Tag: #sellingahome

Happy Clients Realty Group - Ali Palacios > #sellingahome

Vocabulary: Agency & Agency Relationships

Posted on by Ali Palacios - Broker

The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.

The seller’s representative (also known as a listing agent or seller’s agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.

The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers to and works in the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.

A subagent owes the same fiduciary duties to the agent’s customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.

A disclosed dual agent represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.

Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties.

A transaction broker (sometimes referred to as a facilitator) is permitted in states where nonagency relationships are allowed. These relationships vary considerably from state to state. Generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.

Source: Realtor.com

Texas Real Estate Commission Consumer Protection Notice Texas Real Estate Commission Consumer Protection Notice

Super Easy Tres Leches Cake

Posted on by Ali Palacios - Broker

 

  • 1 box butter cake
  • 4 eggs
  • 1 stick of butter
  • 1/2 cup water (or rum if you want to spice it up)
  • 1 can evaporated milk
  • 1 pint of heavy whipping cream
  • 1 can condensed milk
  • one container of cool whip (or make your own whipped topping with heavy cream and sugar)
  1. Mix butter cake mix with eggs, melted butter and water (or rum). Pour into a 9×13 pan and cook until done at 350 degrees.
  2. Mix all three types of milk in a bowl
  3. Poke holes in the butter cake and pour milk mixture on top. Cover cake and refrigerate over night.
  4. Frost the cake with the whipped topping and top with cinnamon (optional)

Enjoy!

 

Note: I’ve make several variations of this cake. I’ve added rum as stated above. I’ve lined the bottom of the pan with berries, dulce de leche, coconut or chocolate before pouring the cake mixture into the pan; then baked until done. What have you tried?

Lentils and Rice with Onions (Mujadarrah)

Posted on by Ali Palacios - Broker

  • 3 tablespoons olive oil
  • 3 medium onions, sliced
  • 3 1⁄2cups water or chicken broth
  • 1 cup lentils
  • 1 cup rice
  • 1 teaspoon salt
  • 1 teaspoons cumin
  • 3 garlic cloves
  1. Heat olive oil in skillet, saute the onions with 1 tsp cumin until lightly browned. Add garlic and sauté until soft
  2. Remove 1/3 of the onions and set aside for topping
  3. Continue cooking the rest of the onions until dark brown and black in places.
  4. In the meantime, bring water to a boil in a saucepan, add the lentils, reduce heat, and cover, simmering for 15 minutes or until tender. I add salt to the water.
  5. To the lentils, add the 1/3 lightly browned onions, rice, salt, and remaining.
  6. Cover and simmer 15 minutes or until rice is tender.
  7. Remove from heat and stir in the well-browned onions.
  8. Cover and let stand for 5-10 minutes.

So yummy!

I moved

Posted on by Ali Palacios - Broker

I moved.

But, not to a new house. I moved to a new company. My own company. 🙂

I’m now an independent broker with Happy Clients Realty Group.

Not that the brand an agent/broker works at is entirely important for you. The brand that really matters is the agent/broker. It’s your real estate agent who’s ultimately responsible for providing you the best results and quality service.

As usual you can and should call me. Anytime. For any real estate need or question.

Here are some things that might come up. If you want more insight on any of these, give me a ring, or reply to this e-mail, and I’m happy to get into more detail with you.

1. You just want to go see a house that is on the market…

(Yes, even if you aren’t serious about buying it. I won’t be pushing you to buy the house. I will be protecting you from making any regrettable decisions. Unfortunately, I hear from people after they got swept up in the moment and bought a house, and they are feeling regret, or have questions about the process or their decision. At that point, I can’t chime in. Because another agent represents them.)

2. You want to know how much your home is worth.

(Yup, I know all about all of those websites that show you the value of your home. And I know how inaccurate they are. Whether you are just curious, are wondering if it makes sense to sell, or need to get a handle on your net worth…just call me. I will give you an accurate value of your home. My pleasure. Not a bother at all.)

3. You are considering a home improvement project.

(Almost any project you choose to do will certainly raise the value of your home. But, will it raise the value more than it cost you? Better to know whether or not it is money worth spending before you even start.)

4. You are thinking of refinancing.

(Being in the business, I get to know who the good lenders are, and who the not-so-good ones are. I hear way too many horror stories from people about the process being horrendous with such-and-such bank. Or that they felt duped because they were quoted one rate, and were ultimately given a higher rate. Just call me, and I’m glad to give you the names of some people I would trust handling your needs.)

5. You don’t even work in my area.

(Even if you live hundreds of miles away, I can help… before you decide to buy or sell a house. I can’t chime in once you are represented by an agent. But if you call me before, I can remain involved and add my two cents, as long as I have referred you to the agent you use. And I can really help find you a great agent in your area. It’s not always the one with all the signs and sales! Let me do some digging before you just hire anyone.)

————-

Like I said, this is not a thorough list. I just wanted to give you a sense of some things you may not have wanted to “bother” me with, that I would never consider to be bothersome.

I’m excited about starting my own company and I wanted to share! Thanks to all of you for all of the encouragement and support you have already sent my way. It is much appreciated.

I hope all is well with you!

Ali Palacios, GRI, ABR, MCNE, TAHS, ASPRE, HARRL, CSMS
Broker
Happy Clients Realty Group
ali@happyclientsrealtygroup.com
Mobile – 832-418-0670
www.ilovehappyclients.com

P.S. Please make sure to make note of my new contact info!

Concerned about mortgage rates going up?

Posted on by Ali Palacios - Broker

You might have heard that mortgage interest rates are going up.

Most of the time, the question is asked by people who are thinking of buying a home. It makes total sense that they would be concerned about whether the rates are going up or not.

But what most people don’t consider is the effect it can have on someone considering selling their home.

Before we go further…

Whether or not interest rates are going to rise is kind of a constant topic in real estate. They go up, and they go down constantly. But not by all that much usually. But the buzz lately is whether they are about to go up considerably.

The fact is, rates have been historically low for so long now. And at some point, yes, they probably will go up a good amount. With that said, people have been expecting it to happen for years.

So, the only real answer to whether rates are going up is… maybe… maybe not. Only time will definitely tell.

But the concern is valid. Yes, for buyers. But also for sellers…

Because:

  • It could lower the amount buyers are willing to pay for houses.
  • It could lower the amount buyers are able to pay for a house.
  • It could slow the market down…buyers could decide to stop buying as readily.
  • It could knock buyers completely out of the market.
  • It could affect you as a buyer once you sell your home and purchase your move-up, or downsize home.

This is not to say that you should base your decision to sell your home solely on the possibility of interest rates going up. There is certainly more to consider.

But if you’ve been considering selling, and you have been concerned with the chatter about interest rates, let’s just talk.

These are general thoughts…

Everyone’s situation is different. Maybe interest rates going up would affect you…but maybe not.

Feel free to give me a call, or simply reply to this e-mail.

Will higher mortgage rates affect your ability to purchase?

Posted on by Ali Palacios - Broker

Recently, people have been asking if mortgage interest rates will be going up.

That’s a good question. And it’s good to be concerned about it if you’re considering buying a home in the near future.

There’s no way to definitely answer this, let alone how much the rates will go up. They go up and down constantly. If they go up (or down) a little bit, that won’t really affect you all that much.

Deep down, the concern is of course whether the rates will go up a lot… enough to impact how much home you can afford, or to even be able to qualify for a loan at all.

The one thing we can say for sure is that mortgage rates have been historically low for quite some time now. Literally for years and years.

At some point, they will probably go up a good amount. One could even argue that they need to go up. But let’s not get into that debate…

So let’s get into what the core fears are when people are asking about this…

If rates go up, a buyer could:

  • Pay more for the same house they could have gotten for less per month if they had bought before the rates went up.
  • Not be able to afford the same homes on the market they could have afforded before rates went up.
  • Possibly not even qualify to buy a house at all, depending on their financial situation.

So, what is an agent to advise?

To say that, “You should buy now, or you will miss out due to interest rates rising…”, can lead to fear-based decision making. That isn’t something a good real estate agent makes a habit of doing with their clients. Or at least shouldn’t.

Besides, the interest rates may not go up enough to affect you, if at all.

So, the best way to look at it is this…

If the thought of interest rates going up concerns you…buy now. Or at least sooner than later. Not because of fear that rates may go up. But because you are dealing with a known quantity, as opposed to the unknown. And because the mere fact that you are concerned speaks volumes about what you want to do deep down inside.

This is all pretty general advice…

If this has been concerning you, give me a call, or just reply back. I’d be happy to hear more about your situation and needs, so that I can advise you more specifically.

P.S. If you’re thinking about buying sooner than later, it might make sense to lock in an interest rate now. If you have a mortgage advisor, consider discussing this with him or her. If you don’t, just ask me and I am glad to recommend a great mortgage lender.

Would you please bother me?

Posted on by Ali Palacios - Broker

“I didn’t want to bother you. I know how busy you are…”

I hear that from past clients, friends, and even family, all the time.

But, at that point, it’s too late. And I’m not talking about it being too late for me to make money…

I’m talking about mistakes having been made, and regrets seeping in. And, at that point, there is nothing I can do to help.

So, it just occured to me that it would probably help if I just reached out to you, to let you know that you can and should call me. Anytime. For any real estate need or question. Before you find yourself in the same position as some other folks.

I know how busy you are, so I won’t go into every detail, of every scenario I’ve seen happen in this e-mail.

Here’s a short list, just to give you an idea…

But please, if you want more insight on any of these, give me a ring, or reply to this e-mail, and I’m happy to get into more detail with you.

1. You just want to go see a house that is on the market…

(Yes, even if you aren’t serious about buying it. I won’t be pushing you to buy the house. I will be protecting you from making any regrettable decisions. Unfortunately, I hear from people after they got swept up in the moment and bought a house, and they are feeling regret, or have questions about the process or their decision. At that point, I can’t chime in. Because another agent represents them.)

2. You want to know how much your home is worth.

(Yup, I know all about all of those websites that show you the value of your home. And I know how inaccurate they are. Whether you are just curious, are wondering if it makes sense to sell, or need to get a handle on your net worth…just call me. I will give you an accurate value of your home. My pleasure. Not a bother at all.)

3. You are considering a home improvement project.

(Almost any project you choose to do will certainly raise the value of your home. But, will it raise the value more than it cost you? Better to know whether or not it is money worth spending before you even start.)

4. You are thinking of refinancing.

(Being in the business, I get to know who the good lenders are, and who the not-so-good ones are. I hear way too many horror stories from people about the process being horrendous with such-and-such bank. Or that they felt duped because they were quoted one rate, and were ultimately given a higher rate. Just call me, and I’m glad to give you the names of some people I would trust handling your needs.)

5. You don’t even work in my area.

(Even if you live hundreds of miles away, I can help… before you decide to buy or sell a house. I can’t chime in once you are represented by an agent. But if you call me before, I can remain involved and add my two cents, as long as I have referred you to the agent you use. And I can really help find you a great agent in your area. It’s not always the one with all the signs and sales! Let me do some digging before you just hire anyone.)

————-

Like I said, this is not a thorough list. I just wanted to give you a sense of some things you may not have wanted to “bother” me with, that I would never consider to be bothersome.

So, would you please “bother” me? It will only bother me if you don’t!

Wire and mail fraud

Posted on by Ali Palacios - Broker

Unfortunately there are scammers everywhere and there are many that involve real estate transactions. Here are a few to avoid:

Wire Fraud

Hacker will send you an email acting as your Realtor® or title company. They will provide wire instructions for your down payment and closing costs. These emails look very real.

The hacker will provide their bank information and the buyer/seller will send the funds to the hacker’s account. A Realtor® (including myself) will never send you wire information.

One of the way to avoid this is by calling the title company and confirming the banking information before you initiate a transfer. Alternatively, you can bring a cashier’s check to the closing.

Get verification of the transfer ASAP. If you suspect a scam, have the  receiving bank freeze any withdrawal attempt of the newly deposited  funds—if you’ve reached the bank in time, that is.

Mail Fraud

You will get lots of mail from different people offering to submit your homestead application or offering you copies of deed or other documents.

Scammers are contacting new home buyers with a seemingly legitimate solicitation offering to send a copy of their property deed and other information for a fee. Those documents are mailed to you free after a sale or transfer. And if you need another copy, you can order one through your county clerk’s office for a few dollars

You might get an offer for a property profile, which comes with information such as transfer histories, property lines, county tax amounts, even the number of rooms … basically everything you need to know about your house.  It’s all information that is either not needed, or already known.

Generally, if you receive a solicitation asking for more money after your closing, it isn’t legitimate. But if you aren’t sure or want more information, contact your county clerk’s office or your real estate agent.

Moving Check List

Posted on by Ali Palacios - Broker

It’s Finally Time to Move!

Below you will find a moving checklist

2 months before

  • Start sorting your belongings into “what to donate” and “what to keep” piles. Start getting rid of items you don’t plan on taking to your new home.
    • Sell/Donate to your friends
    • Hold a garage sale
    • Sell items online (Craigslist, Facebook, eBay etc.)
    • Donate to charities (get a tax receipt)
  • Avoid the last-minute pile of trash on the curb—start throwing away anything that can’t be donated, sold or gifted.
  • Make a room-by-room inventory of your home. Note and photograph any existing damage to your furniture, so you know who’s responsible for what on delivery day.
  • Research your moving options, and request on-site quotes from at least three moving companies**
  • Make a “moving” binder, which will include all your important contact info, estimates, receipt and other important documents.
  • If school districts are being switched, make sure you make the appropriate arrangements to transfer the records to the new school.

6 weeks before

  • Purchase bubble wrap, boxes, packing tape, and other necessary supplies.
  • Start using up existing stock of cleaning supplies, frozen foods, and any other items that cannot be moved, particularly on a long-distance relocation.

1 month before

  • Pack occasionally used items, number and label each box with the intended room and its contents.
  • Put important files and jewelry in a box, which you will move yourself personally.
  • Set aside a box with all the items required on moving day, such as small pieces needed for re-assembling furniture, tools, etc.
  • Request a copy of your family’s dental and health records  from your current provider(s).
  • Collect things you have loaned out and return borrowed items.

2 weeks before

  • Choose your preferred moving company and confirm the arrangements.
  • If you are changing banks, do not forget to close out safety deposits.

1 week before

  • Switch to another pharmacy and/or refill prescriptions.
  • Finish your general packing a few days before moving day.
  • Pack suitcases with clothes enough to wear for a number of days.
  • Let your credit card companies, employer, banks, insurers, and utility companies know about your move.
  • Transfer or start and stop utility service at your new and old addresses for the following:
    • Electric
    • Water
    • Gas
    • Telephone
    • Cell phone
    • Cable/Satellite and internet
    • Sewer
    • Trash collection
  • If you are using a moving company remember to discard aerosols, flammables, ammunition or bottled gas. Be sure to check with your moving company for other prohibited items
  • Make arrangements to rent a storage unit, if necessary
  • Schedule/hire a cleaning company for the week of your move.

A few days before

  • Empty and clean your refrigerator.
  • Once again, call the moving company and reconfirm the arrangements.
  • Keep cash in hand if you plan to give the movers tips.
  • If you’re switching banks, remember to clean out your safety deposit box.
  • Fill out the change of address form either at the post office or online at usps.gov.
  • Pack a bag of essentials for moving day and your first night, including a change of clothes, toiletries, napkins and towels, soap, shower curtains, important documents and electronic devices.

Moving day

  • Remove the beddings
  • Leave a forwarding address and other contact information for the new residents; after all, they could have a few questions.
  • Walk through your home one last time, before the moving truck heads out, to ensure nothing has been missed.

**It’s important to research movers and ask the right questions before you decide in a company.

Questions to Ask:

  • Insurance? – Basic insurance for most companies is 60 cents a pound. You can buy your own insurance as well.
  • Binding Quotes? – Is this quote binding? Is it a “not to exceed” quote?
  • Transfers? – Will my goods be on the same truck for the whole trip or will it be transferred to another truck at some point?
  • Extra Charges? – Does the quote include awkwardly sized objects, parking, storage, fuel, etc.?
  • What payment forms/terms do you accept? – Be leery of cash-only companies.
  • Mover or Broker? – Are you talking to the mover or to a broker working for moving companies?
  • Who’s Responsible? – If anything is damaged, who is accountable for the damage?

Many moving company tend to have bad reviews. The most common complaints include hefty price increases over original estimates, missing items, and goods held hostage until additional payment was made.

 

Here are the most common moving scams:

1. Low Estimate, Inflated Price

The most common scam is the bait-and-switch tactic. Movers will offer a low-ball estimate then on moving day you are told the load is larger than expected and they will need to increase the price. Some movers will keep your items hostage until additional funds are paid.

Ask what the quote covers. Movers can inflate the price by charging you extra for packing supplies or moving blankets.

Research the company and ask for referrals. Ask the mover to come by and review the items to be moved so there are no misunderstandings. Do not rely on over the phone quotes.

2. Lost or damaged items

During a move, valuables like jewelry and antiques might “disappear.” Its best for you to pack your valuable items in a box you can personally move.

Items also could get damaged. You can acquire insurance to cover damages or loss.

3. Hourly Estimates

When getting hourly quotes, ask in advance how many men will be present and how many hours are expected. You might get one company that will send out 4 movers and it might take 2 hours; another company might send 2 movers and it can take 7 hours.

Remember if it sounds too good to be true, it probably is.

4. Large Deposit

A mover may ask for a small amount of money in advance but if they request a large deposit, be concerned. The best company will require payment once your items have been delivered.

If you have anything else to add let me know :)

What is an option fee?

Posted on by Ali Palacios - Broker

In Texas an option fee is money paid by a buyer to a seller for the option to terminate a real estate contract. Option fee funds are not earnest funds. The option fee and the time allotted to terminate is discussed in section 23 of the resale contract. sample 1-4 resale contract

The termination option period gives the buyer are given time to fully evaluate the condition of the property and perhaps renegotiate the initial offer based on inspections, needed repairs, or other considerations. During the option period, buyers may either terminate the contract or proceed to purchase the home.

This fee is due within 3 days of the effective date of the contract. The payment is made out to the seller and should be delivered to the seller within the allotted time or the buyer WILL NOT have a termination option period. If the buyer does not have a termination option period and they choose to cancel, the buyer might lose their earnest funds.

 

The option fee and numbers of days allotted for termination are negotiable. Typically you will see an option fee of $100-$300 for 7-10 days.

To avoid problems:

  1. Make your option fee payment by personal check or cashier’s check. Do not pay cash
  2. Make the check out to the seller on record. Do not make it out to anyone else, including the real estate agents involved.
  3. Deliver the payment within the 3 days allowed
  4. Request a receipt reflecting delivered.

The option fee will or will not be credited towards the buyer’s purchase if they proceed with the purchase. If the buyer should cancel the contract, they will lose this fee.

Can the option period be extended?

Possibly. Both the seller and buyer have to agree. The extension should be completed in writing and will involve an additional fee to be paid upon execution of the extension. Usually this occurs if additional inspections need to be completed or if inspections were not completed within the set amount of time due to a delay in utilities being installed. If you feel that you need an extension, speak to your Realtor® and discuss your options.

During the option period, the seller can continue to negotiate and accept back-up offers from other potential buyers.