Pearland Real Estate Expert

Real estate transactions include many players who perform various roles to get the deal from the initial offer to the closing table. The most important of these people to you as a homebuyer is the one who represents your interests.

Do you have someone working for you? Unless you've taken a few simple steps to ensure you're properly represented, you may be on your own.

A seller's agent

When you contact a real estate agent about a home he or she has for sale, you are speaking to someone working for the seller. This agent likely has signed a written agreement to represent the owner of the home and to secure the best possible terms for the seller.

The same situation usually holds true for any home an agent shows you where his or her name is listed on the ads or for-sale sign. That agent has agreed to sell the homes on behalf of the owners and is looking out for the sellers' best interests - not yours as a buyer.

Get your own rep

Regardless of whether an agent represents you, he or she is supposed to treat your fairly. However, if you tell that agent something that would help his or her client (the seller), the agent is obligated to tell that client about it. For example, you need to find a house fast because your lease is up or you desperately want to live in a certain neighborhood.  

The solution? Enlist the help of your own real estate professional as your buyer's representative. This agent will show you houses that fit your criteria without having a connection to the sellers. His or her first loyalty will be to you and your interests, not the seller's.

Whom do you work for?

If you have any doubt about whom an agent represents, ask. Also, if you've spoken to an agent at length about a specific property or had similar discussions, you should have been provided a form that explains the relationship among buyers, sellers and real estate agents and brokers. The form, Information About Brokerage Services, is required by law to be given to you during your first "substantive dialogue" with a real estate licensee. Basically, that means at the time of your first meeting or written communication that involves a specific property. 

Write it down

It's not enough to talk about someone representing you as a buyer. You and your agent should put your partnership in writing. A buyer-representation agreement outlines the rights and obligations of the broker and you, the client. It says that you and your agent will work together for a specified amount of time - it can be as short as one day - to accomplish your goal. Such a written record protects you and also eliminates possible misunderstandings that can happen down the road.

Where to begin?

Any real estate licensee can act as your buyer's representative. However, you might want to talk to a Realtor. Not just any real estate agent, a Realtor abides by a strict Code of Ethics that goes beyond what's required by law. And a Realtor possesses the expertise you need to find the right home at the right terms for you.

Finding a home can be a complicated process. The best way to navigate through it is with an buyer's representative at your side who's looking out for your interests.

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

This column was published in the 19Oct08 edition of the Galveston County Daily News

Do you know how much the stuff in your home is worth? Not the building, but your personal property. I'm talking about furniture, appliances, electronics, clothes-everything. Although personal property is only one piece of coverage offered by most homeowner's policies in Texas, it's an area where many consumers undervalue the amount of coverage they need. Or, even if they have adequate coverage, people often have trouble proving a loss.

Take an inventory of your personal property. An inventory will help you select a coverage amount that's right for you. It can also speed up the claims process in the event you have to invoke your policy. Unfortunately for many homeowners, Hurricane Ike was a painful reminder of how important this process is.

 Go room by room

The best way to track all your possessions would be to have a receipt for everything you've ever purchased. Since few people are that organized, another effective method is to list every item found in each room. That way, if a section of your roof collapses and destroys only your living room, you'll know exactly what was affected. You can make your own list or use the Home Inventory Checklist prepared by the Texas Department of Insurance and conveniently available online at www.tdi.state.tx.us.

Be thorough

However you choose to record your belongings, be as detailed as possible. Don't just write "1 dining room table, 6 chairs, 1 china cabinet." Record the brand of furniture, the material it's made of, and when and where it was purchased. List the serial numbers and brand names whenever possible. Keep receipts for any big-ticket items. Don't forget built-in bookcases, fireplace mantels or other unique home features.

A picture is worth ...

In addition to your written inventory, take photos of your items. Open closets and drawers to show their contents. Don't forget the attic, basement, garage, or any storage buildings you may have on your property. You can also use a camcorder to record a narrated tour of your home and its items.

 But that won't buy a new refrigerator

Different policies cover contents differently. Pay attention to whether your policy offers the actual cash value of an item or its replacement cost. Actual-cash-value coverage means you'll get the cost to replace the item minus its depreciation.

So, if the roof collapses on your living room and wipes out the plasma TV you purchased four years ago, you'll get reimbursed for a four-year-old TV. A policy offering replacement-cost coverage would give you enough money buy a new TV similar to the one that was wrecked.

Watch the exemptions

Coverage on some personal items, such as jewelry and artwork, is limited. It's best to talk with your insurance agent about purchasing special coverage for your diamonds and Picasso.

Now check your policy

Compare your policy to your inventory to see if you have enough coverage to replace your belongings, and find a safe place-other than your home-to store your list.

Don't be caught without enough insurance to cover your losses, and make sure you have the means to prove those losses. Take an inventory of your belongings and talk with your insurance agent about your coverage. If you need to find an insurance agent or for more information about Texas homeowners insurance, please visit the Texas Department of Insurance Web site at www.tdi.state.tx.us .

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

This column was published in the 12Oct08 edition of the Galveston County Daily News

Unless your bank account can cover a check for hundreds of thousands of dollars, you'll need to borrow money to purchase a house. That's where your mortgage loan enters the transaction. However, you should start the process of securing financing before you make an offer on a home so when the time comes, you'll be ready, willing and able to purchase the property.

There are two preliminary steps available to most consumers: pre-qualification and pre-approval. Even though these terms sound interchangeable, they mean very different things.

Pre-qualification

If a lender pre-qualifies you, it gives you an idea of how much money you might be able to borrow. You provide the lender with your income, debts and important details of your credit history. The lender crunches some numbers and comes up with how many dollars the bank might let you borrow. He'll give you a conditional qualification letter, which determines your likelihood of securing such a loan.

Of course, the lender hasn't yet verified the information you provided. And he hasn't guaranteed anything. Your loan application could be rejected.

Pre-approval

The process of pre-approval involves actually filling out a mortgage loan application. The lender closely examines your income and credit report, and calculates how much the bank will let you borrow. He will then give you a letter that commits in writing to a loan amount. You can use this commitment to show sellers that you're serious about buying their home-and you can afford it.

You can walk away

You need not borrow the amount you're pre-approved for simply because the lender will give you such a pile of cash. Examine your situation closely to see how much debt you're comfortable with. The lender makes his determination, but only you know the true state of you finances or any future debt you may incur.

You're also free to borrow zero dollars. Until you actually win final loan approval and sign the paperwork, you're free to change your mind.

It's not final

Even if you're pre-approved, you may not end up with the loan. Lenders require successful appraisals and other steps be completed before they'll write you a check. If you're denied a mortgage loan, talk with your lender to understand why. Federal law requires the lender to tell you in writing the specific reasons for the denial. You may be able to fix the problems and get the loan or at the very least prevent the same problem from happening next time.

Don't rush it

A real estate deal can fall apart at many points during the transaction, and you can't prevent them all. However, securing financing is a common problem and in some cases an easy one to fix, if you start early. Lenders need time to examine your application and process any commitment. Therefore, start early. Get pre-approved, and you'll be much closer to securing a mortgage loan when you find the house you want to buy.

For more advice about getting financing for your home purchase, talk to your Realtor.

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

This column was published in the 31Aug08 edition of the Galveston County Daily News

Any person obtaining or renewing a broker or salesperson license in Texas is required to provide his or her fingerprints for an FBI criminal background check. An essential part of the future of Texas real estate safety, this law, which took effect last January, is working to protect Texas citizens.

Putting safety first

This law is designed to enhance your safety while selling your home. Knowing exactly who you allow to access your property is a precaution that must be taken to ensure the safety of those involved. The Texas Association of Realtors and Houston Association of Realtors collaborated in the effort to ensure that those moving into Texas would meet the stringent standards that Texas consumers deserve.

Going national

Although licensees have always been subject to a state criminal background check, this new law provides a check at the national level. The national background check will prevent any information found in other states from slipping through the cracks so the Texas Real Estate Commission (TREC) can ensure the highest moral standards of all licensed brokers and salespersons.

Tips to keep you and your home safe

Even with the enactment of this law, it is important to be aware of what is going on at all times during the selling process. Work with your Realtor to know when your home is being shown and stay alert to the activities happening when you are not present. Your Realtor will keep you up-to-date on activities involved with selling your home.

In our world today, inviting strangers into your home can be frightening. A tip to consider is to make sure your children know not to let anyone in the house when you are not at home. Although this seems like a normal parental tip for most, understand that there is a possibility that potential buyers may knock on your door and ask to come in to look around. Older children may be eager to help you sell, so make sure they know not to answer the door.

Also, let your neighbors know that you are selling your house and check with them regularly to see if there have been any strangers on your property while you were gone. These small steps can help you stay aware of what is happening during the selling process and will help keep you, your family, and your property safe.

The details

According to TREC, the collecting and submitting of fingerprints to the FBI is done through the Texas Department of Public Safety (DPS). They use an exclusive vendor to gather the fingerprints and take a photograph. These new fingerprint requirements apply only to brokers and salespersons and not to other TREC licensees, such as inspectors. Once fingerprints are on file with DPS, a licensee will not need to be fingerprinted for subsequent renewals. However, licensees will undergo background checks each time they renew their licensees in the future.

This law is a crucial part of making Texas real estate practices as safe as possible for the public. It is one of many examples of Realtors working to help homeowners, buyers and sellers.

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

This column was published in the 21Sept08 edition of the Galveston County Daily News

In working with buyers and sellers over the years, I've learned that people often have misperceptions about Realtors. After all, some folks have never bought or sold property; many others only are involved in a real estate transaction every decade or two. I'd like to take this opportunity to clear up some of that confusion.

That agent may not be a Realtor

I can't tell you how many people I encounter think the term Realtor is synonymous with real estate agent. It isn't so. An agent is a person who is licensed to sell real estate. But only an agent who also belongs to the National Association of Realtors may legally call him or herself a Realtor.

Realtors belong to not only the national association, but also their state and local Realtor associations. All Realtors pledge to abide by a strict code of professional conduct. Any member of the public or another Realtor who feels that a Realtor has not upheld the code of ethics may charge that Realtor with a violation. Punishment for those found to have violated the code of conduct ranges from a letter of warning to a $5,000 fine or even termination of Realtor membership. If you want to know if a particular agent is a Realtor, ask what local association of Realtors she belongs to.

Agent or broker?

People also often use the words agent and broker interchangeably. Again, they have different meanings. All agents must be sponsored by a broker. The broker is ultimately responsible for all real estate transactions in which agents of that firm are involved. In Texas, a broker must have at least two years experience as a salesperson (agent), additional real estate education, and must pass an additional licensing exam.

It takes time and effort to get a license

If you know someone who says it's easy to get a real estate license, that person either doesn't know what he's talking about or is relying on outdated information. Yes, it once was not too challenging to obtain a real estate license in Texas, but the requirements have become increasingly more stringent over the years. Not only must aspiring agents take hundreds of hours of courses and pass an exam, but existing licensees also are required to take continuing education to keep their licenses active. Applicants and existing licensees also undergo criminal background checks.

Show me the money

Real estate agents make a bunch of money, right? Some do. But it's not as common as you might think. The national median income for Realtors in 2007 was $47,700. Keep in mind that many real estate agents work only on commission. An agent may put in weeks or even months of work on a transaction and not see a penny of compensation if the deal falls apart.

Another belief along the same lines is that Realtors are just in it for the money. Don't get me wrong - most people I know in this business do want to make a comfortable living. (In that way, Realtors are no different from college professors, electricians, accountants, and most other people.) However, the majority of Realtors I know got into this business because it is tremendously gratifying to help a person or family buy or sell a home.

I hope you now have a better understanding of Realtors.

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

This column was published in the 14Sept08 edition of the Galveston County Daily News

The Pearland TX real estate market is doing OK.  In looking at the real estate market in Pearland, one can see we are following the same trend as the last 2 years.  The median price is only off by $200000 from an all time high in 2006.  September tends to be the start of the winter slow down and and things tend to start picking back up in late December. 

In looking at the next chart on the Pearland Real Estate Market, you can see the DOM or Days on Market are trending up.  It takes 29% longer to sell a house in Pearland today than it took in 2006.  It takes on average 102 to sell a house in Pearland today.  You, as a home seller can affect this average by the price you set your house at.  If you price your home on the high side of the average, it will take longer to sell and if you price you house one low side of the average, it will sell faster.

Now is a GREAT time to buy real estate in the Pearland area.

For more information on buying or selling property in Texas, I invite you to visit http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com.  Danny Frank is a local Pearland Real Estate expert.  I would love to help you sell your house and help you find your next home.

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