Are these rumors keeping you from being a homeowner?

Many people get misinformation about the homebuying process. Don't let false rumors like these keep you from buying your own propery:
"You can't buy property if you have a history of bad credit."
You don't need a perfect credit score to qualify for a loan, and you can take steps to repair your credit that will put you on the path to homeownership. Talk to a Texas REALTOR® about your current financial situation to determine a realistic timeline for your home purchase.
"You need a 20% downpayment to buy a home."
There are many programs and mortgage loans available for homebuyers who have less than 20% for a downpayment or no money for closing costs. Visit txhomeprograms.org and contact a Texas REALTOR® to learn about programs you may qualify for.
"You can't buy property in Texas if you're not a U.S. citizen."
Texas properties have been desirable investments for international buyers for years. In fact, international buyers accounted for $11.06 billion in home sales in the state between March 2013 and March 2014. There are Texas REALTORS® who specialize in working with international buyers and can help you understand the process.
Heard other rumors you're not sure about? Find a Texas REALTOR® to help you figure out the realities of purchasing your own property in Texas.

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My listing agreement ended. Why do I have to pay my former broker a commission? My TAR residential listing agreement ended July 1. A buyer who looked at my house in June submitted an offer on July 20 that I accepted. Today, my former listing broker called and said I owe her a commission on this sale-something about a protection period and this buyer being on a list she gave me. Do I have to pay the broker? Check Paragraph 5E of your expired listing agreement-TAR Residential Real Estate Listing Agreement, Exclusive Right to Sell (TAR 1101)-for details about your protection period. You do not have to pay this commission if any of these situations exist: The protection period ended before you reached an agreement to sell the property to the buyer. At the time the sale was negotiated, you had the property listed with another broker who is a member of the Texas Association of REALTORS® and you are obligated to pay the new broker a fee for the sale. Your former broker didn't deliver the list of names within 10 days of the listing's expiration. The buyer's name is not on the list provided by your former broker. Otherwise, you are legally obligated to pay the commission unless your former broker breached your listing agreement in some way before it expired. If you think that may be the case, you should seek legal counsel as to whether a breach may have occurred. Have a question about buying, selling, or leasing property in Texas? Ask us. Not all submitted questions will be answered. Patti Duty, Realtor www.MyRealtorOnDuty.com   EMAIL ME

Legal Disclaimer: The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations. While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TexasRealEstate.com. Any legal or other information found here, on TexasRealEstate.com, or at other sites to which we link, should be verified before it is relied upon.

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Fast and Easy Updates to Help a Home Sell

Fast and Easy Updates to Help a Home Sell We are smack dab in the middle of home buying season, and while some properties are off the market before they're even on it, others haven't had such luck. A great way to boost your home's selling power is to make small and affordable updates throughout the home. These quick updates and fixes won't break the bank or a budget, and they will help make your home more inviting to potential buyers and a potential sale. Spruce Up the Front Door The front door is one of the first things potential buyers see when viewing your home. Spruce up the front door by touching up paint (either paint over chipped or fading paint, or change the color completely), adding a kick plate, changing out the hardware, or you can replace the door completely. A new front door can add energy efficiency and additional security if you choose a metal door. Making the front door pop not only adds a special touch to your curb appeal, but potential buyers definitely notice a door that's been taken care of. Freshen Up the Kitchen Kitchens appeal to so many buyers. If you don't have the budget or time to overhaul your kitchen, don't panic. If you have nice wood cabinets and don't have the budget to update them, consider adding a coat of paint to freshen them up. You can also add new hardware (knobs, handles or pulls) to help give cabinets a younger look. You can also change out any outdated countertops, and adding a new faucet to the sink is another way to give a kitchen a new vibe. If you have the time and the budget, consider changing any flooring that is chipped, cracked or broken. Vinyl flooring is economical and affordable, and it's available in a number of types and styles to suit any kitchen design. Update Porch Columns Porch columns are another item buyers see immediately; if you have columns that have chipped paint, are decaying, or don't match the style of the home, consider updating or replacing them completely. Sand and paint over chips, or update the look with vinyl wraps. If you have the budget to replace the columns, consider fiberglass, which is weather resistant and helps support the weight of the porch roof. Tidy Up a Bathroom Bathrooms are another large selling feature of properties, and outdated bathrooms are a top sale killer. Update within reason of your budget and time: replacing the vanity, counter, sink and faucet can be a quick fix that is also budget friendly (some home improvement stores have entire kits available for this). If this doesn't fit your budget, consider painting the vanity and replacing the hardware and faucet. Other updates that can be done in the bathroom: change out a toilet (you can usually find energy efficient toilets at a local big box store for under $200), update a showerhead, and replace any vanity or overhead lighting for more modern and energy efficient options. Update a Staircase Many staircases are located just as you enter a home, which means they are a focal point and something buyers look at and judge the moment they walk into a property. If your staircase has seen better days, take the time to do some small updates. Fix any broken or loose steps and evaluate the railing; refinish a wood staircase, replace a broken railing, change outdated balusters, and, if the stairs are carpeted, clean or replace the carpet. Jazz Up a Fireplace Whether it's gas or wood, many homes have fireplaces, and many buyers love them for their purpose and as focal points. An updated fireplace can say loads about your home, and a great looking fireplace can help a sale. You can paint and transform outdated brick or add ceramic tiles to add color. You also have the option of adding budget-friendly artificial stone veneer or natural stone (if you have the time and money). Mantels are a large part of fireplaces – add, update or replace a mantel with wood, stone or marble. An updated fireplace and mantel can help any home sale. Light Up the Yard Lighting can take the exterior of a home from drab to fab. Dark homes don't pop to buyers, and outdoor lighting can add a ton of appeal. Update any outdated outdoor lighting fixtures, especially those that no longer work or are broken. If you have some extra money to put toward projects, consider adding additional outdoor lighting in the way of a lamppost or path lights, and if you live in a sunny climate you also have the option of solar lights. Organize a Closet Buyers will go through cupboards and closets, and a cramped bedroom closet can be an issue with some buyers. A quick and budget-friendly fix is a closet organizer. Organizers come in a variety of options, from wood and plastic-laminate to wire, and most are DIY, which cuts down any installation costs. If your closets are stuffed or poorly organized, buyers will see this and could potentially be turned off by it. Make an Attic More Usable Most homes have some kind of attic, whether it be a small crawlspace that's barely accessible or a large attic area accessed by a staircase. Make sure your attic area is accessible: if it's not, add a ladder and insulate the door for better energy efficiency. If your attic area is just studs, add a plywood floor to make it more accessible and ready for storage. By adding a couple extra things to an attic area, you're adding usable space and making your home more marketable to potential buyers. These fixes are relatively easy, and most shouldn't break the bank. If you can afford to do some, go for it, but do what is in reason of your time and budget. You want to sell your house, and you don't want to spend a fortune updating it. Small fixes can be the ticket to a quick sell, or they can help a home that's been sitting for a while finally get some movement. Back To Top Patti Duty, Realtor www.MyRealtorOnDuty.com   EMAIL ME

Expert tips on how to buy, sell, rent, and more

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RentalsMobile
Real Advice

Expert tips on how to buy, sell, rent, and more

Rent vs. Buy

Is it the right time to buy a home? That
depends. Our Rent vs. Buy Calculator helps
you figure out what makes sense for you.

Home Buyer With Bad Credit?

A checkered credit history doesn’t mean
you can’t finance your home. Find out
how you can still qualify for a loan.

Don’t Skip the First Step

If you’re looking for a home, always get
pre-approved for a loan first. Find out
why and how.

Why Sellers Should Up
Their Game

Make sure your house can compete with
newly built homes in your area.

Avoid these renting pitfalls

Watch out for these six common
mistakes that people make when
apartment hunting.

Before You Make an Offer,
Consider This

Do a little research and check out these
things before you get into negotiations
for a home.

We'll Show You the Way Home

Read our complete guide to home-buying
for advice on everything from finding
an agent to closing.

From
realtor.com®

Patti Duty, Realtor
Www.MyRealtorOnDuty.com

EMAIL ME
duty484@gmail.com

The highest offer isn't always the best

Price may be the most important factor when deciding whether to accept a buyer's offer for your home, but it's not the only one. Here are some other considerations:
Do you have the time?
If you need to close as soon as possible-or if your circumstances require a later date-you may prefer an offer from a buyer that matches your time frame to one that's a little higher but inconvenient.
Does it depend on factors outside your control?
A purchase offer contingent on the buyer successfully selling her home first may not be as attractive as one without a contingency clause.
Is the buyer qualified?
The less you know about whether a buyer can get a loan for your home, the higher the risk of the transaction falling through. A buyer who shows that he has been preapproved for a loan is less likely to have problems following through with the purchase.
Do you have to jump through hoops?
Buyers may ask for appliances or furnishings to be included in the sale. They could request that you make certain repairs. They might even ask you to pay some costs typically paid by buyers. Each request such as these makes the offer price a little less valuable.
Your Texas REALTOR® can review offers with you to discuss how they stack up in all aspects, not just price. Then you can move forward with the transaction that works best for you.

 

Patti Duty, the Realtor On Duty for you!

www.MyRealtorOnDuty.com

 

EMAIL ME

 

Legal Disclaimer: The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations. While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TexasRealEstate.com. Any legal or other information found here, on TexasRealEstate.com, or at other sites to which we link, should be verified before it is relied upon.

My buyer won't get credit approval in time. What should she do?

Advice for Texas REALTORS - Texas Association
of Realtors

My buyer won't get credit approval in time. What should she do?

What can a buyer do if she is unable to obtain credit approval in the time provided in the Third Party Financing Addendum for Credit Approval?

If the buyer cannot obtain credit approval and she wants to exercise her right to terminate the contract, she must give written notice to the seller within the time period provided in the addendum. She can use the Notice of Buyer's Termination of Contract (TAR 1902, TREC 38-4) for this purpose. If the buyer gives timely notice, the contract terminates, and the earnest money is refunded to the buyer. If the buyer doesn't provide the notice within the time required, the contract will no longer be subject to the addendum and the buyer could end up in breach of the contract if he is unable to obtain credit approval.

Get more answers to legal questions on texasrealestate.com.

Commercial Property For Sale Decatur Texas TX Real Estate

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