10 Steps to Making an Offer

1. Decide you Need or Want property.


2. Decide what kind of property you desire and the location. (criteria)

3. Determine what you can afford, your agent can help with this.

4. Find a Broker/Agent that will help assist you thru the entire process.

5. Find a Lender and get Pre-Approved.

a. Pre-Qualified is verbal and does not carry any weight.

b. Pre-Approval is verified by the lender thru documentation like pay stubs, W2, Tax Return, bank statements, etc.

c. Have lender write you a Pre-Approval Letter that your agent will include with your offer/contract.

6. Search for property. Use your agent and only your agent to search for property

a. Always let other agents know that you have representation. Don’t expect something for nothing.

b. Avoid using the “shotgun” approach when searching. Contact your agent about properties.

7. Find property you like that meets your criteria and is within your budget.

8. Have Agent run comps of the area and write an offer/contract.

9. Complete all documents.

a. Sign and initial each page of the contract/offer.

b. Include an offer price. This may not be the same as the asking price and may be determined by the area comps.

10. Agent will submit offer/contract to Seller’s Agent.



Some key items:

a. Make sure you read and understand all documents prior to signing.

b. If you have questions about the documents and are not sure what you are signing, have your lawyer review the documents.

c. Lenders, builders, or agents should not force you to do business with a particular party or company. An exception to this may be the appraiser used by the lender.

d. Remember, if you are unsure about something, ASK.

Texas Leads U.S. in High-Growth Cities

Tired of reading about how rotten the real estate market is? Here's some good news that shows that even during the worst of the recession plenty of American cities, towns, and suburbs continue to grow.

One such place is Atascocita, Tex. A mostly residential community 20 miles from Houston, it gained more than 1,800 households in 2009, an 8% year-over-year increase, according to new data from Little Rock-based data firm Gadberry Group. Over the decade, amenities that have helped attract residents to this wooded locale include Lake Houston, just east of the city; the school district; and proximity to the city of Houston. With new roads in the area under construction, "we're starting to see major industry start to take a look at the area," says Mike Byers, president of the Lake Houston Area Chamber of Commerce.

To read full story, visit www.businessweek.com

Townhouse in Houston Texas Medical Center

Wonderful one bedroom 1.5 bath townhome in Medical Center with 2-car attached garage; nice living area with fireplace; galley kitchen w/breakfast area; Very neat; extremely quiet neighborhood; kitchen includes walk-in pantry; free basic cable; great pool area; racquet ball; tennis court. Conveniently located on bus route to Medical Center or UT Shuttle; 24 Hour Manned Gate. Additional storage room ready to be finished for second bedroom or nursery.

Listing Price: $122,500

Address 7447 Cambridge 113
City / Zip: Houston / 77054
Subdivision: City Place
Property Type: Townhouse / Condo
Status: Active on Market
Bedrooms: 1 Bedroom(s)
Baths: 1 Full & 1 Half Bath(s)
Garage: 2 Car Attached
Stories: 2 Story
Style: Traditional
Year Built: 1980 / Appraisal District
Building Sqft: 1,181 / Appraisal District
Front Door: East
Unit Level: Levels 1 and 2
Maintenance Fee: 399 monthly
Mrkt Area: Medical Center
Key Map® : PAGE 533J
MLS# / Area: 93064448 / 17-Southwest

Click here to view listing: http://tinyurl.com/yady2ym

Cities Where Housing Is on the Mend

No cities have totally avoided the foreclosure crisis, but some were able to sidestep the worst of it. These markets are now recovering quickly.

The recovery is swiftest in those areas that didn’t have as much of a housing price run up to begin with, either because the economy in those areas has stayed healthy or the economy has been limited for decades and residents have adapted or left.

To identify places where the recovery has begun, Forbes magazine examined the number of loans that were foreclosed in the 100 largest metropolitan statistical areas. Then it calculated the percentage of loans that are descending further into delinquency vs. those that are improving. The lower the deterioration ratio, the higher the ranking.

Here are the cities that fared best by that measurement and are recovering the most quickly:

1. Harrisburg-Carlisle, Pa.
2. Austin-Round Rock, Texas
3. Ogden-Clearfield, Utah
4. Buffalo, N.Y.
5. Knoxville, Tenn.
6. Raleigh, N.C.
7. San Antonio, Texas
8. Syracuse, N.Y.
9. Salt Lake City, Utah
(Tied)
10. Moline, Ill.
10. St. Louis
10. Wichita, Kan.
10. Rochester, N.Y.

Source: Forbes, Francesca Levy (12/09/2009)

First Time Home Buyer Tax Credit

What do you think about the First Time Home Buyer Tax Credit? Have you taken advantage of this tax credit? Do you know someone who has?

Smart Phones

What is your choice for the best smart phone?

Pre-Approval Letters That Count

For a Pre-Approval Letter to have some weight the loan officer should include the following;

1. A statement that the loan application has actually been made.
2. The income documentation has been provided and reviewed.
3. Asset documentation has been provided and reviewed.
4. Credit report has been pulled and reviewed.
5. Based upon the provided documentation the borrower meets the underwriting guidelines for the loan program selected. (FHA, VA, or Conventional)
6. There are no outstanding issues that would prevent the borrower from obtaining a loan.

Basically everything presented by the client to the lender must be documented and reviewed. No verbal representation can be considered valid.