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Showing posts from July, 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 c…

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.

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 wi…

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
Here is my philosophy.  Home ownership is a privilege and something that all of us sometime in our 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 …

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.  

Are HUD Foreclosure Houses Great Deals?

Pamela Madore
Keller Williams Realty

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 len…

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 selle…