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/2010/06/22/newsweek-school-rankings-seven-lakes-and-cinco-ranch-flip-positions/ http://fuellingkaty.com/2010/06/22/newsweek-school-rankings-seven-lakes-and-cinco-ranch-flip-positions/#comments Tue, 22 Jun 2010 19:40:19 +0000 Julie Q. Fuelling http://fuellingkaty.com/?p=3043

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.

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.

In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law.  One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.

Also, a lender cannot approach a an appraiser with  relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.

Valuation may come in low due to an out-of-area appraiser who is totally…to read the rest of my article, see OnlyKaty.com.

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.

Okay, we will have to suffer the nightmare of more construction on I-10 to enjoy the results.

I have a personal interest in the following story as the commute to my office, Keller Williams Realty Katy in the Villagio center, entails exiting I-10 West to enter the Grand Parkway S, SH 99. It’s a hassle on a non-congested day, always the most time consuming section of my journey. Lots of my Katy neighbors share my frustration as evidenced by the inevitable delay.

Andy Meyers, Fort Bend County Commissioner Precinct 3, announced that the Texas Department of Transportation (TxDOT) will begin construction of ramps on and off I-10 at the intersection of the Grand Parkway. This should bring considerable relief to Katy commuters.

TxDOT received funding for two direct connectors (ramps) one going from SH 99 E onto I-10 and the other going from I-10 W onto SH 99. Construction is scheduled to begin mid-2010 and will take 18 months. Traffic signals at that Katy intersection will be re-timed to accommodate the direct connectors.

The nightmare at Fry Rd and the Grand Parkway adjacent to HEB is being addressed. ” This is one of the most congested intersections in all of Fort Bend County,” according to Myers. It also impacts property values; when showing Katy real estate in this area, potential Katy home owners often shy away from buying immediately adjacent to this traffic mess. This can negatively impacts Katy home sellers in Grand Lakes West and Seven Meadows. Buyers always comment on the inevitable congestion.

A year-long study was conducted to find a solution to this growing problem. There are no simple answers. For starters:  The traffic signal at the Grand Parkway and Fry Rd. is controlled by TxDOT. The traffic signal in front of HEB on Fry Rd. was installed by HEB. The red-light at Fry Rd. and Seven Meadows Blvd. was installed by the county. No wonder there are policeman directing traffic in front of HEB!

For details of this year long report and attempted solutions, some made permanent, to the Fry Rd./Grand Parkway problem read the entire report at SevenMeadowsLive.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!

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!