhausting process for you the purchaser, the banks, and the agents involved. I don't have the energy to comment on short sales. Let's just say ,"Trick or Treat". Be safe out there this week-end.

Whats Happening In the Market?

Sanford & Seretha Sellers — Tue, 13 Oct 2009 18:02:00 GMT

So you are still not convinced that Katy is the place for you. Let me add some fuel to the decision fire.

1. Foreclosures make up only 2.6% share of the market. (We are still doing something right)

2. We were bested only by Ft Bend on the hotness rank for resale. Ft Bend East had inventory of 3.1 months. Katy had 3.5 months of inventory

3. Active Economic Development Council - 2010 goals include but are not limitied to; focus on education, strengthen leadership base, expand higher education opportunities within the community , diversification of the tax base, promote and enhance quality of place, ( support development of Downtown Katy amd support residentail development and expand outdoor recreation options in the Katy area).

For you working in the energy corridor, great access all up and down I-10. Medical and professional facilities moving into the area which means you may not need to drive all the way to the medical center anymore. We still have community activities, quaint shops, green belts, great golf courses, waterfront property...whew! Diversified population, gated communities, estate developments, communities reminiscent of the Heights, ( you know, narrower community streets but bigger & higher quality homes) ok I'm tired and if that didn't convince you, nothing will.

We are not perfect but darn near close. So what are you waiting for? Oh and don't let us forget, service oriented, professional Realtors who live and work in the area and are willing to help you get settled. What else can you ask for? Ok, Ok, The state has mountains, valleys, parks, lakes, rivers ,streams, fishing, snow and sun. We have networking groups both day and evening, clubs, interest groups, great libraries, You won't have to leave the state for anything. Come claim your homestead. We'll be waiting for you.

All sucess to you

You get what you pay for

Sanford & Seretha Sellers — Mon, 12 Oct 2009 20:31:00 GMT

In Texas, the realtor commission is normally paid by the Sellers. The Realtor listing the property, handling the marketing, the showings, the negotiations, and varies miscellaneous tasks, splits the commission with the buyer's agent. Commisions are negotiable.

The Realtor's cost of doing business is like any other business owner and has not decreased. Paying for the normal living expenses (gas, grocery, mortgage, children's education, insurance, etc ) has not been eliminated for you or for the realtor.

If someone is not willing to fight for their income, then how hard will they fight for you?

I love the fact that we live in a country where you can choose what level of service you want or even to do it yourself. Be alert to opportunities but aware that all that shines may not be gold.

Just food for thought.

All success to you.

FDIC and prepayment of assessment by banks

Sanford & Seretha Sellers — Tue, 29 Sep 2009 16:02:00 GMT

Today the FDIC approved pre-payment of the FDIC assessment banks pay for years 2010, 2011, and 2012 beginning in 2010. There will be no special assessment for 2009. Initial reaction from commentators ranged from whether cost will be passed on to consumers, to timing of the increase. This approval will now go out for 30 days of public comment.

Money and employment affect my business, so I will be watching and listening. I invite you to do the same.

Sanford & Seretha Sellers - We Sell Katy!

Premier Realty of Texas

Property Related Proposed Constitutional Amendments 2009

Sanford & Seretha Sellers — Mon, 28 Sep 2009 23:30:00 GMT

We have several proposed amendments to the Texas Constitution on the November 3rd ballot. Four of them are property related.

Amendment 2: Deals with taxation of a residence homestead solely on the value as a homestead rather than highest and best use.

Amendment 3: Would apply uniform appraisal for tax purposes.

Amendment 5: Would give appraisal districts the ability to consolidate their appraisal services.

Amendment 11: Concerns eminent domain.

http://scotthochberg.com/amends.html, state.tx.us, or goggle for more information. The last day to register to vote is October 5th. The League of Women's Voters put out a non bias summary of the issues and amendments and can be found in most libraries. Educate yourself and exercise your right to vote.

Sanford & Seretha Sellers - We Sell Katy!

About Texas, for the newcomers

Sanford & Seretha Sellers — Mon, 31 Aug 2009 19:10:00 GMT

Go to www.KatyDreamHomes.com, in the upper right hand corner click the "About Texas" button and there you have it. Information on thngs to know when moving to Texas. If you haven't guessed it yet, we are trying to keep you coming back.

Ya'll come back now

Waiting, Foreclosures and Short sales

Sanford & Seretha Sellers — Mon, 31 Aug 2009 15:17:00 GMT

Thoughts from a Realtor on " it is Monday again and I am still waiting with anticipation of Tuesday with more promise. "

Short sales, Reo's/Foreclosures are a larger part of real estate now but for those of us who were not involved in real estate in the 80's , it is mind boggling. It is the waiting that is driving the clients and the agents to distraction, the endless list of restrictons, the mind numbing requests for additional approval through their chosen lender, the "as is" selling, and then the no response, no, or possibly the counter.

We live in a fast food, microwave society so to be told you have to wait as much as 3-9 months to possibly close, is not going to clear out the homes. Realtors are willing and able to do their part, the Consumer is willing to even wait a reasonable amount of time, but enough is enough. Systems people! Systems! You have a system for taking the money in, for investing, for general processing, well why not for moving the homes through your organizaton?

I am also noticing homes coming to market with no standard appliances (stove, dishwasher,) don't forget to look for the hot water heater and make sure the air conditioning unit exists. So General Public, how much are you willing to give in time and money to get what you consider is a "good deal"? Or will you join the ranks of potential homeowners deciding to take their coins and wait.

For those qualifed Buyers who don't want to play the waiting game, there are traditonal purchases still available and the condition of the economy is on your side. So my advise to you is don't wait. Dive in. Go for the gold. Let her rip. From dream home to starter home, in your lifetime, there has never been a better time to move. Call me.

Changes in 2 of Texas' laws

Sanford & Seretha Sellers — Thu, 27 Aug 2009 21:22:00 GMT

School has started in Texas and this year we have 2 laws with more teeth

Texas House Bill 55 was signed by the Govenor in June 2009. The new law prohibits the use of a wireless communication device within a school crossing zone. The exception: use of hand free device.

House Bill 537: Seat belt law changed as of September 1: Everybody must wear a seat belt, whether in the back seat or the front. If child is under 8 years of age and and under 4 feet 9 inches tall, they must be in a safety or booster seat. Children under 5 may not ride on the back of a motorcycle but can ride in a sidecare

Be safe and watch out for the young ones.

Credit Tip

Sanford & Seretha Sellers — Wed, 19 Aug 2009 12:42:00 GMT

This tip came from a Lender contact for my Clients.

For those considering purchasing or refinancing a home, "DO NOT PAY OFF ALL YOUR CREDIT CARDS THEN CLOSE YOUR ACCOUNTS!" This would mean that you HAVE NO CREDIT and therefore cannot purchase a home until you re-establish your credit which can take a YEAR or more.

Seller common mistake #3

Sanford & Seretha Sellers — Mon, 10 Aug 2009 17:35:00 GMT

You found this deal on gorgeous hardwood flooring and installed it throughout the first floor. You repainted the interior of the home that beige sort of color you saw in the model home you liked. You changed out the front door to this gorgeous glass and mahogany one you found on sale. In addition, you visited the open houses for homes in your neighborhood or went on the internet to check out your competition and concluded, you have no competition. Your home is waaaaay better than anything out there.

Does this sound familiar? You are in danger of possibly overestimating the value of your home based on the improvements that you liked and installed. It is quite a challenge to look at things objectively when it is your home. Your home feels and looks just like the model home so surely it is worth more. Isn't it?

Some improvements do add value to the home; generally upgrading the kitchens and the bathrooms, adding square footage ,and bringing your home up to the standards of the other homes on the market in your area comes readily to mind. While other improvements may not add value; upgrading the fans, replacing the fence or other appliances, but they make the property more appealing to the Buyers in the marketplace. The internet is your friend, so look for sites like www.remodeling.hw.net and others to give you clues.

Pools: If a private pool is not a common thing in your neighborhood, it could be a negative. If it is very common to have a private pool in your neighborhood and you don't have one, that can also be a negative.

So when deciding to improve, do your research. It may come down to simply wanting the improvement because you want it and you don't care if there isn't a return. In that case do it and enjoy your home but when it comes time to sell, heed the advise of your Realtor. Price it right and move on.