Karen Savage

10/14/8 9:54PM CST TUES...Mynka, Your question was, "I would like to let my home foreclose, it has been on the market for 1 year and it is not worth the monthly note I am paying. I would like to return to renting, buying has too much responsibility with the maintenance, taxes, HOA, insurance and utilities. Any thoughts". Wow! I can certainly feel your stress just by the wording of your question/demeanor. Have no fear! Their are answers to your questions/needs. It's only natural -- you're feeling overwhelmed by the thought of owning a home. It's not for everyone, but you don't have to stress. Just the other day I was chatting with another realtor about this very same topic. You have options. Maybe not a quick fix, but you have options nevertheless. First, look up on the internet names of companies that specialize in 'quick sales' due to death, divorce, damaged homes (foundations/fire), financial hardships, etc. One that comes to mind is HomeVestors, aka "The Ugly House People". I have received a few emails from companies that specialize in this type of thing. I can forward them to you, if you like. (I can not recommend them per se, I don't know their business practices). Their's something called a '1031 Exchange', where you can 'swap' properties for like kind (anywhere in the country to eliminate capital gains taxes...this is a speciality field). You could try 'auctioning' off your house (minimum reserve bid). Not all auctions result in sales (high turn down rate). Someone could assume your mortgage note (no money down, just take over payments...but they have to be approved by your mortgage company/for qualifying purposes have good credit,etc. Have to read the fine print for conditions/pre-payment penalties and such. Contact a lender who specializes in 'hard money loans'...these 'investors' pool their money together and charge high interest rates for short-term financing. One of them (an investor) may want to purchase your house and put you right back in it as a renter. If you were super rich you could donate the house to a 501(C) 3 non-profit and write off the appraisal value on your taxes to lower the amount of taxes you pay the Fed (not a scenario for most folks, but still an interesting concept). Have a friend or relative who wants to buy your house from you, but can't get traditional financing? Consider contacting a specialty financing company like VM (lender) to arrange private financing/processing. For example: your friend's grandma has lots of money laying around and would loan him money (acting as the bank to your friend). VM steps in and does all the papework, taking care of the 'finances' needed. Just like a traditional mortgage, without having to jump through as many hoops to qualify. You draw up the papework (contract) through your realtor. Your friend buys the house; you 'close' and move out. Your friend pays 'grandma' just like he would a bank and receives statements from VM. End result: everyone's a happy camper. Hope we were able to give you a few potential options to provide some guidance. We're here to help! If we can be of service, please contact us at: TEXAS HOME GROUP, REALTORS--NW Houston, 20920 Kuykendahl Rd, Suite E, Spring, TX 77379, Attn: Karen Savage, Realtor, cell: 281-813-9769 or email: thejungle@karensavage-realtor.com. You can visit our website at http://www.KarenSavage-REALTOR.com (pardon our site...it's undergoing renovation but still functioning for the most part). Our office is located in NW Houston (near FM2920 & Kuykendahl Rd...Tomball/NW/Spring area. *Disclaimer: Be a smart consumer -- ask questions and be sure to have your agent inform you about INFORMATION ABOUT BROKER SERVICES (IABS) on ways your agent can work on your behalf. Note: Information above is for consumer educational purposes only and does not constitute legal advice. Please consider consulting an attorney and/or accountant for professional advice to protect your legal interests when selling, buying, leasing, and/or building. - Tue Oct 14 2008, 20:31

TUES, 10/14/8, 9:02PM CST....Missy, Your question was, "Possibly relocating to Houston in the next several months. We would like to be in Northwest/North Houston and wood like an acre or more of land. Is that possible without it being a large commute?". First of all Houston is a big, spread out place, encompassing the size of 5 US cities geographically. You could drive for 1hr in any direction and still be in the Greater Houston Metro Area. Commuting is a part of life here, but worth the trade off for warmer weather, great Mexican food (all foods for that matter),and no state income tax (hurray!!). North Houston has a lot to offer. For acreage, most likely you would need to look in areas such as Hwy 290 (Cypress), Hwy 249 (Tomball), I-45 (Magnolia, Lake Conroe, Montgomery) and other outer suburban areas along I-45 or US-59 (Porter, New Caney, Splendora, etc.). Rural areas generally have acreage more so than cities/suburbs due to population growth/urban planning/land use. Houston doesn't have zoning, but if you want 'space' in the form of acreage...outer rural areas are the answer. Prices depend on locatIon and other factors. Find someone you trust and get familar with the geography of the area -- the pros and cons. You'll want to get as close as possible to your work and check out the schools, neighborhoods, and other amenities you want in a home. Their is no 'perfect' house. It's a matter of prioritizing your wants/needs and trying to match as close to it as you can get while staying within your housing budget. The commuting distance will probably be determined by your budget--averaging a one hr commute in most cases. The average Houstonian drives 40 miles one way per day. We're here to help! If we can be of service, please contact us at: TEXAS HOME GROUP, REALTORS--NW Houston, 20920 Kuykendahl Rd, Suite E, Spring, TX 77379, Attn: Karen Savage, Realtor, cell: 281-813-9769 or email: thejungle@karensavage-realtor.com. You can visit our website at http://www.KarenSavage-REALTOR.com (pardon our site...it's undergoing renovation but still functioning for the most part). Our office is located in NW Houston (near FM2920 & Kuykendahl Rd...Tomball/NW/Spring area. *Disclaimer: Be a smart consumer -- ask questions and be sure to have your agent inform you about INFORMATION ABOUT BROKER SERVICES (IABS) on ways your agent can work on your behalf. Note: Information above is for consumer educational purposes only and does not constitute legal advice. Please consider consulting an attorney and/or accountant for professional advice to protect your legal interests when selling, buying, leasing, and/or building. - Tue Oct 14 2008, 19:37

La....answered Tues., 7/1/8, 12:08 PM CST.....Your question was, "What is the FHA interest rate right now? Will it go up in the next 30 days? What is your prediction?"....Interest rates change from day to day.....currently they are averaging 6.25-6.5%. Yes, rates will go up....based on world news/events/market changes......Predictions are hard to come by, since no one here is a psychic...However, FHA is a great way to finance a home for anyone, not just first-time buyers; it, requires low downpayments (3-5% in most cases) and is less restrictive than conventional loans (20% down or PMI...80/20). The financial markets are in a constant state of change/flux when it comes to interest rates/loans, so you never know if rates will go up and or down. Traditionally, during a election year politicians like to make things appear 'rosie'....so they tend to do everything in their power to keep the markets positive. Bad news in the financial markets/economy often means a loss of votes come election day and the general public gets nervous and stops spending, which messes with the GDP (2/3's is consumer spending keeping our economy afloat).. They want us consumers to keep shopping at the local mall to keep the economy propped up. That's why the stimulus checks. We're coming off a 3-5 year 'boom' in housing appreciation prices (brought on by the Federal Reserve & Washington, D.C.'s plan to increase homeownership in America for anyone who breathes); followed by a 'bust' cycle which is to be expected. However, this one is much more severe in nature.sending repercussions through the markets in all industries.....With the overextension of credit in the U.S. and all over the world in general, all global economies are feeling the effects of government & consumer overspending---outspending their personal income. Passing the bill on to our grandchildren (U.S. debt) is finally catching up with all people around the world. Because of this uncertainty (doom/gloom scenario by the media) money normally 'pooled/loaned' for investments is drying up. If you can't get financing, you can't buy--anything....a car, house, boat, college tuition, etc. The pendulum has swung from 'loan to anybody' to 'loan to just the good candidates' (tightening of loan requirements). This is a normal human reaction to reducing risk. However, now is a great time to buy (lots of inventory)...and prices are very favorable. I would not hesitate to purchase. Quite frankly, this is the BEST TIME TO BUY...when there's a market correction. Think of it as playing Monopoly and the bank just dumped lots of properties on the market FOR SALE. Prices are cheap compared to other cities. SUPPLY AND DEMAND forces are in your favor. I would definitely buy a home NOW...before the financing rules change and you are locked out of the market. Real estate is a tangible object that can appreciate in value, but you must hold it long term to benefit. See the website at the bottom of this post for FHA information....I wish you the best. Have you noticed that many rich folks are buying up distressed companies and properties right now? What does that tell you? Disclaimer: Any information posted here is for consumer educational purposes only; please seek professional advice from a CPA and/or legal counsel to protect your interests. - Tue Jul 1 2008, 10:26

Nancy...(posted 5/5/8 5:42pm CST MONDAY)
Your question was, "For a $350-430k neighborhood in Clear Lake, Houston, TX, what is a better flooring choice? Tile or wood?". For resale value consistency is important....use a similar color throughout (this applies to wall paint as well as floor coverings). However, left me say this....think about how your family or others would use each room. For example, for bedrooms I suggest carpet (neutral...no trendy stuff, no commercial types either). Why? Because, generally, you want to deaden the sound and provide non-slip surfaces (for both old and young alike....safety and comfort any day). Not to mention eliminating getting out of bed and putting your feet down on cold floors or dust bunnies/dog hair floating around...Who would want that! For downstairs, the beauty/diversity of wood tends to attractive more folks long-term wise. Wood flooring (laminate or real wood) would be something to use in LR, DR, KITCHEN, ENTRY FOYERS, CLOSETS, etc. People say that for laminate you can't get out dog / kid scratches, even if you lightly buff the area. For real wood you can strip, sand, restain with better results and wearability. Ceramic or mosaic tile, like those used in bathrooms/wet areas/laundry rooms, may appeal to some for ease and use, but it has a tendency to 'echo sound'. Plus, if you need to replace a few tiles, often even if you buy extras during installation to have on spares on hand, ... a single replaced piece often looks 'off'. (A lady I knew had put down a beautiful Mexican rust-colored ceramic tile in her living room. She had cracked an existing piece and had it replaced...only to find the 'new tile' didn't match the rest of the original floor. Over time, the sunshine had come through her sliding glass door and faded her furnishings and flooring. Her fix: put a carpet over the ceramic tile in the center of the room.) House decorating/remodeling should be done with great care as to not over improve the home for the neighborhood area sales 'COMPS'. Classy is nice, but come resale time your choices should be 'in line' with what is expected for the area. Best choices for updating/remodeling: similar wall paint (within 2 shades of same color), similar flooring, updated light fixtures, kitchen cabinet hardware/door pulls, spacious/clean bathrooms, increase storage capacity (closets/shelving). For cosmetic fixes: front yard landscaping; fresh exterior paint. Lifestyle choices: back yard entertainment areas - outdoor kitchen/grill/light torches; patio dining sets; tranquil flowers/meditation place; spot for the family pet/kids play fort. Check out the website link listed below this message for helpful decorating tips. I wish you the best. I'm here to help you anyway I can -- just call or email me: Karen Savage, REALTOR, Keller Williams Realty/North(west)--Hwy 290/FM1960 area near Willowbrook Mall; 8300 FM 1960 West, Suite 310, Houston, TX 77070, direct: 281-813-9769; office: 281-664-8300,x3004; http://www.KarenSavage-Realtor.com. (You got a friend in Texas! We aim to please! Your Greater Houston, Texas source for everything real estate.) Information provided is for consumer educational purposes only. Please consult a legal professional for advice that applies to your unique circumstances. - Mon May 5 2008, 16:23

Kevin...(posted 5/1/8, 11:03AM CST, THURS)
Your question was, "Brighton homes cancelled my contract because of complaints of bad bricklaying-any recourse?" I would start by doing a little research. First stop: The Texas Residential Construction Commission (TRCC in Austin, TX) at http://www.trcc.state.tx.us/default.asp. (Besides looking up the builder's registration with the state (TX), you can also read about builder construction issues and courses of action (for complaints). In all fairness, at the least the homebuilder realized there were 'work quality issues' and stopped the work in progress. That should tell you something about their ethics/standards...right there. Some folks would have kept building, hoping you didn't hire an inspector to check the home out or personally notice (during a walk thru). I don't know much about this particular builder, but I would assume they are smart enough to know their reputation is on the line and they would rather loose a sale, than a customer for life. Smart builders know this. In all honesty, it would be smart to read the website above regarding 1) filing a consumer complaint before the TRCC hearing board; try to resolve your differences without going to court (it's costly and emotionally draining); 2) seek pre-trial arbitration/mediation efforts (note: most new homes sale contracts contain a clause that says if for any reason you have a legal issue with the house, you will automatically be required to seek arbitration or mediation vs. going to court. Your 3rd choice) suck it up as 'a learning experience' (you may or may not get your EM deposit back depending on contract terms), and realize you are lucky to not get 'stuck' with a lemon for a house. In this case the builders are doing you a favor. Yes, you sold your other place and are now probably freaking out trying to figure out where to live. Point is: don't rush into a home sale. If need be, rent a year near good schools. It might be a pain, but then again, it might be a 'blessing in disguise". I've shown Brighton Homes a few times in Pearland, TX for clients to buy. These folks have always appeared to be forthright and honest in business dealings. (They even faxed me a copy of their contract to preview prior to meeting them.) That's just my personal experience. If you do decide to build later on, see the link below this message for Builder's Academy (smart folks)! I wish you the best. I'm here to help you anyway I can -- just call or email me: Karen Savage, REALTOR, Keller Williams Realty/North(west)--Hwy 290/FM1960 area near Willowbrook Mall; 8300 FM 1960 West, Suite 310, Houston, TX 77070, direct: 281-813-9769; office: 281-664-8300,x3004; http://www.KarenSavage-Realtor.com. (You got a friend in Texas! We aim to please! Your Greater Houston, Texas source for everything real estate.) Information provided is for consumer educational purposes only. Please consult a legal professional for advice that applies to your unique circumstances. - Thu May 1 2008, 09:40