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Consider A Few Things Before Buying Something AS-IS

March 9, 2023 by chorton Leave a Comment

You might come across listings that advertise a property as-is if you are looking for a new house. It’s an option for sellers who want to sell quickly.

The homes are often less expensive than comparable properties for buyers.

There are many benefits to buying a home in its current condition, especially in this competitive housing market. However, it is important to fully understand the implications.

Sellers list their house as-is and will not make repairs or modifications before they close on the property. Sellers cannot guarantee that everything will be in good condition or working order. A Seller’s Disclosure is not required.

It’s your responsibility to repair any problems that you find after you purchase a property advertised as “as-is”.

A seller selling as-is must still meet minimum disclosure standards in each state and federal. These standards will inform you about lead paint conditions.

A home being listed as-is does not necessarily mean that it is inoperable. A home can still be listed as-is, even if it has minor or major problems.

This could happen when a seller is in financial distress or if they are in a hurry and don’t have time to wait for contractors to complete even minor cosmetic work.

It’s possible that the home is no longer livable in its current condition. Your lender might not be happy with you making the necessary repairs.

Certain livability requirements are required for many types of loans. These minimum property requirements are also known as MPRs. These MPRs will be assessed by appraisers.

Conventional loans are not guaranteed or insured by the federal government. Fannie Mae, Freddie Mac and many other conventional loans conform to these criteria. Fannie Mae or Freddie Mac homes can be bought if they have minor problems. The house must be safe and any structural problems should be normal wear and tear.

You might still be eligible for a conforming loan for as-is property if you have plumbing leaks, interior damage, or missing light fixtures.

The MPRs for government-backed loans like VA loans are more stringent than other types.

An inspection is required if you are interested in purchasing a home as it stands. An inspector will help you to understand the problems and let you know how much it might cost to fix them.

A inspection is not required for an appraisal.

A lender will usually require an appraisal to determine the property’s value. You might choose to have a home inspection.

Sellers can refuse to inspect a property as-is. This is a red flag.

A home being sold “as-is” does not necessarily mean that it is complete. A seller could list a property as is but refer to only certain parts. Broken pools and sheds are often partial features that can be added as-is.

Ask the seller what they mean by “as-is.”

You don’t have to waive your right for disclosures when buying an “as-is” home. You must be aware that the sellers are bound by federal and state regulations regarding disclosures about any issues in the house.

Each state has its own disclosure laws. Some states, for example, have water damage disclosure regulations.

You may be able sue a seller if they fail to inform you about a problem in your state.

Lead paint is the only federal disclosure requirement. The seller must disclose if the home was built prior to 1978.

If you are considering buying a home as is, a good agent can help. An agent who is knowledgeable about disclosure laws can help you understand what the implications are for buying as-is.

These can make you more confident about your purchase decision, or help you decide when it’s best to not buy.

 

Original Blog: https://realtytimes.com/consumeradvice/buyersadvice/item/1044463-what-does-as-is-mean-for-buyers?rtmpage=

Filed Under: Blog, Buying a home, Homes for Sale, Real Estate Advice Tagged With: as-is home, Blog, buying a home, buying homes, erath county, first time home buyer, Homes for sale Stephenville TX, loans, mortgage, Preferred Properties of Texas, real estate, selling, selling a home, selling homes, stephenville tx

What To Do When Moving Into A New House

March 6, 2023 by chorton Leave a Comment

Change the locks if you don’t know who has access to your home. This will ensure that you are the only one who has access to your home. You can either install new deadbolts yourself or hire a locksmith. For labor, locksmiths charge typically $50-100 per lock if you supply the locks. The type of lock you select will affect the cost of installation.

This should be done by your home inspector before you close the deal, but it’s never a bad idea to double-check.

Watch out for running toilets and drippy faucets. Check your water heater to see if there are any signs of a leak.

Here’s an interesting trick: Make sure to check your water meter between the start and end of any two-hour period in which you have no water being used in your home. You may have a leak if the reading is not consistent.

This should be done before you move in any furniture. Your new home will look great! A professional carpet cleaner can be hired. Before giving you an estimate, they will measure the length of your carpet. They’ll charge you a flat fee between $100 and $150 if the area falls below their minimum.

Renting steam cleaners for $35-$50 is possible. For stubborn stains, you’ll likely need detergent. This can cost $15-25.

This is a must-have before you start to move in your bathroom and dishes, especially if the house was vacant. It is not unusual for pests and mice to enter a house quickly. You should wipe the area clean, using a non-toxic cleaner. If necessary, replace any contact paper.

Pest control is worth the investment. You can do a lot to eliminate pests yourself, but hiring a professional to help you will cost you between $150 and $300. Monthly visits will run you $40-$70 each, and quarterly visits cost $100-$300.

If you are going to be away from home or have a plumbing emergency, you will need to know how to shut off the main water valve. Locate the valve, which could be located inside or outside of your home. Turn the knob until the valve turns off. Turn on any faucet in your house to test it; water should not come out.

 

Original Blog: https://www.houselogic.com/buy/moving-in/things-to-do-when-moving-into-a-new-house/?site_ref=mosaic

Filed Under: Blog, Buying a home Tagged With: Blog, buying a home, buying homes, erath county, first time home buyer, home maintenance, Homes for sale Stephenville TX, new home, Preferred Properties of Texas, real estate, tips

What Happens After A Pre-Approval And Can You Still Be Denied?

March 2, 2023 by chorton Leave a Comment

Pre-approval is essential when you are ready to purchase a home. Talk to a lender, who will review your situation and give you a preapproval letter. This letter will help you determine your monthly budget and what amount of payment you can afford.

Before approving your mortgage, lenders will consider several factors.

Pre-qualification and pre-approval are not the same thing, although they are sometimes used interchangeably.

A pre-qualification is a detailed overview of your financial situation. It focuses primarily on your income and your debts. The lender will then provide you with an estimate of the loan amount.

The lender won’t verify any information that you provide. A pre-qualification can help you determine your budget and help you start looking for houses. However, it does not carry any weight once you make an offer.

You provide financial information to a lender to pre-qualify. However, you will actually fill out your mortgage application to get pre-approved.

Your Social Security number is required. The lender will then conduct a hard credit assessment. Your lender will request that you list all assets, liabilities, income, employment, and bank account information.

The primary goal of a lender during pre-approval is to make sure you can repay the loan.

The information is used by the lender to calculate your LTV or DTI ratios. These information are used by the lender to determine the right type of loan and the interest rate.

After an appraisal has been completed and the loan applied to a property, your final loan approval will be granted.

Pre-approved means that your loan file is sent to an underwriter. An underwriter will also verify your documentation in relation to your application. They will verify that you meet the requirements of a loan program.

Your lender will verify your eligibility for a home loan by underwriting. An underwriter is responsible for ensuring that a property meets the loan requirements. The ultimate decision-maker, the underwriter, must follow certain guidelines but has some flexibility in other areas.

Although underwriting timelines may vary, approval of an initial file can usually be granted within 72 hours. Rarely, however, underwriting approval can take up to a month.

Your financial situation is examined by underwriters. After reviewing your file, they will issue conditional approval. The underwriter will approve you if you meet the conditions.

Underwriting can deny a mortgage, although it is rare.

An underwriter can deny you a loan if there are several reasons.

If you are declined in underwriting, your loan officer should explain why. It’s possible to appeal their decision, but it is not final until you receive a denial notice.

You can always check with other lenders if you’re turned down by underwriting. One lender may turn you down, but that doesn’t necessarily mean they will all give you the same answer. Some lenders offer manual underwriting options that allow them to approve loans, while others don’t.

Avoiding being denied underwriting is as simple as clearing up your finances. Also, make sure that you don’t borrow more than you can afford. Also, ensure that your loan application is accurate and complete. So that there are no surprises during underwriting, you want the lender to have a complete picture.

 

Original Blog: https://realtytimes.com/archives/item/1044797-can-a-mortgage-be-denied-after-pre-approval?rtmpage=

Filed Under: Blog, Buying a home Tagged With: Blog, buying a home, buying homes, erath county, first time home buyer, Homes for sale Stephenville TX, loans, mortgage, pre-approval, Preferred Properties of Texas, real estate, realtor, stephenville tx

A REALTOR(r), Can Help You Find Your Dream Home

February 22, 2023 by chorton Leave a Comment

Your REALTOR(r), and you can be a great team. But your REALTOR(r) can’t read your mind. Help your REALTOR(r) find the best options for you by sharing what you want and offer feedback.

Talk to your trusted realty professional about what you consider essential, desirable, and unacceptable features. Your REALTOR(r), can help you find homes that have the features that are important to you. Your REALTOR(r), together, can discuss how to achieve your goals. Your REALTOR(r), if privacy is important, could search larger lots, properties close to undeveloped land, homes with tall fences, or fewer neighbors. Your REALTOR(r), if you are looking for homes that can be remodeled or expanded, may be able to help you.

Your REALTOR(r), an expert on the local realty market, can help you find options within your price range. Your REALTOR(r), may be able to provide information about assistance programs that might help you.

This is why you hired a REALTOR(r). Ask your REALTOR(r), about any aspect of the home search or purchase you aren’t sure of. Remember that your REALTOR(r), who is bound by a Code of Ethics, may not be able answer certain questions. This includes questions that require opinions, legal issues, or that are outside of the realm of expertise of your REALTOR. Your REALTOR(r), in these cases, can often recommend impartial sources that you may be able to explore.

You have a professional working for you, a REALTOR(r) who will help you to succeed in your transaction. Your vision and the expertise of your REALTOR(r), will help you find the home that you love for many years.

 

Original Blog: https://www.texasrealestate.com/members/posts/let-a-realtor-help-find-your-dream-home/

Filed Under: Blog, Buying a home Tagged With: Blog, buying a home, buying homes, erath county, first time home buyer, Preferred Properties of Texas, real estate, realtor, stephenville tx

How Do Buyer & Seller’s Agents Compare?

February 16, 2023 by chorton Leave a Comment

We don’t always focus on the difference between a seller’s and buyer’s agent. But understanding these differences is crucial when choosing who to work with. It can be confusing to understand the terminology. 

Because they assist buyers in finding properties, a buyer’s agent can also be called a seller agent. A listing agent refers to a seller’s agent. 

We’ll refer to them as a buyer’s and seller’s agents for the purposes of comparing them. A buyer’s representative represents buyers and a seller’s agent represents sellers.

You should weigh whether you need an agent when selling your home. While you can do the job as the owner, you may not be as successful if you are not a skilled marketer or negotiator. An agent can make it even more valuable to you as a buyer. Agents for sellers may not accept buyers’ offers.

The following differences exist between the two, beyond the terminology.

If you are selling your home, and you have hired an agent to represent you, then you will usually get an exclusive representation listing. This is an agreement between the agent and you, the seller. Once you have signed this agreement, the only person entitled to a commission for your home’s sale is the listing agent. The brokerage that the seller’s agent works at receives a commission, and the agent gets a portion.

If a buyer’s agent works with the seller’s broker and their client is able to purchase a home, they are compensated.

A buyer’s agent and a seller’s agent have two primary differences. When a buyer decides to buy a home, their agent wants to ensure that they get the best price and deal possible. The agent representing the seller wants to ensure that their client receives the best price for their home.

Sometimes, the seller’s agent may also represent the buyer in certain cases. However, this is not legal in all states.

Agents can work with buyers and sellers, but there is no reason why they shouldn’t. Many agents do this. Some agents prefer to deal with one side of a transaction, so they might specialize.

The responsibilities of a seller’s agent can include:

* A seller’s representative will visit a property to do an initial walkthrough. They might offer tips to help the seller make their home more attractive to potential buyers.
* Seller’s agents are responsible for marketing. This can include professional photography.
* The seller’s agent works with the homeowner to determine the right price for their property. The goal is to achieve a fair balance between selling the property quickly and getting the highest price.
* Additional services offered by seller’s agents include hosting open houses and tours, helping with closing, and negotiating with buyers’ agents regarding inspections and other issues.

The responsibilities of a buyer’s agent include:

* Assisting buyers in the preapproval process for a mortgage loan.
* Identifying properties that meet their client’s criteria.
* We can arrange appointments for buyers to view potential properties.
* Helping buyers to understand the value of a house as they make an offer.
* Coordinating communication between the title officer, seller, buyer and mortgage lender.
* Assistance with closing.

Although their roles may be different, buyers’ agents and sellers’ agents have the same goals. They are determined to represent their clients as best they can and to negotiate successful closings.

 

Original Blog:  https://realtytimes.com/archives/item/1039840-buyer-vs-seller-s-agent-how-do-they-compare?rtmpage=

Filed Under: Blog Tagged With: Blog, buying a home, erath county, Preferred Properties of Texas, real estate, realtor, selling a home, stephenville tx

How Do Buyer Vs Seller’s Agent Compare?

February 10, 2023 by chorton Leave a Comment

We don’t always focus on the difference between a seller’s and buyer’s agent. But understanding these differences is crucial when choosing someone to work for you. It can be confusing to understand the terminology.

Because they assist buyers in finding properties, a buyer’s agent can also be called a seller agent. A listing agent refers to a seller’s agent.

We’ll refer to them as a buyer’s and seller’s agents for the purposes of comparing them. A buyer’s representative represents buyers and a seller’s agent represents sellers.

You should weigh whether you need an agent when selling your home. While you can do the job as an owner, you may not be as successful if you are not a skilled marketer or negotiator. An agent can make it even more valuable to you as a buyer. Agents for sellers may not accept buyers’ offers.

If you are selling your home, and you have hired an agent to represent you, then you will usually get an exclusive representation listing. This is an agreement between the agent and you, the seller. Once you have signed this agreement, the only person entitled to a commission for your home’s sale is the listing agent. The brokerage that the seller’s agent works at receives a commission, and the agent gets a portion.

If a buyer’s agent works with the seller’s broker and their client is able to purchase a home, they are compensated.

A buyer’s agent and a seller’s agent have two primary differences. When a buyer decides to buy a home, their agent wants to ensure that they get the best price and deal possible. The agent representing the seller wants to ensure that their client receives the best price for their home.

Sometimes, the seller’s agent may also represent the buyer in certain cases. However, this is not legal in all states.

Agents can work with buyers and sellers, but there is no reason why they shouldn’t. Many agents do this. Some agents prefer to deal with one side of a transaction, so they might specialize.

A seller’s agent will visit a property to do an initial walkthrough. They might offer tips to help the seller make their home more attractive to potential buyers.
Seller’s agents are responsible for marketing. This can include professional photography.
The seller’s agent works with the homeowner to determine the right price for their property. The goal is to achieve a fair balance between selling the property quickly and getting the highest price.
Additional services offered by seller’s agents include hosting open houses and tours, helping with closing, as well as negotiating with buyers’ agents regarding inspections and other issues.

Buyer’s agent help assist buyers in the preapproval process for a mortgage loan.
Buyer’s agent help identify properties that meet their client’s criteria.
Buyer’s agent also arrange appointments for buyers to view potential properties.
Buyer’s agent help buyers to understand the value of a house as they make an offer.
Buyer’s agent help coordinate communication between the title officer, seller, buyer and mortgage lender and assistance with closing.

Although their roles may be different, buyers’ agents and sellers’ agents have the same goals. They are determined to represent their clients as best they can and to negotiate lucrative deals that close.

Original Blog: https://realtytimes.com/archives/item/1039840-buyer-vs-seller-s-agent-how-do-they-compare?rtmpage=

Filed Under: Blog, Buying a home, Selling Your Home Tagged With: Blog, buyers agent, buying a home, Preferred Properties of Texas, real estate agents, realtor, seller's agent, selling a home

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Preferred Properties of Texas

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(254) 965-7775|Contact Preferred Properties of Texas
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