Tuesday, May 31, 2016

Where Do I Start? I Want To Buy A House.

Keller Williams Realty
806-290-1920


Where Do I Start?  I Want To Buy A House.

I work with many first time home buyers and may buyers that haven't bought a house in many years.  From  the outside looking in, the process seems like a Monster In the Closet.  From the inside looking out at you, my client, I kill the monster.

There are two important ways to start.  The first is to have a conversation with me.  I come from a  mortgage and real estate background so I am going to be able to help you understand the mortgage process as well.  If we agree that you want to proceed, the next step is the qualification.

There are a few ways to do that, too.  You can walk in to a local bank or credit union and apply for a mortgage.  Or you can fill an application online with various places.  I will help you with that process.  You will need income paperwork and debt information and we can determine how much money you will need.

We have to know what you qualify for in order to find you the perfect house you want at a price you can afford.

WARNING!!  Not all banks are created equal.  If one bank says no that doesn't mean everyone will.  Here is a list of things that differ.  This is not an exhaustive list.

Right Start Mortgage Amarillo

  • Program types--Conventional, FHA, VA
  • Credit scores--range from 580 to over 700
  • Some lenders will/will not do mobile homes
  • Down payments
  • Different debt-to-income ratios
  • Different types of properties
  • Maximum and minimum loan amounts
  • Closing costs

To name a few.  With a mortgage background, I am often able to solve programs that many others with out the experience can't do.

Next step:  Come to my office.  I have a complete packet of information for you that will help you understand the process from A to Z.  You will have it as a reference guide but still remembering that you can contact me or my assistant, Trudy, at anytime with questions.  At that time you will be able to download my personal search app in order to be able to search for houses better.  This app includes all listings--not just Keller Williams listings.

We will also sign a Buyer's Representation Agreement.  The nutshell version of that is that I am faithful to you and you are faithful to me.  Without it, technically I would represent the seller.

We are electronically based and as such we can do all signatures online if that is comfortable for you. Trudy will send you a letter with instructions on how to use it (dotloop) along with some buyer disclosures for you read.

Next step:  We analyze what you are looking for in the way of a house.  We stay within your budget and search for what is available.  Once we have picked out a few, we can go look at them. That is the fun part!!
www.pinkhouseteam.com

Once we have found the house, that is when my whole team steps up and goes to work for you.  They include: inspectors, appraisers, surveyors, title company personnel and mortgage company personnel to name a few.  These are things that you will have knowledge of that is happening but we take care of the details for you.

So what do you say?  Want to give it a shot?

Call me.  Text me. Email me.  Come see me.  Let's get you on your way to home ownership!

Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920








Thursday, May 26, 2016

Let's Talk About 3304 S Van Buren in Amarillo Texas

Pamela Madore
Keller Williams Realty
806-290-1920

Everyone has different tastes in houses they love.  Some like brand new.  Some like mid 60' to 80's.  And then there is that special group that like older houses with character.

3304 S. Van Buren falls within the the latter category.  It is a tudor style house with all the character
of the 1920's houses.  This house needs love.

It has 3 bedrooms and 1 bath.  It has original hardwood floors throughout the house.  They would look much better is they were refinished.  The owner of the house now has an eclectic array of floor rugs that fit the character and style of the house.

As in all the 1920's houses the kitchen is small.  Very functional.  But small.

Our house has some special things, though.
Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920





Wednesday, May 25, 2016

7 Things to Know If You Want To Flip a House

Pamela Madore
Keller Williams Realty
806-290-1920

I have taken all the classes and I know all the right terms and I know the formula.  But until you really rehab a house the first time you will find that things don't always follow your script.

Here are a few things that I learned from rehabbing houses.

         House Flipping: A Big Gamble - ABC News


  • The market--value of houses--is a moving target.  A house that might sell for $100,000 retail today might sell for $90,000 by the time you have the rehab finished.  It might sell for $110,000, too. Since there are no crystal balls, this is a risk you always take.

  • When I walk into a house that needs to be rehabbed I first assume that nothing works.
    Water Leak
     Everything is broken.  From there you can start checking things and cross off the things that work from your list of things you counted as broken.

  • If you don't have experience in how much things cost, do your research.  Spend time at home depot and have people in every field you need, electric, gas, plumbing and heat and air take a look at what is going on and if something needs to be fixed, how much will it cost.  After you do this a few times you will get the hang of it.

  • I am a Realtor so I am a little embarrassed to say this, but many Realtors count the value of the real estate and forget the cost to repair.  Find a Realtor that has actually rehabbed a house before.  (choose me!)

  • The value of "oops".  Oops money are for those inevitable things that you went't expecting that for sure will show up.  Trust me.  I always count in my budget a $2000 to $3000 in my oops calculation.

  • If you think that you can get it done in a month you had better plan on two months.  Not everything flows the way you want it to.  If you have to get the city involved with permits, etc, oh hum.

  • Don't fall in love with the house.  Any emotional attachment will cost you money because you will want to put granite everywhere when in fact there are many things that  will not get you a return on your investment.  

Don't be afraid to start.  The first one will be very scary and no matter how much you work your formula it will not be exact.  You may even be prepared to lose a little money on the first one. (or 2nd or 3rd etc) because, as I said the market is a moving target.

Find a knowledgeable Realtor (pick me) and get started!  It is a fun business,

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920





Monday, May 23, 2016

Here Is A Method That Is Helping High School and College Graduates Start A Business

Pamela Madore
Keller Williams Realty
806-290-1920

This isn't a "get rich quick scheme" I want to tell you about.  It is a way, however, to start a business with less than $2000 and the ROI is exponential.  

When I was younger, much younger, I discovered a principal that was true then and continues to be true today.  The only way to really earn the money that you want to make is to build your own business instead of someone else's.

I college of mine says, Ben Todd says:

For a full time student it'd be about 3500 to 4000 for tuition and 150 to 300 for books at WT and 1700 to 2000 for tuition and 300 to 400 for books at AC.

Also college is getting more and more popular meaning that its monetary value is dropping rapidly. I could give a lecture on why it's deceptive to treat college like it's a good financial decision.

Back in the olden days, we trained for a job whether through college or on the job training, and we stayed on the job forever.  Maybe people stayed on the same job for 30 years.  Do you really see you staying on the same job for 30 years.

Here are two challenges.  Ask your 5 closest friends where they see themselves in 5 years.  Analyze what they say  The second challenge is to ask your parents what their retirement plan is and how it is doing.  You may be surprised at the answer.

It is never too early to think about retirement.  I which I had spent more time thinking and planning it many years ago. 

Don't misunderstand, I am not dissing going to college.  All I am saying is that you might want to consider other possibilities.  

My chosen profession has been mortgages and real estate.  Those are two things I can feel like I am earning what I a worth. Some ways I was worth more than others.

And then I found Keller Williams and all of the opportunities available to me.  I can start my own business (The Pamela Madore Group) within Keller Williams.  I can participate in profit sharing,  There are salary and bonus positions all of the US and the world.

Another challenge.  Before you accept a job, come to see me and let
Join KW
me show you want we have to offer  

Start your own business for less than $2000.  Work the model and systems we already have in place, and earn what you are worth.






Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920





Friday, May 20, 2016

How To Get A Real Estate License in {5} Easy Steps

Pamela Madore
Keller Williams Realty
806-290-1920

Lots of people think that getting a real estate license is like brain surgery.  Trust me it is not.  If it was I would have a lot of dead clients.

First you have to have a license.  Just like you have to have a driver's license.  You learn how to drive a car.  But you don't learn how to rebuild a motor.

Same thing with a real estate license.  You do the classes and study to pass the test and get a license.  Then you have to rebuild a motor.  Fortunately for you, Keller Williams Realty has the training and resources to teach you how to get the job done.

But I get ahead of myself.  Let's get the license first.

In order to get a license you have to take 180 hours of classes.  They are all online.  Don't panic.  You do not have to burn your eyeballs out staring at the computer for 180 hours.  The school that we use doesn't have a "clock" on the classes.  You can do them as fast or as slow as you want.  Well, I think you have to finish them in 6 months.

       Keller Williams Realty: A Top Place to Work



Next.  You apply to the state for the actual license.  They do background check, finger prints and find out basically if you are a deadbeat or not.  When they say they love you, you schedule for "The Test".

The test is in two parts.  State and National.  If for some crazy reason you passed one and not the other, when you are invited back you only have to take the section you boo boo'd on.

Once you have that under your belt,  I will get you sponsored with Keller Williams (nobody where you are) and then you have one more step.

You have to join to Board of Realtors.  You join the Amarillo (or whatever city you are in) Board of Realtors, the Texas (or whatever state) Board of Realtors, and the National (unless you are going to one of our worldwide offices).  They will hook you up with the Multiple Listing Service (MLS) and you are ready to go!

Some people get a driver's license and never learn anything more than how to pump gas.  Others learn how to change the oil or a tire.  Then there are the specialists that rebuild the motor.

It is the same in real estate.  You get to choose what level you want.

The great part about Keller Williams Realty is that there is a place for everyone.  And we have the training to teach you how to rebuild that motor.

Contact me and I will send you a package of information about getting your real estate license and the costs involved.

https://www.recruitingbridge.com/en/agent/13860/pamela-madore


(Was that {5} things?)

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920





Wednesday, May 18, 2016

How Bad Can My Credit Be To Still Be Good Enough To Buy A House?

Pamela Madore
Keller Williams Realty
806-290-1920



How Bad Can My Credit Be To Still Be Good Enough To Buy A House?


I get so many people say that they can't buy a house because their credit isn't very good.  Define "very good".

Credit Karma is not your answer.  Sometimes it is spot on and sometimes it is crazy wrong--about like depending on Zillow and their "Estimates".

A home loan depends on 3 credit scores: Experian, Equifax, and Transunion.  Two of the 3 scores must be above the minimum required scores for the lending institution that you are talking to.

All lenders are not created equal.  It is important that you have a great Realtor (pick me) to help you
through this.  Too many people go to their bank and their bank says you need 640 scores to buy a house.  They get discouraged and forget about their dream of owning and not renting.  Don't listen to "no".  Just move on--after they tell you what your scores are.

Credit scores range for home loan purposes between 580 and 720.  Why the wide range?  There are many types of programs and some lenders are more conservative than others.  Some may have a small increase in rate if your scores are low.  Some don't care at all.

If you have never paid anything on time in your entire life, your credit will probably not be good enough.  If you have had a rough patch here and there, there is a good chance that you will make it.

Please remember this one important -REALLY IMPORTANT-thing.  If you are thinking of buying a house in the next 12 start your qualifying process NOW!  Don't wait.  There may be one stupid thing on your credit that you aren't even aware of that could take 30-60 days or more to fix.

Don't be like a home purchaser I just had that I could not convince to get pre-qualified.  They called me 30 or so days later with a picture of their dream home.  We hurried to get the pre-qualification done.  Oops.  There was one thing that would take 30-60 days to fix.  Had they listened to Mama Realtor here, they would be well on their way to moving into their dream home.

Call me.  Text me.  Email me.

Pamela Madore
Keller Williams Realty
3955 S.Soncy
Amarillo, TX  79119
806-290-1920


Monday, May 16, 2016

I Am Registered To Made a HUD Bid On Foreclosures For You {Good Deals}

Pamela Madore
Keller Williams Realty
806-290-1920




I Am registered To Make A HUD Bid On A Foreclosure For You

HUD has it set up so that only Registered HUD Bidder can make a bid for you.

HUD houses are FHA foreclosures.  They are not bank owned.  They are owned by the department of Housing and Urban Development


3401 Nebraska St, Amarillo, TX 79109
The process is really quite simple. We find a house that we like and we "bid" on it.  That isn't really the same as if you "bid" at an auction although your offer may be in competition with others so I suppose that is why they call it a "bid".







I submit your bid for you, which is simply an online bid information I do for you. You can bid as high or as low as you want.  You can ask HUD to pay up to 3% of your closing costs.  They do not pay any of typical seller closing costs so you can expect higher closing costs than usual. 


HUD does an inspection sort of.  They apply pressure to water and sewer, see if the electric works, how the roof looks and whether the dishwasher works (if there is one).

Real inspections on HUD homes can be tricky.  HUD turns all of the utilities off and winterizes all of their houses.  If you want to do inspections you must first get written permission for HUD,  which is not always granted, and then you have to pay for the utilities to be turned on and off and the re-winterization.  You have 72 hours to do the inspections.  HUD will fix nothing so this is for your information only.

One of the main reasons I have seen that HUD won't allow an inspection is if pressure was applied to the water and it didn't hold.  The field agent will note that and the most common notation is that the water leaks at the washing machine hook-up.  They won't fix anything and we can't either ......so??
 

Are HUD foreclosures good deals?  They can be but the old saying "let the buyer beware" defines this situation perfectly.

For more information on who can bid, time frames, property condition reports, and any other questions you may have, contact me.

Call me.  Text me.  Email me.

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920

Friday, May 13, 2016

I Am Looking For High School or College Grads That Want To Become Real Estate Agents

Pamela Madore
Keller Williams Realty
806-290-1920
pam@pinkhouseteam.com

School is out or almost out.  It is now decision time.  For high school grads your decision is whether
to go to college, learn a trade, or just get a job.  For college grads it is a time of trying to find a job that you love and pays enough to live on.

I would like to suggest an alternative thought.  Have you ever thought about being a real estate agent and build a career for yourself rather than build it for someone else?

It doesn't matter what  your major is, there is always a way to use the skills you learned in high school or college and transfer those skills into building a real estate business.

I had a conversation with some college grads. In the conversation I asked what were their long term goals.  Each one had the same answer--to start my own business.

Is that your long term goal?  If it is what you are thinking then why not start your long term goal today?  Why wait?

At Keller Williams "being a real estate agent" is much more than that.  We have worldwide opportunities.

http://blog.kw.com/2015/02/10/keller-williams-now-worlds-largest-real-estate-franchise-by-agent-count/


If you want to stay close to home, great!  If you want to move somewhere else, great!  We have offices everywhere to get you started,

We believe that our agents are "stakeholders" in the company.  We believe that the agents have a say in everything the company does.

At Keller Williams you are able to build your own "business" within Keller Williams.  For instance,
if your name is Joe Smith you can start the Joe Smith Team.  You can hire people, fire people and just plain build and run your own business.

If you are at decision time, call me for an appointment before committing.  We have a number of agents that are fresh out of college.  I have one girl that is graduating from high school this month and is starting her real estate classes immediately to get her career starting immediately.

Cost?  Way less than the cost of a semester at school.

Call me.  Text me. Email me.

Let me show you what we can offer you.

Pamela Madore
blah blah blah

I Will Stand With You To The Very End {Houses}

Pamela Madore
Keller Williams Realty
806-290-1920

Ramblings


The transaction was a mess.  Everything that you could think of and some things that you have never even  heard of went wrong.  Even after closing there were problems as soon as the  next day.  Would this nightmare ever end!

This is not a normal event but sometimes you just can't control everything.  Sometimes everything goes wrong not matter how hard you try.

Who is your advocate?  Who is standing with you?  Was there anyone standing with you at the last day, at the last moment?  Was there someone "passing the buck" or someone "in the trenches" with you.  That is the difference between a good Realtor and a Great Realtor.  I want to add, also, that a Great Realtor will stand with you if you are buying a $50,000 house or a $500,000 house.  It makes no difference (at least to me).

Let's talk about some things that can happen to really mess things up.

  • Financing.  Of course, I always recommend getting pre-qualified way before looking at houses.  
  • Inspections--The house is condemned
  • Title Insurance.  This is taken care of by the title insurance company
  • Appraisal--Came in to low
  • Survey--your garage is half on your neighbors lot
  • Closing--What are all these papers.
Let's sort these out a bit.

Financing is probably the most mis-understood but the most important part of a real estate transaction whether you are buying or selling.  If you can't get the loan then you can't buy the house.  Plain and simple.  

When you apply for a loan and tell the lender certain things either over the phone or online,  they may not see the same thing that you are seeing.  Without knowing underwriting guidelines,  you probably will not know how an underwriter is going to see differently than how you see it.  

I will stand with you.  At the same time I have an arsenal of help in my pocket to get you qualified.  It may not be today but it will be.

Inspections are a series of opinions put together by a series of people that should come together to make some sort of sense.  With that said, the actual inspector that you hire has a liability against him if he makes a mistake or misses something.   And because of that, inspectors will find things that can't be seen with the naked eye.

There is now a balance between 1) how many things or not important to you 2) how many thing would make you not want the house and 3) how many things are the seller willing to fix.  At this point we are negotiating again just like we did at the beginning for price.  This can be a very difficult time in the transaction.  Blatant things like the HVAC doesn't work we will surely ask for.  But how many little things should we ask for?  At point are you willing to walk away.

I will stand with you.  I have  a lot of experience with inspections and what affect they have on us all.

Title Insurance is something that is provided by the title company.  Most times all is well.  However, not always.  I have had to track down relatives of relatives all over the United States to get an affidavit signed.  I have knocked on doors to convince people that could care less how important it is to go to the title company and sign one piece of paper.  Most times these things have to do with wills and probates.

                                                  A Visit To Lawyer's Title, Title Plant

I will stand with you.  Don't get in my way when I need to find John Smith who has moved 5 times in the last 5 years.

Appraisals are the documents that tell us how much the house is worth.  An independent but licensed appraiser takes the available information and compares the house you are buying to the properties around it.  It it comes in high all is well.  If it comes in low there can be some issues.  Who will give and who will take.

I will stand with you.  I have had to go find different comparables that an appraiser didn't use because they have never been in the MLS.  I have had to argue condition of property.  When I am on a mission.........

Surveys are where the lines of the property are.  Generally there are no
problems with surveys.  However, there an be.  Fences may be misaligned.  Uncle Jack thought he sold that extra 10 feet 10years ago.  My garage may be slightly over onto your property.

Many of those things can be sorted up by title companies that can insure those sort of things.  Hopefully all of them.  There are exceptions, of course.  You could get that cantankerous  old man who doesn't want you on his land.  

I will stand with you.  I have been known to woo even cantankerous old men.  shhhhh

Closings are where all of the final documents are signed.  New legislation that went into effect last October has made our closings not as stressful and rushed up.  Three days prior to closing you, the buyer, will get a Closing Disclosure that lists all of the fees that have been incurred that are your responsibility.  It will include all of the fees from the lender and give you a bottom line number.  

I will stand with you.  I have had to argue over $20 here and $20 there just to be sure all of the numbers are in the right columns.  

When I help either a buyer or seller, I will stand with you to the very end and after if need be.  Sometimes we do have to take care of things afterward but that is a different story.

Let me be your advocate.

Call me.  Text me.  Email me.

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920














Wednesday, May 11, 2016

5 Steps To Selling Your House and Buying a New One

Pamela Madore
Keller Williams Realty


Before putting your house on the market for sale there are a few steps that you should take in order to make the process smooth.
http://pamelamadore.kwrealty.com/

 
Step 1: Determine which Realtor you are going to be using for the sale and purchase.  (Pick me!) Have your Realtor due a CMA (Comparative Market Analysis) to determine what your house can sell for.  This step is critical to do first because it will help with all of the next steps.



Step 2:  Get a payoff from your current bank so you will have a nearly accurate number to work with.  Then have your Realtor determine what your costs will be sell your house and come up with a number that will represent the amount of
cash you will receive at closing.  We are in a seller's market right now which means that if your house is priced correctly you will get nearly asking price.  You should also plan for contingencies in case your house doesn't sell for the asking price.  Consider what  your cash at closing will be if it sells for 3% or 5% less.




Step 3:  This is the step that many people skip and can get themselves in a homeless mess.  Before you put your house on the market take the time to go to your bank or a lender suggested by your Realtor to be sure that you can buy a new house when your current home sells.  Sometimes we can be very sure that there will be no problem qualifying and when we get to that point there may be one little thing that needs to be fixed.  It may take 30 days, 60 days or more.  You will be very glad that you did this before your house sells.
http://www.rightstartmortgage.com/Amarillo
www.rightstartmortgage.com/Amarillo
Step 4: During your qualification process as the lender determines how much you qualify for, be sure to find out how much your closing costs will be so that you will have an accurate number to process. At the same time find out how much your closing costs will be when you buy your new house.  

Step 5:  Now you have all of the numbers you need to figure out how much you will net from your current house and how much it will take to buy your new house.

If you follow these steps you will be very glad that you did.  Too much heartbreak and too much stress can happen and too many things can go wrong if you do it backwards.

A great Realtor (Pamela Madore) can walk you through this entire process to make your sell/buy transaction smooth and fun.

Call me.  Text me.  Email me.  

 

Pamela Madore
Keller Williams Realty
3955 S.Soncy
Amarillo, TX 79119
806-290-1920


Friday, May 6, 2016

URGENT! Please Read If You Are Thinking About Buying a House In The Next [12] Months

Pamela Madore
Keller Williams Realty


I am on a mission to please, please help you understand the importance of getting pre-qualified NOW even if you don't plan on buying a house for a year!


There are so many things that go into qualifying for a mortgage that work behind the scenes that the normal person doesn't know about.

Let me give you some recent experiences:

http://pamelamadore.com/financing/
www.pamelamadore.com/financing

Dave Ramsey is awesome and lots of people have become debt free because of his teachings.  Recently a lender I work with told me that he had an applicant come to him to buy a house.  They had been through the Dave Ramsey program so they were debt free and had saved enough money to put 20% down on a house.  Sounds great, right?  Wrong.  

Because they were debt free and had no credit they had no credit scores and therefore they couldn't get a mortgage.  So here we have people that were doing everything right (they thought) and ended up disappointed.  If they had gone through the pre-approval process 6 months before they were thinking of purchasing this would have been discovered and they would have had plenty of time to fix it.  

How about this one.  I have been working with a young first time homebuyer couple.  They are well nervous about how the whole process works.  Explaining the basics (not to overwhelm them) I emphasized the important of getting pre-approved.  I sent them and reminded them more than once that they needed to fill out the 15 minute online application.  They never did. 
www.amarillo.rightstartmortgage.com


Two days ago they called me with a picture of their dream home and wanted to move in today.  Did they get pre-qualified?  No.  So we rushed the pre-qualification and did they qualify.  No.  But here is the heartbreaker.  It was not a major problem and can easily be fixed in 30 days.  Do you think their dream home will be on the market for 30 more days?


Getting qualified is the biggest step you can take when buying a house.  I am on my knees begging here, DO IT NOW!  With mortgage guidelines so complicated now sometimes we need lead time to fix things.  But anything can be fixed if we work at it--unless maybe Bubba stole your credit card, your car,  your house, your job and your wife.  That might take a little
time to work out.

Getting qualified is FREE.  You can meet in person or fill out an application online.  Remember that not all lenders are the same.  If the first one says no try someone else until you find someone that can help you.

Or just call me.


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920

I can go to 580 on credit scores
I can do one year self-employed
I can do FHA, VA, Conventional

Geez Louise.  Please DO IT!