Austin Realty Group



Posted by Austin Realty Group on 11/22/2016

Buying a home can be very confusing and not to mention the new terms you need to know. This is especially true when it comes to navigating the mortgage process. One important term to understand is the Good Faith Estimate. The Good Faith Estimate or GFE is a government-mandated form mortgage brokers and lenders are required to give prospective borrowers within three days of a loan application. The GFE summarizes the terms of the loan. It can be used to compare loan offers from the same or different lenders. An approximation of the final figure of the loan costs are on the GFE and must be as accurate as possible, it is important to note that some GFE can have a 10 percent tolerance. The top two sections on Page 1 provide a summary of the loan terms and estimated settlement charges. There is also a section the covers when the GFE expires and whether the interest rate is locked or floating. You will want to go over the GFE closely; it will disclose the initial loan amount, interest rate, monthly payment and loan terms. Remember that the payment includes principal, interest and mortgage insurance, if any, but not property taxes or homeowners insurance. You can find a Guide To The Good Faith Estimate by clicking here.





Posted by Austin Realty Group on 8/9/2016

Are you thinking of buying a home with a septic system? Septic systems are common in the suburbs and more rural areas where municipal sewers are not available. So what is a septic system? It is a self-contained, underground waste water treatment system. It consists of a septic tank and a drainage system. The septic tank is a large, watertight container. It can be made of concrete, steel, fiberglass, or polyethylene. The septic tank is connected to your home's sewer line and collects all water and the waste in it. The drainage system has several parts; an outflow pipe, a distribution box, a network of perforated pipes, and a leach field. When liquids inside the septic tank get high enough, they flow out of the tank into the outflow pipe. The outflow pipe leads to the distribution box which then channels waste water into the perforated pipes. The waste water is then distributed into the leach field. There is usually no cause to worry when buying a home with a septic system. It is prudent to have the septic system inspected or ask for proof of inspection during the purchase process.  If maintained properly, a septic system can last between 25 to 35 years.





Posted by Austin Realty Group on 11/24/2015

The news has been bombarded with negative stories about the real estate market over the past few years, but the tides are turning and inventory is now lower than ever. There are still many opportunities for buyers as prices still remain low. For savvy homebuyers looking to buy in the high-end or luxury marketplace there is tremendous opportunity. If you’ve always dreamed about buying a luxury property but considered it just out of reach, today’s market may has put downward pressure on the prices of higher-end homes making them more affordable than ever. To buy your dream home you will want to have a strategy. 1. Choose your agent wisely. Your agent is your advocate. You will need an agent who is experienced and successful in the luxury home market. Agents who deal in luxury property have the right knowledge to help you locate and negotiate an offer on a high-end home. 2. Take the time necessary. The high-end home search may take more time and patience. The supply of luxury homes may be smaller, you may even need to expand your search or rely or your agent to find homes that may not be currently up for sale. The home will be bigger, have more features and thus there will be more to consider in the purchase decision. 3. Prepare the perfect offer. Cash is king in today’s market. According to the May 2011 REALTORS® Confidence Index from the National Association of REALTORS®, 30 percent of all purchases between mid-April and mid-May of last year were financed with cash. The number was even higher for luxury properties. Even though many luxury sellers may also be in a distressed property situation they are typically more particular about who was buying their property as well as the final selling price. Use your agent to carefully craft the perfect offer.





Posted by Austin Realty Group on 10/27/2015

Buying your first home can be confusing. Securing a mortgage is one of the most important parts of the home buying process. Making sure that you have the right loan and have chosen the right loan officer are among the things a first time buyer has to do to start the process. Here are some more tips on how to ensure a successful purchase: 1. Make sure your deposit is in order. Talk to your loan officer about what amount of a deposit is required for the purchase and type of loan. You will also want to make sure the funds are accounted for and readily available. You can expect deposits to run anywhere between 3 and 20 percent of the purchase price. 2. Plan to have a cash reserve in addition to your deposit. You may want to have a reserve of at least two months mortgage payments. 3. Ask your lender to go over all the fees that apply to the purchase. It is better to be prepared and know how much the actual purchase will cost. These costs are typically added into your loan but there may be some out of pocket expenses too. 4. Consider how much you can comfortably afford not how much you have been approved for. These numbers may vary considerably. Your mortgage costs should not be more than 30% of your household income. 5. The lowest rate is not always the best deal. You will want to look at not only the rate but also the terms and fees associated with the loan.      





Posted by Austin Realty Group on 7/28/2015

You have decided to sell. But before you put the sign in the yard there are some things you will want to make sure you have done. Time spent doing research and setting the right price will most likely yield you a better return in the end. A home is only worth what a buyer is willing to pay for it. Track your neighborhood values Find out what homes similar to yours are selling for in your neighborhood so you will have a good idea what your home is worth. Buyer or seller market You need to judge whether it's a sellers' market or a buyers' market in your neighborhood. Remember that all real estate is local. You will want to research things like interest rates, home inventory, job forecasts, and even time of year. Research inventory How many homes are for sale? If you live in a desirable neighborhood and there aren't many homes for sale, you will have a clear edge here. However, if you see lots of homes on the market and they're not selling very quickly, you might have to reduce the price you had in mind. Know the average days on the market Review the homes in your neighborhood and their days on market sometimes referred to as DOM. Look at trends for the past year and assess whether homes were appreciating or depreciating. Monitor the job market Is a big company relocating workers to your area? Or are they moving out and shutting the doors? The job market has a lot to do with the real estate market. Attend nearby open houses Observe how other properties are showing and compare them to your home. At an open house you can often feel the "mood" of potential buyers. Get a professional opinion A real estate professional will be able to help you gather all of the above information and come up with a CMA or comparable market analysis to determine the best price range for you home.