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Debunking Myths To Home Buying

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Debunking Myths To Home Buying

Finally ready to make the transition into home ownership? That’s awesome, and in this exciting time you can be turning to friends and family for an insight into the process. However, there seems to be a circulation of misinformation spreading around, so we’re here to clear up a few myths.

1. THE FIRST STEP IS SEARCHING FOR A HOME

You know the saying, “Don’t put the cart before the horse,” well that’s important to remember when it comes to buying a home. You don’t want to start looking for a house until you have gotten to sit down with a lender and discuss what the bank will qualify you for. If you fall in love with a house that’s $250,000 and come to find out you’re only qualified for $200,000 you can get your hopes crushed and waste a lot of time. Don’t start the process on the wrong foot and make sure the numbers line up.

2. YOU DON’T NEED A REAL ESTATE AGENT

For starts, when buying a home, 99% of the time the buyer’s agent gets paid by the sellers. That random 1% can be for odd circumstances. So you’re getting to use the services of a real estate agent for free. Having a real estate agent on your side means you’ll get to see homes that aren’t as readily available on public searches, you avoid outdated listings and scammers (there are lots of them), and you have protection when it comes to navigating the legalities of contracts and buying a home. Why wouldn’t you want an awesome negotiator working to ensure you get the best from the transaction? For FREE!

3. YOU CAN’T BUY A HOME WITH BAD CREDIT

Fortunately for some, this is a myth. Lenders and banks come by the hundreds of thousands and all though there are a few loan options, a lot of lenders can work with credit scores down to the low to mid 500’s. Get in touch with an agent to help you connect with the right lender who can help you potentially approved. There is a lot of factors that go into approvals, but your credit doesn’t have to be a sore thumb during the process. However, you will be doing yourself a favor if you connect with a credit repair specialist to at least get those numbers in the 600’s. A better score will lower you interest rate.

4. YOUR DOWN PAYMENT HAS TO BE 20%

Think you have to sell an arm and a leg to buy a home? Not at all! An FHA loan only requires 3.5% while a conventional only requires 5%. There are a lot of programs that can potentially help you with down payment assistance or be 0% down mortgage. USDA and VA loans are the most popular 0% down programs. If you qualify, this can take a big chunk off the amount of cash you have to bring to the closing table.

5. DOWN PAYMENTS ARE THE ONLY UPFRONT COST

This is one of the biggest misconceptions. There is a lot of cost that goes into buying a home, and that includes upfront costs. One of the mandatory ones are a termite and appraisal. If you are getting a mortgage, the home will have to appraise and get a letter stating there are no termites in the home. Termite can range between $25-$75 dollars. An appraisal can range from $300-$700 dollars. Aside from your down payment, you then have to pay for closing costs. And NO, they are not the same thing. Closing costs can range anywhere between 3-6% of the purchase price. In certain markets, this can be negotiated for sellers to cover by rolling into the offer price, but whether that decision is smart to do or not when it comes to landing your dream home will need to be discussed with your agent.

Now that you have some knowledge to get the process started, get in touch with an agent who will help you get through the process as smoothly as possible.

Welcome to The Jungle

It is definitely a zoo out there. This story is just too good not to share.
This one happened to Heather Dunlap, one of the agents here at Texas Crosswinds Realty Inc.

A client called regarding pricing and the qualifying process on one of our rental properties. After a lengthy conversation about criminal back ground check and rental history etc., Heather finally advised them to come up to the office and fill out an application. Heather said “unfortunately we cannot qualify you over the phone”.
About an hour later, the young lady walks in the office and introduces herself. Heather provided her with a rental application and she started filling it out. When she gets to DL# she says “I’ll be right back”. She runs outside and gets it from the man that was in the grassy area by the street. Oops now it wants social security #, “I’ll be right back”. Awe Date of birth… “I’ll be right back” Finally Heather says “Ma’am, he is welcome to come in and help you complete the application so you don’t have to keep going outside.
She replies “He can’t because if he steps off of that curb his ankle bracelet will go off and he will be arrested”
Really? You are willing to pay an application fee and go through the entire process of qualifying but you managed t0 omit that little tidbit of information.

The Daily Challenges of Leasing

THE DAILY CHALLENGES OF LEASING A HOME

Everyone knows that leasing season in AGGIELAND can be trying. Today I had 3 young ladies who were referred to me by someone I just leased one of our rentals to. By the way THANKS for the REFERRALS.

As it turns out we have leased all the homes we manage on this particular street. The three young ladies really wanted on this particular street so I searched and found them an available unit that I could show them, however it would not be managed by Texas Crosswinds Realty Inc.

I contacted the managing company, obtained a key and was provided a phone number in which I was to contact the current resident. I called the current resident three times yesterday and got no answer and no machine in which to leave a message. This morning I called the managing agent back and they looked for a different number. The only number they had was the one I was dialing.

I arrive and my clients arrive right behind me. We approached and I knocked, introduced myself to the young man and told him that I would like to show the unit. Great he says “come on in” as my clients and I enter this whirlwind of a girl comes flying down the hall ” I am sick of this, you Realtors never call before you come” I explained that I had called and I verified that I had a correct number.

My clients were backing out the door and apologizing. The resident shut the door on my clients and said. “wait outside while I talk to this WOMAN”. The woman was me. She began screaming and shaking her cell phone. I apologized and told her that I had called as I respected her home and privacy. I said” this is not a problem, I will just show another unit’

She was so loud and ridiculous that the neighbor heard all this and invited me and my clients into her home to have a quick look. It turned out well but I am just not sure why people feel the need to act like this! Folks we are just doing a job and with all due respect we are just as uncomfortable in your home as you are to have a total stranger there.

Unfortunately in COLLEGE STATION TEXAS we begin in February pre leasing for August. Please read your lease and understand that when you turn in an official notice to vacate the Owner/Manager has a right to start showing the home that you lease. If you feel this strongly about people in your home you should consider buying a home and this will not happen.
I am so appreciative for referrals and understanding clients and neighbors that do work with you on days like this.

For all of your real estate buying, selling, leasing and management needs please contact Carolyn Pinson Texas Crosswinds Realty Inc. 979-268-3200

www.txcrealty.com