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Lee Hudman ABR CNE Clhms's Advice
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1 Best Answers
Lee Hudman ABR CNE Clhms wrote:
Should the Seller accept an offer without a Pre-Qualification Letter from the Buyer's Lender?
Any serious buyer should have at least a pre-qual. letter. That can be done over the phone with a lender. A truly serious buyer will have a pre-approval. I won't even let a buyer into my car without at least a pre-qual. Accepting an offer without any buyer financials (whether a pre-qual. or a pre-approval) and marking the property as pending puts the seller at risk of losing other potential buyers that have done their due diligence up front. Probably the easiest thing to do is to simply tell the potential buyer that you appreciate the offer, want to make the offer work as a win/win, and make getting the pre-approval a requirement as part of the negotiations on the terms and conditions. That will buy you some time and remove the risk of losing other potential offers.
4 days ago
Why isn't Zillow current and thorough on sold properties?
Zillow, Trulia, Homes.com, Realtor.com and other such third party sites are mostly fed from the local MLS boards (in my case Houston, TX is www.har.com), and manually by agents and sometimes the public. All of these third party sites are notorious for being out of date, incomplete, and inaccurate. The sites often overlay homes that are for sale and for rent at the same time as well, thus causing even more confusion and inaccuracies. Texas is a non-disclosure state as well. I always recommend to my clients that use these sites to be aware of this, and to take any home listing, or value estimates with a grain of salt. In the areas that most of my own business is in, pricing is very difficult due to no two properties being alike (inner-city), and most value estimates are always 20-30% off (mostly too low) of true market value.
Who pays for title policy? Should the Seller pay for it, or should the Buyer pay for it?
I've been an agent in Houston for 23 years. Who pays is definitely negotiable, but 99.999% of the time the buyer pays for it on new construction, and the seller pays for it on resale homes.
Why do property taxes in Houston vary so much on a single property?
The rate is the same, it's the value on HCAD that changes. It is very confusing. I've never quite figured out why HCAD displays the tax assessment % the way that it does. Note that West U and Bellaire and other cities within Houston proper have different rates. As a general rule of thumb, always use the worse case scenario to estimate taxes, which is 2.9% of sales price (or if not purchasing then HCAD value) without exemptions.
Recent College Graduate: Looking to get into the real estate industry.
I've been a full time agent for over 21 years, and I can tell you that I've seen lots and lots of agents cycle in and out of the industry. There is a huge turnover. It is definitely not for everyone. Be prepared to be on a roller-coaster ride most of the time. The industry, and your income, is affected by so many things that are not under your control. This is not a 9-5 job. Be prepared to work at least some every day. Be prepared to pay for everything out of your pocket. Getting relo business is difficult on your own because most big companies use firms that specialize in relo, and the agents involved pay a big chunk of $$ for those referrals. Getting your license is the easy part. Learning the business is the hard part. People are asking you to help them with the largest financial transaction in their lives, so you need to know what you are doing. I would recommend at least a full years needed income be saved up front. Six months is not enough. You might want to be an agents assistant first to see how you like it. I think that the biggest mistake that I see is the "I love working with people!" so all that I have to do is sit here and wait for the phone to ring and I'll make 3% of the sale. It does not work that way. There is a LOT of competition out there. Like many industries, 20% of the people make 80% of the sales.
Moving to Austin or Houston TX
Houston and Austin are a little bit apples/oranges. I'm in Houston, so I know it better. Houston is MUCH bigger, so more choices, and more spread out. Both have a very tight real estate markets right now (rentals and sales). Both have traffic issues if you don't live close in. Austin has a more vibrant club and music scene. You definitely will need a car, especially in Houston. If you chose Houston, try and stay inside the loop (I-610) if possible. Draw a line down the middle of a map of the city north to south through downtown (basically I-45) and ignore the eastern half of the city. Loft style apartments are few. What few "lofts" that we have are converted downtown buildings. They are not cheap.
Is har.com the only way to get Homes for Sale Listings in Houston?
HAR. com is the SOURCE for Realtor.com, zillow.com, trulia.com and other third party websites for properties listed with Houston agents.
I need to refer a friend a Houston agent that specializes in the Midtown, Montrose, & Downtown areas
I've lived in Montrose for 11 years, and I lived in Midtown before that for 10 years, and I've been an agent specializing in these areas for over 20 years. My business is almost exclusively repeat and referral. What amount of referral fee are you looking for, and what is your friends price range?
How can you buy a house in US for $16.00 only?
You can also by a bridge in NY.
October 24 2012
I signed outdated real estate forms. Does that invalidate the contract?
I am not an attorney, but I've been a Realtor for over 20 years. You signed and agreed to the contract that was presented to you with the terms and conditions that it contains. Forms get changed one or two times a year. A contract does not become unenforceable simply because the a newer version becomes availailable. If that happened, it would reak havoc on the all executed contracts (listing, buyer rep, sales, etc.).
March 05 2012
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