Thursday, July 14, 2016

Trust Me. If I Can Get A Real Estate License So Can You.

Pamela Madore
Keller Williams Realty
806-290-1920


Let me say first that I work part-time as a neurosurgeon.  Just kidding.  I am definitely not that smart. Think of all those years and years of schooling and training and student loans and blood and stuff.  

When I realized that wasn't for me I turned to the next logical thing you can do.  Become a real estate agent.  Here is a secret.  It doesn't take years of training and schooling and student loans and blood (well not much) and stuff to become a very respectable business owner of your own.  


It doesn't matter what company you work for (well it does to me because I want you all to come to Keller Williams) you are a business owner.  You are building your own clientele and following and hanging out your own shingle.

So how do you get a real estate license?  Back 100 years ago when I got my first license I think I answered 10 questions and paid $25 for the piece of paper.  I might be exaggerating a little.  Only because I really can't remember that far back.

Over the years the licensing rules and regulations have changed.  I have had licenses in Maine, Florida, and now Texas.  Currently the licensing process is very thorough, as well as it should be.  The very last thing you want to do is make a boo-boo.  We do have insurance for that, though.

So the Reader's Digest (do they still make that magazine?) version on how to get your license is:

  • Take 7 online classes
  • Apply to the state for the license
  • Get fingerprinted (just in case)
  • Pass the national and state test
  • Get a sponsor (me)
  • Go to work.
See.  Like I said it is not 10 or 12 years of school like is you want to be a neurosurgeon.  No giant student loans. And much cheaper boo-boo insurance.

So the next question I always get asked is -- how much does it cost?   The answer is less than most people spend on Christmas presents.  I don't make these things up.  And if you are used to putting Christmas on a credit card you will fit right in.

Interested?  I thought you might be.  Fill out this form and I will be in touch with you.  

I like it if you come to meet me at my office.  I like to show it off.  State of the art.  

Oh. One more thing.  We train you, too.


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









Tuesday, July 12, 2016

5 Reasons Why You Think You Can't Buy A House

Pamela Madore
Keller Williams Realty
806-290-1920

5 Reasons Why You Think You Can't Buy A House



Buying a house is a giant decision.  Then there is a process of thinking it through.  Trying to do a little planning.  Googling "how to buy a house" and Pinterest decorating ideas.  All that is fine but if you don't step up to the plate and do it, all is for naught.

Many people think they can't buy a house.  Here are five reasons.

 


Fear.  

  • This is probably the most common reason especially for first time home buyers.  You have always rented and there is some comfort knowing that if something breaks the landlord will come and fix it (hopefully).  You are afraid that you will buy the wrong house.  What if I tell my friends and family that I am going to buy a house and then for some reason you can't buy one at that moment in time.--embarrassed.   Cold feet.  Buyer's remorse.  These are all things that happen to anyone that is buying a house.  Information and expectations will qualm those fears.  Trust me.  



My Credit Scores Are Too Low

  • How do you know?  Credit Karma only knows so much.  Plus how do you know what they are supposed to be?   If you google "what do my credit scores need to be to buy a house" the first few things are Ads.  Skip those.  You will see that for an FHA loan the minimum credit score is 580.  Go to one of the big banks and they will tell you 620 or 640 or more.  If you are below 580 it often takes very little time to raise those scores.  Don't walk away from the big guys discouraged.  I can help.




I Don't Have Enough Money

  • How much money do you think you need to have?  I hear people say that they need 20% down.  Since when?  You can buy a house with as little as 3.5% down on an FHA loan, 5% down on a conventional loan and 0% down if you are a veteran.  A good Realtor working with a good lender will walk you through the process and get you in with the least amount possible.  

How Much Money Do I Need To Make

  • There is no set amount.  The more money you make and the less debts you have the more you will qualify for a monthly mortgage payment.  This is why we get you approved for the loan before we start looking for houses.  We need to know how much money you make so we know how much of a mortgage payment you can make.  We take care of this. You just need to give us tax returns and paystubs.  It is that easy. 


I Don't Know How

  • That is where I come in.  I have many years experience in both real estate and financing.  It is my great pleasure to walk you hand in hand from start to finish.  You will know from the moment you call me (806-290-1920) to the day you get the keys, exactly what is happening and what will happen next.  I am a professional in real estate and financing so you don't need to be.  

You can probably think of more than 5 reasons why you think you can't buy a house.  I probably can, too, but these are the most common that I have found.

Let me help you through this process and get you into your dream home!

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














Why Banks Scare Buyers Into Thinking They Are Deadbeats And Can Never Buy A House

Pamela Madore
Keller Williams Realty
806-290-1920

Why Banks Scare Buyers Into Thinking They Are Deadbeats And Can Never Buy A House?





No. Really.  I am asking you.  Why do they do that?  How crappy does that make you feel when you are told you are way below average.  I have to say that really hits a nerve with me.

For all of you that have had that happen to you, I am very sorry and apologize for their stupidity.

Let me first say that not all banks are created equal.  They all have different guidelines and prefer to deal with a different clientele.  In the business we call that "top-grading".  What that means is that why work with someone who doesn't qualify when I have plenty of people that do.  Grrrr

HOMES FOR SALE IN AMARILLO TX


Here is my philosophy.  Home ownership is a privilege and something that all of us sometime in our
Let's get you qualified!
life would like to take part in.  We are all in different stages of life circumstances and sometimes don't know what to do.

It would be like me overhauling a car engine.  The big guys would laugh at me.  But someone out there would be willing to take the time to teach me how to do it.  See what I mean?

There are many components to qualifying for a home loan.  It has to do with credit, jobs, and money mostly.  But sometimes those things can get complicated.  This is where you need the someone that is willing to take the time to teach you what to do.

That is what I do.  I am a Realtor and I love to help people find their dream home.  I will help you, along with the lenders that I use, get to a place that you can qualify for what is important to you.

Just the other day I had a guy call me who already had a Realtor but saw my ad about how I help people get qualified.  He had been to one of those "you are a deadbeat" banks and was very discouraged.  My lender got him qualified and merrily on his way.  We don't "top-grade" and help only the ones that are slam dunks.

Don't get me wrong.  You do have to be willing to pay your bills on time and not have 12 jobs in one year and show no ability to save.  I am good but not quite that good.  :-)

If you would love to buy a house and have been humiliated by one of the big guys, call me.  I work only with local lenders that have heart and care about people.

Your friend.

Pam


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










Friday, July 8, 2016

I Am Self-Employed And I Want To Buy A House

Pamela Madore
Keller Williams Realty
806-290-1920




We live in a country that believes in capitalism.  We are encouraged to start our own businesses and to create jobs for others.  To be self-employed is common.




Our tax system allows us to deduct our expenses from our gross income to create a "bottom line net income".  
Let me just say, however, that sometimes those expenses get padded and sometimes the income is cash that might go unrecorded.  I mean, after all, who wants to pay taxes.  Just saying.  Not pointing fingers.

But now you come to me and want to buy a house.  

In your mind you make tons of money and are paying a big rent payment so you can afford the same or more house payment.  You have even been able to save some money for a down payment.  You are smiling.

 Zero Downpayment


Unfortunately, the lender may not be smiling.  The "bottom line" is that you can't have it both ways.  In other words, if you don't pay taxes on it, we can't count it as income.  

That truly becomes a dilemma for some small sole proprietor business owners.  Sometimes you are able to seek alternative financing routes.  But often you are just stuck.

The only way to fix it is to claim enough income for two years to show that you have enough income to qualify.  Unfortunately, you are going to have to pay taxes on that income.

There have been times in history where there were mortgage programs that
http://pamelamadore.com/financing/
allowed you just to "state" your income.  Even though you couldn't prove it on tax returns it was probably closer to the truth.

Those programs and other easy qualify programs have also gotten us into trouble in recent history especially.

Lenders have tightened guidelines.  So remember, if you are thinking about buying a house, you can't have it both ways.

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







Thursday, July 7, 2016

Are HUD Foreclosure Houses Great Deals?

Pamela Madore
Keller Williams Realty
806-290-1920

Are HUD Foreclosure Houses Great Deals? 


HUD stands for Housing and Urban Development--They are houses that were financed with an FHA loan ---Federal Housing Administration.

Yes!  No!  

The answer can be both yes or no.  Let me give you a few examples.

HUD Mobile Home On One Acre -- Purchase price is $46,000.

Question Asked Of Me: 
 How can I qualify for this property?  

Answer:  That is tricky.  In this particular case you can’t get an FHA loan without doing repairs and FHA won’t let you do repairs before closing.  There are a couple of ways that you could go.  We could find a lender that would do a “repair escrow” which means that we could hold enough money out to do the repairs after closing.  Or it is possible to do a 203K program which allows you to buy the property and borrow extra money to fix the house.  We then also have the issue that many lenders won’t do that low of a loan amount.  In addition there are very few lenders that will lend on mobile homes.  According to the repair report, the roof needs work, the heater has some issues, the front decking needs repair and the skirting needs to be repaired/replaced.  And finally, you would need to qualify for an FHA loan based on your income and your credit.  Doesn’t all of this sound like fun.  :-)

Is it a good deal?  Probably.  If you want to jump through those hoops.  

HUD Mobile Home On 1.33 Acres With Detached 2 Car Garage





This is a great 4/2 mobile home.  Not damaged inside and ready to move into.  It is on 1.33 acres.  The owner built a 2 car garage/workshop in the back right on top of the septic system.  The city/county says the workshop (on a slab) must be torn down.

Is it a good deal? Probably not.



This is a 4/2/2 in a popular area.  The HUD Property Condition Report doesn't list any major problems.  


Is it a good deal?  Probably at $69 a square foot for that area.

Many HUD homes are in bad shape.  Those often go to investors when the price gets low enough.  HUD isn't always reasonable about their prices either or when they reduce them or anything else.  HUD is very unpredictable.  I have placed bids where they would go down $1 and then I have placed bids and they accepted $10,000 less.  Go figure.

I do a lot of HUD homes and am a registered bidder.  Call me and we can talk about it!


MESSAGE ME 


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










Tuesday, July 5, 2016

I Can Save You Trouble By Having A Triple Walk Through Before Closing

Pamela Madore
Keller Williams Realty
806-290-1920

I Can Save You Trouble By Having A Double Walk Through Before Closing

What does that even mean?

It is interesting, but typically when you buy a house you see it once on the
initial day that you decide to buy it and then after closing and you get the key.

I don't do it that way.  When my clients look at the house they want to buy, you put in the offer and wait for the inspection report to come back.  From there we negotiate any repairs that need to be done.

At this point, generally, we will see the receipts of what was done but do we actually see the repair work?  Most times the answer is no.  

Recently, I had an experience that made a big deal in our transaction.  When we negotiated our list of repairs we waited until they were done and then we did our FIRST walk-through.  What we found was that the repairs had been completed but in a poorly done way.  This is the step that is often overlooked.

Walk we had to do then is go back to the seller and say this is shoddy work and we won't accept it this way.  The seller was then obligated to go back and fix it right.  Then we went back for the SECOND walk through to see that the repairs were done to the buyer satisfaction.

I hear lots of Realtors say that a day or two they do their final walk-through which is generally their FIRST and FINAL walk-through a couple of days before closing.  In my humble opinion, that is not enough time if there were some corrections to be made.  In addition, that leaves 2 days in which things could go wrong.
http://www.kw.com/kw/8steps.html


If you are my client, we will do the THIRD and FINAL walk-through on the way to the closing.  What if in the night the water heater broke and the house was flooded?  Or the air conditioner/heater stopped working in the night.  

When you buy a house it is important that you are aware of everything that is happening from start to finish.  Let me represent you in your purchase and we will check the house out many times before we actually get to the closing table!

Call me.  Text me.  I am ready to help.

CONTACT ME



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