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.

2030 Crystal Downs in Cinco Ranch North Lake Village, Saturday, July 24, 2-4. $390,000. Very tastefully updated with new paint inside and outside. Granite counter top, Jennaire cook top, stainless steel kitchen sink, kitchen faucet. Wood flooring in living room, dining room and family room. The house has rich marble in entry. Two story foyer, plus carpet and other amenities suitable for Cinco Ranch Golf Course community life style. Five bedrooms, large library and game room.

Directions: I-10 West. Exit Mason Rd. Left on Mason. Right on Highland Knolls. Left on S. Peek. Left on North Lake Village. Right on Tryburn Trail. Left on t-junction onto Crystal Downs. House on left.

Pictures below of beautiful 2030 Crystal Downs in Cinco Ranch North Lake Village:

3226 Markstone Court in Cinco Ranch Town Center, Sunday, July 25, 2-4. $215,000. Beautiful on a quiet culdesac with huge pie-shaped lot in the heart of Cinco Ranch. Walk to everything including Beach Club, Lakes, Tennis, Fishing, Park, YMCA and exemplary Williams Elementary! Recent flooring and fixtures. Low tax rate. Save energy $ with double pane windows. A++ curb appeal, elegant two-story appeal with popular diagonal tile entry, recent paint and updates. One of the best houses currently on the market for premium lot, location, amenities and triple exemplary school track.

Directions: I-10 Katy Freeway, south on 99 Grand Parkway, exit and left on Cinco Ranch Blvd., right on Peek, right on Centerton, at stop sign turn left and go to the end of the culdesac.

Enjoy the photos below of gorgeous 3226 Markstone Court:

]]> http://fuellingkaty.com/2010/07/20/you-are-invited-to-tour-two-outstanding-homes-in-cinco-ranch-july-24-and-25/feed/ 0 http://fuellingkaty.com/2010/07/14/why-is-there-so-much-katy-real-estate-for-sale/ http://fuellingkaty.com/2010/07/14/why-is-there-so-much-katy-real-estate-for-sale/#comments Wed, 14 Jul 2010 22:12:29 +0000 Julie Q. Fuelling http://fuellingkaty.com/?p=3125 Katy real estate is greatly affected by the oil and gas business particularly since petroleum tends to be a mobile industry. Compared to to other fields of employment, there are an inordinate amount of oil employees transferred in and out of our area at any time. This is the primary reason why there are always a lot of homes on the market in Katy, particularly on the south-side of I-10.

According to Ron Hanlen of Network Funding, there is another factor currently driving Katy real estate inventory levels:  Mortgage interest rates. Despite dire predictions about the impending rise of mortgage interest rates, rates have held onto historic lows, in the 4’s.

Ron said, “Once the tax credit expired, everyone expected that listings would go down.  But they haven’t…they have gone up.  With all of the negative media attention on housing it would be easy to consider that it is because the sellers are distressed in some way. Maybe they lost their job or they are trying to sell the home before it goes into foreclosure.

But here is the real reason why listings are up:  Interest rates are at an all-time low. Despite the constant bombardment of negative media coverage, the vast majority of existing homeowners are very credit worthy, live within their means and have stable income.  Experienced homeowners have seen interest rates in the 5’s, 6’s, and 7’s in the last several years. With interest rates in the 4’s, savvy homeowners know that when interest rates are at an all time low, it’s time to make a move.”

Even if a seller gets a little less for their house than they might in the next few years, this loss is easily made up on the buying end of the transaction.

Ron continued, “Mortgage rates can make a right turn at any second.  Mortgage rates are not low because of anything that the Federal Reserve, Treasury, or Obama administration is currently doing. Mortgage rates are low because of global fear about the economy and financial system.  This causes banks and investors to hoard their cash and park it into nice, safe and boring mortgage backed securities.  You earn a very low interest rate in return for safety.  But the financial markets and the global economy will turn around, and when it does it will move mortgage rates up with it.”

Ready to buy or sell a home in Katy? To discuss selling your house or to tour Katy homes, 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.

I couldn’t agree more! To separate my listings from the competition, I pay for my sellers to have a free two-hour consultation with a professional stager. Recently, a well-staged listing sold to the very first couple to tour the home. While I can’t promise these results, I can guarantee that professional staging is now an important part of the marketing process.

Ready to sell your home? To take advantage of my staging program, contact me. I have sold Katy and West Houston real estate since 1989. Experience does matter!

]]> http://fuellingkaty.com/2010/07/03/two-free-hours-with-a-stager-help-katy-homes-sell-faster/feed/ 0 http://fuellingkaty.com/2010/06/30/fulshearkatys-firethorne-launches-tennis-program/ http://fuellingkaty.com/2010/06/30/fulshearkatys-firethorne-launches-tennis-program/#comments Wed, 30 Jun 2010 23:09:39 +0000 Julie Q. Fuelling http://fuellingkaty.com/?p=3066

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.

Katy’s Grand Lakes Master Planned Community residents are invited to the Grand Lakes First Annual Fourth of July Celebration on Saturday, July 3, from 4 to 6 p.m. The festivities will be held at 3650 Hollow Trace Drive by the Lazy River Pool.

Activities include:

• Mike Amabile and the Run Over Twice Band
• Solo singer Destiny Houston
• U.S. Navy Color Guard
• James Coney Island’s hot dogs, hamburgers and drinks
• Snow cones, cotton candy and popcorn
• Bucky Loo the Clown
• Uncle Sam stilt walker
• Water slides
• Pony rides
• Face painters
• Crafts

Life is great in Grand Lakes! To tour homes in Grand Lakes, 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.

In the annual Newsweek Magazine rankings of high schools nationwide, four Katy high schools, Cinco Ranch, Seven Lakes, Taylor and Katy, again scored high enough to make the list’s top high schools. Last year Seven Lakes scored a bit higher than Cinco Ranch but, this year, the table’s have turned and Cinco out ranked Seven Lakes.

The standards for selecting schools include the number of Advanced Placement students, and International Baccalaureate and Cambridge test scores as compared to the number of graduates.

Approximately 1600 schools made the list; of that number only 6% are public schools. Out of the 1600 schools, following are the Katy rankings: Cinco Ranch–478; Seven Lakes–689; Taylor–982; and, Katy–1387.

In comparison, last year’s scores were: Seven Lakes–403; Cinco–458; Taylor–1067; and, Katy–1458.

To tour homes districted to a specific school, just 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.

No carpet in this home, stunning wood and tile throughout. Gorgeous granite in kitchen and all baths. Plantation shutters accent all windows. Island kitchen opens to den and breakfast room, great for entertaining. Covered back patio is a great place to relax. No back neighbors. Sprinkler system already in place. One block from a stroll around the lake. All you need to do is move in and call this wonderful house “home”! $364,900.

I-10 West to Grand Parkway (Hwy 99). Left on Grand Parkway. Left on Fry Rd. Right on Rainwood Park. Left on Grand Brooks. Left on Statfield Glen which turns into Briar Landing. Right on Faircreek. House on left.

2030 Crystal Downs in Cinco Ranch North Lake Village, Sunday, June 20 from 2 to 4 p.m.

Very tastefully updated with new paint inside and outside. Granite counter tops. Jennaire cook top, stainless steel kitchen sink and stainless hardware. Wood flooring. The house has rich marble two-story foyer. Plush carpet. Near Cinco Ranch Golf Course. Five bedrooms plus game room/media room and library with hard wood floors. $390,000.

!-10 West. Exit Mason Road. Left on Mason. Right on Highland Knolls. Left on S. Peek Rd. Left on North Lake Village. Right on Tryburn Trail. Left at T-junction at Crystal Downs. House on right.

LaCenterra at Cinco Ranch is pleased to announce the addition of capoeira classes to its weekly events roster. Beginning June 12, instructor Tiffany Gonzalez of Capoeria Mandiga Houston Academy will offer free Saturday morning classes at 10:00 a.m. in Heritage Square. Participants are asked to gather at Relax the Back (in LaCenterra) and are encouraged to bring wish list items for donation to the Houston Area Women’s Center and Special Pals animal shelter and adoption center.

Capoeira is a Brazilian form of martial arts with deep roots. The discipline originated in the slave quarters of Brazil.  At the time, slaves were not allowed to practice self-defense, thereby making capoeira illegal to practice.  In order to disguise its defensive tactics, slaves developed the art to appear as song, dance and acrobatics.

Despite its secretive beginnings, capoeira today is for everyone. Any person, regardless of race, sex, age, size or shape, can practice capoeira. In the true spirit of the martial arts, capoeira builds confidence, discipline, creativity and fitness of both body and mind. Its diverse aspects draw people from all parts of the world for its music, dance, self-defense, strenuous exercise and cultural ties. 

Ultimately, capoeira represented freedom to the slaves. Today, capoeira still represents freedom: freedom of movement, freedom of thought and freedom of expression. For these reasons and more, capoeira continues to empower its devoted students. 

The mission of Capoeira Mandinga Houston is to promote empowerment, health and community. Participants train and grow together. The vision is to form a group of strong capoeiristas who find their lives enriched through the exchange of culture and knowledge. It is this knowledge radiating out into the community that opens minds and breaks down barriers. Since the entire group contributes, there is much to gain. The Capoeira Mandinga Houston group operates under the supervision of Mestre Paulo Batuta.

Additional classes are available through the Capoeira Mandinga Houston Academy.  Classes meet at the Excel Athletics Gym located at 510 South Mason Rd., #Q in Katy.  For more information, call (281) 509-9874 or visit http://www.capoeirakaty.com/.  For a Special Pals wish list items, please visit www.specialpalsshelter.org.  For a list of items needed at the Houston Area Women’s Center, log onto www.hawc.org.

LaCenterra at Cinco Ranch is located at 23501 Cinco Ranch Boulevard and Grand Parkway in Katy, Texas.  Center hours: 10:00 a.m. – 9:00 p.m. Monday – Saturday and 12:00 p.m. – 6:00 p.m. on Sundays.  Individual store hours may vary.  For more information, visit http://www.lacenterra.com/ or call (281) 395-5533.

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!

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!