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Sellers, Avoid These 5 Mistakes

Mon, 03 Mar 2025 04:12:13 GMT

Set Yourself Up For Success

Setting the price too high

When you list your home, you may think, “Why not ask for a lot? A buyer can always offer less.” This is true, but most buyers won’t … not if the home is priced out of line with similar homes in the area. Homes with prices set too high usually stay on the market longer than average and often sell for less than homes that are fairly priced to start with. Review how much comparable homes in the area—or “comps”—recently sold for to help you determine the best asking price.

Putting up a for sale sign too soon

Even though you’re ready to sell, is your house ready to be shown? Have you fixed leaky faucets, repainted the dingy dining room walls and replaced the broken mirror in the master bath? Sure, you learned to live with these minor annoyances, but a prospective buyer will factor those in when viewing the home

Making your house hard to show

To sell your house, you want to make it as easy as possible for prospective buyers to see it at their convenience. Even if you ask for advance notice to view the home, be prepared to keep it in viewing-ready condition and have a plan for securing or removing your pets when buyers visit. Try to keep your schedule as flexible as possible, since many buyers want to view homes in the evening or on the weekend.

Hanging Around

The best place for you to be when buyers are viewing your home is somewhere else. Buyers often feel uncomfortable looking through a home when the owner is present, and they want to be free to discuss the pros and cons of the house without fear of offending the owners. You may want to stay to answer questions, but it’s best to leave this task to your REALTOR® who can then relay any feedback to you.

Going it alone

The biggest mistake many people make is thinking they can sell their own home without using a REALTOR®. But just like in other business deals, it really is best to work with a professional. Your San Antonio area REALTOR® knows the local market, stays up-to-date on housing regulations and understands how best to market your property. She will work with your best interest in mind to sell your home quickly and for the most money.

What The FHA??

Thu, 27 Feb 2025 16:55:49 GMT

FHA Loans - Everything You Want To Know

What is an FHA Loan?

It's a way for people to become home owners without having to have the best credit or have a ton of money to put into a big down payment. Sound interesting? Read on...

It's perfect for first time home buyers because of the minimum qualifications:

Credit score: As low as 500 if you put down 10% of the home price
Down payment: As low as 3.5% if you have a 620 credit score

Because the government loves you...

but not that much.

FHA stands for Federal Housing Administration but it's not a government loan. Instead, this is a home loan offered by a bank, mortgage company or other type of lender and only " backed by" the Federal Housing Administration. By the way, that backing is like a safety net for the bank, not for you. Hence the title of this section.

The government knows that home ownership is good for the economy. It creates jobs in construction, shipping, transportation of materials, etc. It also helps people to build wealth as real estate typically increases in value over time. So they made it less risky for the banks to loan money to larger group of people. Now isn't that special?

S tep 1 to get started

Call your bank or credit union and find out if they offer FHA loans. If so, tell them that you'd like to apply. They will run the numbers and tell you what you qualify for. I can also match you up with one of my preferred lenders that have worked with other buyers and earned my trust over the years. Call or text me directly at (210) 868-0656 for more info.

Wait, that's not my dream home!

Mon, 24 Feb 2025 04:55:51 GMT

The dream only exists in your head.

Here's a story from the field. I once showed 20 homes to a client before I realized why we hadn't found the right home for them yet. Even though we sat down and talked about all they things they wanted in a home, there were little details that revealed themselves over time that excluded each and every home from contention. The counters weren't quite right. There was carpet in rooms they didn't want it in. The fireplace didn't have the right kind of mantle. You get the drift.

Over and over again we went to look at homes thinking this was the weekend we'd find the right one and...nope. Another weekend lost. Then came the revelation. When we had this discussion, it was within 3 days that the right home emerged.

The revelation is this: you're not going to find your dream home. You're going to walk into someone else's dream home. It's going to be 80% of what you want, you are going to take it the other 20%. The previous owners wanted the carpet in the bathroom (yuck!). But don't let that break the deal. Focus instead on whether or not this home has the things you want that aren't able to be changed. High ceilings, location, a big yard, closet space. Then consider, if the counters are marble but you wanted quartz - change them. That's how you make the home yours. That's how you realize the dream.

Bexar County Property Tax Exemptions

Mon, 10 Feb 2025 17:55:50 GMT

What are the Property Tax Exemptions And How Do I Apply?

Exemptions reduce the market value of your property. This lowers your tax obligation. Some of these exemptions are:

General Residence Homestead : Available for all homeowners who occupy and own the residence.
Disabled Homestead : You may qualify if you (1) qualify for disability benefits under the Federal Old-Age Survivors and Disability Insurance Program or (2) have a physician's statement indicating the applicant is unable to engage or obtain any type of gainful employment.
Residence Homestead of 100% or totally Disabled Veterans : Entitles a 100% exemption for a residence homestead of a qualifying Disabled Veteran. A Disabled Veteran who has a 100% service-connected rating from the United States Department of Veteran Affairs, or is unemployable, is exempt from taxation on the veteran´s residential homestead. You may download the current application online.
Disabled Veteran or Survivors of a Disabled Veteran : May be taken in accordance with the applicant’s disability rating established by the Veterans Administration. This exemption can be taken on any property in Texas; it is not limited to the homestead property.
Over-65 Exemption : May be taken in addition to a homestead exemption on their primary residence effective in the year they become 65 years of age or the year they acquire the property.
Tax Freeze : Some jurisdictions have limitations of taxes on homesteads of the elderly or disabled. These are commonly called "tax freezes."
Tax Deferral : You postpone paying taxes on your homestead if you are 65 years of age or older or disabled for as long as you occupy the residence. A homeowner must file a deferral affidavit with the Bexar Appraisal District. The deferred status only postpones the liability and therefore does not cancel the tax obligation. Interest accrues at the rate of five percent per year. Once a property owner no longer lives or owns the home, past taxes and deferred interest become due on the 181st day. The chief appraiser is responsible for granting/denying exemption applications. A property owner or the owner’s authorized agent must file the necessary application before May 1 of the tax year.

To apply for an exemption, call the Bexar Appraisal District at 210-224-2432. You may also contact their agency directly by email or visit their website to obtain the necessary forms.

Steps Between Signing And Closing On A Home

Mon, 03 Feb 2025 07:58:39 GMT

Here it is from A to Z.

From the day the Seller and Buyer sign the purchase agreement, to the day the Buyer gets their keys usually takes about 30 days. Here's a timeline of everything that happens.

Once the buyer and seller have both signed a purchase agreement, you are now "under contract".

On the first day:

The signed documents are immediately sent to a neutral third party referred to as the Title Company . They go by names like Alamo Title, Stewart Title, Key Title etc.

Within the first 3 days:

Inspection : We order the inspection and get it done ASAP. This will give you a good idea of the condition of the home. Typically we can get an Inspector there within 3 days. An Inspector I recommend in San Antonio is Pillar To Post. They will write the inspection report from the home and send it before they even leave the property.

Buyer sends a check to the Title Company for 2 things: The Option Money and the Earnest Money.

Option Money - Usually between $100-$250. It buys you the option to walk away from the deal within a certain number of days, typically the first 10 days. This is called the Option Period. Explained further below.

Earnest Money - Usually 1% of the home's sales price. Think about this as a deposit. 2 things can happen to this money. When you sign for your keys around day 30 of the process (called Closing Day), this money gets applied to your closing costs and the price of the home. However, if you pull out of the contract outside one of the many windows you have to do so, the seller can keep your Earnest Money as damages.

Within the first 10 days:

Option Period : Think of this as the "Opt Out Period". It's a protection for you to make sure that you get a home without major defects. During this time you get a professional Inspection done. If it needs repairs, now is the time to negotiate more money off the sales price, have them make the repairs or if you can't come to an agreement, you can call off the deal. If this happens you get your Earnest Money (equal to 1% of the purchase price) but the Seller always keeps the Option Money. During this time you can back out of the deal for any or no reason at all. The Option Period can be any number of days.

The remaining 20 days:

Title Inspection: The Title Company researches the home's Title documents to make sure that the Seller does not have any tax liens or other issues that could hold up the sale.

Title Insurance : This is a one time purchase from the Title Company. Either the Seller or Buyer purchases this and the money is deducted at closing. Title Insurance rates are set by the state of Texas so they are the same prices regardless of which Title Company you are using.

Survey : This is a map with the measurement of the home's boundaries, fence lines, shed footprints, pool location, etc. The Title Company orders and reviews the Survey. They either accept or decline it. I've seen home purchases get delayed because a shed was built too close to the fence. Sometimes a fence was built 3 inches into another person's property. There could be a dispute as to who actually owns the driveway. That's a wild one but that really happened to one of my buyers.

Appraisal : The lender will send in an appraiser to put a value on the home. A mismatch between a home’s appraised value and the purchase price could impact how much your lender allows you to borrow for your mortgage. If the appraisal comes in lower than the sales price, you may have the option to negotiate the price again or back out of the deal.

Home Insurance : Lenders may require that you purchase homeowners insurance. You might also consider other types of insurance such as flood or title insurance. If your down payment is less than 20%, you may be required to have mortgage insurance as well.

Utilities : Buyers make sure to call the utility companies and notify them of the move.

HOA Documents : If the home is in a Homeowners Association, the association documents are provided to the Buyer.

Mortgage Company : They are working behind the scenes to get the loan funded. Even though you may have been prequalified for the loan, now they actually get you approved.

3 Days Prior to Closing Day

Closing Disclosure : This is provided to Buyers and Sellers and shows exactly who paid for what, how much and the final closing costs for each side. If you are the Seller it will tell you your net gain which will be deposited into your bank account on the day of closing.

Wire Your Closing Costs : You are going to wire your closing costs from your bank. Your mortgage company will send you instructions on how to do this.

"Clear to Close" : Your agent is notified that we got the "Clear to Close". It's a big day because it means you can sign your final documents and get your keys. Although the official closing date was agreed to in the original documents, if everyone wants to close earlier and we're clear to close, let's do it.

It's Closing Day!

What happens at close? : Sellers and Buyers set up separate appointments to show up at the Title Company's building. During the closing appointment you will hand sign notices and final documents. If you didn't wire your closing costs, you will bring a cashiers check with you.

Closed and Funded! : After everyone signs, it could take a couple of hours for the Title Company to notify everyone that the deal is closed and funded. Buyers have officially taken ownership of the property and the Seller has their net proceeds.

House Warming Party : Don't forget to invite your beloved Real Estate Agent! Congratulations, you did it.

Preparing your home for a private viewing

Mon, 22 Jan 2024 13:38:08 GMT

Preparing your home for a private viewing is essential. These are the things you should focus on...

Imagine...

Here's an activity I like to do with my buyer clients. We go out to their sidewalk and I ask them to imagine that it is the first time they've ever seen their home. We walk up to the front door, step inside and try to look at the home from the perspective of a new visitor. One of those visitors will be the next buyer. What is their first impression?

Clean it up & clear it out

First impression is everything! Clean up your home and make it spotless. Clearing clutter from the kitchen counters make them look bigger. Think about it like this: the more surface space they can see the more they can use their imagination so if you can even show more floor space - you're off to the races.

Organize everything, including closets

Don’t forget to check inside your closets and other hidden places. Buyers will want to see all the areas they might be buying. Can't bear the idea of cleaning out your kitchen's junk drawer? Just remember, every part of your home is a reflection of how bad you want to sell it. Junk drawer = junk impression. Hey, I don't make the rules.

Make Your home cozy and inviting

Add artwork, plants, dried flowers, candles and other things that will make the property feel homey. I had a client who put small strings of lights across their fireplace mantle intertwined with a potted ivy and the look was incredible. It doesn't have to cost a lot of money, it just takes a little imagination.

Preapproval - Know Before You Go!

duda@secondgen.com — Mon, 08 Jan 2024 13:38:08 GMT

Before you see any homes, complete this IMPORTANT step.

I have a friend who puts it like this, "You never show a bride-to-be a dress she can't afford. If you do, even the best dress in her price range will look bad." Wise words! Before you see any homes, make sure that you know what you can afford. All you have to do is get with your bank or lender to run the numbers and they'll tell you how much home you can finance. Then it's time to go shopping.

Afterall, the purpose of seeing a home is to submit an offer. Did you know that all offers need to be accompanied by a Preapproval Letter? This letter is provided to your real estate agent by your lender. It shows the seller that as a buyer, you have the financial means to close the deal. Without it, sellers won't consider your offer and if falls to the bottom of the pile...if not straight into the trash bin.

It's easy to get prequalified. Call your bank or lender (I can connect you with one if you need), tell them you want to buy a home and provide the following documents:

2 year's W2s
2 year's tax returns
2 month's bank statements

If you don't have a lender, contact me and I can match you up with one.

Tomdiaz@kw.com or text/ call me at (210) 868-0656........Let's get you that home!