San Antonio Home Property Taxes

July 30, 2010 | Leave a Comment

So, what can a home buyer expect to pay in yearly real estate taxes in and around San Antonio and Bexar and adjoining counties?

The following is a very good article from the Bexar County tax assessor’s website. It’s worth reading because it explains how the property taxes are set and collected, but doesn’t specifically address tax rates.

To save research time, simply contact a San Antonio area real estate advisor and ask for tax information on a representative property meeting your home ownership wants and needs. For example, tell the advisor you want to know about property taxes for the average recent vintage $100,000, 3 bedroom, 2 and 1/2 bath, 2 car garage home near Randolph Air Force Base.

Your real estate advisor should be able to tell you very quickly about the average property tax bill for such a property. By the way, the answer is approximately $3,000 per year.

Here’s the article explaining the Texas property tax system:

Property Taxes. Property taxes are local taxes. Local officials value your property, set your tax rates, and collect your taxes. State law governs how this process works.There are four main parts to the property tax system. The appraisal district values property, administers exemptions, calculates tax ceilings and maintains current ownership information on the appraisal records. The appraisal review board is a panel made up of people from the local community. They are independent from the appraisal district. They settle any disagreements between the appraisal district and the property owner about the valuation of the property. The governing bodies of the taxing units, such as the city councils, school boards, or county commissioners decide the annual budgets and set the tax rates. This determines the total amount of taxes to be paid. The tax office calculates the levy, mails the statements, collects the taxes and disburses the tax revenue to the taxing units.The Bexar County Tax Office collects taxes for 52 taxing entities. All property in Bexar County is taxable by the county, Flood Control, Alamo Community College District, University Health System, San Antonio River Authority and one of the independent school districts. There may also be additional taxes for cities or towns, or special districts such as municipal utility and Emergency Service Districts.Property taxes are a major source of funding for local services. They help pay for public schools, community health services, fire and police protection, streets, roads, flood control projects, and many other services.The property tax is an ad valorem tax. Ad valorem is a Latin phrase which means according to value. The tax is based on the value of the property. For example the property tax on land valued at $10,000 will be ten times higher than land valued at $1,000.

All property is taxable unless state or federal law exempts all or part of the value. Total exemptions may be granted for public properties or those owned by qualifying organizations such as churches, schools, or charitable organizations. A partial property tax exemption excludes part of a property´s value from taxation (i.e., General Residential Homestead, Over-65 Homestead, Disability Homestead and Disabled Veterans Exemptions).

What a property is used for on January 1, market conditions at the time, and who owns the property on that date, determine whether the property is taxed, its value, and who is responsible for paying the tax. A tax lien attaches to property on January 1 to secure payment of taxes for the year.

END OF ARTICLE

Of course, we’ll be pleased to answer your property tax questions and, if you’re a buyer looking to visit listings or a seller wanting to sell ahome, we can help.

We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Labels: Homes For Sale San Antonio, PCS San Antonio, San Antonio Army PCS, San Antonio Navy PCS, San Antonio Physician Loans , San Antonio Real Estate, San Antonio Realty, San Antonio Realty Market Report

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

Buying A San Antonio Home - Tips For Coming Up With A Down Payment

July 29, 2010 | Leave a Comment

If you’re looking to buy a San Antonio home and you’re entitled to VA mortgage loan benefits, you’ll most likely use a VA mortgage to make your purchase. Why? Because your VA mortgage loan provides 100% financing, ie., you can be in with no down payment.

But, what if you can’t qualify for a VA mortgage loan?

The good news is this. In today’s market, if your credit score (minimum 620) and your debt-to-income ratios are good, there will be a mortgage loan program available for you. The bad news is this. You’ll have to come up with a down payment.

So, how do you come up with down payment money?

Click here for timely tips offered by San Francisco blogger Tara-Nicholle Nelson. It’s a good article - well worth the reading.

And, of course, when you’re ready to visit homes for sale and deal with mortgage lenders, we can help. We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

San Antonio Foreclosure Homes

July 28, 2010 | Leave a Comment

So, you might want to buy a “foreclosure?”

You’ve heard a foreclosure might be an opportunity to snag a home for a bargain price. But, what, exactly, is a foreclosure?

The term “foreclosure” is defined by the status of the property.

First, there is the foreclosure being auctioned at the courthouse steps by a trustee representing the lender after the homeowner has defaulted on the mortgage payments. This type of foreclosure is risky and most buyers avoid taking the risk if they aren’t well versed with the legal and technical aspects of buying a foreclosure auction property.

Second, there is the foreclosure that has already been sold at the courthouse steps and, more often than not, bought by the lender foreclosing on the property in the first place. These foreclosure properties are most commonly referred to as REO (real estate owned) properties, meaning they are owned by lending institutions. Usually, a REO is eventually listed for sale in the local Multiple Listing Service (MLS).

Third, there is foreclosure signed over to the government by a lender after a borrower has defaulted on a FHA or VA loan. The lender gets the loan insurance proceeds guaranteed by the FHA or VA program and gets off the hook. The government takes over, MLS advertises the property, and, through an intermediary asset manager, sells the property.

A foreclosure may be a good deal, but don’t count on it in the San Antonio realty market. It seems like our market has stayed too healthy to drive down the value of foreclosures in good condition. The best foreclosures can even sell for a price above market value.

If you find a foreclosure that meets your needs, seek the assistance of an experienced realty advisor to help you through the bidding process.

We can help. We’re Stephanie and Randy Kelley, Realtors® of Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about the wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

VA Loan Eligibility For San Antonio Homes For Sale

July 27, 2010 | Leave a Comment

Do you have questions about your VA eligibility for buying a San Antonio home?

Your eligibility is determined on a case-by-case basis by the Department of Veteran Affairs and is proven by a Certificate of Eligibility showing the amount of your entitlement.

To be considered for a VA home loan, you must meet one or a combination of these basic military service requirements:

90 days of active duty during wartime

181 days of continuous active duty during peacetime

6 years of service for Reservist/National Guard

Must you have an honorable discharge to qualify? Perhaps not. When it comes to the question of discharge type, the VA determines eligibility on a case-by-case basis.

The VA’s issuance of your Certificate of Eligibility (COE) is essential before you apply for your VA backed home mortgage. It tells the lender the amount of your entitlement.

So, what’s so great about a VA home loan? Basically, it’s a wonderful reward for your dedication and service to your country. Specifically, you’ll enjoy:

No down payment (100% financing)

No private mortgage insurance (PMI)

Relaxed qualifying standards

Competitive interest rates

No penalties for mortgage pre-payment

Cash-out and debt consolidation

Streamline rate reduction

For more information on your eligibility, you should contact the U.S. Department of Veterans Affairs, or speak with a VA loan professional at your credit union, bank, or at a mortgage brokerage.

We can help you find a VA loan expert. Contact us.

Labels: Homes For Sale San Antonio, PCS San Antonio, San Antonio Army PCS, San Antonio Physician Loan, San Antonio Real Estate, San Antonio Realty, San Antonio Realty Market Report

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

Minimum Credit Score To Qualify To Buy A San Antonio Home

July 22, 2010 | Leave a Comment

It’s a fabulous summer for San Antonio home sales. There’s a larger than usual inventory of reasonably priced and well prepared resale homes. New home builders are enticing buyers with valuable incentives. Mortgage interest rates are historically low.

Yet, many buyers have been holding back, concerned about their ability to acquire a mortage loan and confused about the sustainability of the national economic recovery.

Nonetheless, lenders report a promising trend. It appears more prospective buyers are now willing to launch their home search and are wisely consulting with a loan officer about qualifing for a mortgage loan.

Lenders report the average loan seeker almost always starts the loan qualifying discussion with questions about the significance of the FICO credit score. Most people already know their score but aren’t sure what it means. Here’s the answer.

FICO scores generally fall between 550 and 800. Nearly 20% of the U.S. population have a credit score under 620 and that’s the cutoff for a prime-rate loan. But the FICO score is only one of many factors taken into consideration when qualifying for loan. For example, income and debt issues can offset even the best FICO score.

Once all factors are taken into consideration, a loan officer can advise a prospective buyer to either start looking for a dream home or to take steps to improve the financial factors holding back qualiflying for a mortgage loan.

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

Why Waste Your San Antonio BAH In A Buyer’s Market

July 20, 2010 | Leave a Comment

Are you an active duty military member who’s renting or hoping to rent a San Antonio area home? Do you know a fellow military member who’s now renting?

With so many opportunities for San Antonio area home buyers, everyone renting or planning to rent should at least explore the fantastic home buying opportunities currently available.

This summer, San Antonio residential real estate is boldly in a buyer’s mode. Mortgage interest rates remain historically low. List prices are comparatively much lower than in past years. Sellers are now helping buyers with down payments, buying down rates, offering concessions and much more!

The real estate market changes quickly, so don’t let yourself or your friends miss out on this year’s fantastic opportunity to put your BAH to better use. Check out homes listed for sale on your favorite San Antonio realty website (like sanantoniohomequest.com). Call a realty agent and ask about the latest home buying opportunities. Tell your home renting friends to do the same. You, and they, won’t be disappointed.

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized

Information About Texas Real Estate Broker Services

July 16, 2010 | Leave a Comment

Texas law requires all real estate licensees to give a written statement about brokerage services upon first substantive dialogue with a prospective buyer, tenant, seller or landlord. According to Texas Real Estate Commission (TREC) rules, a substantive dialogue can occur at a face-to-face or telephone meeting or by written communication (including email) that involves a substantive discussion relating to a specific real estate property. If the substantive dialogue occurs at other than a face-to-face meeting (like a telephone conversation), the required written statement should be sent to the party promptly.

The required information is easily conveyed using TREC’s Information About Brokerage Services disclosure form. The form is found here:

www.trec.state.tx.us/pdf/contracts/op-k.pdf

Posted by Randy Kelley | Filed Under Randolph AFB, Lackland AFB, Brooks AFB, Uncategorized