Tuesday, August 30, 2016

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


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

4238 Sw 15th Ave , Amarillo, TX 79106
4238 Sw 15th Ave , Amarillo, TX 79106  
Do you remember when you were in kindergarten?  For some of us maybe we don't.  It was too long ago.

But here you are.  Your first day of school ever.  So you have your mom or dad drop you off.  You go in to the building and you get the deer in the headlights look and it occurs to you "where do I start"?

It is about the same buying your first house.  Where do I start?

When you were in kindergarten standing there looking stupid, someone, probably your teacher, took you by the hand and led you to your classroom.  From there it was some sailing.  Your teacher helped you learn what you needed to learn to pass to first grade and then eventually become the genius of the universe.  That might be an exaggeration.

So now you have one more dilemma.  Where is your mom or dad going to drop you off?
http://pammadore1.kw.com/financing/

Most people start looking for a house by going to open houses or looking at houses online.  That is a pretty good way to see what is available for houses that look good to you.

The challenge with that, however, is that is actually the second step.  The first step is to get qualified by a bank or a mortgage company to see how much you qualify for or if their may be a problem on your credit report that needs to be fixed.  Or lots of other things that mortgage companies require that are hidden in the fine print.

There is nothing any worse then finding the house you want and then finding out you can't buy it!  What a disappointment is that!!

You know when you are looking at houses online and they have that little calculator that says your payment on a $200,000 with be $323?  Please ignore that.  They don't live in the real world.

I just googled "where should mom and dad drop me off if I want to buy a house".  There were some pretty interesting articles.  Lots of them had to do with mom and dad actually helping you buy the house.  That isn't always a possibility.

Where you begin is with someone that knows about financing and knows all of the right questions to ask.  And there are tons of questions.   

Fortunately for you, when you chose me as your Realtor, you get the added advantage of me having many years of experience in the mortgage industry.  I am going to know the right questions to ask and be able to recommend a lender based on your special situation and their particular guidelines.  Not all banks and lenders are created equal.   They all have different programs and different guidelines.

So you want to buy a house and don't know where to start.  Call me, ,text me, email me and I will show you which classroom you go to.  

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



Thursday, August 25, 2016

Have You Ever Bought A House Sight Unseen? Yikes!

Pamela Madore
Keller Williams Realty
806-290-1920

I have.  Twice as a matter of fact.  The one I live in and the one I should have burnt down.   
The One I Should Have Burnt Down


I bring this up today because I just sold some folks a house and we are closing in a week.  They have never seen the house.  Today I show it to them.  What if they don't like it!

With today's technology more and more people are previewing and maybe even buying houses without even a walk through.  In the case of my clients above, we did a Face Time walk through of every nook and cranny of the house.  They asked questions and I tried to do the best  I could to answer them.  

When we bought our house almost ten years ago technology wasn't as good.  We relied on static pictures that the agent had posted online in the listing and a walk through phone description from our daughter and son-in-law.  If we had been here we would have chosen this house?  I don't know.  It was the only one we ever looked at.  And here we are 10 years later still living here.  

The other house was a rehab.  We knew it was a major rehab just from the description of the seller of the house.  We were on our way to Dallas and the entire process was done over the phone without pictures.  Oops.  That one didn't turn out as good.  We did, however, do the rehab and rent it for a few years and later sold it without losing any money.  Probably won't do that again.

So back to my story for today.  In a few hours I get to show my clients the house that they bought sight unseen.  We have looked at other houses in person so I am pretty confident that they will like this house.  Still that little worry.....

Would you buy a house sight unseen?   Call me and I will help you through the process.  I am pretty good with Face Time!  Of course, if you arena't comfortable with that, I will gladly show you houses in person.  :-)


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
http://pinkhouseteam.com

Thursday, August 18, 2016

4238 SW 15th in Amarillo Has Been Rebuilt From Studs In

Pamela Madore
Keller Williams Realty
806-290-1920

You know how you want to buy a new house and can't find one in your price range?  The only houses available are the old houses.

Well in this case that is OK!  The owner of this house rebuilt it from studs in.  New electric, new plumbing in the house, insulation, sheetrock, cabinets, roof.


You name it and it is new.  Feel the safety of a "new" old house in your price range.  This is it.




Bonus:  Big back yard.

More more info and pictures click here.


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
806-340-7630
http://myamarillohomes.com



Wednesday, August 17, 2016

New Price at 2708 Marrs in the Lawndale Addition Amarillo TX

Pamela Madore
Keller Williams Realty
806-290-1920
MORE INFO


Awesome remodeled house in Lawndale.  The seller likes granite and tile and you can tell by the qualify of workmanship.  Take a look at the kitchen cabinets!  And seller will pay $2000 in closing costs, a $500 home warranty and a survey with full price offer!!!


2708 S. Marrs



2708 Marrs  Amarillo
Great open living, dining and kitchen combo.  All appliances stay (not new or guaranteed).




2708 Marrs Amarillo


Property has a marvelous over sized two car detached garage.  

It is a 3/1.5 bath.  The price is only $119,900!!!  Pack your bags.  Momma wants the house and daddy wants the garage!



2708 Marrs. Amarillo


Call, text or email.

Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920 direct line
806-340-7630
http://pammadore1.kw.com




Monday, August 1, 2016

Let Me Tell You How A Real Estate Closing Can Blow Up On The Last Day?

Pamela Madore
Keller Williams Realty
806290-1920


It is has been a tough week.  For me, my buyers the lender, and the title company.  Plus the seller and her new roof that was supposed to be taken out of proceeds.  

The deal died on closing day.  The absolute worst day.

Here is the saga--still ongoing-- of a sad tale when one person is either shady or two people are unclear about how to do things.  I prefer the latter.

My buyers found a house that they really loved.  We had a pre-approval and no one had any indication that there may be a skeleton in the closet.  The pre-approval went great.  All the fraud tests were down and we were clean.  Or so we thought.  

The seller had to put on a new roof because there was enough damage on the old roof to make it uninsurable.  She did so with the good intention of paying for the roof out of the proceeds of the house.  The roofer expected the same.

The lender began to have a "niggle".  You know a thought that didn't make sense. Out of the blue they found a 1098.  If you don't know what that means it is an interest statement from a mortgage loan.  My buyers already owned a home so it got slightly jumbled but not enough to cause alarm of any kind.

My buyers had a charge-off on their credit report.  That in itself wasn't bad.  The underwriter in their conditions asked the lender just to verify that it was a "consumer loan" charge off.  In due diligence the lender contacted the company and was asked to send a written verification from the buyer that it was OK.  The FAX didn't arrive.  They sent again.  Still nothing.  At this point they got the credit reporting agency involved.  I mean, how hard can this be?

It turned out to be harder than anyone could ever expected from day 1.  Apparently, the charge off was a "consumer loan" but in using my buyer's SS # they found she had an outstanding mortgage in default with the same company.  What!?!?!?  

Four years earlier, my buyer had a house that they sold to an investor.  (The investor later admitted to me that this was his first deal. )  The investor bought the house simply by "taking over payments".  On the closing statement that the seller got (my buyers) it said "assumption of loan".  The paperwork was done at a local title company and all is well.  The investor got the deed and it is in his name in the appraisal district.  Right?

Wrong!  First of all the mortgage company does not allow "assumptions".  You can't just go in and take over payments.  The investor had all mail forwarded to his residence so my buyer (then a seller) had no idea anything was amiss.  They thought that by going into a title company made everything official.  Up until this week they still thought that.  

We got on the phone with the mortgage  company and this was what happened.  The mortgage company was never informed that there was a sale.  If they had been notified they have a "due on sale clause" which would call the whole note due.  The new buyer (investor) had access to the account and made mortgage payments for TWO YEARS!   Then stopped.  My buyer (was then a seller) remembers a text from him about a POA (not knowing what that meant) on the day that her mother died.  They had no further communication.

I love a mystery and hate a wrong.  I spoke to a couple of other local investors and asked if they knew him.  They both said that they did but held back from there.  It was unspoken words.

My buyer (then seller) had a phone number for him so I tracked him down.  Here is a paraphrase of our conversation:

Hi My name is Pam and I am with Keller Williams Realty.  Do you own a house at 123 Main St?

Him:  Yes I do.

Me:  Are you aware that there is a mortgage on the property that you were going to assume/refinance within six months of purchase?

Him:  Yes

Me:  Are you also aware that there have been no payments made in two years with a past due amount of $7000 and that there are $4500 owed in back taxes?

Him:  Well, I tried to get POA from her and then she didn't call back so I didn't know what to do so I just didn't do anything.

Me:  Is it rented?

Him?  Yes.

Me:  How much?

Him:  Well the house was in really bad shape so it was only rented for like 9 months.

Me:  For how much?

Him:  $500

Me:  So what have you been doing with the money?  $500 times 9 months is $4500.  Have you been putting it in your pocket?

Him:  Yes

Me:  Ok.  We can do this the easy way or the hard way.  The easy way is that you refinance the loan.  The hard way is that we hire attorneys.  Which do you prefer?

Him:  The easy way.  I will call them first thing Monday to get this straightened out.  Very sorry.  Thanks for your help.

What do you think?  My buyers have lost their deposit and they money they spent on a home inspection.  What about where they live now?  How will that get rectified?

The house is deeded in his name so he owes the $4500 in back taxes.  What else do you think he should pay?

 
This is an ongoing saga with no result established other than the fact that my buyers will not be able to buy a house for at least a year.


The whole thing makes me sad.  What do you think? Was my buyer ripped off?  What would you do?

That is why you should always hire a professional Realtor like me to protect your
interests.  And remember when you, hire me, the seller actually pays the commission!

If you feel as those something is a miss at the very least contact me.  You may then need an attorney.  So much can be avoided with just proper education.

I am here to help.


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