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Austin : Real Estate Advice

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  • Home Buying774
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Activity 2,313
A few hours ago
Steve asked:
0 votes 0 Answers Share Flag
Earlier today
Kathy Burgreen answered:
As a former realtor, the following is what you need to know that realtors, lenders and builders will NEVER tell you (the truth):

When it comes to new construction, builders don't care at all about you. They are just interested in closings and making a profit. Builders know buyers like you LOVE new construction so they can get away with charging higher "premium" prices for new built homes. You can never negotiate the price because builders know they can easily get another buyer in 10 minutes or the same day who WILL pay the builder's higher price. A builder just has to tell you, "sorry but if you want to negotiate the price, get out of here and I'll get a different buyer this afternoon." The only role the realtor plays is trying to negotiate the cost of upgrades. Builders will negotiate items that don't affect their bottom line (profits). You also need to know that the builder's contract is written by lawyers to benefit them - not you. It is NOT the same contract that realtors use which is state authorized. Therefore, there are terms in the builder's contract that you need to change and negotiate. Items like: if anything goes wrong with the construction, you need to pay for it. The same terms apply after you move in. If anything goes wrong, you need to pay for it.

As for Return on Investment - with new construction, owners need to live in their homes for at least 5 years in order to gain any equity / return. The minute you move into your new built home, it is NOT considered "new" anymore. Therefore, if you move within 3 - 5 years, your home will be compared to older homes in the same neighborhood. It cannot be compared to new built homes. Yes, your home will lose value the day you move in. Depending on the market in your area, it takes about 3 - 5 years to gain back the value you lost. Remember, the builder charged you a higher "premium" price to buy that new built home. Yes, you can call it a "gotcha" or a scam. I know it's unfair.

Now for the older 1976 home. Since this is an individual seller (not a builder), you have the freedom to negotiate the asking price. Depending on your market, how motivated the seller is and whether there are other offers - will determine how much negotiating room you have. How well maintained is this home? If you submit an offer, make sure you have contigencies for a general home inspection & roof inspection. Make sure the home is tested for insects, lead and radon. Make sure your realtor is able to negotiate the price after the inspection results. You don't need the seller to fix anything from the inspection. You can pay for it yourself BUT you want to lower your offer price. This way, you know the quality of the repairs since you paid for it. If you let the seller fix any repairs, you have no control on how well the repairs were done. You just have to take the seller's word for it and that is not good. As a realtor, I told my clients to lower the contract price instead of fixing anything. By the way, the repairs will be much cheaper than what you can lower the contract price for.

As for Return on Investment - you do NOT lose any value the day you move in. Since it's not new construction, you gain equity the day you move in PROVIDED your contract price is in line with recently sold homes that are similar to this one. If you overpay for this home and you need to sell within a year, you will lose value. What you need to do is review as many comps as possible. You need to see what similar homes have sold for within the past 6 months, homes under contract and homes that are still on the market (not new construction).

Finally - HOA fees. You need to know that HOA fees do go up. Why the huge difference between $360. and $425.? What do these fees pay for? You need to compare what each HOA pays for. Suppose in a year, the fees increase to something like $370. and $435. OR suppose one HOA fee increases while the other HOA stays the same. You need to ask EACH HOA if they have any capital improvement projects on their agenda that will increase the fee. You don't want any surprises. Also ask each HOA about their cash reserves. Does each HOA have sufficient cash reserves to handle an emergency? HOA's that are short with cash reserves will need to increase their fees in the event of an emergency.

Good Luck!
... more
0 votes 1 answer Share Flag
Sat Sep 23, 2017
Rqregier answered:
Hi Josh!

Bottom line is you are not required to have your own agent/realtor to set up a viewing. However, asking the agent/realtor that places the house for rent means that you are meeting with the agent who represents the landlord. The landlord's agent is required to tell them everything they learned about you so be aware of that fact in case you intend to attempt a negotiation on your own. If you do not want an agent to represent you, then you may contact the listing agent as they are duty bound to be honest with you. Best of luck!

Rosa Regier, Realtor
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0 votes 3 answers Share Flag
Sat Sep 23, 2017
Susie Kay answered:
I would suggest that you talk to an attorney. Also review all your documents again. When you technician said there was nothing wrong, did you have this in writing? Did you give a copy to buyer? Did you purchase a home warranty for buyer? ... more
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Sat Sep 23, 2017
Susie Kay answered:
It depends on how the contract is written and at what stage you are now. Have you passed the option period? Have you passed the financing period? What do you mean by fund is available? Did the lender decline your loan? Where's your realtor? You should be asking her your question as she knows the details of you transaction. ... more
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Fri Sep 22, 2017
Td12212 answered:
Thu Sep 21, 2017
Karen Peyton answered:
Thu Sep 21, 2017
Mikejarrodtyler answered:
Have you tried yet to contact your local mortgage house?
Citizens State Bank has some kind of custom tailor for their clients. You will have to submit their form https://www.mybankcsb.com/mortgages.php and they will contact you the same day.

Wish you all the best in order to get that 2nd mortgage you are looking for.
Good Luck!
... more
0 votes 9 answers Share Flag
Thu Sep 21, 2017
Kathy Burgreen answered:
What contingencies do you have in your contract? Do you have one that states "HOA documents / bylaws must be delivered by ______". If your contract doesn't have this contingency, you will have to use one of your other contingencies to terminate your contract and lie about it in order to get the deposit returned. If you are getting a loan from your lender, you can use that contingency and explain to your lender that you need a foolproof excuse to terminate your contract.

Before doing the above, a very simple solution is WHY hasn't anybody contacted the HOA to get the bylaws in the first place? The seller can get it, the seller's realtor can get it, your lender can get it, so again WHY hasn't any of the above people contacted the HOA to get the bylaws??? Sounds like everybody is sleeping on the job or nobody gives a crap.

One final thought - Realtors and your lender want to close this deal quickly. FIRMLY remind them that if you back out because you haven't received the bylaws means they are NOT getting paid and their paychecks will be delayed because they will need to start from scratch and look for a new buyer. NOBODY works for free.
... more
0 votes 2 answers Share Flag
Mon Sep 18, 2017
X.eric.du asked:
Mon Sep 18, 2017
Copenhaver answered:
0 votes 7 answers Share Flag
Wed Sep 13, 2017
Zoila0810 answered:
Sun Sep 10, 2017
Susie Kay answered:
What are you planning to do? Perhaps it's better to consult an attorney to accomplish your goal.
0 votes 1 answer Share Flag
Tue Sep 5, 2017
Stevepease answered:
WITH OWNER FINANCING, HOW TO AVOID DISCLOSURE OF PRICE TO LOCAL APPRAISAL DISTRICT?
0 votes 11 answers Share Flag
Sat Sep 2, 2017
Susie Kay answered:
I would suggest that you pick up the phone and call a local realtor or two and go from there.
0 votes 1 answer Share Flag
Wed Aug 30, 2017
Susie Kay answered:
I would suggest that you pick up the phone and talk to a lender or two.
0 votes 1 answer Share Flag
Tue Aug 29, 2017
Johnrigitoni answered:
Hey Ashley,

If I were you I'd do a Google search for keywords that someone looking to buy a timeshare might search. For example, someone wanting to buy a timeshare would search "I want to buy a timeshare" on Google. Try out the company that shows up first for this result and you'll probably have a good experience. Looks like a company called buyatimeshare.com comes up a few times. Try them out and let us know how it goes. ... more
0 votes 9 answers Share Flag
Tue Aug 29, 2017
Yashekawilliams answered:
My lease is in the process of being renewed for September first. If I have not signed a new lease by the first, do I have to pay rent?
0 votes 17 answers Share Flag
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