San Antonio For Sale By Owner (FSBO) Homes
March 29, 2009 | Leave a Comment
What about buying a “for-sale-by-owner” home, A.K.A., a FSBO. By definition, a FSBO seller isn’t working under a listing agreement whereby a real estate agent will administer his side of the deal. But don’t assume the FSBO seller doesn’t have a non-realtor helping out. Unless he already knows the state regulations governing realty processes and procedures, a wise FSBO seller will have sought the help of some else (like a title company or lawyer) who knows the realty ropes and can assist with the in-and-outs of making sure the sale conforms with governing statutes. If the seller isn’t working with someone who knows real estate, and, if he’s not well versed in realty, he’s putting everyone at risk, including himself and anybody buying the property.
Whereas most FSBO sellers will have someone advising and assisting in the background, the non-represented FSBO buyer is at an negotiating disadvantage. That’s why, even for a FSBO, it’s preferable for the buyer to have an realty agent in his corner to make sure the FSBO seller has the property appropriately priced & is acting in conformance with realty law, processes, and procedures.
A FSBO seller is usually an exceptionally hard ball player, even when a friend, relative, or acquaintance is the buyer. That’s because the FSBO seller is his own face-to-face negotiator, as opposed to having a listing agent handle the negotiations as an intermediary. Keep in mind that negotiations done directly by a seller more often than not become contentious, leading to hurt feelings, and a significant level of distrust.
So, why does a home owner decide to venture into FSBO territory? Usually, it’s to avoid paying a realty brokerage commission. Avoiding the realty sales commission is understandable, but what’s not understandable is the tendency of FSBO sellers to overprice their property. It just seems natural for FSBO sellers to be tempted by the possibility of having their cake (avoiding the realty commission) and eating it too (selling the property significantly above market value).
Sometimes, to encourage showings, a FSBO seller will be willing to offer a commission to a buyer’s agent. The amount of commission to be paid to the buyer’s agent should be negotiated up front and carefully documented. Also, all parties should be working under a documented understanding that the buyer’s agent is not representing the seller and must maintain the buyer’s best interest throughout the home acquisition process.
If a FSBO seller won’t pay a buyers agent’s commission, the buyer himself might agree to pay either a negotiated commission or fee-for-service charge for having the benefit of having a trained realty professional administer his side of the deal.
What about ”friend-of-friend” FSBO leads? They can be very valuable and afford a great buyer’s opportunity. But, that happens in a very small percentage of cases. Why? In my San Antonio Texas market, the average home buyer sees 20 houses before making an offer. How likely is it that a friend-of-friend FSBO seller will have just the right house for any particular buyer? The odds are very low (but it could happen).
Here’s something else to consider if you are home buying or selling in Texas. There is a unique Texas circumstance that might work against FSBO buyers and sellers in the Lone Star State. Specifically, Texas law doesn’t mandate public recording of realty sales prices. That means that neither a home seller or buyer can go to the court house to find the sales prices for homes that were last sold in a particular neighborhood. Here’s the signifigance. A realty property’s current market value is set by the recent sales data for nearby comparable properties. Whereas there’s no public realty sales price database in Texas, there’s only one alternative source for determining a property’s market value and that source is the sales data recorded in
local multiple listing service (MLS). That MLS database is available only to Realtors (R). That’s why, in Texas, a Realtor’s (R) help is invaluable for setting an appropriate and reasonable offering bid for a realty property (as opposed to the listed sales price which is almost invariably set above the property’s real market value).
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
Relocating to San Antonio
March 28, 2009 | Leave a Comment
Relocating to the San Antonio area? Go here to request our free relocation packet:
http://www.sanantoniohomequest.com/offer.asp?or=2
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
San Antonio Mortgage Loan Rates Today
March 26, 2009 | Leave a Comment
Mortgage Rates On March 26, 2009
San Antonio Local Rates
VA 5%
FHA 5%
National Overnight Averages From Bankrate.com
Today Last Week
30 year fixed mortgage 5.08% 5.15%
15 year fixed mortgage 4.82% 4.71%
5/1 Adjustable Rate (ARM) 4.78% 4.78%
30 year fixed jumbo 6.44% 6.89%
5/1 jumbo ARM 5.35% 5.40%
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
Buying A San Antonio Foreclosure
March 20, 2009 | Leave a Comment
Here’s an excellent San Antonio Express News article about Bexar County/San Antonio foreclosures.
http://www.mysanantonio.com/business/real_estate/Investors_exotic_loans_add_to_foreclosures.html
Foreclosures are an opportunity to acquire an affordable realty investment, but you have to know the process and understand the risks.
For reliable San Antonio area realty services (including foreclosure advice or assistance), call on the SanAntonioHomeQuest.com Realty Solutions Team. You can contact us at kelleybus@aol.com or at (800) 201-9145 or (210) 863-2661
San Antonio Home Buying - Get Loan Preapproval
March 17, 2009 | Leave a Comment
Extracted from San Antonio Federal Credit Union’s Money Talk, Feb 2009 Edition:
Getting pre-approved for a loan allows you to shop with confidence in your price range. And when you’re ready to buy, it adds credibility to your offer and increases the chances a seller will accept. Here’s what it takes to get pre-approved in many cases:
- 10% down payment for a conventional mortgage. Most home buyers (78%) are willing to make sacrifices to save for a down payment in order to buy a home in the current market.
- Mortgage payment equals 28% or less of your gross monthly income. Your total housing payment, including taxes and insurance, should not exceed that amount.
- Good credit score. Your credit score is a measure of how well you’ve managed debt in the past. A high credit score is a sign of a reasonable borrower, which improves your likelihood of qualifying for the best loan rates.
END OF EXTRACT.
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty needs. Our never ending goal is to serve you exceedingly well.
FOR THE REALTY NEWS YOU CAN USE, VISIT OUR BLOG AT
http://sanantoniorealestate.blogspot.com/
Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
$8000 For First Time San Antonio Home Buyers
March 16, 2009 | Leave a Comment
Hey, first-time homebuyer: How does $8,000 from your Uncle Sam sound?
Want an extra $8,000? If you’re a first-time homebuyer then we have a nice surprise for you.
Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.
First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.
The preceding is compliments of financial advisor David Reed.
Do you have realty questions? Do you need home buying or selling advice or assistance? Do you need mortgage loan advice? Look to the SanAntonioHomeQuest.com Realty Solutions Team to answer all your realty questions. Our never ending goal is to serve you exceedingly well.FOR THE REALTY NEWS YOU CAN USE, VISIT OUR SISTER BLOG AT http://sanantoniorealestate.blogspot.com/Our team members are Randy & Stephanie Kelley & Tara Kelley-Guariglia, Realtors® at Keller Williams Legacy, telephone toll free (800) 201-9145, or (210) 867-8743 for Stephanie, (210) 863-2661 for Randy, and (210) 792-8726 for Tara.
San Antonio Home Buyer Cardinal Rule
March 6, 2009 | 1 Comment
At SanAntonioHomeQuest.com, we believe an informed home buyer is a wise buyer. That’s why our Realty Solutions Team has compiled a series of easy to remember hints and rules for home buyers.
First and foremost, here is the “Cardinal Rule” that home buyers should always keep in mind.
DON’T START YOUR SEARCH WITHOUT KNOWING WHAT YOU CAN AFFORD.
Sounds logical, doesn’t it, but a surprising number of buyers waste time and effort looking at houses they can’t afford. Now, if you’re wealthy enough to make a cash purchase, just make sure your money is liquid enough to bring to the closing table. But, if you’ll need a mortgage loan to seal the deal, don’t hesitate to consult with one or more lenders before starting your home quest. Mortgage loan officers want your business and, usually without charge, will happily help you determine your purchasing power based on your available assets, income to debt ratio, and credit history. So, don’t be afraid to talk with at least one lender before seriously shopping for a home.
You’ll receive more valuable hints about mortgage matters in coming messages. But, if you can’t wait or have immediate questions, send us an E-mail or give us a call and a member of our Realty Solutions Team will tell you all the things you need to know to be a SanAntonioHomeQuest power buyer.
Randall R. (Randy) Kelley
MS, BS, PA
San Antonio Realtor®
Internet Realty Services Advisor sanantoniohomequest.com
Keller Williams Legacy (210) 863-2661 or 867-8743 or (800) 201-9145
Visit Us At
Stephanie’s Blog
View My Newsletter
