Renting When You Want To Buy?

Problem!

Rental House

You Don’t Have the Down Payment?

So you want to buy a home?

You’re spending as much on rent as you would be by owning your own home. Maybe you only need a few months and you’ll have enough for a down payment through FHA.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

What Is Your Home Worth Button

Problem!

Credit problems?

Home Partners of America can work with you if your credit score is above about 550. Even if you have had issues in the past, Home Partners of America may be able to work through those issues and get you approved anyway. It’s not a guaranty but may be worth a shot to find out.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

New Build Button

Problem!

I just went through a divorce and need to sell my existing home

Divorce can be tough. No one really wins. It’s hard enough getting a divorce but then having to sell the home you lived in adds even more stress.

Home Partners can work with couples who are in this situation. Get with me to find out how we can sell your existing home and get one or both of you into your own house. Selling your existing home requires both parties in most cases but not the buying part. Home Partners of America will work with you while you are selling the existing home so you aren’t worried about where you are going to live.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

Keep In Mind

You only get one shot at this program. Once you get into a home, if you decide to leave after the lease period, you won’t be able to use the program again on another home. Therefore, it’s really important to take the time to look for the home you want in the process. The beauty of it is that if you decide it really isn’t the home for you, you can get out of it.

One final thing

If the market tanks like it did in 2008 and the house is now worthless, simply finish your year lease and move on to another property. Hopefully, we won’t have to worry about issues like that.

Frustrations When Selling Your Home – Part 3

Who’s ready for more?

Don’t start reading here. If you missed the previous posts, they are titled Frustrations When Selling Your Home – Part 1 and Frustrations When Selling Your Home – Part 2. Read them and then come back for even more frustration.

But I like it!

When I was living in my first house, I was raising kids and wanted them to “own” their rooms. One of my daughters decided she wanted to paint her room “Tiggeriffic Orange.” It has got to be the brightest orange available. When the light was on in her room at night, from the outside, it looked like the room was engulfed in flames. Other kids’ rooms in the house were painted with blue. However, they also wanted feathered paint of a different color throughout. Finally, the playroom had murals that covered the entire room complete with flowers, clouds on the ceiling and a bright yellow sun in one of the corners.

Home Paint Colors

It would take someone really special to buy the house that way. Before selling it, I painted the whole house in earthy, soothing tones. It’s what most people expect. Besides, it gives the house a neutral look so that people coming in can start to envision their idea of what the house would look like with their added touches.

Why does my REALTOR® want me to change the price?

It’s really frustrating when you have an idea of what your house is worth and someone else comes along and tells you the price is not realistic if you want to sell your house. REALTORS® have experience figuring out the best price for your property so that it doesn’t sit on the market for months and months. Sites like Trulia and Zillow don’t help a whole lot because their pricing can be radically different than what the market says it is worth.

Home Paint Colors

There are a lot of factors that go into the price of your home and one of the biggest one’s is what other houses, comparable to yours, have sold for in the last three months.

Sure, you can find a REALTOR® who might promise that they can sell your house for more than someone else. I would challenge you to look at other houses they have sold and see how long they were on the market. Also ask them about the houses that didn’t sell and why.

Some final thoughts

What Is Your Home Worth Button

Sometimes, there are things associated with your home that you cannot do anything about. This can be really frustrating like when they installed high power lines right behind your house two years after you bought it. Maybe it is because that empty field behind your house is suddenly a shopping mall or a natural gas fracking system. Although there is nothing you can do about that, if you take some steps to make reasonable upgrades and show the house in its best light, the right buyer will come.

Conclusion

Thanks for joining me on this frustrating journey. In my opinion, if you stick with these ideas and the time your house is on the market could be shortened. If you have any questions, contact me or visit my business page.

Frustrations When Selling Your Home – Part 2

This post is part two in a three-part series.

In Why Won’t They Buy Your House? Part 1, we began a discussion about the ways you can sabotage the sale of your home.

There are a lot of reasons for it and knowing how to address some of them can help sell your house quicker than you think.

I’ll get to it one of these days

I know I am guilty of this myself. Those little things that could easily be fixed, yet they sit there broken for months or even years. The cracked outlet cover; The light switch that doesn’t work all the time; The window that fogs over with condensation; The gutter downspout that has separated from the side of the house; The chipped paint on the corners of the hallway.

 

Home Issues

Minor repairs that are delayed can affect the sale of your home

 

So many repairs that need to be done.

Who would you rather make those repairs?

These kinds of repairs are pretty easy to accomplish. The problem is that if you don’t do these repairs before you accept an offer on your house, you could end up spending a whole lot more to get them fixed. Why? Because after a contract is accepted, you will need to hire a licensed professional to do the work. That’s right, once a contract is in effect, any repairs must be hired out. Anyone care to guess what the hourly rate for an electrician is? How about painters or someone to work on gutters?

There are probably better ways to spend your money than to have to hire professionals to do this type of work.

Are you stopping people from seeing your home?

People need to look at your house if they are going to buy it. That requires that you have the house ready for people to come through and take a look.

A REALTOR® will make sure that people find out your house is for sale. There’s really no hard, fast rule to this but if it’s advertised and the price is set right, people will come. Don’t forget to clear out the clutter, mow the grass, and make those small repairs so your house shines.

The problem comes when the homeowner doesn’t want to vacate the property so the house can be shown. I know – sounds crazy right? Why wouldn’t someone leave their house so it can be shown?

Actually, there are a lot of reasons for this to happen. Maybe you have a three-month-old and it’s nap time. As exhausted as new parents are, the last thing they want to do is prevent their new baby from getting a nap. Maybe 30 minutes notice just isn’t enough time to get ready to get out of there. Maybe you’re in the shower and can’t respond to the request.

The point is that there are times when you can’t but if you plan things out the best you can, at least you can be ready to move quickly. Not in every case but maybe in most cases. After all, the primary objective is to sell the house. Don’t prevent people from seeing it and forcing your house to be on the market longer than it should be.

What Is Your Home Worth Button

But there’s more…

What Do You Do When Your REALTOR® Tells You That You Did Too Much?

You put a lot of time and money into making some improvements to your home. The kitchen is ultra-modern with the best appliances, the best cabinets, the backsplash is really expensive and the flooring is to die for. You have a custom bathroom too with marble. Your REALTOR® then has the nerve to tell you that you’ll only get about 50 cents on the dollar for all those upgrades.

Why?!?

There’s this thing called over-improvement. Houses sell for their market value. This means that the price is based on what all the other houses in the area are selling for. If no one else in the area put high-end appliances and such in their kitchen, meaning that maybe they upgraded but installed “middle of the road” equipment, then why would someone pay extra because you went all out? What if the house down the road with the same floor plan and regular upgrades was selling for $20,000 less than yours? If someone can get the same house for a lot less, why wouldn’t they buy that one instead? Unless of course, they HAD to have the upgrades you put in. In that case, the right person needs to come along. The other side of that is that a lot of people won’t pay extra.

Selling a home can be frustrating. If you have any questions, contact me or visit my business page.

Stay with me while we are talking about the frustrating aspects of selling your home. There is one more post on this topic coming up and I don’t want you to miss it. Then we can talk about other stuff. See you in the next post.

Frustrations When Selling Your Home – Part 1

Selling your home introduces you to a new level of stress to anyone’s life. In this three-part series, I will be talking about some of the more frustrating aspects. These frustrations can be managed by embracing some simple ideas. Part 2 and Part 3 will be posted soon and links will be made available.

How Aggravating! It’s a Seller’s Market!

It can be pretty frustrating trying to sell your house and no one seems to want to make an offer. This can be especially troubling when it is a seller’s market like it is right now. Wouldn’t it be nice to know some of those reasons so that you can address them before ever putting your house on the market? Even if you already have your house on the market, you can take certain steps to fix some things so that there will be minimal delays.

There are several reasons why houses don’t sell quickly. Although this list is not complete by any means, it covers some areas where you can increase the likelihood that someone will come with a reasonable offer for your home.

How can you use your cell phone to help sell your house?

Home Cell Phone

There’s an old photographer’s trick. Well, really – it can’t be that old since cell phones haven’t been around that long but go with it for a minute. A cell phone has limited viewing.

As an example, if you were to take a photograph of your kitchen using your cell phone, what would you notice in the picture? Maybe you would see all those items on your counter that you see all the time and look past. Do you notice the features of the cabinetry, appliances, and space or do you see all the ornaments you have placed around? No one buying your home cares about your canisters, the magnets and pictures on the refrigerator, or your dinner from last night in the sink.

Using your cell phone doesn’t replace having someone come out and take professional photography but can give you an idea of what others will see when looking at the photos online.

That brings me to the next item on the list.

Who’s making sure all the information about your house is being broadcast to as many people as possible?

Home Marketing

How many people think that the REALTOR® is ultimately responsible for making sure as many people as possible know about the sale of your home? Would it surprise you if I told you that you were wrong?

After all, who wants to sell your home? You do of course.

However, there’s a lot that goes into selling a house and many times you need a REALTOR® to help make that happen.

But why do I say it’s the homeowner’s responsibility? They are hiring a REALTOR® to sell their home!

What Is Your Home Worth Button

All of that is true. However, the homeowner is responsible for making sure they hire the correct REALTOR® to do the job.

Before I was a REALTOR®, I had bought and sold a couple of houses. I hired a REALTOR® who showed houses to me and I selected one to purchase. I lived in that house about 20 years before selling it again. It was a strange time to be selling a house. The market had crashed terribly and my wife and I had already relocated. We were relying heavily on our REALTOR® to get our house sold. Looking back at it, I’m not sure he ever advertised the house for sale. It took forever to sell that house. When I became a REALTOR®, I promised myself that I would make sure that I did everything I could to help my clients.

It’s up to the homeowner to make sure that their REALTOR® is doing the best job they can for the owner. If you figure out they are not doing what they can, you can fire them. A REALTOR® has an obligation to spread the word about your home to as many people as possible so that you can sell it for a fair price. If no one sees the house, how is it going to get sold? It means that there needs to be some good marketing, open houses, and online distribution of the information about the house. Great photography needs to happen. Staging needs to happen. Repairs and negotiation need to happen.

The next question is how do you find a REALTOR® that will do that for you? I’m right here!

In the next post, find out other ways you may be sabotaging the sale of your home.

If you have any questions about the current real estate market in the DFW area, contact me or visit my business page.

Who Would You Sell Your House To?

The Situation

Sell Your House

You are down-sizing from your 4 bedroom, 2 ½ bathroom, 2 car garage home that you have lived in for 30 years. You don’t like the stairs anymore or the amount of cleaning and upkeep needed. You’re getting ready to retire and the three kids you had have all moved away and have their own family.

It would be nice to move further away from the city and get a one story home that is newer.

You’ve done a good job updating your home with a new kitchen, updated master bathroom, and some great landscaping.

You reach out to a REALTOR® and ask for help selling your home and finding a new one in another town.

The REALTOR® brings you three people who are very interested in buying your property.

House Keys

John and Sally

John and Sally are both hard-working people with one child. They are planning on growing their family and the apartment they have been living in is just too small. They really like your house and the neighborhood. They are ready to make an offer. Good news! They have a prequalification letter from a bank.

Mark and Susan

Mark and Susan are a little older than John and Sally. They have two kids in grade school. Mark is the main breadwinner and Susan works part-time at the school where their kids go. They grew up in the neighborhood and want to relocate back to where they grew up. Great News again! They have been preapproved by a lender.

Karen

Karen is a single mom of three kids in middle school and high school. Unfortunately, her husband, Dan, passed away from a car accident six months ago. She’s fortunate that they had a will and life insurance so she is ok financially. She needs the room for the stage of life she is in. Great news a third time! Karen has been pre-underwritten from a lender.

Who would you choose?

John and Sally have written you a nice letter. They say they love the upgrades to the house and how much the kids loved it when they went by to look at it. They even included a photo of their family. Oh look – they have the cutest little puppy that the kids wanted so bad. What you don’t know is that they have five credit cards that are maxed out and a loan they defaulted on.

Mark and Susan noticed that there were a few items that needed to be fixed and they don’t want any hassle. They expect the items to be fixed or they may look for another house. They really like the neighborhood though and would love to be back close to family.

Karen just wants something safe and secure. She knows the neighborhood a little and even though there are a few minor repairs needed, she can handle having a contractor come in to have them looked at during the contract option period.

This is a tough call for anyone. They all sound really good for the most part. If you were trying to sell your home what criteria would you use in choosing which buyer you wanted to sell to? Would it be the young growing family, the established family, or the widow? Would you want to make repairs or work with a person who is ok with the small defects in the property?

Definitions

Pre-approved

Thanks to my friend, Paul Nolte from Home Team Mortgage, I have some definitions for you to consider before making your final choice.

Prequalification – A prequalification letter simply states that there has been a discussion between the potential home buyer and a lender or bank. There is a verbal verification of assets and income. A credit report has been pulled and it seems ok on the surface. The credit score is verified but at this point, we are relying on what the potential buyer is saying about the details of their credit report, their job history, and bank account balances.

Preapproved – A preapproval means that all the information provided by the potential buyer has been verified based on what they have said. W-2’s, paystubs, tax returns, bank statements, etc. have been verified. This is done at the local lender level only but there is certainly a better feel for the state of the potential buyer’s finances.

Pre-underwritten – This is the best you can get. It combines all the efforts of the prequalification, preapproval but also the information has been given to an underwriter to make sure nothing has been missed. Work verifications and IRS checks of the tax documents provided have been verified. The potential buyer is qualified to get the loan they need for the purchase. All that is uncertain at this point is the property (title work and appraisal).

Selection

Elderly Couple

With this new information, it’s easy to see that the best choice would be the person who is pre-underwritten. They are qualified. The property still needs to be approved. That includes inspections, repairs, and appraisal but at least you know the person can get the loan.

The second choice would be the preapproved persons. All their information looks right. They should be able to get the loan without an issue but it is unknown if there are IRS issues, back tax issues, or if they are still working where they said they were.

The last choice would be the prequalification letter. There has been little background work done on this potential buyer. Lots of things could go wrong along the way.

Next Steps

If you are in the market to put your house on the market to sell, the next step would be to contact me at Ebby Halliday, REALTORS® and set up an appointment so we can review your property and take care of things that might get in the way of selling your home. If you are looking to buy, again, reach out to me so that we can get you pre-underwritten and be in the best position to move on the property you want as soon as possible.

Can’t Afford To Buy?

The Issues

Buy A Home

So you want to buy a home?

The only problem is that your credit isn’t where it should be, or you don’t have enough for a down payment, or you filed bankruptcy, or you’ve been late on some bills.

But the cost of renting is so high right now!

Rent is as much as a mortgage.

A Way Forward

Home Partners Of America

Let me tell you a little about Home Partners of America.

Home Partners of America works with you to get you where you want to be.

Here’s how it works:

  • Search for your dream home
  • Home Partners of America will purchase it for the fair market value
  • They own the home now so they lease it to you
  • You work out any financial issues while leasing the property for up to three years (renewable on an annual basis)
  • You get the Right to Purchase that home at any time during the lease period

If you decide after moving in, that it isn’t the dream home you had hoped for, simply finish out your lease for that year and move out. Simple.

What’s the catch?

There isn’t much of a catch. Up front, you already know all the numbers. Your rent will be slightly higher than what you can rent a comparable home in the area for but don’t forget you have the right to buy the home.

Each year for the three years, the rent goes up a little as well as the price of the house. However, if the market causes the surrounding homes to go up quicker than your schedule, then you get the home at a discount. And – if the market starts to drop, again, you can simply finish out your lease and move on. That seems like a pretty good win-win situation.

You have one shot at it so make it count. This isn’t a program you can repeat. For one time, you get to find your dream home, lease it for a while and then have the right to purchase it. If you choose not to purchase, you can’t do it again.

How does Home Partners make money?

They are purchasing the home when you are ready and approved to lease it. That’s a fixed price for them. They charge you rent which cannot be used towards a down payment so they get that income. When you purchase the home, the price is appreciated at about 5% per year. Finally, if you back out of the lease, they turn around and lease the property to someone else as a regular lease property. It becomes part of their leasing inventory.

Next Steps

Simple. Send me an email requesting information about Home Partners of America. I’ll send you a link to register with them and then we can get together and find that perfect home for you.