My New Blog

Most agents make it a point to tell you that they're the smartest real estate professional ever. But where is all of the info to back it up? I would rather give you all the information you need to make an informed decision when it comes to buying or selling your home. I love working with informed clients. I find that our transactions go much more smoothly when we all understand the process and we're all on the same page. Here are just a few things that I wanted you to know about real estate. Did you know that one of the major reasons homes don't sell is because potential buyers can't see themselves in the home? Try staging your home to be as generic as possible. Did you know that a 5% down payment is not always a requirement for a home mortgage? There are numerous loan programs that allow buyers to get a loan for less that 5% Did you know that when selling a home, some closing costs can be negotiated as part of the contract? That all of the interest you pay toward your home mortgage is tax deductible? Not all home improvements add value to your home. In fact, some "improvements" actually detract from the overall value of the property. Improvements that pay Most lenders require a title insurance policy on the property? Lenders require this to protect their investment in your loan. These are all very basic real estate facts. If you are interested in learning more about real estate or if you are thinking of buying or selling a property, feel free to contact me. I'd love to help you with your next transaction. Sincerely, Sam Orlando First Texas Realty 2202 AVE I Rosenberg, TX 77471 (281) 344-0007 (281) 222-1005 sam@ftrealty.net www.ftrealty.net

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Real Estate a Real Investment

Another year another opportunity.

Many people look to the future with a pessimistic view, especially in view of all the up and down economic news, but I like to look at it as opportunity. Many people look at the real estate market as being a down market, which it is, but it also opens doors of opportunity.

As a home buyer or investor, it is a great time, because there are some great buys out there. As a seller, it is not the best of times, but if you prepare your home properly, you should have no problem selling your home. You may say, how can I compete with all the foreclosures? I would say no problem, you just have to out smart them. What I mean is most foreclosures are sold "as is", and many people do not want to buy a home as is. They do not have the time to deal with repairs.

I recently took a listing in an area that had quit a few foreclosures. I was not so sure exactly what the outcome would be, but I went over the house with the sellers. We went over what they needed to do to get their home in top shape. They did the things that I suggested, and it sold in one week. Even though there were foreclosures all around the neighborhood, it sold at full price within 7 days and closed with in two weeks. Knowing what to do and what not to do when selling your home is very critical. You can spend a lot of money on fixing up your home, but if it is spent on the wrong things, you have wasted a lot of time and money. I do not want to pull my own chain, but by having a Real Estate professional that has the right eye for what needs to be done, can save you much more than the real estate commission you will pay, and save you a lot of frustration.

For buyers it is a wonderful time because the prices are very good right now. There are many buyer incentives such as the $8,000 first time buyer tax rebate, the $6500 move up rebate, and a lot of good deals out there, especially if you can do some handyman repairs.

For some one that is renting, what is the question??? Either pay your landlords mortgage, and in the end, end up with nothing, or use that same money to be making an investment into your own future.

What a great time to invest in real estate, and what better investment than real estate. It is a real tangible asset that will not dissipate into thin air like your money in the stock market. If the market goes up or down, you still have your home or property. I do practice what I preach, I have always had my investments in real estate, from rental property to land. I have found it to be a great way to invest my money.

We all have the tendency to look at the glass either have full or half empty. I choose to look at it half full. It is a great time to invest in real estate.

Sign up today on our "Auto Notification System", that will automatically email you properties as soon as they hit the market FREE of charge, any price or area. Or give me a call to help you determine what you need and do not need to do to sell your home.

Sam Orlando

281-222-1005

Staging Your Home Checklist

Remove all clutter from the house. Are countertops free and clear? Have you removed unnecessary furniture throughout the house? Remove the art gallery and coupon collection from the refrigerator.

Check the bathrooms. Are the surfaces clean and clear? Are shower curtains and doors hung properly? Is the flooring clean and fresh? Are towels neatly hung?

Check the walls. Is paint and wallpaper fresh and clean? Are the walls free from holes? Are there any colors or objects on the walls that need to be removed?

Check the floors. Is the carpet clean and free from stains? Are hard surface floors clean and free from stains?

Check windows and window coverings. Are all the windows clean? Are draperies and blinds clean?

Pet check. Are there any signs that this is a pet's home? Be sure to clean and remove kitty litter, pet toys and bedding.

How's the aroma? Try to air out the home prior to showings. If air freshener is necessary, use well before showings as a consideration to those with allergies.

Set the mood prior to showings. Open draperies and blinds. Turn on the radio to a classical music station, set the volume on low. If you have time, cook a batch of cookies to have the warm, welcoming aroma permeating the home.

If you are intersted in selling your home give me a call for a free no obligation Market Analysis  of your home or property.

Sam Orlando

Broker/Owner

First Texas Realty

http://www.ftrealty.net/listyourhome

The HOI showed that 72.3% of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5% during the previous quarter and up from 55.0% during the second quarter of 2008.

Many people wanting to buy a home, wait for various reasons and miss the opportunity at hand. During the 1980's in the Houston area, the prices had dropped significantly and many took advantage of the situation, but many let fear of the market scare them into not doing anything and they missed a great opportunity. Unless you are living under a bridge, you will need a place to live, and either you will pay someone else mortgage through rent, or you can be making an investment of your own, in a home.

Don't miss out on a great opportunity to get a great deal on a home.

Sam Orlando

Broker/Owner, First Texas Realty

www.FTXR.com

For a FREE List of Foreclosures:   www.huddeals4u.com

How To Save Thousands On Mortgage

Bi-Weekly Mortgage

If you would like to pay off your mortgage about 10 years early on a 30 year mortgage and save literally thousands in the process...legally, would you be interested? Well you can, and you can do this by only paying one extra mortgage payment per year. It is called a bi-weekly mortgage.

Although there are many companies that charge a fee to do this, you do not have to pay anyone anything to make this happen. It is very simple just take your mortgage payment and divided it by 12 and add that much to your regular payment to go directly on your principle.

For example if your payment was 1200/month divide it by 12 which is 100 and when you make your payment, pay $1300. This will save you thousands and will pay off your mortgage about 10 years early.

If you search for "bi-weekly mortgage" with an Internet search engine, you will be overwhelmed by the number of companies offering "Bi-weekly Mortgage Reduction Services" or "Bi-weekly Savings Programs." Beware, you are entering dangerous waters.

 It is a great way to get out of debt without a lot of effort.

For more great real estate tips visit our website at www.FTXR.net

Sam Orlando

Broker Owner, First Texas Realty

If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more.Things like adding rooms tend to pay back the least.

There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market.

The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you're smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood.

Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.

The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:

• Kitchen remodeling – 90%
• Add a bathroom – 90%
• Bathroom remodeling – 80%
• Install central heating – 90%
• Install central air – 75%
• Add a deck – 70%
• Replace windows – 70%
• Add a room – 55%
• Build a pool – 45%
• Finish a basement – 40%

If you are thinking about selling your home check out our "Ultimate Homes Selling System "

Sam Orlando, Broker/Owner

First Texas Realty

What You Need to Know About Buying a HUD Homes

HUD Homes have been around for a long time, but never with as much inventory as they have right now.  Buying a HUD home is a great window of opportunity here because it's a niche market that many people know about--but few participate in. 

I sold many HUD homes in the mid 80's which was almost a mirror image of what's happening today.  Oil prices went thru the roof.  Banks went belly up.  The housing bubble-and then the crash.  Auctions and HUD Homes sales took over where traditional sales left off.  I guess I could say that I was known as a HUD Home Specialist in my area. 

What FHA has done now was to extend the $100-down repo program that allows borrowers to purchase HUD-owned properties.  In fact, some of the properties offer financing of up to 110% of the loan amount, which could include repairs up to $5,000.  In some markets, there are additional "incentives" to borrowers, with up to $2500 in paid closing costs. 

In order to purchase a HUD owned property, you must use a HUD approved real estate broker. We offer a FREE list of HUD and bank foreclosed properties emailed to you as soon as they hit the market.

What You Need to Know When Buying a HUD Home

Buying a home thru HUD and closing the deal is completely different than anything you have ever done before.  Here are some of the things you need to know ahead of time.

* Real estate agents MUST be a HUD approved (which could take a month)
* Agent & buyers work with the management company (not HUD)
* New HUD listings begin with a "bid process" submitted to the management company
* Each property has it's own "incentives" and it's important to know the "codes"
* Homes that will be owner-occupied are given first preference
* Can bid MORE than offered price but buyer must pay the difference
* HUD has an appraisal - but it's not automatically provided and has to be requested by the buyer
* There is a property condition statement for each home
* It's recommended that the buyer get a home inspection (their expense)
* Can be purchase non-owner occupied and HUD could offer 85% LTV loan
* Penalty of $10 per day if closing does not occur according to the date on the contract.
* HUD provides the title work

Whether you are a investor or a home to live in buyer, it is a great time to buy with the interest rates around  4-5%, and the home prices at such great bargains.

If you have a interest in purchasing a HUD or bank foreclosed home you can sign up for FREE at HUD deals. If you have any additional questions please give us a call at 281-344-0007or email me  at sam@FTXR.net

Sam Orlando

Broker/Owner

First Texas Realty

FOR A FREE LIST OF HUD AND BANK FORECLOSED HOMES GO TO

www.FTXR.com

Bi-Weekly Mortgage

by: Sam Orlando

A great way to pay your mortgage off early, (up to 10 years of payments), and save literally 10's of thousands of dollars without a lot of effort.

A bi-weekly mortgage is where you pay 1/2 of your payment every two weeks instead of one payment once a month. You may say well how can that save me that much money, isn't it the same thing? No it is not, you actually end up making one extra payment per year, that goes directly on the principle. You see there are 52 weeks in a year which would be 26, 1/2 payments. Say for example your payment was $1000/month. 12X$1000=$12,000.  Now if you pay $500 for 26 payments 26X$500=$13,000 the extra $1000 would go directly on the principle.

You can check for yourself just how much you can save and how early you can pay off your loan at by clicking here

If you search for "bi-weekly mortgage" with an Internet search engine, you will be overwhelmed by the number of companies offering "Bi-weekly Mortgage Reduction Services" or "Bi-weekly Savings Programs."

Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs.

You can do it yourself without having to pay a company to do it for you, by simply dividing your payment by 12 and sending in that much extra each month. Just make sure and tell your mortgage company that you want the extra funds to go directly on the principle.

These "Reduction Services" and "Savings Programs" are charging you fees to "make a bi-weekly mortgage payment" for you. The enticement is that they will save you an impressive amount of money on your mortgage and reduce the number of years you pay on your mortgage.

If you want to pay your home off early and save a lot of money, this is a great way to do it.  Call me if you have any specific questions on the process.

Sam Orlando

Broker/Owner, First Texas Realty

281-344-0007

Today is Veterans Day and I would like to express my appreciation for all those that have been willing to defend my freedoms. Thank You.

The VA has a great loan program for veterans. I have included some FAQ.

Eligibility Frequently Asked Questions

Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called ACE (automated certificate of eligibility). Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn’t my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit