Pearland Real Estate Expert

The last thing you want during a real estate transaction is a replay of the famous Abbott and Costello Who's on First? routine. Not only is it helpful to understand all the players' roles during the process, but this knowledge can help you determine what information to share with which parties. Here are the basics.

Customer or client?
If you are working with a real estate agent to buy property, you are that agent's client, right? Not necessarily. You might be a client or you could be a customer. While these terms sound similar, don't think they are interchangeable. They connote different responsibilities on behalf of the agent.

You are a client only when you hire an agent to represent you. Buyers often sign a written agreement when hiring a buyer's agent. Your buyer's agent can help you search for properties, give you information about financing, assist you in preparing offers and other related matters.

However, an agent can also help you with these matters even if you don't hire that person to represent you. In this case, you are a customer rather than a client. For example, you might work with the selling agent (also called a listing agent) of a home. Typically, the listing agent will provide you information and assist you without offering opinions and advice.

The listing agent owes her primary loyalty to the seller. As such, you don't want to share any information that you wouldn't want the seller to know. For example, if you make an offer of $175,000 but are willing to go as high as $195,000, you should not tell the listing agent. The listing agent would be obligated to pass this information on to her client.

You also might work with what's called a sub-agent. A sub-agent also represents the property owner in cooperation with the listing agent. You also are considered a customer when working with a sub-agent, so don't lose sight that the sub-agent represents the seller.

On the other hand, if you hire a buyer's agent, that person must put your interests above all others. So if your buyer's agent finds out that the seller is moving to another state this month and has received no offers thus far, you can expect your agent to share that information with you.

Regardless of whether you are a client or a customer, all agents must treat you honestly.

How can you be sure who's who?
Real estate law in Texas requires a broker to provide you with a form, Information About Brokerage Services, at the first substantive meeting between the two of you. This form spells out the differences between listing agents, sub-agents, and buyer's agents. The form also outlines their duties to you. If you have any doubt about what your relationship is with an agent, be sure to clarify this before proceeding.

An intermediary
It is possible for one broker to serve as an intermediary between the buyer and seller on the same transaction, as long as that broker complies with certain legal provisions. An intermediary acts in a manner that does not favor one side over the other. The parties must give written consent to such an agreement.

The intermediary may not disclose certain information to the other party, such as confidential details or anything one of the parties tells the broker not to disclose. The broker also must not disclose whether the seller will accept less than his asking price or whether the buyer is willing to pay more than the amount written in his offer, unless this obligation is waived by the seller or buyer in writing.

Regardless of the choice you make about agency representation, I recommend you work with agents and brokers who are Realtors. Realtors go beyond the legal requirements by adhering to a code of professional conduct.

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

My column was also published in the 22March09 edition of the Galveston County Daily News

Nobody wants to lose money or wind up in a financial bind. No one hopes to buy a home only to later regret the purchase. And yet, these scenarios occurred frequently enough to contribute to the nation’s current housing mess.

Luckily, it is possible to learn from other people’s mistakes.

Don’t look if you don’t know your target price

You can waste a lot of time if you start looking at homes without really knowing what you can afford. There are many factors to consider when figuring out a price range, including available funds for a down payment, monthly mortgage payment, property taxes, insurance, and other outstanding debts you have. Your Realtor can help you determine your price range by discussing the expenses associated with buying and owning a home.

Don’t forget to factor in the rest of your life

The lender approved you for a huge loan. Pretty exciting. But that doesn’t mean you should borrow that amount. Take a good look at your financial situation and future plans before you proceed. Despite the long list of questions on the loan application, you know your financial situation and future plans better than the lender. If your spouse plans to leave the workforce to go back to school soon, you might want a lower mortgage than what the lender says you can have.

Don’t choose the wrong loan

Despite tighter lending requirements, there still is a variety of loans available. Some of them sound really attractive, too. After all, who wouldn’t want a lower monthly payment or the ability to buy a more expensive home? But dig deeper. The nation’s mortgage meltdown was the result of many people who got in over their heads with loans offering low initial payments but that rose dramatically in a short period of time. That’s not to say that those loans are inappropriate for everyone—just make sure you understand all the options available and choose the one that’s best for you.

Don’t overlook assistance programs
Many homebuyer assistance programs exist out there, and the qualifying criteria vary from program to program. Some assistance programs also have different criteria based on the city or county where you plan to buy. It doesn’t take long to investigate assistance programs, and you could save a lot of money.

Don’t get hung up on small stuff
Negotiations between buyers and sellers can get emotional. Try not to let that happen to you. Sure, it would be nice if sellers weren’t taking the chandelier in the entryway with them, but is that really a deal-breaker?

Don’t expect to have it all

A recent survey showed that 40 percent of Texas homebuyers did not compromise on any aspect of their home purchase. That’s great news … if you’re in that 40 percent. But that means that most buyers did make a concession on the home’s location, size, price, or another factor. You don’t have to set low expectations about your home purchase, but keep in mind that you may need to give a little on one of your search criteria.

Don’t skip a professional inspection
Sure, you can feel if an AC unit is blowing cold air, but do you know how to test it to see if it’s on its last legs? Do you know how to inspect electrical systems, the roof, and the foundation, too? You’re putting a lot of money into this purchase—not to mention the emotional and lifestyle factors that hinge on where you live. You should have a professional inspector take a look at any home you want to purchase. And if that inspector recommends a specialist to further inspect the property, you’d be wise to do so

Don’t assume that all agents are the same

Many people think that the terms Realtor and real estate agent are synonymous. They’re not. Only those agents who belong to the National Association of Realtors and pledge to adhere to a strict code of ethics may call themselves Realtors. Your Realtor will look out for your best interests and help you find the home of your dreams while helping you avoid making mistakes you would later regret.

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

My column was also published in the 15March09 edition of the Galveston County Daily News

How has the Internet changed our world? That's an historic question with a constantly changing answer. We have instant access to huge amounts of information, with more being created every day. We can read the latest news headlines, collaborate and communicate with people around the world, conduct business, check stock prices, watch video, listen to music, play games, and research anything that comes to mind - at any time of the day and without leaving our desk!

Not your parents' home search

The Internet is also largely responsible for dramatic changes in the real estate industry. What's the most significant difference? Research shows that almost 80 percent of recent homebuyers relied heavily on the Internet to conduct their home search. This is a definitely not the way our parents and grandparents looked for a property. I see this as a positive thing. It saves everyone a great deal of time and makes the house-hunting experience much more efficient for the homebuyer.

Got a question?

HAR.com is one of the nation's preeminent real estate Web sites, offering valuable, readily available data for the entire greater Houston area. I'm not just talking about searching homes for sale. You can estimate the value of a house, research demographics, assess schools, learn about communities, and even get satellite imagery of a neighborhood or a house. The best part is that these services are free.

If you've searched online for real estate information recently, you've probably noticed the proliferation of real estate-related blogs. Blogs are a great source of information-places where you can ask questions, interact with experts, and find data that's already been deciphered and analyzed. And bloggers will engage almost anyone about almost anything. Want to know where the best hamburger or pizza in your new town is? How about the return on investment for stainless steel kitchen appliances when remodeling or selling a home?

Don't believe everything you read

It's not just trade-specific sites that affect the industry. National news media remain obsessed with doom-and-gloom real estate. There's certainly no shortage of negative publicity about the industry: stories about foreclosures, resetting ARMs and real estate's ties to the national economy. Bad news sells, and the national outlets' content reflects it. This is especially true on Web sites-there are no true space constraints, authors are not confined to traditional publication schedules and deadlines, and readers have the ability to post their comments on stories.

Know the source

With all these streams of information, there's no question that anyone, especially someone who's not in the real estate industry, could easily suffer from information overload. What's the worst part of that? A lot of that information is extraneous, erroneous, or simply invalid in our market.

As a buyer, seller, or homeowner, you may find it hard to know who to trust. Much of the information on the Internet is written authoritatively and wrapped in a pretty package, which lends instant credibility, sometimes without good reason. So what's true? What do you really need to know? As a trusted adviser, a Realtor can help you navigate the modern real estate transaction, sift through all the data and arrive at good decisions.

The industry has changed, but ultimately, the job of a Realtor is the same: to help you with the process of buying or selling a home. It's what we do. The Internet has added a new dimension to the real estate world, and it's made many aspects of the real estate transaction easier, quicker and more transparent. More data and solid research make for a more involved and informed buyer, which are positive consequences of today's Internet-based real estate tools. Be aware, though, that all that available information has added a level of complexity to the process as well.

Trust a Realtor to help you when you're buying or selling a home, especially these days.

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

My column was also published in the 08March09 edition of the Galveston County Daily News

Choosing the right neighborhood is as important as finding the perfect house. Think about it: When you purchase property, you are essentially buying the area where you will spend a lot of time as well-at stores, parks, schools, neighbors' homes, roads, and everything else that goes into a neighborhood. We all want to live in a community where we feel safe and comfortable. We also want to live in a neighborhood that fits our style. But how do you know which one is right for you? Start out by asking yourself what type of neighborhood you could happily call home.

Create a list
Finding the right neighborhood can be a challenge, so begin by creating a checklist of the features important to you. You may want to consider nearby parks, schools, close proximity to shopping, restaurants and places of employment, a low-crime rate and well-maintained homes. You may prefer an older, established neighborhood over a new development. Whatever your preferences, write them down and rank them in order of importance. This can help you narrow your search.

Get a feel
The single best way to get a feel for a neighborhood is to get out there and walk it. Try doing this at different times of the day and on weekends and weekdays. Pay attention to the condition of the homes, the yards, the sidewalk and the street. Take note of the people who live in the area. If you encounter someone on the street, don't be afraid to stop and ask questions. Ask them how they would describe their neighborhood. Find out what they like and dislike about living in the area. If you are relocating to a new city and really want to get a feel for the neighborhood, you might even consider subscribing to the community paper.

You can also get a good feel for the neighborhood by visiting the local schools to see if they are well-kept and well-run. Even if you don't have children, good schools are important to the resale value of your home.

Safety

Everyone wants to live in safe and comfortable neighborhoods. If you are moving to an area you are not familiar with, contact the police department for information on crime and safety. The police department is obliged to provide you with details about a particular neighborhood or community. This is probably your best source for crime-related information. 

The Internet is also an excellent resource. With a search engine and keywords, you can generate a good bit of information.

Don't forget
In the excitement of choosing what type of neighborhood best suit your needs, don't forget to pay attention to some often overlooked details. While these may seem minor at the outset, they could potentially affect your future enjoyment.

Traffic-To avoid a busy street, many buyers choose to live on a cul-de-sac. But even cul-de-sacs can get their fair share of traffic, often from drivers who've taken a wrong turn. Don't assume that a neighborhood is less traveled than another. Visit it. Drive the area at different times of the days and on weekdays and weekends.
Future development-Find out what plans the city has for your soon-to-be neck of the woods. If the blueprint includes new development that is too close for comfort, better to know before you buy. Or, you may be pleased to know that a new shopping center is in the works that will makes things even more convenient. Either way, you'll want to know before you move in.

Find a Realtor
So, with all of these preliminary decisions to consider, you may be wondering at what point should you find a Realtor. The sooner the better. Not only will your Realtor help you navigate the complicated process of finding and purchasing a new home, but your agent can share their knowledge about the neighborhoods you are considering.

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

My column was was also published in the 22Feb09 edition of the Galveston County Daily News

WOW - Look at the Pearland TX real estate market.  It looks to me as if the rebound has started.  We are following the trends of the last 2 years and we have less inventory to sell.  So to me, the Pearland Real Estate Expert, prices of single family homes in the PearlandTX area should start to increase and follow the tend of the last 2 years.  Although the number of homes being sold in the Pearland TX area are down, now is the time to both BUY and Sell real estate in and around Pearland.

I think the next tell tail sign is the current MSI, or Months Supply of Inventory.  In looking at the chart below, one can see since IKE, the housing inventory in and around Pearland is dropping.  I think this is what is helping Pearland keep our housing prices holding steady.  But I don't think they will remain flat very long.  People are still buying and selling homes every day around Pearland.  NOW is the time to buy a home in Pearland... I think some of the best deas can be had from builders with inventory on hand.  Call me for details.  In February I closed on a new home in Shadow Creek Ranch which was listed for $299950.00, for $210000.00. There are great deals to be had. And remember the two most important words in real estate: CALL ME!!!    713-569-8102

Now is a GREAT time to buy real estate in the Pearland area.  There are a lot of very good DEALS on real estate in the Pearland TX area and I would love to help you become a home owner.  Call me and I will send you a free book, " Your First Home, The proven Path to Home Ownership".

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.