Sylvie Shurgot Real Estate

Are you selling your property in 2012? List before April

2012-01-24T09:32:00.000-08:00

Real estate sales that close in June/July fetch the highest prices of the year. So if you do plan on selling property, it's time to prepare for a February/March listing and aim for an early summer closing.

Built between 1895 and 1903, recently renovated - $89,900

2011-12-05T12:56:00.000-08:00

More pictures coming soon!

Amazing property - 2 acres near downtown - house built in 1924, recently renovated

2011-12-05T09:26:00.001-08:00

More pictures coming soon!

Amazing listing in Dignowity Hill: 2,866 sqft for $199,900 / fully rehabbed

2011-12-05T08:49:00.000-08:00

Fully renovated craftsman bungalow, next to the Friedrich Mansion.

2011-12-05T08:47:00.000-08:00

Woodlawn Lake & Monticello Park Guided Running/Walking Tour

2011-07-18T13:50:00.000-07:00

Date

Start: Saturday, July 23, 2011 @ 8:30 AM

Address

Woodlawn Lake Park
1103 Cincinnati Avenue San Antonio, TX

Fees

$15.00

From the Office of Historic Preservation

2011-07-18T13:48:00.000-07:00

City of San Antonio Office of Historic PreservationFor all you DIYers, the next hands-on Window Workshop will be held on September 16-17th. Mark you calendars and stay tuned for more information.

Monte Vista and Monticello Park real estate prices: a comparison

2011-07-18T09:32:00.000-07:00

These curves represent median selling prices for homes in Monte Vista (MV) and Monticello Park (MP); we are comparing smaller homes (less than 1,800 sqft) in blue and red, and larger homes (greater than 1,800 sqft) in yellow and green. Clearly, larger homes in Monte Vista stand out!

Monte Vista a closer look at real estate trends

2011-07-18T09:12:00.000-07:00

I did this comparison for a client who wanted a little more detail on homes in Monte Vista. The question was: for homes under 1,800 sqft, do the 3-bedroom / 2-bathroom (3/2) houses sell faster than the 2-bedroom / 1 bathroom (2/1) houses. The answer is pretty clear! (And I must say I was a bit surprised, as I like having my second bathroom.)

Number of homes under 1,800 sqft sold in Monte Vista, comparing 3/2 and 2/1. Keep in mind that for 2011 this is only mid-July so we should see more sales as the year goes on.

Now let's have a look at the selling prices. Once again, we're comparing 3/2 and 2/1 homes under 1,800 sqft.

Monte Vista Real Estate Statistics

2011-07-16T15:01:00.000-07:00

Someone out there was inquiring about the state of real estate in Monte Vista, so here are some numbers. This the median selling price for each year from 2004 to 2011 for single family residential properties. Please keep in mind that this is only July 2011 and we still have 6 months of data to go.

The second graph below shows the number or homes sold in Monte Vista from 2004 to 2011 and in green we have the number of days on the market.

Folk Victorian charm near downtown

2011-07-13T13:32:00.001-07:00

This house is located just outside Dignowity Hill.

Home Inspectors in San Antonio

2011-06-16T14:34:00.001-07:00

You will find a list of home inspectors in the San Antonio area at the bottom of this post. All the inspectors may not be on there, but the list is from our MLS so it should be a good start.

I always recommend that my buyer clients hire the independent inspector of their choice to take a detailed look at the house they've made an offer on. The process works like this: find the house you would like to buy, make an offer, negotiate and enter into a contract (with option period), hire an inspector to inspect the property, negotiate for repairs (or a drop in price) - or back out. Your real estate agent will help you through that process. (Call us if you don't already have an agent; we never charge a buyer for representation.)

Home inspectors in San Antonio

San Antonio Real Estate prices data 2004-2011

2011-06-14T07:24:00.000-07:00

The first graph shows data for every month of May since 2004 and describes the median selling price of single family detached properties in the city of San Antonio.

San Antonio continued to have an upward trend even through the crisis. After a relatively large dip in price in 2010, we seem to be well on our way to another summer record. Keep in mind that even though we had that dip in May 2010, we hit a record high of $155,000 in July 2010.

The second graph also represents data for the median selling price of single family detached properties in the city of San Antonio, but for each month from January 2004 to May 2011. It provides a picture of the trends and cycles in our market.

SOLD - 10 acres in the Hill Country (Bandera area)

2011-05-07T09:37:00.001-07:00

Amazing house built in 1874 on a hill overlooking dowtown!

2011-05-05T15:09:00.000-07:00

Search schools by property address!

2011-05-05T15:05:00.001-07:00

This is a great resource:

www.nisd.net/cgi/cgi-bin/address_selection.pl

New home for sale near Lackland AFB

2011-01-06T15:48:00.000-08:00

SOLD - 4727 Irola Ave.

2011-01-06T15:44:00.000-08:00

Tyler Tully joins Sylvie Shurgot Real Estate!

2011-01-06T08:20:00.000-08:00

Tyler has made the home buying and selling process hassle free for many clients due to his real estate experience and the completion of his courses in the prestigious Accredited Buyer's Representative (ABR) program. He has specialized in helping out of town and military clients relocate with ease.

New home for sale

2010-12-31T13:37:00.000-08:00

If you want to list, it's time to get ready!

2010-12-20T07:26:00.000-08:00

Here are a few facts based on patterns in data collected for San Antonio from January 2004 to November 2010.

If a seller is looking to obtain the highest price, then he wants a June/July closing. (Graph: Median selling prices for single family detached houses in San Antonio.)

Houses are staying on the market roughly 120 days, so in order to shoot for a June/July closing, back up about 4 months and list in February/March.

Also note that the highest number of closings on homes occurs in June, with a couple peaking in May.

The San Antonio Real Estate Market - Fall 2010

2010-12-19T07:51:00.000-08:00

Here are some numbers depicting the San Antonio real estate market this fall. This data pertains to single family detached residences in San Antonio, Bexar County:

- 491 houses have come on the market since the 7th of December 2010 with a median listing price of $151,000.
- Since December 7th, there have been 235 closings bringing a me...dian selling price of $145,000.

- Homes closed since Dec. 7th fetched 95% of the listing price (or 90% of the original listi...ng price in cases where the property was listed multiple times before selling).

- There are currently 6963 houses listed with a median listing price of $153,000.

2,185 sqft with 4 bedrooms / 3 bathrooms on 0.25 acre

2010-11-02T13:41:00.001-07:00

Cash to closing

2010-10-28T09:56:00.000-07:00

With all the technological advances young home buyers have been accustomed to growing up, I 'm seeing an interesting pattern emerge. Younger buyers, 25 to 40 years old, know they have to bring money to closing but they expect to be able to bring their debit card and swipe when, in fact, they should bring a cashier's check, money order, or do a wire transfer of the funds. The title company will let them know the exact amount, but their REALTOR needs to be prepared to tell them how to bring the money because title companies don't always take care of that.

So buyers, here it is: when you go to a closing on your new home, bring a cashier's check made out to the title company where you're closing or, better yet, wire the funds directly from your bank to the title company. The title company will give you the exact amount, to the penny.

Critical elements of the mortgage process: the property

2010-10-15T13:18:00.000-07:00

You have a good credit score, an income, money saved for a down payment and reserves, good rental or mortgage history, and you have found the property you want. It also will have to qualify for the loan, through an appraisal process. You will have to pay for a professional appraiser to go see the property and run an analysis of its market and replacement values; the appraiser also look at its potential to produce income. But in the end the MARKET VALUE is the one that counts. The appraiser is chosen at random by a company that's independent from the lender. The lender's employees are not allowed to speak with the appraiser. Usually, the listing agent has researched the market value and hasn't overpriced the property. Sometimes that isn't the case. If the property you wish to buy doesn't appraise, you have a choice to pay the extra money and still go through with your purchase; of course that means you have to have cash to do so.

Critical elements of the mortgage process: where you live

2010-10-02T10:47:00.000-07:00

Perhaps it's with your parents. You might be renting or already own a home. Regardless of where you currently live, you may be asked to show that you're paying on time.

If you have a regular mortgage with a bank, it should show up on your credit report. (Owner or privately-financed mortgages won't show up.) You cannot obtain a mortgage if you've had any late payments with the last 12 months. You have to show that you've had no late payments for the past 12 months.

If you're renting, you may have to give your rental history for the last 12 months. A management company or apartment complex can sign a VOR stating what you history is. If you were paying a landlord directly, you'll be asked to bring canceled checks to show you paid rent or perhaps bank statements showing transfers to your landlord's account. Some people pay the landlord directly and in cash. They have no way to show their rental history. This is a problem when the borrower is trying to get an exception for another reason already - a debt-to-income ratio that's a little high or a credit score that's a little low. Be sure you pay your rent in such a way that you can prove you paid. A letter from the landlord won't be accepted.

If you lived with your parents and paid no rent, you will have to explain that as well, especially since you'll be going from no monthly payment for housing to a mortgage payment.

Critical elements of the mortgage process: your income

2010-09-23T13:36:00.000-07:00

If you want a mortgage, you have to have money coming in. It can be from your employment, retirement, pension, alimony, child support or other sources. The name of the game here is going to be: document, document, document.

The underwriter will look at everything very closely and different types of loans may have different rules. Here are a few examples of requirements:
- you will be asked to bring your tax returns for the last 2 years (with W-2's, 1099's, etc. based on your situation);
- people who are self-employed or paid commissions must show 24 months of acceptable income to qualify;
- veterans will have to bring the appropriate papers to show their entitlements;
- if you have money coming in from rental properties or properties that you have financed, retirement benefits, pensions or any other income, you will be asked to show where the money's coming from, how much, and for how long.

One more thing to consider is your debt to income ration (DTI). With excellent credit, you can still go up to 50%-52% of your income going to expenses including mortgage, property taxes, homeowners insurance, child support, credit cards, car loans, student loans (basically the debt you have showing on your credit report where you still owe more than 10 months' worth of payments). If your credit isn't so stellar, you're looking at a 45% limit on your DTI.

Critical elements of the mortgage process: your credit score

2010-09-22T09:35:00.000-07:00

Are you ready to begin looking at homes? Unless you’re going to pay cash, the first step is to be pe-approved for a loan. Note that I didn’t say pre-qualified. In this economic climate, real estate agents and buyers can waste a lot of time looking at properties, based on a pre-qualification, and then see the buyer end up not being approved for a loan.

The first item a loan originator will look at is the buyers’ credit report. The three major credit reporting agencies will each have a credit score (FICO) for the borrower; lenders use the middle number (midscore) to make their decisions regarding the loan application. Scores range from the 300’s to the 800’s.

Most lenders will only consider people who have a score of 620 or higher. A few will approve the loan with scores starting at 600, but be aware that with a 600 FICO score, the underwriter is going to have higher expectations of other elements of the borrower’s life – very high income, for example, or a lot of assets (a large retirement account, a lot of money in the bank). Also keep in mind that interest rates go down as credit scores go up. So the borrower who has an 800 midscore will get a lower interest rate.

The score isn’t the only factor an underwriter will consider. The borrowers may have accounts in collections or judgments against them. They may be required to pay off some of those debts before they can be approved for a mortgage.

Other money required for home purchase: the down payment.

2010-09-19T07:22:00.000-07:00

In addition to the roughly $2,000 you'll need at the time you submit a contract (see Post from 09/18/2010), you should already have money saved IN A BANK ACCOUNT for a down payment. The money that's in your mattress doesn't count because your lender will want to know where your down payment came from in order to make sure it wasn't borrowed from some other lender and will not have to be repaid.

Furthermore, your down payment money should be in the bank for a full SIXTY DAYS before your file reaches underwriting. What this means is that you really should have your down payment money saved up and ready before you start going out to look at houses or VERY soon after you start looking.

So how much do you need for a down payment? Well, that depends on the type of loan you're getting.

If you're eligible for a VA loan, you can buy a house with no downpayment.
For an FHA loan, you'll need 3.5% of the contract price.
For a conventional loan, you'll need 5% of the contract price.

If you have the money saved up, you should put 20% down in order to avoid paying mortgage insurance.

Buying a home: be prepared to pay these right away!

2010-09-18T12:36:00.000-07:00

During the first 3 days following the acceptance of your offer on a house, be prepared to pay the following typical fees:

Option period - $100
Earnest money - $1,000
Inspection - $350

A couple of weeks later:

Appraisal - $385 to $550

Here's what happens:

You've looked at houses and selected the one you want to buy. You make an offer, negotiate, and come to an agreement with the seller. Along with your contract, you must be prepared to write two checks: one that will go to the title company with the contract and one that will go to the seller (if you choose to go through an option period).

The earnest money isn't the same as option money. For one thing, the earnest money check is much bigger than the option money check; it goes to the title company and is refundable under certain circumstances. The amount of earnest money deposited varies, but is usually somewhere between $500 and $2,000 with the most frequent amount being $1,000.

The option money goes to the seller and buys you a period of time (10 days is typical) during which you can back out of the transaction for any reason. For example, those 10 days give you time to get an inspection on the house and either renegotiate for repairs or walk away. The inspector will charge a fee, usually somewhere between $250 and $450 depending on the size of the house. (The fee on a huge house is likely to be much higher than $450.)

Once you've decided to proceed with the transaction, your lender will require you to get an appraisal on the property. The cost will vary with the type of loan and the type of property.

Before closing you should be ready to write checks for a total of about $2,000 on the house you want to purchase. You'll have to have at least that much money in your bank account.

San Antonio Water Rates Calculator

2010-07-19T05:54:00.000-07:00

The rate calculator can be used to estimate your water bill based on your usage; it's available here:

http://www.saws.org/service/rates/ratecalc/

The San Antonio Water System is restructuring the way it charges consumers for water. According to their website, SAWS' goal is to make conservation a priority by:

"Reducing rates for lower water use while raising rates for higher water use, like heavy summer lawn watering.
Establishing a tiered rate structure for water supply fee.
Extending higher seasonal summer rates by two extra months.
Charging a higher monthly fee for larger water meters."

Obtaining a mortgage

2010-07-07T14:12:00.000-07:00

During the process of obtaining a mortgage, you will be asked to provide at least some of the following:

- social security card (for all borrowers)

- a copy of each borrower's driver's license

- your last pay stub, covering 30 days and including your year-to-date earnings and SSN

- W2's for the last 2 years

- bank statements for the last 2 months, for every institution where you have money

- investment and retirement account statements for the last 2 months

- residence history for the last 2 years with landlord's contact information if applicable

- if you're self-employed, your tax returns for the last 2 years

- if you were a student in the last 2 years, transcripts or a diploma

- if you receive social security, a retirement or disability income, the award letter and most recent check

- if you receive or pay cdild support or alimony, the divorce decree

- if you're applying for a VA loan, the original Certificate of Eligibility and DD214

The mortgage company you use will run a credit check, which will be used to populate the debt section of your application.

Unpaid Property Taxes

2010-07-04T15:09:00.000-07:00

Do you want to find properties with unpaid property taxes? Here's a site where you can do just that. Enjoy!

Bexar County Tax Assessor

Step-by-step: a brief overview of the home-buying process

2010-04-26T14:57:00.000-07:00

1. Find a REALTOR who will help you through the entire process

2. Go to a mortgage company and obtain pre-qualification

This will help you figure out how much house you can afford. It doesn't make much sense to look at $300,000 houses if the lender will only let you borrow $200,000 (unless of course you have cash to make up the difference). Your lender and your real estate agent can help you find the magic number.

3. Make a list of the characteristics you're looking for in your new home (neighborhood or area of town, number of bedrooms, square footage, and so on).

This list will help you and your real estate professional narrow the search and avoid wasting time. A good agent is a good listener who will make small adjustments to your list as you look at houses in person.

4. Give your REALTOR a copy of the prequalification letter and of your list of characteristics

Most listing agents require a pre-qualification or even a pre-approval letter with the offer you make on the property. If you're paying cash, the seller and his agent will want to see proof of funds.

5. Your REALTOR will access the Multiple Listings Service and look for properties within your price range that fit your description. She will set up a secure site for you to access all the information and pictures of those properties through the internet. If you don't have internet access, you can meet with your agent in person and look through houses.

This first stage will help you weed out the properties you don't like and decide with ones you want to see in person.

6. Once you have found the house you want to buy, your agent will write up a contract and all the required addenda to present to the seller. The price you offer will depend on the market analysis conducted by your agent. Obviously you don't want to pay more than the market value of the property. There may be some "back and forth" and counter-offers at this point.

7. When your offer is accepted, your agent will deposit your earnest money with the title company. You will use the option period (usually 10 days) to have your inspection done by an independent inspector of your choosing.

The inspection report will list (and provide pictures of) everything that needs attention, perhaps some plumbing issues, a cracked window, a roof in need of repair, etc. You can go back to the seller and ask that some or all the repairs be done, or you can request a price adjustment. You may also decide not to buy the property at all, in which case the seller will keep your option fee and the title company will refund your earnest money.

8. At this point your agent will work closely with the title company to ensure all the proper paperwork is submitted in a timely manner.

There may be HOA documents to be submitted, the lender may require a survey or accept a previous one, the lender will send an appraiser to the property; countless details have to be attended to.

9. As the closing date approaches, your agent will make sure everything is in order and ready for the closing. You will set a closing date and time.

10.On closing day, you will need to bring two forms of ID and a cashier's check in the amount calculated by the escrow officer (the person at the title company who will have you sign all the documents). Before going to close on your new home, you will complete a final walk-through with your agent.

The purpose of the final walk-through is for you to make sure everything on the property is as it should be, based on the contract.

San Antonio Real Estate Statistics

2010-02-22T11:16:00.000-08:00

Here are the latest numbers for San Antonio. The pattern for January bringing the fewest sales continues, but not to worry - the numbers pick up dramatically by March.

As expected January also brings lower prices but, as the graph indicates, prices heat up in the Summer.

Property Taxes in Texas

2009-11-21T06:13:00.000-08:00

Here's a link with very useful information on property taxes in Texas:

click HERE

Numbers for October 2009

2009-11-18T09:53:00.002-08:00

With prices like these and the expansion of the home buyer tax credit, it's time to BUY!

San Antonio home prices hold

2009-11-18T09:53:00.001-08:00

So far in 2009, single residential homes in San Antonio have sold for the highest median price ever for that month in:

January
February
May
July
September (tied with 2007 and 2008)

So far it's 5 months out of 9 this year.

Good news San Antonio

2009-11-18T09:52:00.002-08:00

Homes brought a higher sales price in July 2009 than in any month of July for which MLS data is available. The data provided is for July 2004 - July 2009, single residential properties.

Houses selling faster in San Antonio

2009-11-18T09:52:00.001-08:00

Good news: home are spending less time on the market before being sold. Some interesting numbers were the lowest number of days in September 2006 and the highest number in January 2009.

Texas Hill Country Vegetation

2009-11-18T09:51:00.001-08:00

Dave's Garden (or the Plants Database) is a wonderful resource for people who want to look up plants all over the world. For the Texas Hill Country, Jeff Beck has made outstanding contributions to the photo files. Here's a link to his work. If you have seen a plant in San Antonio or Hill Country and wish to find out what it is, scroll through Jeff's pictures; you're likely to find what you're looking for.

Jeff's pictures

Is there a correlation between selling price and number of days on market?

2009-11-18T09:50:00.000-08:00

The graph represents San Antonio single residential home sales for January 2004 to June 2009 and was created to determine whether there's a statistical correlation between the selling price and the number of days properties stayed on the market. The result? With a correlation factor near zero, we can say that there is no correlation; in San Antonio high-price homes don't stay on the market longer than low-priced homes.

Bexar County property values and appraisals

2009-11-18T09:49:00.001-08:00

Many of the out of state visitors on this blog get here through a search for property values or property appraisals in Bexar County. Some contact me for information about property they own here, and I love to hear from them so please don't hesitate to email me if you need help getting some numbers together to help with your property taxes or if you have any other questions:

sshurgot@gmail.com
Subject line: Property taxes

Buying or selling property? Who's on the team?

2009-11-18T09:48:00.000-08:00

The listing agent is a licensed real estate professional who lists and markets the property for sale, after conducting market research in order to set the appropriate asking price. This agent works strictly for the seller and can show the property to prospective buyers but will not represent the buyer in the transaction.

Nowadays, buyers often choose to work with a buyer agent who will represent them (and not the seller) throughout the transaction. The buyer agent locates suitable properties based on the buyer’s criteria, shows them, prepares a contract to make an offer, and works with the listing agent to coordinate inspections and the closing. The buyer agent also often works with the mortgage loan officer (the person who puts your loan together) to make sure all the required documents are provided in a timely manner in order to close on schedule. The buyer does not usually pay the buyer agent commission.

The inspector works for and is paid by the buyer. After a thorough inspection he prepares a detailed report of his findings and discusses them with buyers.

The escrow officer works for a title company and is essential in keeping the transaction moving along smoothly by working with both real estate agents involved, the mortgage loan officer, and real estate attorneys. The escrow officer and title company are the keepers of all the paperwork and money transfers. Any earnest money provided at the time of contract should be deposited with the title company, where the escrow officer will prorate taxes and calculate how the money is to be distributed to pay off outstanding loans, commissions and other fees, and of course write a check to the seller. A disorganized escrow officer can easily cause the transaction to fall apart.

Money math

2009-11-18T09:47:00.002-08:00

You always hear that at a 7% interest rate your money doubles every 10 years. At 10 %, your money doubles in 7 years. But what about money earning 5% or 6% interest per year? The calculation is very simple if you have a calculator with an ln key: enter ln(2)/0.05 for 5% or ln(2)/0.06 for a 6% interest rate. How long will it take for the investment to triple? Try ln(3)/0.07 for a 7% interest rate; it takes 15.7 years to triple.

Buyer representation

2009-11-18T09:47:00.001-08:00

If you haven’t been involved in a real estate transaction over the past 3 or 4 years, you may not know about buyer representation. In the past, a listing agent represented only the seller, and the buyer had no representation. Nowadays, buyers can have their own real estate consultant to protect their interests in the purchase of real property. The advantage is that the buyer has by his side a knowledgeable professional, who understands the business, to search for properties that have all the desired characteristics, take care of paperwork, inspections, final walk-through, etc., and to keep the lender and title company on schedule (some tend to procrastinate). The buyer agent, unlike the listing agent, tries to create the best possible situation for the buyer. How much does the buyer have to pay for this service? Usually nothing. Sellers normally pay the commissions for both agents since they have the money when the transaction is completed, but other arrangements can be made. So if you’re going to buy a home or perhaps some land, find your very own REALTOR® who will have your best interest at heart and work for YOU.

Green home, green wallet

2009-11-18T09:45:00.002-08:00

CPS energy and SAWS offer a variety of rebates that help your green decisions save money. CPS rebate information is available here: CPS Rebates CPS also offers a nifty energy consumption
simulator you can use to see how changes in your habits affect your bill: Energy Calculator SAWS rebate information is available here: SAWS Rebates

The cost of selling

2009-11-18T09:45:00.001-08:00

A quick guesstimate of the amount it will cost you to sell your property is about 10% of the sale price. This figure includes REALTORS’ commissions, closing fees, title insurance, property taxes, etc. 10% is normally a slight overestimation, but it’s pretty close.

Check your credit report once a year - it's free.

2009-11-18T09:44:00.002-08:00

...and it doesn't count against you. (Beware of companies that offer to provide you with the report but end up charging you!) Three major credit reporting agencies are used by mortgage brokers are: Equifax, TransUnion, and Experian. The information they provide lenders about you may not be accurate. Avoid possible unpleasant surprises when you apply for a loan.

County appraisal vs. market value

2009-11-18T09:44:00.001-08:00

I recently met someone who thought the market value of his house was equal to the county appraisal value. It turns out he was off by $48,000, and he could sell his house for $48,000 more than he previously thought. That was good news for him. If you want an accurate figure for the value of your property, please consult a REALTOR who will be happy to provide you with a free Comparative Market Analysis (CMA). The county appraisal district doesn’t follow all the fluctuations in the market. See our February newsletter for more details.

Filling out your Notice of (property appraisal) Protest

2009-11-18T09:43:00.003-08:00

When you fill out your Notice of Protest to notify the County Appraiser that you intend to protest your property value, make sure that you check ALL the blocks in step 3 that could possibly apply otherwise you may not be allowed to make your case using all the reasons you might have. The first two blocks (Value is over market value and Value is unequal compared with other properties) are probably the most widely used. Protest forms are available here:
http://www.bcad.org/PDFs/nop.pdf

Bexar County property appraisals

2009-11-18T09:43:00.001-08:00

For many people in Bexar County the increase in appraised value has been of the legal upper limit: 10% every year. But for others, it doesn’t change even though houses in their neighborhoods are selling for high prices. When the appraiser increases my appraisal, he does so based on one or two homes in my neighborhood that sold for a high price. So why do some of the very homes that sold for the high prices keep their old low appraisal? For the past couple of years, Bexar County Appraisal District computers have had access to MLS records. When I go protest my appraisal, I look at the appraiser’s screen and see the same numbers I researched in MLS to prepare for the hearing. On a cold winter day I looked up 124 homes that sold for over $500,000 in 2006; 66 of them were under-appraised by the county by over $6,000. 66 out of 124 is 53% error! Several were under-appraised by over $100,000. The biggest difference I found was of $535,220. Appraisals are increasing by 10% in many subdivisions, but entire areas
are under-appraised by many more thousands of dollars per house. I must disclose that I also found a handful of homes that were over-appraised by the county, which makes my claim of 53% error inaccurate; the percentage of error is actually higher. Less expensive homes aren’t immune; I’ve seen discrepancies in the $60,000’s (2007 appraisal) on homes sold in the low $200,000’s in 2006.

Seller concessions: does the appraiser take into account seller concessions?Sometimes during the negotiation of a contract, the sales price is increased above the asking price; in exchange the seller pays for closing costs in order to roll them into the buyer’s loan. By doing this, the buyer doesn’t have to bring as much cash to closing. MLS reflects the higher sales price, and the county appraiser uses that number, inflating the whole neighborhood’s appraisals. Seller concession numbers are available on MLS and should be subtracted from the sale prices in order to reflect the actual sales price of the property. The county appraisal should certainly be based on true sales prices (market values). This year, if you plan on protesting your property taxes, ask two important questions: Is every homeowner in Bexar County treated equally? Or are some having
to carry an unfair tax burden because the appraisal process isn’t functioning properly? And Is the appraiser considering seller concessions when he looks at sales prices and market values? If you need help obtaining information about homes sold with seller concessions or homes that are under-appraised, don’t hesitate to contact me. For the 2006 sale prices and corresponding 2007 county appraisal values discussed above go to www.homeinsa.com and follow the links.

How do the 3 major credit report agencies search your information?

2009-11-18T09:42:00.001-08:00

Experian: last name, first name, SSN, address

Equifax: last name, first initial, address, SSN

TransUnion:zip code, address, last name, first
name, SSN, AKA/alias name

Adverse posession

2009-11-18T09:41:00.001-08:00

Do you own a property you don’t visit regularly? My jaw dropped one day in an environmental law course when I heard about adverse possession for the first time. It turns out that if your neighbor has been using your property without your permission or knowledge, he could own it after a period of 10 years. There are different statutes with different rules that apply to each. If you own such a property, make sure you have a survey and know where the corners are located. Inspect the property regularly to make sure your neighbors aren’t encroaching on your land or taking their family and friends for Sunday strolls on it. (The issue is greatly oversimplified here; please consult an attorney if you have any questions.)

Environmental hazards on your property

2009-11-18T09:40:00.002-08:00

If you’re getting ready to buy a property, don’t overlook the possible environmental problems it might have. If you buy a property that has been contaminated with hazardous/toxic materials, you’re also buying those materials and you may have to clean up the site even though you’re not responsible for the contamination. Remediation is expensive. When you purchase a property, ask about the following (this is by no means a complete list, and I only mention some common issues):
· Lead—used in paint before 1978. It was banned in 1978; a lead-based paint addendum is required for contracts on properties built before 1978; do not inhale lead dust or ingest paint;
· Radon—a natural radioactive gas that occurs naturally; it’s emitted from the ground. It can become trapped in homes, which it enters from basements, cracks in slabs, and other openings. It’s the second leading cause of lung cancer in America, according to the EPA;
· UFFI (Urea Formaldehyde Foam Insulation)—has not been used since 1980;
· Toxic mold could be present in homes that have been water-damaged.
· Asbestos—heat-resistant mineral used in shingles, ceiling tiles, flooring, exterior siding; do not inhale asbestos dust;
· Water quality – if you’re going to drill a well, consider water quality. How will the water taste and smell? Is it contaminated?
· Dumped or buried wastes that could be toxic
· Oak Wilt—a fungus that kills several varieties of oaks. Will be featured in our February issue.

If you have reasons to worry about the problems mentioned above or have any other environmental concerns, please consult an expert in the field. Not doing so could be costly both to your health and to your wallet. For more information, the EPA’s website is an excellent resource. Use the following link to reach the site: www.epa.gov

FICO score facts

2009-11-18T09:40:00.001-08:00

Range: 300-850
Good: above 700
Not good: below 600
Most people’s scores are in the 600’s and 700’s

Will I get my money back out of upgrades?

2009-11-18T09:39:00.000-08:00

Upgrades can help the house sell before a similar house listed for the same price, but you probably won’t have a dollar-for-dollar return on upgrades. Buyers don’t normally pay more than the market value, even with the upgrades. So if you want to prepare a house before selling, invest the money in sprucing it up—a little paint, cleanliness inside and outside, a pleasant smell—can go a long way.

Asking the right price

2009-11-18T09:37:00.001-08:00

Remember that setting the right listing price for your market is very important. If your house is overpriced, it will stay on the market longer. When a house is on the market too long, buyers begin to wonder what’s wrong with it. Another possibility is that buyers will make ridiculously low offers because they think the seller is desperate.

Credit scores demystified

2009-11-18T09:36:00.002-08:00

What does your credit score consist of? Approximately:
· 35% payment history
· 30% current debt
· 15% credit history (how long have you had credit)
· 10% type of credit (car loan, student loan, credit cards, etc.)
· 10% credit score inquiries
The purpose of credit scores is to mathematically rate an individual’s future level of risk, based on data, and without taking into account factors that may be discriminatory.

Keep your credit score high and save money!

2009-11-18T09:36:00.001-08:00

If all of your credit cards are charged up to the limit, your credit score will take a hit. You’re doing well if you owe no more than 30% of the limit on credit cards. Here are a few tips to help you keep a good credit score:
· Do have a few accounts open, but not too many; lenders want to see that you’re financially responsible;
· Catch up on missed payments (they will still show up on the credit report);
· A large number of accounts with balances may indicate a higher risk of over-extension;
· If you owe some money don’t rush to pay it off. Make monthly payments ON TIME to show financial responsibility;
· If you owe more than 30% of your limit, bring those balances down before you shop for a house;
· Don’t close all your accounts; you must have some credit and a good, established credit history.
A good credit score can help you obtain a lower interest rate on your mortgage!

Before you close: the final walk-through.

2009-11-18T09:35:00.001-08:00

Don’t skip this important step in the buying process. Walk through the house with your agent right before closing. An unscrupulous seller might leave you with a dirty house or missing appliances that were supposed to stay, or even cheaper appliances than those promised to you. Make sure you’re getting what you thought you were BEFORE you sign the documents.

Buying a home? Don't close on a Friday afternoon.

2009-11-18T09:34:00.002-08:00

You normally take possession of your new house upon closing and funding. If the funds don’t arrive in time, you’re not likely to receive the keys. On any other day of the week, it may not be such a big deal but if it’s Friday you’ll have to wait until Monday to move in.

The importance of asking the right price

2009-11-18T09:34:00.001-08:00

If the asking price is too high, the property is not likely to sell. Agents use overpriced properties and show them before they show the correctly priced properties. Simply put, they make an example out of the overpriced property. It will be shown, but no offers are made.

Credit inquiries and your credit score

2009-11-18T09:33:00.000-08:00

Credit inquiries reduce your credit score because research has shown a link between multiple credit inquiries and increase in defaults. It doesn’t seem fair, does it? How can you shop for a mortgage under those circumstances? Here’s an answer: inquiries made within a thirty day period count as one inquiry. So once the first mortgage broker orders your credit score, you have 30 days for other mortgage brokers to check your credit score without having their inquiries count against you.

Of course, from your real estate agent’s point of view, 30 days is a long time, and if you stretch your mortgage shopping for that long you may not close on your new house in time. You could lose the house of your dreams! In addition, a real estate contract includes a Third Party Financing Addendum, which requires you to apply for financing “promptly” and “make every reasonable effort to obtain” financing approval. Notice of denial MUST be given to the seller within the number of days specified in the contract. So shop around for the best interest rate, but do it within 7 to 10 days just to be sure.

Who are the polluters in your neighborhood?

2009-11-18T09:32:00.000-08:00

Find out through this website: http://www.scorecard.org/ The EPA also allows the public to find information about polluters in their area.

Is your property not being shown?

2009-11-18T09:31:00.000-08:00

Have you had few or no showings on your property? You might want to verify the following information with your listing agent. If your house is listed with the wrong price or in the wrong area, I won't be able to find you. Your house might be my client's dream home, and I can't find you. MLS is a very sophisticated database with enormous capabilities, but the listing agent must enter all the necessary information carefully. Here are some of the common problems I've seen recently:

- the price is too high;
- the price isn't entered correctly. I just saw a property listed for $99,999,000 when the agent meant $99,000;
- incorrect property information. There's a long list of attributes to select from, and if the one feature I'm searching for is left off the list (say a fireplace, for example), I can't find you;
- the property is listed in the wrong area. The San Antonio MLS has the city and surrounding Hill Country broken down into roughly 30 areas. Listing agents sometimes place their listings in the wrong one;
- for land, the total number of acres is sometimes left blank. This isn't a required field (the acreage is provided in a different place), but if I search by total acres, the property doesn't come up. The same is true for other attributes of the property.

Here are a few other characteristics I don't like to see in a listing:
- only one or two pictures. MLS requires at least one picture, but we can post 16!
- bad pictures: there are too many blurry pictures out there, as well as pictures that are too dark to see, pictures of ceiling fans, etc. It makes buyers think there's nothing to show off about the house;
- no agent remarks;-
the listing agent's description of the house is too short, not informative, or exaggerated.

Choose your listing agent carefully. There are many excellent real estate professionals in our area.

2009-11-18T09:21:00.001-08:00

With prices like these and the expansion of the home buyer tax credit, it's time to BUY!