Buyers Archives - Hillwood Loves Realtor

How Fair Housing Applies to You

Texas REALTORS Staff2025-01-14T01:21:26-06:00

Buyers, sellers, and real estate professionals all have rights and responsibilities when it comes to discrimination-free property transactions. The federal Fair Housing Act prohibits discrimination in housing and housing-related transactions based on race, color, sex (including sexual orientation and gender identity), national origin, religion, disability, or familial status. Learn more about how fair housing affects you in your transactions with this consumer guide from the National Association of REALTORS®.

How Fair Housing Applies to YouTexas REALTORS Staff2025-01-14T01:21:26-06:00

This Real Estate Scam Could Cost You Thousands of Dollars

Texas REALTORS Staff2024-12-10T00:16:31-06:00

You’re smart. You’re careful. But even savvy buyers and homeowners fall victim to real estate fraud. Criminals are impersonating sellers and title companies, resulting in swindles that can take months of legal hassle to repair and cost you thousands of dollars. Do You Know the Targets? It starts with a scammer posting a property for sale without the knowledge of the actual owner. These properties are often unoccupied or vacant—land, lots, second homes—where it’s easier to put up a fake for-sale sign and owners or residents won’t wonder about people stopping by to look at the property. What’s the Setup? The criminal, posing as a seller or listing agent, communicates primarily by email. Often, there is urgency on the seller’s side of the transaction—the seller needs cash quick or wants a fast closing. The property may be priced below market value. The criminals want you to ignore warning signs and focus on the great deal. What Are the Red Flags? Once you have a purchase agreement, the criminal then directs you or your agent to use the “seller’s” preferred title company for the closing. The introductions and wiring instructions are all provided via email. Usually, the title company isn’t local to the property being purchased. Once you send your funds to the bogus title company, the money is gone. How Can You Avoid Being a Victim? Pay attention to detail and validate what you’re told. Ask the seller for identification. Does he provide it or stall? Does it match the owner’s information on the appraisal district website? Independently verify the title company’s information. Does the title company’s website use the same email address conventions and URL that you’re getting in emails from the seller? Are the messages and links secure? A real title company would not send wiring instructions by email without additional precautions. Your REALTOR® can help you with this and the many other steps required for a successful transaction.

This Real Estate Scam Could Cost You Thousands of DollarsTexas REALTORS Staff2024-12-10T00:16:31-06:00

What To Know When Hiring a REALTOR®

Texas REALTORS Staff2024-11-05T00:19:45-06:00

No one is better at guiding you through a real estate transaction than a REALTOR®. Your REALTOR® is a trusted professional who can help you understand local conditions, find and market properties, negotiate, and keep your transaction on track through closing. Here are a few things to know when hiring a REALTOR®: There Is No Standard Compensation There are no rules that set the amount brokers charge. Each brokerage independently decides what to charge and what services to provide. Some brokers charge a commission, while others charge a flat fee, hourly fee, or fees for specific tasks. Just like when you hire a lawyer, car mechanic, or architect, you get to shop around for the real estate brokerage that best suits you—the one that provides the services you want for a price you are willing to pay. Some brokers may choose to negotiate fees and services with clients, while others may decide not to. It is an independent business decision up to each broker. Expect a Written Agreement (Even if Just Looking) Business relationships work best when all parties are on the same page. Whether you’re buying or selling, you and your REALTOR® will sign a written agreement that spells out what services the broker will provide and how you will be charged. Even if you’re just looking and a broker agrees to show you homes for no charge, you should expect a written agreement noting those details. Cooperative Compensation Is an Option Selling brokers are not required to share their compensation with the buyer’s broker (a process referred to as cooperative compensation). However, many homesellers and listing brokers do offer cooperative compensation to help market the home. Why? Most mortgage lenders don’t allow broker compensation to be added to home loans, and many buyers do not have the financial ability to pay their buyer’s broker out of pocket on top of the other costs of buying a home. Cooperative compensation can make a home more affordable to a greater number of buyers. Your REALTOR® is the professional who can make your next move as smooth as possible. REALTORS® have the knowledge and skills to help you make informed decisions and reach your real estate goals.

What To Know When Hiring a REALTOR®Texas REALTORS Staff2024-11-05T00:19:45-06:00

Get the Data You Need To Reach Your Real Estate Goals

Texas REALTORS Staff2024-10-08T01:23:42-05:00

Data is king when making big financial decisions. That’s why it’s essential to know recent prices, current market trends, and related data when you’re buying, selling, or renting property. Who has access to that type of information? Your REALTOR®. Just as important, your REALTOR® can help you understand what the numbers and trends mean for you. Relevant Data For Your Transaction REALTORS® can pull the most recent sales in a neighborhood to help buyers and sellers know market conditions. They can show you what prices and rents have been doing over time to inform your decisions. REALTORS® can show you the big picture—is it a buyer’s market in your area?—and the hyperlocal picture—what are properties on that street selling for? Accurate And Reliable An internet search will give you plenty of sites claiming to provide home prices in an area, the number of properties sold, days on market, housing inventory, etc. But how do you know if those numbers are accurate or recent? Thankfully, your REALTOR® has access to the most accurate, reliable data. Plus, your REALTOR® will filter out the noise, showing only what matters to you and your goal. Interpreted For Your Situation Not only can REALTORS® provide the data, but they can also explain how it affects your transaction. It doesn’t do any good to know what a property sold for if you don’t know if that should affect the price of your listing or your offer for that house. Factors such as precise location, home features, and condition all affect what a home is worth. Work with a REALTOR® so you understand your market and avoid big mistakes when you buy, sell, or lease property.

Get the Data You Need To Reach Your Real Estate GoalsTexas REALTORS Staff2024-10-08T01:23:42-05:00

5 Scams Targeting New Homeowners

Texas REALTORS Staff2024-07-02T16:20:45-05:00

Buying a home is exciting. However, scammers may try to use your excitement and inexperience against you. Watch out for these attempts to defraud you. Partner Companies Be wary if you receive a letter from a company claiming to be a partner or associated with your mortgage lender wanting additional information for your loan. Since you have already closed on your home, it is a scam. Do not give out your personal or financial information. Deed Processing Notice If you get a bill stating you owe money for a copy of your deed or property assessment profile, don’t pay it. Property deeds are mailed to you free after a sale or transfer. If you need an additional copy, you can order one through your county clerk’s office. Business Imposters Legitimate utility companies will not call or show up at your door asking for payment through a money order, cryptocurrency, or other nontraceable forms. They also will not ask to see your bill or account information. When you receive a bill, always verify the email, business address, and phone number is correct. Fraudsters often use real company names and logos to trick you into thinking the bill is real. Home Warranty Con Did you know you are not required to purchase a home warranty? If you want one, research and contact companies with good reputations. Beware of companies claiming your home warranty is expiring or has already expired and that payment is needed. Loan Scams Companies that urge you to refinance shortly after closing make money on excessive loan fees—putting you at a higher interest rate than you currently have. It’s always best to research the best lender for a refinance instead of responding to a cold call or advertisement. Since this is not an exhaustive list, work with your trusted REALTOR®. Ask for advice on how to spot real estate scams and ways to protect yourself.

5 Scams Targeting New HomeownersTexas REALTORS Staff2024-07-02T16:20:45-05:00

Understand the Difference Between Prequalification and Preapproval

Texas REALTORS Staff2024-06-25T00:15:34-05:00

Have you been prequalified for a mortgage loan? Or preapproved? Are they the same? While both are steps in reaching homeownership, they have different meanings. What’s Prequalified? Prequalification is an informal process. You describe your financial situation—debt, income, and assets—and the lender estimates how much you may borrow. The lender may even consider a credit check, a soft one that should not affect your credit score. This process can occur over the phone, online, or in person. Becoming prequalified can prepare you for the next steps in buying a home and help you explore your mortgage options. What’s Preapproved? You will provide your lender with proof of your financial history. The lender will check your income, employment status, assets, debt, and pull a credit report on you. Documentation for this process can include W-2s, pay stubs, a summary of assets, and a copy of your mortgage statement if you already own real estate. Preapproval can be completed online with support from a loan officer if needed. If you get preapproved, you will receive a letter outlining the amount and type of mortgage the lender is offering along with terms. Preapproval is vital to the homebuying process. If you are considering buying a home, prequalification and preapproval will show you your borrowing options. That information will also help your REALTOR® understand what you can afford.

Understand the Difference Between Prequalification and PreapprovalTexas REALTORS Staff2024-06-25T00:15:34-05:00

Looking to Buy Property? A REALTOR® Can Represent Your Best Interests

Texas REALTORS Staff2024-03-26T13:18:43-05:00

When you’re ready to purchase a home, working with a professional can help you meet your goals. There are many different compensation models that real estate brokers may use, so be sure to consider the services you need when selecting a broker to represent you. How Can a REALTOR® Help With Your Real Estate Investment? Your REALTOR® will represent your best interests. Buyer’s agents have a fiduciary duty to the buyer rather than the seller. Buyer’s representatives can help you find properties that match your needs and provide data about the market to help you assess property value. Your REALTOR® can assist in submitting offers, negotiating on your behalf, and navigating the dozens of details required to bring a complex transaction to a successful close. How Are Real Estate Buyer Representatives Compensated? Compensation for real estate services is negotiable between agents and their clients. Many real estate brokers who represent sellers offer to compensate the buyers’ representatives for helping to successfully sell the property. Buyers benefit from this arrangement because they can receive professional representation even when they don’t have the financial ability to pay for services directly. When hiring a REALTOR®, you can discuss what services you need and how compensation will work. What Are the Disadvantages of Purchasing Real Estate Without a REALTOR®? Buyer’s agents protect the interests of their clients. Your REALTOR® can help you submit offers, navigate complex transactions, identify down-payment programs, negotiate on your behalf, and talk to you about other professionals you may need during a real estate purchase. Nine out of 10 homebuyers and sellers say they would work with their REALTOR® again, which speaks to the valuable role REALTORS® play. The changes within the NAR settlement present greater opportunities for REALTORS® to communicate the value and services that will be provided.

Looking to Buy Property? A REALTOR® Can Represent Your Best InterestsTexas REALTORS Staff2024-03-26T13:18:43-05:00

Do You Trust the Internet to Solve Your Real Estate Problems?

Texas REALTORS Staff2024-02-20T16:18:34-06:00

The process of buying, selling, or leasing property can get complicated in countless ways. Just look at the comments on real estate forums and websites. People encounter all manner of issues and are looking for advice about what do when … The seller has a lien he didn’t know about. A person buying a home is thinking of renting out her current home rather than selling it. The seller accepted the buyer’s offer, and now the buyer found a home he likes better. The homebuyer wants to move in before closing and rent the home until the closing date. An inspection revealed costly repairs are needed, and the buyer wants to renegotiate the purchase price. A buyer has a contract to buy a home and learned the seller has another a contract with a second buyer. The buyer and seller disagree about what items should stay with the property after the sale. A buyer of a commercial building doesn’t understand the seller’s reply to his offer. The seller wants to know how to handle multiple offers. The seller didn’t show up to closing, and the buyer doesn’t know what to do. This list could keep going and going. When you “ask the internet,” you don’t know if the answers you get are accurate. On the other hand, a REALTOR® is a professional with the experience and knowledge to help you avoid many problems, deal with those that arise, and help you reach the best possible outcome on your real estate transaction. If you’re not working with a REALTOR®, find one here.

Do You Trust the Internet to Solve Your Real Estate Problems?Texas REALTORS Staff2024-02-20T16:18:34-06:00

Why You Need a Home Inventory

Texas REALTORS Staff2024-01-23T01:16:40-06:00

You’ve bought insurance for a worst-case scenario. But having insurance is just one step. Taking an inventory of your possessions is another. Why? In case of theft, loss, or damage due to fire or a weather-related event, you’ll know what to claim—plus, it can prevent a delay in your claim. Here are some questions to consider when creating a record of your home inventory: What Will Your System Be? Besides deciding what you would want to be replaced, figure out what process for cataloging works best for you. For example, you can make a spreadsheet or take videos and pictures using your smartphone. Check with your insurance company; they may have an app or online form available. Where Should You Start? Don’t let yourself get overwhelmed. Organize your inventory by room. Start with a small closet or the kitchen. Also, make it a habit. When you get something new or get rid of something, update your inventory. What Should You Include? Ask your insurance agent what documentation will be needed to make a claim. You may need to add receipts, purchase contracts, basic descriptions, serial numbers, make and model, and estimated cost in your records. How Can You Keep the Inventory List Safe? Store your inventory in a fireproof safe, an external drive, or an online storage account. Be sure it is a place that is easily accessible. Hopefully, you won’t have an emergency that requires you to file a claim. But if you do, you’ll appreciate that you are prepared.

Why You Need a Home InventoryTexas REALTORS Staff2024-01-23T01:16:40-06:00