Karen Savage

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

Yijun....(posted 4/30/8 12:54PM CST WED)
Your question was partially cut off. If you have signed representation authorizing someone to act as your realtor, you should go through him/her to find out on your behalf. This post is for any readers who want to know the answer to his question...The information asked ("What is the way to find out the remaining mortgage balance on a pre-foreclosure?) is generally something that is considered 'private/confidential' between the seller and mortgage company. In Texas, property sales information is not displayed in any public forum because it is deemed private/non-discloseable by law. A few years ago there was a big deal about social security numbers being displayed on public records and the Texas Attorney General got involved. (Don't worry, this is not the case anymore). For this and other reasons, legislative folks decided to keep some information out of public hands and off the Internet. Texas is a non-disclosure state for home sales prices. Say, for example, if someone listed their home for sale, they usually contact a realtor to get access to information on past 'SOLD' properties (realtors pay access fees for this information). In Houston, it's the Har.com MLS database. As part of a 'listing presentation', realtors provide CMAs or a Comparative Market Analysis. This is data on active, pending, and sold properties for a particular neighborhood. This is how folks help determine a home's sales price 'FOR SALE' -- what's currently available, pending (under contract), and sold in the last 6 months. In today's market with foreclosures...it's more like what's available/pending/sold in the last 3 months. (A person could go to the county courthouse where the property resides, and do a search by owner's name or address in the property records section of the courthouse. Now days, most courthouses have this info in some electronic format (microfiche, online database, etc.). But you have to visit in person; you can't access it online over the Internet. Smaller town courthouses may only have paper records bound in large legal ledgers, where the county clerk originally recorded the docs/instruments within a few days/weeks of the original being signed. If you do locate the 'chain of title' (property's history of past owners), expect to do some digging. You will probably only get the original price they paid for the property and not too many other details. As a part of the sales process after closing takes place, deeds are recorded in the local courthouse property files as a matter of public notice (for legal reasons). A better approach would be to find out area properties history for the neighborhood thru a realtor, appraiser, or other source. Realistically, you would still need to determine your current competition (active properties for sale, pending contracts, and solds) to get an idea for the current market conditions. What someone paid for a home is not important; it's the current market value that matters - that is what a buyer is willing to pay TODAY in the marketplace, not yesterday. 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. - Wed Apr 30 2008, 11:53

Nettie....(posted 4/27/8 2:48PM CST SUN)
It definitely sounds like you have a 'situation' on your hands now, doesn't it? Nettie, I answered an earlier question you had posted about getting in contact with a real estate attorney (see other post). I can't give you legal advice, seek legal counsel, but I will say this...the Texas Real Estate Commission (in Austin, Texas), which regulates real estate agents, requires agents to disclose 'agency relationship' upfront before working with sellers & buyers. This case that you describe above is EXACTLY WHY you should use a real estate professional in a home sale. It sounds like you bought a home thru a FSBO (for-sale-by-owner) with no legal representation. The terms of your sale should have been in writing (disclosed in a sales contract, including PRICE!), not merely verbal. Check with your attorney, but I believe Texas law requires all contracts to be in writing to be enforceable in a court of law. In your case - it sounds like you had no buyer's rep to represent you as a buyer. From what you describe, it sounds as if you made a verbal agreement and after closing the seller had a change of mind (after-the-fact) for more money. In my opinion...a seller who sells you their home (for cash), goes thru the sale (paperwork wise @ closing), delivers a deed (proof of ownership), and then wants to 'cancel' the sale (after-the-fact) when someone else comes along and wants to buy the house for more money ($10K)...is not only greedy, unethical, lacks common sense, but needs a good wake up call to reality. I'm not sure if I read your question right or I'm mistaken. A good attorney can straighten this mess out, but it will cost you. If the prevailing party (the seller) looses this court case (which I think he/she will), go after him/her for attorney fees and for emotional distress. Better yet, try a resolution company, such as: Dispute Resolution Center (Conroe, TX – Montgomery County, see link below). It's cheaper and a judge may order you to arbitration/mediation before an actual court trial. I wish you well and I am sorry you have to endure this 'legal' mess now, all because you didn't seek competent, professional help from the start. DIY/FSBOs can be dangerous--legal wise. Now, just who is saving money not paying a realtor's commission? Sounds like you are going to pay handsomely for trying to save a few bucks. (I personally know of a lady selling land and she encountered a similar legal battle...Did she save money not using an agent?, "No!"; matter of fact she called me back distraught/in tears saying she had learned her lesson. She just wanted 'out of the whole mess'. She thought it would be easy. She even asked the title company for advice and they told her they couldn't assist in her transaction for legal reasons). Lesson learned: for the most expensive purchase of your life, seek someone with experience. It's not like buying something and you can return it at the store later (the house). Real estate involves legal issues...it's worth the peace of mind to pay for professional advice, to get someone who knows what they are doing. Put it this way, I wouldn't dream of playing 'doctor' and performing open heart surgery on myself (DIY)...just to save a few bucks. Know your skill set/limits. Realtors keep you out of the courthouse -- that's preventive not reactive, worth every penny! :) I wish you the best. 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.) - Sun Apr 27 2008, 13:37