Category Archives: Home Buying

About Condominium Regimes

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Austin, TX…The MLS has changed the way it labels single detached homes that are in some sort of condominium regime. The new ownership type includes the word ‘common’ or ‘fee-simple’ after the word ‘house’. These ‘houses’ were once labeled ‘Condo Detached’.

Common is defined as condos or houses where ownership of some or all of the land is shared between the owners.

Fee Simple is defined as properties that the land is owned individually such as a single family house, or townhomes on separate lots, or 1/2 duplexes where the land has been sub-divided.

Again, because these ‘condos’ are now labeled ‘houses’, you may see some come up in your house search, and will typically mean that they have some sort of common area.

I support local Austin; after all I think it’s only neighborly.

Foreclosure 101

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I saw a couple of foreclosures this week, one in Leander and one in Buda. Although you can get a good deal with a foreclosure, a buyer needs to beware of what they don’t get. A foreclosure contract contains an addendum about a mile long that basically states ‘buyer beware’. You are buying the house in the condition that it is in…and the bank doesn’t guarantee anything about the condition. A Seller’s Disclosure Notice is not required for a foreclosure, because the bank is the Seller.

You get a 10-day no-fee option period with a foreclosure to do inspections. I recommend a few, which might include a septic and well inspection. Yes, you could easily spend $1,000 or more on inspections. I had a client ask me last week: “Do I get that back if I don’t want the house?” I replied “No, but wouldn’t you rather waste $1,000, if it winds up saving you $10,000 or more later?” Depending on the price…you might be fine with that. My point is if you do your homework upfront, you know what you are getting into.

I support local Austin; after all I think it’s only neighborly.

Time is of the essence

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Last week I found myself saying “time is of essence” for varied reasons.   In matters of real estate, it is required for compliance on time sensitive matters.  Option money needs to be receipted within 2 days of the executed date of the contract.  It doesn’t matter if it’s Sunday, or even Good Friday, as my case was.  Earnest money needs to be deposited within 2 business days, with the title company.  

Sometimes, time matters, in terms a response to an offer.  Nobody likes waiting. Seller’s don’t like to, and neither do Buyer’s, there is always one side that is full of hope and anticipation, and there in that feeling lies the joy in what I do.

I support local Austin; after all I think it’s only neighborly.

Buying a house can be like buying a car when it comes to resale

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I taught the Buyer Consultation class to new agents this week. When you are buying a home, especially in an area where there is still building going on, you need to be mindful of reselling it. If you are planning on selling in less than 3 years, you may very well be competing against new construction. One year young – is not new. You will not be able to price your home equal to a new build, if all other things, like lot location, are equal. This is why certain areas have excess inventory right now.

The Resale market slowed down in price points over $500,000, especially in areas where new construction going on. Why buy used, when you can buy new? If your home is listed for resale in these areas, you need to be competitively priced. Its like picking a car off the lot, instead of ordering one. I always say money has a way of making things disappear. So, maybe you can’t ‘pick your colors’ as with new construction, but if a buyer can save some money on your resale…you may be able to make that existing paint color vanish.

What’s New?

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So, what’s new?

It’s a simple question that can be answered in a variety of ways; from long explanations to one equally simple word “nothing”.  The same holds true in real estate.  When I am on a listing appointment, I have the Seller take me on a tour of the home.  In every room, I ask ‘What’s new?’ or ‘What have you done, since your purchase’.  Did you paint, install new fixtures, whatever it is – I want to know.

Understand, improvements that a Seller has made will often be translated in a Buyer’s mind, as improvements that won’t need to be done for a while.  When a Buyer walks through a house or sees a list of new things, the Buyer internally says “Great new water heater, so I won’t have to worry about that for a while.”  Even the little things that are done to a house can add up and appeal to a Buyer.  The perception is that the house has been maintained, as needed, all throughout the Seller’s time owning it.

As a Listing Agent, I always print a list of improvements to leave for potential Buyer’s Agents and Buyers.  I even go the extra step and post it online.  It instantly answers the question ‘what’s new’, so buyers can enjoy their visit, without wondering what has been done.

What’s new in Austin Real Estate?

What’s new in real estate for the housing market now in Austin and Central Texas?  Go to my main page for the latest articles with current housing market data.   Need more real estate news?

Find me on Facebook at https://www.facebook.com/supportlocalaustin/ and on LinkedIn.

You can learn more about me on my Linkedin home page, I post on both sites 5 days a week.

Time Travel

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There are certain areas of Austin that cannot be ignored when it comes to attracting families, and Circle C is certainly one of them.  The top reasons it remains one of the most family friendly master planned neighborhoods are its well rated schools, easy access to the highway for commuting, great recreational area and a golf course.  Did you know it has the only heated Olympic sized pool in Austin?

I pointed these fun facts out last week on a listing appointment, because sometimes owners forget what they have when they are selling a home.  Remembering why they bought the house from the inside is usually easy. The area amenities are often forgotten though, and are just as important.  Sometimes, it’s just like anything else – you’ve been driving by that recreation center for so long – that you just kind of forget it’s there.  The same holds true with the pool; no one in the family uses it anymore; so again, it’s just not important.

I even went on a listing appointment last year at a house on Lake Austin and I mean with a 180 degree view of the channel.  Do you know the owner said to me, “you know Doreen; I don’t even see it anymore”.

Amenities, like everything else, are often desired more at certain times in your life.  You tend to gravitate to these things as a Buyer, more than you do when you are a Seller, because you are buying into the lifestyle that the amenities are going to afford you.  When you are the Seller, those same things just aren’t as important anymore, because other things are more important. This is where time travel comes in.  At the closing table the buyer and the seller are typically very similar, but just at different points in time.

I support local Austin; after all I think it’s only neighborly.

Don’t procrastinate with your credit score

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The procrastinators for home buyer credit are starting to appear and for some, it is a rude awakening on how the world works now.  In order to qualify for an FHA loan, you need a minimum credit score of 620.  Sometimes, raising your credit score can be a simple fix – and sometimes it can’t.  Believe it or not, most of my clients don’t even know their credit score until they are ready to shop for a house.  If there is a problem with your credit – you really need to know before, shopping for a house.

I had one client last week who found her dream home and now can’t buy it because she won’t qualify for a loan.  Fortunately, she can raise her score by paying down some debt.  Her changes though, won’t be reflected for 30 days.  So, we really need to wait.  The house that she wanted is now under contract, because like I’ve said before, her dream house appeared in someone else’s dream.  I told her what I tell everyone.  When it’s meant to be – it will be.

I support local Austin; after all I think it’s only neighborly.