Saturday, November 30, 2013

Home Inspection Nightmares--Or Lack Of Inspection


Pink House Team

The importance of a home inspection cannot be expressed enough.  Here are a few nightmares from people who decided not to have a home inspection.


  • We had a difficult transaction due to some mortgage paperwork so when the day of closing came everyone was very happy.  The buyers had opted out of having a home inspection because the seller had one done a few months earlier and they were satisfied with the results.  That happy day turned into a nightmare when the whole family nearly died from carbon monoxide poisoning from a cracked heater.  
  • Another client decided not to have the gas line tested.  Their happy day turned into a not so happy day when the gas company turned off their gas and they had to replace the gas line to the street before they could get their gas turned back on.
  • It was a great house and a fabulous deal.  The buyer was a handy person and wanted to look the house over on their on.  Two days after closing the plumbing wouldn't work and they had to replace the sewer line to the street.
  • It took a long time for them to find the house out in the country that they were looking for.  They were so excited that they didn't want to wait for inspections.  A week after they moved in the well went dry.  
These are extreme cases but they indeed were costly cases.  It is critical that buyers understand that if they don't do a home inspection the consequences could be an enormous expense and take the joy out of their new home.

We recommend to all of our clients to have a home inspection.  We cannot, however, force anyone to do it.  The cost of an inspection is about $350.

Be safe not sorry.

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*290*1920
http://pinkhouseteam.com

Friday, November 29, 2013

Meet The Specialists On The Pink House Team at Keller Williams Realty

The Pink House Team is a team of specialists.  We believe that we can provide better services to our sellers and buyers if each of us specializes in only one part of your real estate transaction.

Meet the Team

Pamela Madore is our Listing Specialist. She has more than 30 years experience in the real estate and mortgage business in Florida.  She has been in Amarillo with Keller Williams Realty for nearly 7 years.  Her certifications include:

Certified in Recruit Select, Train, Lead and Motivate
Short Sales and Foreclosure Resource Certification
Keys to Creative Real Estate Financing
Property Management and Cash Flow
US Tax Liens and Deeds
Commercial Real Estate Investing
Licensed Loan Originator
Certified in Mega Agent Listing Skills
BOLD Graduate



Angela Sheffield is our Buyer's Specialist.  Her job is to work with buyers from Buyer's Consultation until we have a signed negotiated contract.  She works hand-in-hand with Pamela to find buyers for our listings.  Angela has had more than 10 years experience in customer service and brings her excellent customer service skills to all of her buyers.

Certified in Recruit Select
Certified in Forge the Ideal Buyer
BOLD Graduate



Janet Hamilton is our Executive Administration Specialist and her job is to make sure that your real estate transaction goes smoothly from start to finish.  Janet has worked in customer service for seven years and transfers that skill to her job on the Team.  She is an experienced Transaction Coordinator and a great problem solver.

Certified in  Perfect Real Estate Assistant


Pamela Madore
806-290-1920

Angela Sheffield
806-676-6341

Janet Hamilton
806-457-2208

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121

Frequently Asked Financing Questions

Q.   How do I find out what my credit scores are?

A.  There are a few ways that you can do this.  You can go online and pay to have a company show you what they are.  By far the best way is to talk to a lender or a bank about pre-qualifying and they will pull your credit.

Q.  What if I have had a bankruptcy?

A. Generally if you have re-established your credit and have had no late payments or collections since the bankruptcy, you would be able to get a mortgage 2 years after the DISCHARGE date.

Q.  What if I had a foreclosure or a short-sale?

A. Generally, if you have had no late payments since the foreclosure/short sale's final date you would need to wait 3 years to apply for a mortgage.

Q. What if I haven't been on my job for two years?

A.  Lenders want to see a consistency in work history.  They like you to be in the same line of work or to get a better job.

Q.  Do I need a bank account to get a mortgage?      

A.  Lenders will need to verify that you have enough cash to close and the only way they can do that is through a bank account.

Q.  How do I know if I can qualify for a mortgage?

A.  You would need to talk to a lender or bank.

Q.  I get paid cash on my job.

A.  Only verifiable income through paystubs, W-2s and tax returns can be used to qualify.

Q. My wife/husband has bad credit but mine is good.

A.  The wife/husband with the bad credit does not need to be on the application but you will not be able to use their income in the qualification process.

Q.  I am separated/getting a divorce.  Can I buy a house?

A.  Since Texas is a community property state, the spouse would need to sign the deed of trust at closing.

Q. I have heard that different places have different credit scores.

A.  That is correct.  Generally, the lower the credit score the higher the rate.  Lenders have a minimum credit score requirement.  They vary from one lender to another.

Q.  How much money do I need to buy a house?

A.  A conventional loan requires a 5% down payment, an FHA requires a 3.5% down payment and VA has no down payment.  You will also have closing costs. The closing cost amount depends on the lender and the program.

Q.  Can the seller pay my closing costs?

A.  The seller can contribute 3% of the sales price for closing costs, FHA is 6%, and VA is 4%.

Q.  My credit is bad but I can get a co-signer.

A.  Co-signers only help with income not credit.

If you would like to qualify for a mortgage , this lender will go down to 580 on credit scores.

If you think your credit scores are 620 or above  visit this webiste.  For 640 and above try here.

There are many lenders available and you are free to choose whomever you like.

Please let us know when you have applied so that we can follow up.

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*676*6341
http://pinkhouseteam.com


Tuesday, November 26, 2013

Strengths Finder 2.0--Achiever

Pink House Team
Pamela Madore

Strengths Finder 2.0 is a book by Tom Rath about, as the name suggests, finding your strengths. Sometimes your strengths can drive you nuts.

One of my strengths is "achiever".  I am a very high achiever which means that at the end of the day, I must have accomplished something.  The interesting part about that is, if you have a particular thing in mind that you want to accomplish and the plan go sideways, you can't replace it.  It becomes very frustrating.

Rath talks in his book about achievers starting every day at zero and having to accomplish something every single day or achievers become dissatisfied.

This really makes it hard to take a day off or go on vacation.  Achievers are often obsessed about their work.  For me, when I plan a vacation I already have also planned what One Thing I can do each day related to work that I can accomplish that day.

These are things you hear from high achievers.  "Don't waste my time." or "I got nothing done today." Distractions are fine just as long as they don't stand in the way of accomplishing what you need to do that day.

Take today, for instance.  My goal for achievement today was to write a few blogs.  Unfortunately, my creative juices are not cooperating.  If I don't get this done today, however, I won't be happy.

The upside of being am achiever is that you really do get a lot accomplished.  The trick is to focus that accomplishment on the things that really matter.

My team and I are in the process of putting our 2014 goals in place.  Being a high achiever, this is a very important step.  If every day starts at zero then so does every week, month, and year.  My job is to focus on the steps we need to take and then achieve them every day.  Then I will feel satisfied.

#highachiever

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*290*1920
http://pinkhouseteam.com





Monday, November 25, 2013

List Your Amarillo House In Time For Black Friday Shopping!


Pink House Team

Black Friday.  The day after Thanksgiving.  I have heard it said said how ironic it is that we give thanks on Thanksgiving Day and then the next day everyone races to the retail outlets to fight over this year's bright shiny object.

This year, let's highlight your house as the bright shiny object everyone is fighting over!  We can decorate it up with lights inside and out.



When they drive up in front of your house, they will be pleased to see a subtle amount of lights trimming the house and a small lit Christmas tree by the front door.  The air is crisp and they hurry to get inside.  You hang mistletoe over the door so the new couple will kiss their way into their new home.

The tree will be beautiful with lights and tinsel and colorful balls dangling from its branches.  You will put a few wrapped presents with red and green bows under the tree and have  subtle holiday scents floating through the air.  Your house is warm and inviting with dimmed lights and soft Christmas carols playing in the background.

The kitchen will have just the right amount of Christmas towels, napkins and holiday glasses.  The bathrooms smell nice and green and red towels are neatly placed.  The dining room table is set for Christmas dinner.

The new family falls in love with your house and quickly brings you an offer.  They picture themselves celebrating next Christmas in their new home.

Let's list on Black Friday.

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920


Friday, November 22, 2013

Reasons To Sell During The Holiday Season

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*290*1920
http://pinkhouseteam.com

* | * AVAILABLE IMMEDIATELY!! GREAT LOCATION!! * | *

Very Desirable Wolflin Home!Move in before Christmas.  3 bedrooms


Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*676*6341
http://pinkhouseteam.com

Thursday, November 21, 2013

Sell My Ridgecrest Home In Amarillo Texas

Pink House Team

When you are ready to sell your home in Ridgecrest, it is important to know what other houses have sold and for how much.  Ridgecrest is a very active area and 58 houses have sold in the last 12 months!

The next thing to look at is what your competition is.  What the houses around you have sold for will help you decide what your house will sell for.  Remember, however, the market can change daily and that change has to do with the ongoing coming and going of properties.


As of today, there are 17 homes for sale in Ridgecrest.  In order to see where you will put yourself in the market, you will need to compare your house to all of the other available houses and ask yourself some questions.

Why would a buyer buy my house instead of one of the others?  What special features or benefits can I point out?  Do I want to price it at a 30 day price or a 90 day price?

Thinking about selling your Ridgecrest home?  We can help you price it where you want to be!  Even if we have to go and look at your competition!

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*290*1920
http://myamarillohomes.com



Wednesday, November 20, 2013

What Did My Neighbor's House Sell For?


What is your home worth?  Free report for your neighborhood.  Call today.

806*290*1920

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com

Seller Nighmares

Pink House Team

Selling a house can be a grand adventure that either is great fun or very stressful, depending on how you look at it.  I wanted to share with you some seller nightmares.

This is a recent one.  The buyer fell in love with the house.  As a matter of fact, she paid more than the asking price because there were multiple offers.  Some of the shingles looked funny so during the inspection process the seller had an insurance adjuster and roofer come and look at the roof.  We recently had a big hail storm and more than 12,000 roofs had been replaced in Amarillo.  They concluded, however, that the shingles weren't damaged they were, in fact, faulty from the manufacturer. The house was only a few years old so they called the builder who could only refer the homeowner to the shingle manufacturer.  The manufacturer was in multiple lawsuits because of the faulty shingles so to file a claim and wait could take months.  Another agent had the same problem with the same manufacturer and that homeowner went through the process.  They were awarded the cost of new shingles but not labor.  A new roof is $10,000. The house is off the market and the seller will probably have to rent it while working through the process because they already moved to their new house in south Texas.  Nightmare.

Here is another one.  As soon as we found a buyer, the seller moved.  The contract and closing was 30 days out.  We did a walk through before closing and someone had stolen all of the copper related to the AC unit.  Nightmare.

Buyer did a hydro-static test. Leak under the slab.  Nightmare.

The day before closing the buyer's financing fell because the buyer was laid off.  Nightmare.


As professional real estate agents we were able to help and counsel all of
our buyers and sellers through the nightmares.  It is our goal for there always to be a happy ending!


Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920




Tuesday, November 19, 2013

Ridgecrest 12 Month Home Sale Statistics

Pink House Team


Ridgecrest is a very active neighbor with 58 homes sold in the last 12 months.  Below is a summary of Market Statistics.




Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://myamarillohomes.com
806*290*1920

A Career In Real Estate

Keller Williams Realty is a unique company with amazing opportunities.  Our training is beyond compare.  No one is left without direction.

Getting a real estate license might be easier than you think.  All of the classes can be taken online and we are able to get all of the classes to you for a discount.  They are all online and can be taken at your own pace.  Some people do them in a couple of weeks and some a year.  You decide.

Keller Williams Realty equips you with systems and tools to help you grow your business.  You will start out with a state of the art database system.   You get two websites and will have your own personal mobile app that you can give to all your clients.  

Some of the other benefits are "capping" and  profit share.  Keller Williams Realty believes that its agents are its biggest asset.  You promote yourself--not Keller Williams.

We are the number one company in Amarillo in both volume and units.  We believe that everyone should have their "unfair share".  That includes you!

For additional information and an appointment to discuss all of the details, contact us now.


Pamela Madore
806*290*1920



Monday, November 18, 2013

Buy Me Today!!




Very cute 2/1 with a 2 car garage for only $78,000 in Sunset/Westlawn.  Central Heat and Air and hardwood floors.  Separate laundry room and large kitchen.  Look at the pictures and call today!






Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*676*6341

Real Estate Terms And Definitions

Pink House Team

As with any industry, real estate has its own language.  Here is a list of a few of the terms and their definitions.

CMA--Comparable Market Analysis.  This is something that we as Realtors do to help you decide how much your house will sell for.  We use data from comparable properties using sold, pending, and active listings.

PENDING--This is the same as "under contract".  It means that the buyer and seller has reached an agreement to terms of the sale.  They may or may not be through the option period.

OPTION--This is the period of time that the seller is willing to take the property off the market for the buyer to do inspections.

INSPECTIONS--This is when a buyer hires a certified residential inspector to come and do a thorough inspection of your property to check for any defects. They do not determine the value of the property. That is an appraisal.

APPRAISAL--An appraisal is done by a licensed appraiser to determine the value of your property. This is similar to a CMA but much more thorough.  Some people confuse an appraisal with a survey.

SURVEY--This is when a licensed surveyor goes to your property and from the legal description is able to determine where your property lines are.  They will also tell you if there are any encroachments or easements.

ENCROACHMENTS--These are things like fences that are not exactly on the property line or a neighbor's tree hanging into your yard.

EASEMENT--An easement is the rights of others to go across your property or use your property. These are commonly utility easements.  Title company's will make exceptions on the title policy for easements.

TITLE POLICY--This is an insurance policy against title defects.

TITLE DEFECT--For instance, if the relative of a prior owner steps forward and says that they should have signed off the deed but didn't.  The title company will  have it fixed.

DEED--The instrument used to convey ownership from one person to another.

DEED OF TRUST--Some states call this a mortgage.  It is the document that is recorded that shows you have a mortgage of the property.

PRE-QUALIFICATION--This is when the lender or bank has determined that based on what the buyer has told them that they will qualify for a mortgage.

DU/DO--This is the machine that after being fed the buyer's information determines if it likes the applicant.

QUALIFY--This is when the lender/bank has determined that the information the buyer provided is correct and they will qualify.


CAIVRS--Credit Alert Verification Reporting System. This determines whether or not the buyer is delinquent on any federal debt.  FHA and VA require clear CAIVRS.

FHA--Federal Housing Administration

VA--Veterans Administration

HUD--Responsible for overseeing the activities of FHA.

HUD FORECLOSURE--FHA loan gone bad.

PROCESSOR--The person who accumulates all of the above and submits it to underwriting for review.

UNDERWRITING--This is the place where a person who scrutinizes the final submitted documents to determine if they  meet underwriting guidelines so the the loan can be sold into the secondary market.

SECONDARY MARKET--These are the investors that buy mortgages from lenders/banks.

This is just a short list of terms.  Keep this to refer to and it will help you know what everyone is talking about!

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.comm
806*290*1920






Sunday, November 17, 2013

Should I Owner Finance? Buyer Or Seller?

Pink House Team

Owner Financing can be a very attractive thing for sellers that are ready to sell but don't want a big sum of money to pay taxes on and/or put it in a low paying money market or something similar.

From a buyer's point of view, owner financing can be attractive for a number of reasons.  Very often buyers have had some credit bumps and with the tightening of credit are finding it difficult to qualify for a home loan.  Other buyers have good credit but don't show enough income on their tax returns to qualify.  Some may be self-employed for less than two years.  There are a myriad of reasons.

Here at the Pink House Team we get calls every day from buyers that want to know about our owner finance program.  Just today, we got a call from someone that has been self-employed for 1 1/2 years so he can't qualify.  Another buyer had a credit score that just wasn't quite enough.  Specializing in owner financing, we are able to help many buyers that would not be able to otherwise own a home. We love making them happy!

So getting back to the advantages for sellers.  The interest rate that a seller can collect is considerably higher than any bank investment.  Often the rate is as high as 12%.  Another reason is because it might be easier to sell than if you are looking for a qualified bank buyer.

Are there risks for the seller?  Yes.  So is the stock market.  The difference is that real estate has historically been the more reliable of the two.




If you would like more information about the owner financing process contact us.

Sellers--806*290*1920
Buyers--806*676*6341

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com





Saturday, November 16, 2013

Addorable 2/1 In Sunset/Westlawn


Awesome house for a first time home buyer!  Two good sized bedrooms, large kitchen and beautiful floors.  Look at the pictures and then call for an appointment!


Oh.  And did I mention a 2 car garage!

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*676*6341

Friday, November 15, 2013

Start The New Year Old With A New Career!

Interested in a new career?  Let me show you how.  Keller Williams Realty is a unique company with endless opportunities.  


Contact me for more information.

Pamela Madore
Pink House Team
Keller Williams Realtyl
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920

Thinking Of Relocating? Try Amarillo Texas.

Pink House Team

Amarillo is a great place to live; other than no water or trees and 45 mile an hour winds. I am not a native Texan but I found that in Texas you are welcomed as opposed to Maine where I grew up.  Any transplant there was "an utta state-ar" (correct spelling Out Of Stater).  I lived in Florida for a long time, too, but no one that lives in Florida is actually from Florida; just lots of "snowbirds".

When we first moved to Texas from Florida there were some specific things that I noticed.  Silly, I suppose, but none-the-less big changes.  I immediately noticed that paper bags crinkled.  In Florida they made no apparent noise.  They just
flattened.  The same with newspapers.

I also noticed that there is no humidity.  None.  On the occasion that humidity is above 10, Texans complain about the humidity.  In Florida the humidity hovered at 90 most of the time.  And in Maine we just had muggy days.  Of course, with no humidity my skin dried up like a prune.  Age had nothing to do with it.

Now the wind is quite something else.  Our daughter and husband live out in the country a bit.  There are wide open ranges around their house.  I learned that you never open both car doors at the same time lest you blow away taking your car with you.  By opening one door at a time, however, that particular door could be blown open to the point of bending the hinges.  In order to close it you need to put your whole body weight into it. In Florida we called that a hurricane force winds.  Maine has nothing more than a breeze.

The traffic is another thing that took some getting used to.  People would talk about "rush hour traffic" and I would look around wondering what they were talking about.  The first time someone in front of me stopped at a yellow light I almost ran into the back of them.  In Florida if you stopped at a yellow light road rage would ensue.  There is time for at least 8 cars to go through the yellow light and another 3 that went through the red light.  In Maine there are no traffic lights.




The greatest thing, though, were and still is, the people.  Everyone in Amarillo is nice to you.  We have a lot of polite people here.  Wait staff in restaurants are nice.  As a matter of fact, before we moved here we were visiting our daughter and my husband, Tim, went to Walmart.  When he came back he was so impressed with how nice people were to him that he said, "we are moving to Amarillo".  And we did.  So you could say that Wal-Mart is the reason we live in Amarillo.  






When relocating contact a transplant at the Pink House Team!

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920


Thursday, November 14, 2013

You Will Love This Four Bedroom Two Bath House In Amarillo

Great 4/2 with workshop and central heat and air.  Not a typical house!


Take a look at the pictures!  

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*676*6341

Ten Steps To Buying A House


Step One:  Contact the Pink House Team to help you get started.

Step Two:  We will help you get pre-qualified for a mortgage.

Step Three:  Determine what you want for a house, where the house is, and any other determining factors.

Step Four:     If you see any houses that you like the looks of as you are riding around or looking online, get us the addresses and we will get all of the details for you.  It doesn't matter if it is with another company or a FSBO.

Step Five:  Look at houses that are in your price range and meet your criteria.

Step Six:  Choose the perfect house for you!

Step Seven:  We will help you coordinate your inspections and negotiate repairs for you.

Step Eight:  Make sure that the lender has everything that they need.

Step Nine: Wait.  This is the hardest one.  When everyone has finished their paperwork we can move to Step Ten.

Step Ten:  Go to the title company and sign the papers and get your key!

Contact us today to get the process started for you!

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806-676-6341
http://pinkhouseteam.com/search

Wednesday, November 13, 2013

Help! I Want To Sell Quickly!! What Do I Do?

Pink House Team

In addition to the big three; price, location, and condition you also need an aggressive marketing plan. Keller Williams Realty provides a solid foundation for that to happen but we at the Pink House Team have expanded the typical marketing to personalize it for each of our clients.

You may have heard of the 3 P's of listings.  They are Put it in the MLS, Put a sign in the yard, and Pray someone sells it.  The Pink House Team has another P.  We Proactively work to find a buyer for your house. 
                               PPP


Since 90% of home buyers begin their search on the internet that is where we devote most of our marketing time.  We currently have 3 websites  and we are working on more.  There are many types of buyers so we diligently work to attract them all to our client's houses.

Financing is probably the most difficult part of the home buying process.  I have had more than 30 years in the financing industry and can often "think outside of the box" to get buyers approved.  Many agents give up after one lender declines them.  We don't.  We exhaust all possibilities because that buyer may be the one that is in love with house.        

Your house will have it's own logo, webpage, and FB page. We do everything electronically from listings agreements, disclosures, contracts, and any other documents involved in your transaction.  Your entire file is stored for 7 years and you will be able to access it at any time for the entire 7 years.
I often have clients say to me "you are everywhere" referring to our presence on the internet.  If we are everywhere, so are you.

In addition, we have a Buyer Specialist on our team.  Her job is to specifically work with buyers. What that means to you is that we have one person focusing on buyers for our client's houses.

Hire the Pink House Team at Keller Williams Realty for maximum results!

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://myamarillohomes.com
806*290*1920

Tuesday, November 12, 2013

Hydro-Static Testing Can Be A Seller's Worst Nightmare

Pink House Team

In Amarillo the newest fad is having a hydro static test.  We made it through the lead-based paint and mold phase. Don't get me wrong, lead-based paint and mold can be very harmful to you.  The thing about it is, everyone wanted it tested even though there were no signs that either lead-based paint or mold were anywhere near the property. The same is now true for hydro-static testing.

A hydro-static test consists of a plumber fill the pipes full of water while cutting off the water at various strategic places around the property.  If the pressure  holds, all is well.  If it drops a millimeter panic strikes even though the seller has never had any problem whatsoever with the plumbing.

Really old sewer lines may in fact leak.  In Amarillo we don't have a lot of water so what few trees we have must survive and the closest source of moisture for them are sewer and water lines.  They like to wrap around sewer pipes and infiltrate them.  When this happens, you can call a plumber to "root it out" to get it free flowing again.  Without a doubt this sewer line leaks and eventually it flattens.

So, if your test fails, the buyer is undoubtedly going to want it fixed.  If your house is pier and beam, you won't necessarily wake up from your nightmare screaming.  You can get a price and you know what you are dealing with. The cost can usually be between $3000 and $6000 depending on how big your back yard is and how far it is to the main line.

 It is mostly impossible for anyone to determine where under the slab the pipe is leaking.  Quite often plumbers can get a general idea but not for sure. They use some sort of listening device.

Plumbers do not know where the leak is, how hard it is going to be to get to it and what if there are multiple leaks. Because of this, you will not get a very narrow estimate.  The best case and worst case can be a difference of thousands of dollars.  In our area, sewer leaks can be anywhere from $12,000 to $25,000.  This is not good for a seller and often can kill the transaction.  Not every sellers has that kind of cash or equity in their property.
The method is to take a jack-hammer and bust out the concrete over where the listening device recommended.  If you happened to have beautiful imported from Italy tile, this can really be a bad thing.  No matter what floor covering you have, it will now need to be fixed/replaced.  Not to mention an entire house full of concrete dust.

Please don't misunderstand, some sewer/water lines need to be replaced.  The pipes are now being replaced with PVC pipe which has a life span of 100 years, about the same as a Walmart bag.
Wonder what the next phase will be?

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com

Why Would A Buyer Buy Your House In Amarillo

Pink House Team Throughout the years we have worked with many buyers and there has been a consistent theme of what buyers want. These are some things to consider when you put your house on the market. The first, of course, is location. That is nothing that you can change but you can enhance it by describing why you bought the house and how the location has affected you--either good or bad. For instance, you would think that buyers would never want to be near the railroad tracks. In truth, more than one buyer wants to be near the railroad tracks. Quite often they work for BNSF and want to keep track of the trains. Buyers want honesty.

 Next is condition. There are a few different classes of condition. There is a difference between a house and a home and we have found that homes sell faster. A house that has been newly rehabbed is attractive to buyers because everything is fresh and new but it still doesn't compare to a home. A home has been lovingly kept. Anything that needed to be fixed was fixed. The windows are clean and the kitchen counters are not cluttered. One way you could test this fact is to go outside your house, put on buyer's eyes and pretend that you are considering buying this house. Walk inside and really look around. This is what your buyer is going to see. Will it attract the best buyer?

The last thing is price. This is always the one thing that is a determining factor. Know what market is doing in your area. The other two factors, location and condition, play a large part in price. Buyers will pay top dollar for a house that is in great condition. Consider this. When you bought the house, did you pay top price? Why? Or why not? Your buyer is going to consider the same things that you considered when you bought. Listen to your Realtor and price is competitively. The longer your house sets on the market the less it will bring.

That is just a quick run down of what buyers are thinking. Remember that if you are going to buy another house after your sell yours, you will then start thinking like a buyer. Look at your house in the same way.

 Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920

Monday, November 11, 2013

Buy Before January 10, 2014


Pink House Team

On January 10, 2014 numerous new lending laws will go into effect.  Some of them stem from the Frank-Dodd Act and some came from the Consumer Financial Protection Bureau and some of them are a combination of both.

I am not an expert on this nor am I sure I have any idea what I am talking about.  Oh, wait.  Neither does anyone else.  What I might have to say here on the subject will definitely conflict with what others say and some of it will align with other articles.  The only thing that we can all agree on is that after January 10, 2014 there will be a big mess in the mortgage business which will detrimentally affect the real estate industry.  Just what we need, now that we are finally on the road to economic recovery.

Apparently the left hand wanted everyone to be in the category of a QRM (Qualified Residential Mortgage) and the right hand wanted everyone to be a QM (Qualified Mortgage).  They seem to have collided and ended up with a combination but kept the QM acronym.  It was shorter I guess.

What is a QM?  It seems like the two most important things are that the borrower has to provide proof of income to prove they can afford the mortgage. This is called the "ability-to-repay rule".  Hello?  And the second thing is  that their total DTI (debt to income ratio) can't be above 43%.  That is breaking news.

Banks and lenders receive all of their software for mortgage loans and processing from software vendors.  The rules go into effect on January 10, 2014 but the vendors have no clue when the software will be ready. (Can you imagine doing this all by hand? Like in the olden days?) Partly because the rules keep getting changed and amended.  It will literally costs millions of dollars in software redesign, training, and implementation of this software.  Who will pay for it all?  Watch out buyers.  More fees. This is to protect you, though.

There are reports of all of the disclosures (about 50 to date) that have to be presented to the borrower are being modified, changed and confusified.  The fun part about one of these is the 3 day rule.  Rumors have it that the lender has to provide all of the paperwork to the title company who in turn puts it all together 3 days before closing.  So in effect this is how it will work.  All of the paperwork is done and the buyer has the closing statement in their hands.  Now we wait.  And wait.  And wait again.  Three days are finally up and we all go to the title company and sign the papers.  We all had an extra three days of stress.   Thank you very much Mr. Frank/Dodd.

I met with a client today and my recommendation to her was to be sure to get closed before January 10, 2014.  You still have time.

Pamela Madore
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com
806*290*1920


Sunday, November 10, 2013

The Pink House Team At Keller Williams Realty Helped Another Veteran Into His New Home

The Pink House Team assisted another Veteran in using his VA Home Loan benefits to buy a house. The Veterans Administration has a special program for Veterans when buying a house. One of the most attractive benefits is that VA requires no down payment.

Pamela Madore of the Pink House Team says, "We really love to help Veterans. They served our country risking their lives and I think that often we as a country forget that. Anytime we have the privilege of working with a Veteran we feel that that is our little way of giving back."


According to FindTheData their are more than 12,000 veterans that live in Amarillo. The maximum VA loan limit in Potter/Randall Counties is $417,000. The two important documents have Veterans will need is their DD214, proof of military service, and their Certificate of Eligibility. Their Certificate of Eligibility (COE) shows that they have met all of the necessary guidelines to become eligible, such as length of time served.

VA Home Loans are guaranteed by the Federal Government at a 25% ratio. What that means is that if a Veteran becomes in default of their home loan, the lender is guaranteed 25% equity thus minimizing the risk for the lender.

"We have found that not all banks and lenders participate in the VA Home Loan program", says Madore. "Most times banks and lenders never even ask if the applicant is a Veteran. We always ask the question and encourage Veterans to take advantage of their benefits. In the case of our most recent Veteran to buy a home, he found us through some of our local advertising. We want to make sure that every Veteran in Amarillo knows that we are here to help."

With loan limits up to $417,000 this program is beneficial to higher end buyers, too.

If you would like more information about VA loans contact Pamela Madore at 806-290-1920 or email at pam@pinkhouseteam.com

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Saturday, November 9, 2013

Investor Financing--15% Down And You Pick The House

OWC Mortgage LLC


Investor financing available.   Your credit is not the determining factor.  Must be a good house and you must have income.  Call today for details.


OWC Mortgage LLC
NNLS 301896
7304 SW 34th
Amarillo, TX 79121
http://owcmortgage.com
806*290*1920

Also a Realtor at the Pink House Team at Keller Williams Realty and will be acting as your agent.  


What Do You Do If Presented With A Contingency Offer?


Pink House Team            

Sometimes in the home selling process a buyer will find a home that they want to buy before their house sells.  What do you do if your house is the one they want?

You will be presented with a contract with a "contingency".  The contingency will be that their house sells before they can close on your house.   Also in the contingency agreement there are some negotiating points.  It covers what will happen if you get another offer on your house.

There are two main things that will be negotiated in the contingency offer.  The first is how many days the buyer will have to remove the contingency should you have another offer that you want to accept and how much additional earnest money you want if they decide to remove the contingency and not make the contract subject to selling their house.  The buyer will want the amount of days long and the amount of earnest money a small number.  You will want the days short and the money large.  Typically the amount of days would be 3-4 and often the additional earnest money would match the original amount. These are things that we negotiate for our sellers during the original negotiations.

There are pros and cons to whether or not you want to negotiate and accept their offer.  

If you accept their offer, your house will be listed in the Multiple Listing Service as "contingent". What that means to other Realtors is that they can still show their buyers your house and bring an offer.  Quite often what that really means is that Realtors will no longer show your house because they may consider it to be to complicated and just easier to find their buyer another house. This does not always happen but it may keep more qualified buyers out of your market.

The positive thing is that you have a buyer that wants to buy your house.  There are some things that we would do for you.  The most important thing is to analyze the market to determine if their house to sell is priced right and the number of "days on the market" is appropriate.  It may be that they will reduce their price for a quick sale so they won't lose out on your house.  You should weigh these things carefully before what would be effectively taking your house off the market.

If you do receive another offer and it is a better offer than the one that you have you can give the contingent buyer a "notice to remove contingency". The terms were negotiated in the original offer. At this time the buyer would have negotiated amount of days to remove the contingency.  This may not be an option for many buyers because they may need the money from the sale of their house to buy yours. Or maybe they can't qualify for a new mortgage if they are still paying their other mortgage.  These buyers will immediately walk away.

The buyer may remove the contingency because they have worked out a way to buy your house even if theirs doesn't sell.  It could also be that during this time they got an offer on their house and feel comfortable that it will close.  Whatever the reason, if they remove the contingency they will then need to put additional money in escrow as originally negotiated and we move on to closing.

Just a note about the additional earnest money.  The reason that we ask for more is that you have now turned away another buyer so if they were to back out you want to be compensated with more earnest money.  It will also discourage them from walking away.

In today's home selling market in Amarillo, I would recommend to my sellers to not accept a contingency offer.  Houses are selling too quickly right now and if your house is priced right it will bring a buyer that is more qualified.

More questions?  Contact us for answers.

Pamela Madore
Pink House Team
Keller Williams Realty
7304 Sw 34th
Amarillo, TX 79121
http://pinkhouseteam.yourkwagent.com/
806*290*1920



Friday, November 8, 2013

Market Statistic Comparison 2012-2013 for Amarillo Texas


Pink House Team

Take a look at these statistics.  Our real estate market in Amarillo is up 28.8% for sold listings over the same time period in 2012.  Last month 236 houses went under contract.  What a great time to sell!

Market Statistics for October 2013 Comparisons



Complete the form and let us put you in the sold column!

www.pinkhouseteam.com/sell

Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
806*290*1920



Wednesday, November 6, 2013

Chicken Or Egg?

Pink House Team

As with anything in life, when you are ready to sell your home you have to have a plan.  Most people don't wake up one morning and say, "I'm selling my house today", then immediately put it on the market.  Of course, there are people that do that but not the majority.
A plan must include several elements from the beginning (deciding to sell) to the end (having your house sold). There are many things to take into consideration.  
PHASE ONE
Why sell and why sell now?  There are hundreds of different reasons why you might  want to sell your house.  It can range anywhere from down-sizing, up-sizing, different location or school district or maybe just to get out of a big mortgage.  It is never time to sell if you are just thinking about it.  Selling a house is an event and can only be accomplished if you REALLY want to sell.  
Deciding what to do next.  Once you have made the decision to sell you must consider as part of your plan what you are going to do next!  If you are moving away you will have a whole different set of plans to make than if you are staying in the same area.  If you are staying in the area, your plan will include timing.
Which comes first--the chicken or the egg?  Do you put your house on the market to sell first?  Or do you find the new house that you want to buy first?  There are pros and cons for each way.  If you are reallly want to sell, have the house in pristine showing condition, and have it priced right you could expect a quick sale.  In that case, you might want to start looking immediately.  If you, for instance, don't have it priced to sell within 60 days it would probably be wise to wait.  There is nothing worse that finding your dream home and then not bw able to buy it!
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX 79121
http://pinkhouseteam.com