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Houston Texas Real Estate Blog > Frank Schulte-Ladbeck #9073Frank Schulte-Ladbeck #9073Contributed by Frank Schulte-Ladbeck on October 26, 2007 The website for the Houston Association of Realtors has an option for searching for Spanish speaking Realtors, under the Find a Realtor location. If you belong to a church where there are Spanish services, some Realtors that speak Spanish advertise in the church's flyer as well. Buena suerte con su neuvo hogar! Houston Texas Real Estate Blog > Frank Schulte-Ladbeck #9073Frank Schulte-Ladbeck #9073Contributed by Frank Schulte-Ladbeck on October 26, 2007 You should also consider staging your home. There are some books on home staging, but typing this term into your search engine can lead you to some resources. The basic idea is to decorate your home to encourage the buyer to want to live there, so personal touches are removed. Think of magazine ads for furniture or even nice hotel rooms for inspiration. Houston Texas Real Estate Blog > Frank Schulte-Ladbeck TREC#9073Frank Schulte-Ladbeck TREC#9073Contributed by Frank Schulte-Ladbeck on October 27, 2007 A Realtor could give you a better answer, but there are many areas in Houston and the surrounding areas which have golf courses close by. In West Houston, there is a neighborhood directly west of Sharpstown mall, where homes run along the golf course. It is also close to a major freeway, if you want to head to the main shopping and social areas of the city. Otherwise, there are communities further out, which offer the same amenities, but they are farther from other aspects of the city. Houston Texas Real Estate Blog > Frank Schulte-Ladbeck TREC#9073Frank Schulte-Ladbeck TREC#9073Contributed by Frank Schulte-Ladbeck on October 31, 2007 Recently, the investors that I have been working with have looked at areas in the southern part of the city. Consider that Latinos will make the largest community to be moving into homes, so you should study areas that would appeal to them. Generally, they want homes with four bedrooms and a finished garage. Yard space is important to immigrants, but not so for first generation Americans. The next community to watch would be the southeast Asian, who are living west of the beltway, mainly Bellaire and streets below. Be forewarned, since many people in these groups have not owned a home before in the U.S., they will be asking a lot of questions, so patience is neccesary. Houston Texas Real Estate Blog > Frank Schulte-Ladbeck TREC#9073Frank Schulte-Ladbeck TREC#9073Contributed by Frank Schulte-Ladbeck on October 31, 2007 Just because the headquarters are here does not mean prices are cheaper; it is where the processing plants are. But the answer to your question is yes. Natural gas and gas for your car are cheaper here, since of the production here. Houston Texas Real Estate Blog > Frank Schulte-Ladbeck TREC#9073Frank Schulte-Ladbeck TREC#9073Contributed by Frank Schulte-Ladbeck on October 31, 2007 Most of the price increase in the Heights is due to rising land prices, which have been driven up by investors and developers. The amenities are coming. Are the higher prices here to stay? That depends upon the trends going on in the area. At this time, they are staying high, and they probably would continue to do so for some time. However there are too many factors to say for sure if it would be a good investment for you. Houston Texas Real Estate Blog > Frank Schulte-Ladbeck TREC#9073Frank Schulte-Ladbeck TREC#9073Contributed by Frank Schulte-Ladbeck on November 2, 2007 I do not know of an agency that is all Spanish speaking, but there are agents in those agencies who speak Spanish. One way to find them is by going to the site for the Houston Association of Realtors site. Click on the Find a Realtor button. This brings you to page with some questions. Type in some of the zip codes for the area you are looking at, and pick Spanish from the language box. You should realize that Realtors can work anywhere in the Houston area, so there are many good Spanish speaking Realtors in our city. If you need specific names of some Spanish speaking Realtors that I have worked with, who I feel do a good job, just contact me for the list. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 10, 2007 Accountants and attorneys can be a good source for advice on the financial and legal aspects. (I am thinking about taxes and tenant forms). Some of these forms can be found in books from Nolo Press, or at your local library in the legal book section. Marketing can be in publications like the Houston Press or Chronicle, but an effective technique for some investors has been using these little lawn signs in high traffic areas of a neighborhood in conjunction with a sign on the house itself. Some landlords purchase home warranty insurance to take care of the minor maintenance issues. The renter can call the company up instead of you. Instead of mailing you a check, you can set up a special account to set up rent payments at your bank. With internet banking, you can check if the payment has been made at the proper time. You will want to develop a screening process and stick to it. A potential renter could look nice, but they could end up being the tenant from hell. Well, this is a start. Welcome to Houston; we are so much better than Sugar Land. (Joke! Joke! Do not hit me!) Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 11, 2007 Each inspector has their own operating costs, so prices depend on that fact. When I was researching my competitors, I found that inspections can start from $200 to $500. Believe or not Texas has some of the best prices in the nation for this service. Prices are based on square footage and the amount of work to be done. Pools, sprinkler systems, and other items may incur an extra charge. You may consider having a WDI report done. This is performed by a pest control firm. If you are handling the sale completely without Realtors, you will want to go over the contracts carefully. An attorney can do this for you at a flat fee, if you want extra help. The attorney cannot request a commission from the sale, they should work for an agreed upon fee. The contracts may not be too difficult, so by taking some time, you should see if they have everything that you agreed to. If you are not using a title company, you may want some title insurance. This insurance can protect you if someone shows up claiming that they rightfully own the land and/or the house. Firms that supply this type of insurance, usually do a title search first. You can contact me if you have any questions, but I think that this covers the basics. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 12, 2007 Taking a cue from the city of Austin's wonderful green building program, I would say the first step is trying to reuse or keep the materials of the building in place. You do not want to add extra items to our landfills. With the terms "organics" and "green" becoming such buzz words, many companies are responding to making products from house hold cleaners to construction materials to paints that fit this trend. For construction materials, you want to look at products that use recycled products in the manufacturing. Countertops are a good place to start. I think the company is called AMD, but they just came out with a "green" paint, which has low emission rate for gases being let out. (If you cannot find this product through a web search, contact me and I will look it up for you). Home improvement centers and hardware stores have responded to these trends by stocking green products, but some you may find that you have to order over the web. One simple simple step is to replace your incandescent bulbs with compact flourscents. These bulbs generally last longer and use less electricity, as long as you are not turning them on and off in short time spans. I hope this is enough to get you started. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 12, 2007 Spring Branch ISD does have some very good schools. The state produces reports on student progress at different schools, which can usually be accessed through the district's website. HISD has a Vangaurd program, which is very good. Applications for this program are coming due around now. An HISD school close to Spring Branch that has been doing well is the Westside High School. Closer to downtown, Lamar has been the high school recognized for its academics. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 13, 2007 I am not aware of the laws governing solar produced energy in Texas, but I have heard that they buy the additional electricity produced. I have wanted solar panels for my home, but I have a problem that many homeowners face, lack of sun on my roof. My home is surrounded by some old growth trees, so only my east roof obtains enough light for a panel, so I might produce enough for my water heater, maybe. There are experts who can determine if you have enough sun or how to set it up, and I would advise using them. What good is a panel that produces nothing? They will prevent this. Just to mention, there has been a worldwide shortage of solar panels, so lead times on obtaining some can be long. Blame the Germans. The land of my parents lines their highways with solar panels. Germany is currently the greenest nation on the planet with over 33% of the energy needs coming from renewable sources. On the horizon for solar is a new paint product. You will be able to paint your house, and the paint will produce electricity for you. Sounds like a joke, but the product is in testing right now. I heard that it will be available in 2010. Also, a material that can go under the paint or in window blinds has been developed which will produce electricity for the home. It is actually a treated mylar film. However, this product is a long way from market. There is a company that is now renting solar panels to homeowners, and many are finding this a good alternative to buying. Whole Foods has been using them. If you type "solar panels" into your search engine, there is a non-profit (or maybe just a .org) that assists you with all of the items you need for setting up solar panels. I want to write that it is solar.org, but I am not sure about that. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 13, 2007 A Realtor can give you a better answer, but my statistics show Katy as being more moderate in price. Both Katy and Sugar Land have been around for some time, and you can find homes with character in either. Most older homes in Sugar Land where company homes from Imperial Sugar. In Katy, many older homes were from people associated with farming, mainly rice. Look closer to the older town centers for the older homes. Both communities are moving a lot of their activities closer to the malls (First Colony and Katy Mills), so the old city centers have the older homes. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 13, 2007 It is difficult to answer your question properly, since there are some mitigating factors. There are some architects who make plans available en masse for relatively cheap. Other architects take a standard plan, and then customize to your needs or site. Some architects work for a set fee for plans, but they may not be involved later in the process. Other architects will take you through to the completion of your home. So you can see, price may depend on what you want from them. Some of these plans offered at a set price, can be as low as $100, but you will not get much additional help from these firms, and the plans are basic. I should note that any plans you buy will have to be approved by a structural engineer. Most architects that I have encountered work on billable hours schemes. You could get a set plan, and then have it modified, while having the architect reachable for questions during the building process. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 18, 2007 1) I would say first look at anything that does not look right. Many of us do our own home repairs and we come up with creative solutions that can be more harmful than good. For example, using electrical extension cords for wiring an outlet. 2) Gutters seem to be a big problem. You want water to move away from the house. Looking for heavy staining on the walls. 3) If you are considering stucco or synthetic stucco (EIFS, pronounced eefus), be very careful. These products are meant for dry climates. Check for staining on interior walls. 4) Look to see if exterior trim or wood is loose or rotting. 5) Trees or large shrubs with branches on the roof. These can cause various types of damage. 6) If you can, see if there are a lot of black dust/dirt in the gutters. This indicates an issue with the roof. Some is normal, but a heavy amount might mean an issue. 7) Sticking with the roof, look for shingles that appear broken or warping, since this could indicate time for a new roof. 8) Look for water stains under sink faucets. Constant water leaks could do damage elsewhere. 9) Cracks on the walls above windows and doors that all point in the same direction may indicate a foundation issue. 10)A running crack through a tile floor may also be indicative of a foundation concern. An inspector will let you know for sure, but these items may let you know if you may have some repairs to do with a home. No home is perfect, so be forewarned that an inspector will more than likely find something. Ask your inspector if it is really major or not. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 23, 2007 Houston is right behind New York when it comes to restaurant life, but as a city, we are known for our driving culture. However, the city's downtown area is being revitalized with condos and many new clubs, shops, and restaurants. The best walking neighborhood is The Village. This locale borders Rice University, and it offers apartments, condos, and homes along with the other businesses. The city of West University is just next to this area, and it has become a popular place to live. Close to The Village is the medical center and the museum district, along with the major central park in Houston, Hermann Park. North of this area is the Montrose area. It is not really meant as a walking area, but I have enjoyed walks there. This neighborhood is Houston's version of an artistic neighborhood. I am dedicated walker, so I still walk all over my neighborhood. Houston has enough to offer in the way of restaurants that I can end up somewhere, but I would never argue that my area was meant for walking. However, the chamber of commerce here wants to improve that fact. I live in the Westchase area. Many Houston neighborhoods are starting to consider making walking trails more accessible, but this is more for exercise sake. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 29, 2007 Market prices do not traditionally dip or rise during the holidays, so timing is not always a concern. Most people simply have too much going on in this season to sell or buy a home. Home sales do go on. You may find that if the house is occupied, the family may want to wait for closing after the holiday period. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 29, 2007 In my working life, I have not seen many Realtors that I would not recommend. Realtors have to be customer oriented to exist in this business. That is why so many are said to be the perfect one for you. I think that you should take a page out of the HR playbook and conduct a phone interview. Write down a list of your questions about real estate. Call the Realtors listed in the directory here (for example), and start talking about those questions. They should be asking you questions too. You may be spending a good deal of time with them, so you want someone that you are comfortable with. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 30, 2007 I think that the questions may be personal to your background, but here is my approach. When I was an HR manager, I started off by asking some questions about why they wanted to work for me, what brought them to this business, and what is their background with this job. This type of question can be modified to be asked of a Realtor. Since it was a different situation (a potential employee is frequently nervous), I would ask questions to loosen them up. For example, if I am working in a movie theater, I would ask what films do you like? Of a Realtor, I would ask what neighborhoods do you like? If you are on the web, you may find answers to some of your concerns, like what paperwork is involved in closing. Ask the Realtor to see how they answer. Find a couple of questions like this. Search out some answers first, to see what they might say. Try to strike up a conversation about your concerns for a home, and listen to their responses. Are you worried about repairs? They discuss the home inspection or a home warranty insurance. If they say that is nothing to be worried about, then you may have a problem. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on November 30, 2007 I was just discussing this topic with a Realtor from Colorado the other day. I read report after report which state that kitchen and bathroom remodels pay for themselves (and give you some money in addition), so any money invested is never lost in this type of remodel. The Realtor was making the argument that in the current market that you should not do any remodel unless it fits your needs and desires. If you are concerned about a buyer, they may just redo the bathroom anyway.The remodel should fit you, since you have to live with it. The buyers who are in the market at this time are looking for value, and many are thinking of doing their own remodels. It might be that you have made your condo to expensive is the argument of my Realtor associate. For now, most buyers are looking for deals, so extensive remodels just might not pay for themselves. I thought his argument sensible, and that is why I present it here. Until the real estate market settles down, projects in the home should be for you, and not with an eye on the sale. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 2, 2007 I am sorry, but I do not know anyone specifically. There are two ways that you can go about it. Through an association, you can find a list of names for your area. Websites like http://www.narpm.org or http://www.allpropertymanagement.com/ have members for Texas listed. Although this is not always true, associations try to hold members to higher standards, so you can find good people there. Interview at least three before making a decision. Another place that might offer you some alternatives is the Houston Community College. They have a program for residential property management. Career counselors post job listings at the school, so you may try that route. I hope this helps. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 4, 2007 Houston is really a driving community, and it has not been until recently that the neighborhoods close to downtown have been redeveloped. The mayor of Houston is really pushing that this development continues at a good pace. I was speaking to a representative from councilwoman Mellissa Noriega's office yesterday, and he mentioned that tax dollars from tourists is still coming in to pay for infrastructure improvement. This is just a longwinded way of saying that we are making the living areas near downtown family friendly, but we may not be there yet. The upper Kirby District and the City of West University offer some family friendly neighborhoods, which are close to downtown (not such a bad drive), and there are some good schools in this area. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 4, 2007 I have not worked with those firms, nor have I heard a client mention them. These firms are similar to traditional real estate brokerages, except for their commission/fee structure. The New York Times regularly runs articles on Redfin, which they paint in favorable terms. The disadvantages seem to be similar to any service firm: how well does your contact person serve you. The reports of customer service have been good at firms like this, but I have found that the service that you receive is reliant on the person that you deal with, and eventually every company has a failure on this front. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 4, 2007 I have found that most books on real estate investing leave off some details, in an effort to have you use a service offered by the author. Some books attempt to do better, but when referring to internet sites, they fall behind. Many companies either change their URL or that site does not exist anymore for whatever reason. Every so often the Houston Public Library hosts classes on investing, and these classes are free, but they do not consistently present them. Currently more investors and other real estate professionals are writing blogs that deal with this topic. It takes a little searching, but there is some good current information out there. I like the blogs on Wordpress, but Active Rain has blogs on Localism from professionals. There are classes offered by Rice Continuing Education and the HCC. These seem to be the best route for new investors, and they are consistently offered. I would suggest going to your local library to check out various books on the subject. In this way, you are not buying a book that may be useless. Take notes, and then research answers for the questions that arise. For example, one book may write about going to the tax office, but not explain the details. By looking at your county's website for the tax office, you may start filling in some blanks. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 5, 2007 Actually that is difficult to answer. Firstly, homes are taxed on their appraised value, not their market value. Secondly, the tax is assessed on which authorities have the right to collect tax on that property, which varies around Houston. Lastly, if you have received exemptions, the tax can be lowered. These factors can make the tax amount vary greatly. Best guess would be anywhere from $2000 to $4000, but I cannot be really sure. Houston Texas Real Estate Blog > Radon Testing in HoustonRadon Testing in HoustonContributed by Frank Schulte-Ladbeck on December 7, 2007 A national news reports in the past few weeks have spurred a renewed interest in radon testing. This toxic gas has been quite a threat to homeowners, and I have seen some real estate professionals, such as appraisers and inspectors in Houston, write of the importance of this test, but I have a slightly different take. Radon is classified as an inert gas, since it does not readily combine with other elements. It is odorless, tasteless, and colorless, so it is hard to detect, but there are EPA approved test kits, which are carbon canisters. These kits are placed in areas of the home where the slab has been penetrated by a pipe, since the gas comes from the earth. A good place is near a toilet. The test canister has to remain in place for a day, and then the radon concentration has to be determined from the results. Homeowners can perform this test themselves. Radon is produced by the decay of radium in the earth's crust, and the amount present can be effected by the weather. Radon is found all over the world, so it is a concern for everyone. The gas can settle in groundwater, so homes that use this water for their needs can have a real concern. The tighter we build the envelope of our houses for energy efficiency causes any radon coming into the home to stay in the house. Radon reduction equipment can cost several thousand dollars. Although many real estate inspectors offer radon testing in the Houston area, I do not. Radon depends upon the geology of the earth's crust in your area, and a structural engineer who studied the geology in this are for his craft told me that there is no significant amount of radon produced in Houston. In fact, inspectors who have carried out this test have said that they never have obtained positive results for radon. I decided that I would just be taking my clients money for nothing, so I went against offering the test. I did go to home improvement centers and hardware stores to see if they sell the tests. I thought that if I did not do the test that I could suggest to my clients that they could do their own. I received the same response from every store: there is no demand for this product in Houston, so they do not carry it. You would have to special order a kit, or you could order it over the internet. I am not a geologist, but with the data that I discovered on this subject, I decided that it was safe to say that this was not a service that I should provide, and I would not be shirking my duty to my clients. If someone suggests such a test to you, ask them if they have ever seen a positive result, or call the few companies that sell radon removal equipment in our area to ask how many units they sell and where. It seems that radon may be a concern south of our city from their locations. It is those firms that sell the only detection equipment in our area. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 10, 2007 The plan that has been agreed upon by the administration and the major lenders does not affect people buying homes. It is meant as immediate relief for those facing rate increases in adjustable rate mortgages. The basic outline of the plan is that lenders are agreeing to freeze interest rates on adjustable rate mortgages for subprime borrowers who have been paying their loan amounts on time each month. These individuals have to call a national number set up for this plan to ask for this freeze in rates. The idea is that these borrowers should be given some time to prepare for the rate increase, by either obtaining a conventional fixed rate mortgage or finding a way to have extra income or reduce other debt, so they will be able to pay the higher rate. The plan offers no solutions to those already in foreclosure, or those who are heading towards foreclosure by not paying their loans. Well that is the plan in a nutshell. The website for NPR has a good summary of the plan. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 13, 2007 The person who placed the lien is expecting to collect the money he claims is owed to him from the sale of your house. This will be dealt with in closing, but it does not effect the buyer. It may be better for you to try to resolve this issue, if you have a dispute with this contractor, before your sale. In most sales, the lien will be discovered, and the lien holder informed of the sale, and arrangements will be made for his payment. There is no recourse to dispute the lien at this point. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 13, 2007 Your county will have a website listing your property taxes, and this site will list the appraised value. However, at this time of year, these tax assessor databases are frequently tied up due to the preparations for the tax invoices going out for the new year. Some counties do separate out the appraisals on another website for the appraisers. This site will be found by your counties name with the term appraisal district added to it. For example, I live in Harris county, so I would search for Harris County Appraisal District (HCAD) to find the site.Sometimes Realtor Association sites will also mention the appraisal value too. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 15, 2007 It is expected that real estate sales will increase in 2008 by most real estate professionals, but this could be wishful thinking on our part. I write this, because flipping in this market could be risky. I would suggest that you read my posts on this sites about How Do I find Foreclosures in Houston? or another post for neighborhoods to consider. Those would give you a more complete answer. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 15, 2007 A Realtor could help you with determining how to best subdivide the land, and with some of the legal concerns. Basically to subdivide this land, you will need to "replatt" the land. Currently your land is under one platt, so you need to fill out an application to replatt, which will be available from the governmental authority which oversees the land, like the a city or a county. BY replatting, you are dividing the property taxes for the land. I would advise consulting with a lawyer who deals with real estate, or at least someone who understands the tax implications. The application is easy enough, but I cannot speak to the taxes. I believe that you may face some capital gains taxes. A survey will be probably be called for as well. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 17, 2007 Mortgage Brokers, unlike loan officers at a bank, earn their salary by the commission system. Each company handles the commissions differently. It may be a straight percentage of the loan is given to them, but there may also be increases in the percentage or an extra dollar amount if they sell you certain products. Part of the subprime credit crisis has been due to a group of brokers pushing the sales of adjustable rate mortgages (ARMS), because they would gain a higher commission. This method of payment does not cause the price to go up, so loans from brokers can be the same as loans from banks in the aspect of cost. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 20, 2007 A loan officer is on salary from a specific lender, and he will offer you the products that he has available from that lender. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on December 20, 2007 The seller could provide an inspection if they wanted too, but they are not required. Some sellers are having inspections performed to make their homes look more attractive to buyers. As a buyer, it would be on you to discover issues with the home. Be forewarned: an inspector does not report on the condition of surface coverings, just on an issue that may be causing the covering to be damaged. I do not know the specifics of the floor concerns, but damaged tiles may just be damaged tiles (as an example), and the seller does not need to repair this, unless you agree upon it prior to the sale. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 3, 2008 Houston has no real center for night life, since clubs and restaurants can be found around the city. Downtown has really developed in the past years, where I can say it is really decent now. The Montrose area has been a traditional favorite for night life, but the Richmond strip keeps extending (Richmond being a major West-East street). This strip is for driving, and it offers various eateries and clubs. Westchase is starting to develop more as well, but it is not walkable like downtown, but the chamber of commerce here wants to develop this area more. The Village area is pretty good for nightlife, and it is walkable. To let you know, Houston has had a long jazz history, but those clubs need to be sought out. Of course there are many C&W bars as well as rock and pop, and a vibrant rap scene. There are some venues for more artistic fare as well. We also have a decent theater scene. Besides the major theater, the Alley, we have two locations for Main Street Theatre, and a company that performs more avant garde works called Infernal Bridegroom Productions. There are also several galleries, so a good art scene exists. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 4, 2008 Finding foreclosures in Livingston is the same as anywhere else. This blog posting on how to find foreclosures in Houston, it will give you some basics for starting. The thing is in Livingston, you will probably need to do more footwork than in Houston. This is due to listings from Realtors being placed on line through the Realtor Association overseeing that area. Hope this helps. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 7, 2008 Is this the appraisal from the city or from an independent appraiser? Market value, what homes sell for, and appraised value are different, since the goal of each is different. A bank might not loan a buyer much more than the appraised value, unless the market is such that homes values are going up in your area dramatically. Realtors are good at determining your sale price, since this is their job. My suggestion is to check into what homes have sold for in your area. Sometimes Realtor Association websites have this information (Houston's association does), or check on this site for homes close to you, and what owners are asking for on price. Use the appraisal to see if the price you set is too high, where a loan might not be obtained. I have seen where some homeowners managed to go $20,000 over the appraised price, but there were other factors involved (extensive remodeling with some repairs). I personally think that would be a top limit. City appraisals should be the minimum asking price in my opinion. An independent appraiser will provide a value closer to the mean market value, while a Realtor will provide a price that the market could bare. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 7, 2008 How close? Many ranch/farm areas closer to Houston have been usurped for development. Pearland's change has astounded me. Heading down the 59 South past Sugarland, you can still find ranch land (I think that is your best bet). Alvin, which is close to Pearland,and some areas near it still has ranch/farm areas around the city. Development is occurring more on the western side of Houston, so this area may not offer many good opportunities. North and East of Houston do not provide many areas for ranches. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 8, 2008 Firstly, keep your head and do not go into any schemes- mortgage fraud and scams for those facing foreclosure are rampant. So you need to step back and weigh your options, while being proactive in dealing with this situation. Going into foreclosure will hurt your credit, so if the lender has not started the process yet, follow these steps: Step 1: Do not ignore notices. In fact, contact your lender before they send a notice. This can be risky, because you are letting them know of a situation where they may not be sympathetic, but you should control the circumstances. Step 2: Contact a housing counseling agency associated with HUD. To find the closest agency, call (800) 569-4287. Be wary of phony counseling agencies, since they may be after a fee from you while offering no help. A HUD approved agency is your best resource during foreclosure. Step 3: Discuss options with the lender. They may be willing to arrange a lower payment for a time (special forebearance), to arrange a new type of mortgage like a fixed rate mortgage, or some type of FHA payment. Your last two options would be selling the property before foreclosure (but selling your property can take three to five months), or signing over the house to the lender (which is a last resort). Maybe you should consider a lender you could trust, or who could at least offer you refinancing. Step 4: Be careful of people approaching you during this period with offers of help or of purchasing your home. Who knows how scam artists will find you, so you will not be able to avoid them, but do not listen to them. Only deal with firms or agencies you have contacted. There is no easy out of this situation, so do not be tempted. Step 5: Since you are being proactive, make sure you understand what the lender is arranging. Understand the papers you are signing, and that those papers state everything that you understand that you are agreeing to. Make sure that any agreement releases you from any liability with the loan. Having a lawyer or the counseling agency go over any deal worked out, so you can know that your interests have been served. The HUD approved counselor can also help you to determine if you can apply for the relief offered by the federal government which was passed last year. On top of this information, the IRS has set up a page on its website for tax relief for people who went through foreclosure, so that might have some information for you. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 14, 2008 I have seen David Weekly homes mention specials information being offered in their newsletters, but I know of no incentives at this time. Most Houston builders are expecting people to come back to the market later in the year, so they are selling down existing inventory now, instead of building.Hopefully some one else will see your question who has better information, but I think there are no incentives at this time. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 17, 2008 There are homes for rent all over the greater Houston area. Realtors can help you with finding a suitable home. Some homes are listed in papers, like the Houston Press and the Chronicle. I would not go to an assistance agency, since they mainly deal with apartments. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 17, 2008 Houston is a driving city, and thirty to forty minutes to work could be wishful thinking at times. Do you have a better description of where the office is along the freeway. One area that might be for you is the Heights. This was originally the German neighborhood of Houston. The area is undergoing great changes now. It is close to downtown, and it has fairly good access to the different freeways. The area has a mix of new homes (particularly town homes) with the older cottages form the twenties. Some parts of the Heights have become quite walkable. With more information, I could make a better suggestion. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 19, 2008 Zestimates from Zillow has not been known to be accurate. It is in the ball park at times. If you are working with the Realtor, the comparison will be more than likely part of the service paid by the commission. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 23, 2008 The Fed's rate cut is meant to put more liquidity into the market, which encourages banks to loan money, and consequently this brings rates down. As you surmised, the rate cut will not change your rate. The best way to take advantage of this situation is to shop around for a new fixed rate mortgage at a lower rate than your current one. If you do not know your rate, look on the Good Faith Estimate or the Hud-1A forms from your loan paperwork. Some companies are promoting the fact that you can find a better deal, but I have not seen the numbers yet. Remember that they will advertise the best deal, but you may not qualify for it. If you are shopping around for a new loan, do it within a two week time frame, so that your credit score will not be effected. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 25, 2008 Closing costs vary with what needs to be paid for during the closing. Everything needs to be paid at one point or another.Can you fold these costs into a loan? Maybe. I know that in the past that loans were being offered to cover this expense, but my guess is that you will have difficulty finding a loan with this option in today's market. Lenders want to see that you are capable to pay the loan. Part of what makes that determination is that you have the money to pay the expenses involved in purchasing the home and possible expenses after the purchase. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 26, 2008 Yes and no. Two types of foreclosure purchases can try your patience: short sales and REOs. A short sale is where someone is selling their home to avoid the final foreclosure, and REO means real estate owned (which just means lender owned). In both cases you will be dealing with the bank, who can be difficult. They want what they want. Do some research on how you want to make money from this property. There are some blog posts here that will help you with this. You are going to be tying your money up in this investment, so understand what you are doing. Hire an inspector, or learn how to evaluate a property. You will always find little things with any house, but foreclosures, at times, need more attention. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on January 26, 2008 Green is a current buzz word in the housing industry, but no builder has started building an entire area with this claim. Mainly, individual homeowners have looked into ways to make their homes green. Depending on how you define green, you may see affordable housing (under $130,000) as green. Federal law dictates that builders have to make these homes energy efficient, and their small foot print helps reduce utility costs. With a little reworking (like graywater systems) such homes could be seen as quite green by most standards. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 1, 2008 Commissions vary and they can be negotiated. The standard has always been that 6% of the sale price is set aside for the commissions of the buyer's and the seller's agent (3% each). From that the agent has to pay his broker and his marketing expenses for the home. I have heard that 6% number going closer to 5 1/4% as a national standard, but honestly, I do not know the typical breakdown for Houston. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 4, 2008 Property tax is handled through the county tax assessor's office. In Houston, this would be Paul Bettencourt's office, Harris County Tax Assessor. Houston Texas Real Estate Blog > Ten Houston House Hunting TipsTen Houston House Hunting TipsContributed by Frank Schulte-Ladbeck on February 13, 2008 I spotted a blog the other day, where a young man was trying to start a relocation service. It was not well written, and his main advice was that you should use him for any of your needs. Relocation services have become popular, since many firms use them for their employees. I have done this work myself, when I get a call from someone out of state who needs help, but to be honest, it is not so difficult. 1)If you are coming from another city, stay in a hotel. I would suggest one along the Highway 59 (Southwest Freeway). Situate yourself to the layout of the town, before choosing a neighborhood. 2)Do you have a job lined up? In the past, many new families chose homes on the outskirts of the city, since you could buy more square footage for the money. You still can, but gas prices and other factors have driven many of those residents to find places to live in the city. With the construction of more condos and town homes, this option has become acceptable to many. You may want to find a good community near your work. 3)Contact the local chamber of commerce. They put out a book, which is a guide to Houston. These guides have a lot of information on home prices and services. Many of these guides can be found at the hotels. Houston has many chambers of commerce, and they usually work together to put out this information. 4)Use a Realtor. Tell them specifically what you have in mind for a house. They will create a list of possible homes that match your criteria, and they can make arrangements to see them. You may know that you are serious, but a homeowner might not want to show the home to you. (You can use this site to search possible homes to mention to your Realtor). 5)Be pre-approved for a mortgage. You have come to town, and you have started to look for your new home, but no one will speak to you, because they do not know if you can afford it. Finding a lender is an important step for any buyer. In our current market, I would look for loans from a bank. 6)Check out the public transportation routes. What happens if your car breaks down? What if you have a job in the medical center or downtown? You may find that you might rely on our public transportation. This is one that people do not consider enough, but I have had to be reliant on this service at times. Houston's Metro could be better, and they are working on improvements, but we really are a car oriented city. When you have no car, making some plans about public transport can make your life easier. 7)Houston is flat. I write this because during our heavy rains, we do have floods. Checking a flood plain map may be difficult for someone new to town, so speak to your Realtor about this aspect of our town. 8)Is a social life more important than being close to work? Along the streets Westhiemer and Richmond (east-west streets), you will find many of our restaurants and clubs. However, the club scene in and close to downtown is reviving again. You may want to look at the Montrose area if you are looking for a more social aspect to your home life. 9)Are schools important? Houston has many school districts around town, but the main one is HISD. The vanguard/magnet program is for the gifted and talented students. Applications are submitted in November till the beginning of January, and testing is in January and February. Most school districts in our area have a similar program. Spring Branch School District is considered by many to have the best schools overall. 10) Evaluate the houses you are looking at. Make a checklist of your needs, and see how the houses you have been shown stack up. No house is perfect, but you can make it perfect. This is the best way that I know of to come to town and look for a home. Simple really, but sometimes we let others do some of these steps for us, and then we will not get what we want. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 18, 2008 Marketing, networking, and an internet presence. More consumers are going to the web for information, and you should be there to provide it to them. Networking functions are a great tool to meet people who will spread the word about your business (be sure that you and your family are telling everyone about your new profession). I would go to the library to find books on marketing. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 26, 2008 You have many options for electricity providers in Houston. Most firms will offer you the best deal when you tie into their services with a two year contract. The City Of Houston maintains a website to help you find the provider who best meets your needs. It is at www.houstonconsumerchoice.com . Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 27, 2008 This is actually a difficult question to answer, and here is the reason: we do not know what exactly is happening with the economy. You may be hearing about a recession in the news, and that is why the Fed cut its rates, which have led to lower rates. However, this past week brought us the announcement that lenders feel we are headed for an inflation, which is leading them to raise rates. I was communicating with a loan officer this morning, who said he had no idea where the rates were going to end up at any given time. He did say that if you have good credit, and your finances are in order, he felt that you should be able to obtain a good loan. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 28, 2008 Like much of the nation, we are waiting for buyers to come back on the market, but home prices are still good, and there is still a need. Realtors are trying to find ways to be successful now, but I have not heard of many leaving the profession as of yet, as is happening in some spots. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 28, 2008 I think just looking around on the Neighborhood page here will give you some ideas. There are high rises condos in a few places around town, but the downtown area has been having a growth of residents in these condos. You will also find these condos in the River Oaks area, and in the Memorial area. You may be able to find a better deal in the downtown area at this time. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on February 29, 2008 I think that would be hard to answer with a definitive answer. For example, I have seen homes from Lennox that were built really well (and I do recommend them to people), but I have seen others where I scratch my head in wonder as to what they were thinking. For consistency, I think most inspectors will point you towards David Weekly Homes. I would look at some of the models that the builders offer to see what fits into your life style. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 3, 2008 There are other factors to deal with to answer this question. Where do you work? Will traffic be an issue for you? What are your interests? Each of these communities are good, and they each offer you a good place to live. I would not say that any single one was better than another. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 7, 2008 To my knowledge, most classes could be taken online. The same schools which offer inspector training, also offer training for agents, and I have seen these classes listed for online versions. There is a post here about those schools. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 7, 2008 Although I have heard lawyers claim that you can, in Texas a real estate commission or referral fee can only be split by agents according to the Texas Real Estate Commission (TREC). Lawyers or others involved in a real estate transactions can charge a fee, but this needs to be established between them and the client. They cannot take any percentage of the sale. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 14, 2008 It depends. Much of the time a relocation service is run by a Realtor. Some services help arrange for all of your needs to move-in, but others just make the connection between you and the agents, inspectors, and such. I would ask about what they provide to determine if it is worth it to you. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 17, 2008 These tours are started by individual Realtors, and they are becoming popular nation wide. I was just going to suggest to one Realtor that he might consider doing such a tour. I do not know of anyone currently doing such a tour. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on March 17, 2008 A reverse mortgage is a loan where you put up your home's value a collateral. As interest and fees build up, the amount that you owe can be greater than the value of your home, so you can loose your home. The ideal situation for those people in need of this type of loan is that they collect a monthly sum, and at one point the house is used to pay off the loan completely. This instrument is meant to unlock a home's equity for the elderly. A REX Agreement is from the firm REX & Co. They will give you the money for your home's equity, but you sign over the right to a percentage of your home's value. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on April 1, 2008 I wish that I had a definitive answer for you, but with various national trends effecting our market, and not knowing what surprises are in store for us, I cannot write the perfect answer. That being said, home prices continue to trend upward for this area. I have seen a few homes in that price range, which have been reduced for a quick sale, but they are not lowered too much. The homes that are reduced in price are done because the owners have a personal reason, not due to the market. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on April 2, 2008 My information states West Hardin, but I am not really familiar with all of the neighborhood names in that area. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on April 8, 2008 A Realtor will have that information for you, but if you are doing it on your own, it is a little work. I would look at homes for sale in a particular area (which can be done on this site). Then you should look at what the appraisal district states the value of the home is for taxes (for Harris county this would be at HCAD.org) You have to look at several homes to get a good idea, and you will want to divide the home price by the square footage, so you are comparing apples to apples. You will then see which homes have a value closer to a fair market value to those asking more or less. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on April 17, 2008 A short sale is arranged by the seller and the lender before the situation goes as far as a foreclosure. This type of sale offers some problems for the buyer, because you have to deal with the desires of both seller and lender, but a good Realtor can deal with these issues. A foreclosure is when the lender has taken possession of the property. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on April 22, 2008 The value is in the land. Homes that were in the $40,000 range a few years back are now in the $100,000 range. You are paying for the convenience of the location. Many older homes are not in a bad condition, but most people are tearing them down to rebuild, for the modern ameneties. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on May 7, 2008 Most value for the older homes in the Heights is in the land. The older houses do not meet up to current standards of living, but they are not badly constructed. You would probably have to do some remodeling if you want a home that suits current tastes. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on June 24, 2008 I personally have not witnessed declining prices in Sugar Land, but this may be due to buyers not being in the market in general. Many buyers are looking for residences closer to their work, which is often in Houston. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on June 24, 2008 The best program in Houston is the Magnet/Vanguard/GT program. It requires that your child be tested and evaluated, but the quality of education is great. The program is offered at several schools. TH Rogers is considered the best of them though. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on July 8, 2008 First, the NW Medical center that I am thinking of is close to the intersection of FM 1960 and the I-45, so you would not be close to downtown Houston. However, there are many nice communities close to that center, which you may want to consider. On this site you can search for Houston homes near the zip code 77090. As for schools, there are many school districts in that area. I suggest if you find a home that meets your needs, find out about the local G/T (gift and talented) program. These are the best educational programs in the area. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on July 9, 2008 The main high school in that area, which happens to be one of the best in the city, is Lamar High School. It is located on San Felipe, west of Kirby. Houston Texas Real Estate Blog > Frank Schulte-LadbeckFrank Schulte-LadbeckContributed by Frank Schulte-Ladbeck on July 9, 2008 I have inspected a few homes in the area, and I have been a guest in a few others. The neighborhoods are nice, and you will be in easy access to many businesses. I have been told that the school district is CY-Fair (but I am not sure of that). A friend of mine thinks well of the schools her daughter has attended there. As for the commute, it may not be enjoyable at this time. Your husband can either go down to the I-10 into downtown or up to the 290 to the 610 then down the 45. Currently the interchange between I10 and the Beltway 8 is under construction yet again, and 290 is frequently congested. Depending upon where in the downtown area he is going, he can expect a long commute. During non-rush hour periods, the drive is only around twenty minutes. During rush hour, I would say at least 45 minutes when everything is going well. The plans for commuter rail which may be in place by 2010 will greatly cut down these commutes. Comments:No comments have been submitted yet.
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