Life in North Texas... by a Realtor®

Helpful Abbreviations and Their Meanings When Looking for a Home

There are lots of abbreviations that you may come across when looking for a home or reading an ad about a specific house, but here is a list of some that you may not know:

4B/2B -- four bedrooms and two bathrooms. "Bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.

assum. fin. -- assumable financing

closing costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow.

CMA -- comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.

contingency -- a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.

dk – deck

expansion pot'l -- expansion potential mean that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions.

fab pentrm -- fabulous pentroom, a room on top (but under the roof) that has great views

FDR -- formal dining room

fixture -- anything of value that is permanently attached to or a part of real property. (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.

frplc, fplc, FP -- fireplace

gar -- garage (garden is usually abbreviated as "gard.")

grmet kit -- gourmet kitchen

HDW, HWF, Hdwd -- hardwood floors

hi ceils -- high ceilings

in-law potential -- potential for a separate apartment, subject to local zoning restrictions

large E-2 plan -- this is one of several floor plans available in a specific building

listing -- an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner's home. The word "listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent isn't a "listing."

lo dues -- low homeowner's association dues. Be sure to find out how "low" the dues are compared to other dues in the area.

lock box -- locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent

lsd pkg. -- leased parking area. May come with additional cost.

MLS -- Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLS's are local or regional. There is no MLS covering the whole country.

pot'l – potential

pvt -- private

pwdr rm -- half bathroom or powder room

REALTOR® -- a real estate broker or sales associate who is a member of the National Association of REALTORS®. Like me!  :) *NOTE: Not all real estate agents are REALTORS®. 

title insurance -- an insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.

upr -- upper floor

vw, vu, vws, vus -- view(s)

I hope these are helpful to you! If there are any others that you would like to ask about, please contact me at jlyne@ebby.com !

 

Mortgage help is free from the Consumer Financial Protection Bureau

First thing’s first: There is free foreclosure help. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate.

If you’re behind on your mortgage, or having a hard time making payments, we want to get you in touch with a HUD-approved housing counselor — they’ve been sponsored by the U.S. Department of Housing and Urban Development. Your counselor can develop a tailored plan of action for your situation and help you work with your mortgage company. They’re experienced in all of the available programs and a variety of financial situations. They can help you organize your finances, understand your mortgage options, and find a solution that works for you.

via www.consumerfinance.gov

What a magnificent and fascinating home!

I am always fascinated by celebrity homes, as I am sure many of us are. This home is a great example of modern elegance. A bargain at just $50,000,000 (insert snarky giggle here!), it is sure to have every feature you could possibly desire. At 23,000 square feet, there is plenty of room for the kids (and everyone else's!)!

Bob Hope Estate For Sale

 

 

FHA changes will take effect 04/01/2013!

For any clients putting down less than 10% the MI (mortgage insurance) factor will be 1.35% and will remain on the loan for the life of the loan.

For all case numbers ordered after June 3rd, 2013 the MI will stay on the loan for the life of the loan. A loan can close after June 3rd, 2013 and not have the MI remain on the loan for the life of the loan as long as the case number has been ordered before June 3rd.

RULE OF THUMB:

· You have until March 29th, 2013 to have your loan submitted, with a valid contract to underwriting, to avoid the increase in MI.

· You have until May 31st, 2013 to have your loan submitted, with a valid contract to underwriting, to avoid the increase in MI to remain for the life of the loan.

For a more detailed breakdown, visit:

http://www.mortgagenewsdaily.com/02272012_fha_mortgage_insurance_fees.asp

6 Tips for Buying a Home in Short Sale

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  6 Tips for Buying a Home in a Short Sale

  By preparing for a real estate short sale, you can emerge with a great home at a favorable price. Read

Visit houselogic.com for more articles like this.

Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

Common Pitfalls to Avoid When Buying Foreclosures

Common Pitfalls to Avoid When Buying Foreclosures

Due to the mortgage crisis that our country faced over the last several years, there are continually more and more foreclosure properties that are being put up for sale everywhere you turn.  Of course, this can be very tempting for homebuyers as people can sometimes get properties for 30% or even less on the dollar.

However, if you are considering a foreclosure property for your next purchase, then there are some common pitfalls that you will need to avoid along the way to protect yourself and your future asset.  Let’s review some areas to be aware of before making any serious offers. 

Avoid Making Emotional Offers:  When you are planning on putting a bid down on a property, you need to be extremely confident with the home’s current condition, its true market value, and what will be needed to fully restore the property. 

Too many buyers will think that they found a slamming deal and fear that they will lose the home to another bidder.  So instead of taking the time to truly do their homework and complete the proper inspections and analysis, they can end up locking up a property for more than it’s actually worth.

Estimate Neighborhood Values:  Consider what other comparable properties are selling for and talk to a real estate agent who has a working knowledge of the area.  In fact, it’s a wise decision to thoroughly review these questions and any other recommendations your Realtor® may make:

• Is this neighborhood a desirable location and how are crime rates?
• What schools would be available for my kids or future buyers?
• Were there any other foreclosures or investor sales that could negatively affect the future value of my home?
• How long do I plan on living there and how could that affect things?
• What type of appreciation should I expect?

Get Preapproved:  Before you even start looking at homes, you must get preapproved on a mortgage in order to know exactly what you can afford.  Sadly, many buyers can miss out on some phenomenal deals or spend hours of wasted time because they avoid this step.  Show banks that you are a serious buyer and have your financing in place!

Get Professional Help:  Not only should you seek the expertise and of an experienced Realtor®, but you may also need guidance from a real estate attorney or financial consultant as well.  Each professional can ensure that you are making the right choices throughout the process and can protect you from any issues you may come across along the way.

Remember that there is a lot more than meets the eye when you are trying to buy a foreclosure property.  Negotiating with the banks, filling out paperwork properly, and undergoing all the necessary inspections can be a very detailed and tedious procedure. 

Therefore, I encourage you to give me a call today to get started.  My office has years of experience assisting other clients with buying foreclosures for their next home or investment property.  Discover how I can help you to make a smart and profitable investment as well!

 

 

The Value of Home Maintenance

Save money on home ownership by utilizing these tips and tricks to maintain your home while keeping long-term costs down:

The Value of Home Maintenance