By: G. M. Filisko, Guest Author

After finding a buyer, all you have to do to make it to closing is to avoid these five traps.

Finding a buyer for your home is just the first step on the home selling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.

Mistake #1: Ignore contingencies

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.

Mistake #2: Don’t bother to fix things that break

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.

Mistake #3: Get lax about deadlines

Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you’re selling, move out a few days early, so you can turn over the keys at closing.

Mistake #4: Refuse to negotiate any further

Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

Mistake #5: Hide liens from buyers

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn’t going to close.

Guest Author: G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics in Wisconsin.

For a Realtor with 21 years experience in keeping sales together, contact me via this blogsite or phone me at 713-818-2404. I work with both sellers and buyers to create a win/win atmosphere and a happy outcome.

If you think Firethorne’s tennis coach is just an ace on the tennis court, you couldn’t be more wrong. Resident athlete/sports coach Chris Dante didn’t even take up the sport until he was 30, after excelling in baseball, (in 1988 he made it as far as the Olympic Trials), basketball, (City University of New York team captain), and football, as well as boxing and Taekwondo, (he has a black belt)!

“But after one too many broken noses, I turned to something less brutal — tennis,” said Dante, who helped launch Firethorne’s premiere tennis program this spring. With the new Women’s Tennis League and beginner tennis clinics now in full swing, Firethorne continues to demonstrate the Katy/Fulshear community’s commitment to fitness and competitive sports, through its hike and bike trails, swimming and running, regulation lacrosse fields and personal training at the on-site exercise facility.

During the summer, Coach Dante offers two morning clinics for resident children, (9 and 10 a.m.), and one 6 p.m. clinic for adult beginners. He also teaches private lessons. The tennis courts are open to Firethorne residents and their invited guests.

(Pictured above: Firethorne Resident Tennis Coach Chris Dante is on the court during a summer children’s clinic with residents (bottom/center, then clockwise): Boston Blake, Hannah Blake, Julian Martinez (far left with basket of tennis balls), Najee Boyd, Alissa Basaldua, Roel Martinez (hidden), and Jean Basaldua.)

“Coaching is a labor of love,” said Dante. “I love being outside with the kids — teaching and coaching them.” He also enjoys introducing many of their parents to tennis.

The four fully-lit hard courts are located adjacent to the lacrosse fields in the 1,400-acre Katy/Fulshear master-designed development.

Firethorne, located 15 miles west of Houston’s Energy Corridor, blends the best nature has to offer: 150 acres devoted to parks and recreational amenities, a 12-acre lake with surrounding greenbelt, hike/bike trails, parks and playgrounds, discovery-rich wildlife observation area and a natural bird habitat. Served by the award-winning Katy I.S.D., Firethorne combines the vibrancy of West Houston with the small-town charm of Katy/Fulshear.

Life is great in Firethorne! To tour homes in Firethorne, contact me. To search all the houses currently on the market in Katy/Houston see Home Search. I have sold Katy real estate for over 20 years and would be pleased to work together.

It”s nearly impossible for the average citizen to keep track of all events directly impacting housing and mortgage markets.  Professional mortgage lenders monitor the live trading of Mortgage-Backed Securities (MBS). Government and conventional mortgage rates are directly based upon MBS. So…what exactly is a MBS?

Compliments of Wikipedia

A mortgage-backed security (MBS) is an asset-backed security or debt obligation that represents a claim on the cash flows from mortgage loans, most commonly on residential property.

First, mortgage loans are purchased from banks, mortgage companies, and other originators. Then, these loans are assembled into pools. This is done by government agencies, government-sponsored enterprises, and private entities, which may offer features to mitigate the risk of default associated with these mortgages.

Mortgage-backed securities represent claims on the principal and payments on the loans in the pool, through a process known as “securitization”. These securities are usually sold as bonds, but financial innovation has created a variety of securities that derive their ultimate value from mortgage pools.

In the United States, most MBS’s are issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), U.S. government-sponsored enterprises. Ginnie Mae, backed by the full faith and credit of the U.S. government, guarantees that investors receive timely payments.

Fannie Mae and Freddie Mac also provide certain guarantees and, while not backed by the full faith and credit of the U.S. government, have special authority to borrow from the U.S. Treasury. Some private institutions, such as brokerage firms, banks, and homebuilders, also securitize mortgages, known as “private-label” mortgage securities.

Residential mortgages in the United States have the option to pay more than the required monthly payment (curtailment) or to pay off the loan in its entirety (prepayment). Because curtailment and prepayment affect the remaining loan principal, the monthly cash flow of an MBS is not known in advance, and therefore presents an additional risk to MBS investors.

For information about Katy real estate, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!

Firethorne, a 1,400-acre master-designed community is located in Katy/Fulshear, 15 miles west of the Energy Corridor.

“We are extremely pleased with the results of our Firethorne sales and marketing teams and appreciate the tremendous support of the local Realtor® community,” said Firethorne Marketing Director Janet Burkett. Realtors® generate 75 percent of all new home sales.

While she suggests the federal tax credits for first-time homebuyers may have planted a seed in people’s minds, she attributes the strong new home sales in the Firethorne community to the continued growth in the Katy and Fulshear areas and for being part of one of the best school districts in the state. The fact that there are three major Houston hospitals expanding in the area, plus energy companies relocating employees there, have contributed to the sales activity, as well, she said.

Firethorne blends with the best nature has to offer: 150 acres devoted to parks and recreational amenities, a 12-acre lake with surrounding greenbelt, hike/bike trails, parks and playgrounds, discovery-rich wildlife observation area and a natural bird habitat. Firethorne combines the vibrancy of West Houston with the small-town charm of Katy/Fulshear.he community is strategically located on FM 1463 near the crossroads of the 1-10 West corridor, the Westpark Tollway and the Grand Parkway.

To tour Firethorne, take I-10 West and exit Pin Oak to FM 1463, call the Visitor Center, 281-693-1011, or visit www.firethorne.info.

For information about Firethorne  homes, contact me directly at 713-818-2404 or via email. When buying new construction, it is always best to have a Realtor to represent you in negotiations; there is no cost to you and a multitude of benefits. I have specialized in Katy real estate for over 20 years. Experience does count!

I’ve had the busiest spring of my 21-year real estate career!s As the April 30th deadline to qualify  for the tax credits, $8,000 for first-time home buyers and $6,500 for existing home owners, loomed, home sales got really crazy.

It was not unusual for brand new listings to have multiple offers. Bidding wars ensued. Here in Katy, particularly on the southside of I-10, it was impossible to believe that a real estate recession exists.

Nationwide, the tax credit bills created a strong upswing in home sales. To read the rest of this story, see OnlyKaty.com.

The Federal Housing Administration, FHA, has kept mortgage rates and Mortgage Insurance Premiums, MIP, lower than the market dictated for some time to encourage home buyers to shore up the economy.

MIP premiums are about to increase; the date is April 5th. On case numbers dated after April 4th, MIP premiums go from 1.75% of the total loan value to 2.25%. It’s not as dreadful as it sounds. On a $200,000 mortgage, the increase, based on today’s interest rates, is approximately $6 per month–stay out of…to read the rest of my article, see OnlyKaty.com.

Cinco Ranch was the nation’s number one master-planned community (MPC) for new-home sales in 2009, according to a report by RCLCO, an independent real estate advisory firm.

With 887 new-home sales in 2009, Cinco Ranch was one of only two Houston MPCs on RCLCO’s top 10 list to report a sales increase from the previous year.

Sales increased 14% last year in the 7,600-acre community, located at Grand Parkway and Cinco Ranch Blvd. in Katy. The increase helped Cinco Ranch grab the top spot in the study, after ranking number two in 2008 behind a Las Vegas development.

The only other Houston area community with a sales increase for 2009 was Telfair in Sugar Land, also by Newland Communities. With 450 new-home sales in 2009, Telfair ranked fourth nationally in the RCLCO study.

“These results are outstanding for us,” said Bob McLeod, Chairman and CEO of Newland Communities. “This marks the first time ever in more than 40 years we’ve had the top-selling community in the nation, and to do it during a year as tough as 2009 makes it an even bigger achievement.”

RCLCO’s study showed that total number of net sales in 2009 for the majority of the best-selling MPCs dropped from 2008 levels with sales volume declining by as little as 8% and as much as 84%. Newland’s Cinco Ranch and Telfair were a strong exception to this trend, posting increased sales for the third year in a row. Also, 2009 proved to be the best sales year ever for Telfair since opening in 2006 and the third best sales year for the 19-year-old Cinco Ranch.

“Newland’s sales success at Cinco Ranch and Telfair can be attributed to the product diversity our homebuilders offer, the proven established track records of these communities, and a highly focused marketing approach that speaks to our customer needs,” McLeod continued.

“Buyers needs have changed and they will continue to change. The communities Newland creates will continue to adapt to meet those needs. Value doesn’t just mean a lower price, or a smaller home. It means what fits their family and lifestyle needs. The way we market our communities, taking time to really understand our buyers and engaging with them on a more personal level, has changed as well,” he indicated.

Houston’s strong showing in the RCLCO study underscores the fact that the city is a bright spot in the national economy.

Ted Nelson, Central Region President for Newland Communities said, “In the past few months, Houston has ranked very high in studies ranging from the nation’s healthiest housing markets to cities where the recession is easing. Overall, the Houston communities on the top 10 list represented 2,250 new-home sales, more than double those of the second ranked metro, Las Vegas.”

RCLCO has been releasing its top-selling MPC rankings since 1994.

Cinco Ranch offers new homes priced from the $170,000s to over $1 million.

For information about all Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!

A short sale is a transaction in which the lender, or  lenders, agree to accept less than the mortgage amount owed by the current homeowner.

Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan.

“Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves.

For assistance with a short sale, foreclosure or any other residential real estate issues, feel free to contact me at 713-818-2404 or via email. You can search all of Houston MLS from this site.

New-home sales in west Houston’s Cinco Ranch community are up 8% for the first nine months of 2009, compared to the same period in 2008.

A total of 697 new homes were sold in Cinco Ranch during the first three quarters of 2009. That compares to 643 new homes sold during the same time last year in the 7,600-acre master-planned community.

Relocation sales have remained strong in Cinco Ranch, accounting for one in three new-home sales in the community so far this year, according to Heather Gould, marketing director for Newland Communities.

“Now in its 19th year of development, Cinco Ranch has built up strong brand equity and awareness among home buyers and Realtors, which has fueled both relocation sales and local move-up sales,” Gould said.  “In the present economy, home buyers also seem to be finding a greater level of comfort in investing in a large-scale master-planned community like Cinco Ranch.”

Gould said Cinco Ranch has benefited as the largest and most established new-home community near the Energy Corridor, where employment has continued to be relatively stable. Cinco Ranch was also buoyed this summer when the Texas Education Agency gave its top accreditation rating – exemplary – to 12 of the 13 Katy Independent School District campuses serving the community.

Cinco Ranch has also expanded its new-home product offerings in 2009. In late 2008, a model home park opened to showcase the community’s most affordable new homes, priced from the $160,000s.  This fall, Cinco Ranch opened Park Place, a neo-traditional neighborhood with nostalgic architecture and prices from the $280,000s and new builders including J. Kyle Homes. The community also benefited from a custom home showcase that attracted thousands of visitors this spring.

“Offering a variety of new-home styles and price ranges, along with an expanding array of recreational amenities, has also been key to the success of Cinco Ranch,” Gould said.

I am a Cinco Ranch Specialist having sold many houses in Cinco Ranch, both new construction and resale. This includes both working as a listing and selling agent. Call me for more information and for outstanding professional representation.

Let’s look at the last six months of statistics. Below, see pricing. While, it does not show a truly positive change, it is moving upward from its recent low. Today, the average price is approximately $122,000.

Another dominant factor is days on the market, see below. How long does it take a home to sell? What is the average? As plotted below, the average days on the market in 77449 is 155. This is a decline from July’s high of 160. Some of these quicker sales represent foreclosures and short sales that do not remain on the market for long but conventional sales are doing better, too.

What’s the current status of inventory? Increasing or decreasing? Decreasing is far better for sellers. Guess what! The number of houses on the market in 77449 is going down. For a more detailed explanation of how inventory affects the market, read my earlier article on absorption rates. See the details of the inventory decline below.

To obtain detailed data on Zip Code 77450, see OnlyKaty.com.

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!