Monthly Archives: October 2012

Vote: What are your priorities when buying a home

Buying or Selling a House? What closing costs should I expect?

If you’re buying or selling a home, don’t be surprised by closing costs. Here are a few typical closing costs to expect:

  • Title insurance fees depend on the sales price of the home.
  • Broker’s commission is a full-service fee and will cost anywhere between 5% to 7%.
  • Local property transfer tax, county transfer tax, state transfer tax, and state capital gains tax are the charges that you’ll pay for the privilege of selling your home. Credit to the buyer of unpaid real estate taxes for the prior or current year are variable and depend on when you close and when your taxes are due.
  • FHA fees and costs are all fees are now negotiable between an FHA buyer and seller.
  • Home inspections fees are in some circumstances paid for by the seller and include pest, radon and other inspections.
  • Miscellaneous fees can accrue from correcting problems noticed during the home inspection.

Find out how much your closing costs could be.

Getting Pre-Qualified for a Loan

ImageGetting pre-qualified for a loan gives you and idea of how much you can afford as well as loan programs that are available. This takes very little time, is of great value and can generally be done on the phone or at an initial meeting with a loan officer. Some states require that you are pre-qualified or pre-approved before you submit an offer.

Pre-approval is going through the process and actually getting approved for the loan however, it is not the final loan commitment. This requires detailed documentation and if you are approved for a loan you will receive a pre-approval letter stating the lender is willing to give you the loan which is generally good for 60 days.

Some general information that can be required to get pre-approved might include:

  • Social security numbers/cards of the borrower and co-borrower(s).
  • Driver’s License
  • Where you have lived for the past two years. If you were renting, the landlord’s name, address, and phone number.
  • Most recent two-year employment history, including income.
  • W-2 tax forms for the past 2 years.
  • If you are self-employed: provide 2-3 years tax returns and an YTD profit and loss statement, and other financial statements regarding both you and your company may be requested.
  • A list of all creditors, including account balances.
  • Provide two-three months of the most current bank statements for each bank, stock and mutual fund account.
  • Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
  • The value of any other assets you might own, including other real estate.
  • Gift letter statement. If you have received any money from friends or relatives which will be used towards the purchase of the home.
  • Most recent pay stubs. (Usually the last 30 days)
  • Any supporting documents proving claims of additional or supplemental income for sources like: social security, pension, stock dividends interest and such.
  • If recently divorced you will need to provide a copy of the divorce decree as well as proof regarding any claims of receiving alimony or child support.
  • If you are not a US citizen, provide a copy of your green card, or if you are not a permanent resident provide your H-1 or L-1 visa.
  • If VA loan certificate of eligibility or DD-214 Discharge Paper/ Employee Relocation Client
  • If previous bankruptcy, copies of petition for bankruptcy and discharge, including schedule.

If you have more questions, please feel free to give me call me at 512-829-2062

October is Texas Wine Month!

ImageIn case you need another reason to enjoy the Texas Hill Country this month, October is Texas Wine Month!  To celebrate, Texas Hill Country Wineries are hosting the annual Texas Wine Trail. For just $20/ticket you can tour all 32 participating wineries, taste award-wining wine, and celebrate all these fantastic wineries have to offer – what a deal! For more information and to purchase your ticket, visit www.texaswinetrail.com

Here’s a list of a few of the participating wineries:

This Week’s Market Update for Austin & Dripping Springs

If you want to stay “ahead of the curve” in the real estate market, it’s important to get the most recent market information so you can make better decisions. Below, I’ve included this week’s market update so that you won’t miss important changes that may impact your local neighborhood market conditions.

If you’d like to receive these market updates in an monthly email click here and I’ll add you to our list!

Market Report – Austin TX

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Dripping Springs – Market Report

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Weekly updated market information for Dripping Springs, TX