Cassie Davis

Hi Gaby, if the house is already listed, it's best for you and your agent to work with the bank's realtor on the short sale. If the house is not on the market, then work with your realtor to locate the bank's information. Good luck to you. - Thu Apr 17 2008, 23:03

Hi Paul, I'm continuing my comment below. With Carpet World you can get a standard builder-grade carpet with a 'foam pad' with moisture barrier for $1.50 per square foot installed. Gary can bring samples to your home and they can usually install within 72 hours. Best wishes. - Thu Apr 17 2008, 21:05

Hi Paul, you might be amazed how cheap Carpet World is. Call Gary Chamberlain (817)481-5588 or (972)814-0991. They keep their overhead costs low and do not have a store front (it's a warehouse, they provide deep discounts). You will be amazed. The price per sq.ft. depends on the carpet quality and pad you select. I've used Carpet World for quick home sales at good prices for years. My home sellers at usually shocked at the prices and most times agree to new carpet. Good luck to ya and congratulations on your new hud home! - Thu Apr 17 2008, 20:47

Hi Claudia, welcome to Texas! Congratulations on your husband's job offer! I specialize in the Southlake/Keller area. Consider contacting a mortgage lender. The lender can best assess your credit situation and guide you through the process. Please email me if you need mortgage lender contact information. Best wishes to you and your family! - Thu Apr 17 2008, 15:37

Should You Wait to Buy in a Down Market of Falling Home Prices?--Everybody wants to know how to best time the market when buying a home. It's just natural. Especially if you're thinking about buying in a down market where homes prices are declining. You wonder how low they will go and whether you should wait, right?
Some Home Buyers Should Buy Immediately--You're probably thinking: "Of course, she would say that. She's a Realtor, and agents always say 'Now is the best time to buy'." Well, here is why:
• If you are a seller who wants to move up to a more expensive home in a down market, now could be the best time. The longer you wait to sell, the lower the price of your home could fall.
• If you can arrange for alternate housing, a smart strategy is sell now, wait a few months, then buy your new home.
• If you sell and buy simultaneously, you'll still be ahead of the game because the price reduction on the purchase is greater than the loss on the sale.
Consider the "Loss" on Selling Your Present Home
For example, say your present house is worth $300,000, but because of high inventory and few buyers, you must reduce your price by 10%. So, instead of receiving $300,000, you would get $270,000 and "lose" $30,000.
Consider Your Real Profit--Say you bought this home 10 years ago and paid $100,000. You're still ahead $170,000, less costs of sale, aren't you? (This ignores monthly payments, but you would make those if you were renting, too.)
Consider the "Savings" on Buying Your New Home--If you are planning to move up to a $500,000 house, which is located in the same distressed market, you could probably buy that house at that same 10% discount or $450,000. This would mean you had saved $50,000.
Review of Selling and Buying Numbers--
1. So you "lost" $30,000 on the sale of your home
2. But you "made" $50,000 on the purchase of your new home
3. Doesn't that put you $20,000 ahead?
Don't Forget the Impact of Interest Rates--
Which way are interest rates moving? Are they moving up or moving down? If interest rates are near an all-time low and beginning to inch upwards, waiting could cost you more than you would think. You might not be able to afford to buy a home at any price.
• FACT: Each 1/2 point increase in your interest rate gives you $25,000 less in purchasing power.
• FACT: Each 1 point increase in your interest rate gives you $50,000 less in purchasing power.
• FACT: Each 2 point increase in your interest rate gives you $100,000 less in purchasing power.
Look at the Differences Among Purchase Prices versus Interest Rates
If you put down 20% and qualify for an 80% loan, here are your principal and interest payments on the following purchase prices:
• $425,000 sales price, at 8.25% interest, your payment is $2,554.
• $450,000 sales price, at 7.75% interest, your payment is $2,579.
• $475,000 sales price, at 7.25% interest, your payment is $2,592.
• $500,000 sales price, at 6.75% interest, your payment is $2,594.
• $525,000 sales price, at 6.25% interest, your payment is $2,586.
The payments are almost identical. However, the home you can afford to buy a 8.25% is $100,000 less than the home you can afford to buy at 6.25%. If you wait for prices to further decline, the perceived value could be lost due to higher rates.
A good strategy is to weigh all the pros and cons of real estate ownership before making the decision to buy or sell. Don't panic over newspaper headlines. Make an informed decision. Run your own numbers.
Cassie Davis, Colleyville (DFW), TX
Source: E.Waintraub - Thu Apr 17 2008, 14:25