| MISSOURI CITY MARKET ANALYSIS | ||||
| This is the market activity in Vicksburg Subdivision and Missouri City TX in 2012 as of 7/9/2012 | ||||
| There are two subdivisions in Missouri City, Vicksburg Village of Cumberland and Vicksburg Village of Shiloh. They have a total of 510 homes combined. The median year built is 1990 | ||||
| Vicksburg | Missouri City TX | |||
| Homes for Sale | 14 | 490 | ||
| List Price | $98,500 - 217,500 | $30,000 - 1,799,999 | ||
| Foreclosures or Short Sales | 2 | 68 | ||
| % of Foreclosure of Homes for Sale | 14% | 13.87% | ||
| Houses SOLD | 11 | 608 | ||
| Sale Price | $100,000 - $185,000 | $21,000 - $855,000 | ||
| Average Days on Market | 50 days | 86 days | ||
| Average Price per Sq. Ft. | $46.63 | $68.67 | ||
| This information is about the Homes in Vicksburg and Missouri City TX, the analysis can vary from one neighborhood to another. For more information about the market analysis in your neighborhood, please feel free to contact me any time for FREE consultation. | ||||
| For more information, contact Jimmy
| ||||
Looking to Buy, Sell or Lease Houses in Houston, Sugar Land, Katy, Cypress, Spring, Pearland & more, and all the valuable resources as neighborhood finder, school finder, free home valuation & more.
Showing posts with label seller. Show all posts
Showing posts with label seller. Show all posts
Monday, July 9, 2012
Market Analysis of Vicksburg in Missouri city
Thursday, June 28, 2012
What are the benefits of owner financing to buyers and sellers?
BuyersWith the economic conditions in the last couple of years in the country, many people went through some hard times and resulted in loss of credit points. In the same time, banks have been adding more and more requirements and restrictions regarding credit score. People still want to live in a house but don't want to rent and don't have the credit to qualify for a mortgage. So here comes the owner financing as an option. Owner financing or seller financing is a process by which the seller offers to be your mortgage provider. Here are some of the benefits to buyers who are interested in owner financing homes in the Houston area. QualificationThe buyer may have poor credit due to any reason like job loss for a while that made the buyer default on bills, student loans, bankruptcy, divorce, transferred to a new job after a period of unemployment or self-employed who is not reporting the income and cannot meet mortgage requirements. Seller's requirements are less restricted than regular lenders. Improving Your CreditWith the assistance of some escrow agencies, they can report to credit bureaus that the buyer is making payment on the current owner financing loan which should help the buyer improve the credit score in a reasonable period of time. Loan CostsAn additional benefit for the owner financing transaction, the buyer doesn't have to pay all the fees charged by lenders to get a loan. Terms Owner financing terms vary from one house to the other as each house is individually owned and each owner might have different requirements. In general, most of sellers require at least 10% down payment, interest rate can be 7-9% and a balloon payment in 3-5 years. Balloon means that the buyer will need to refinance with regular mortgage in 3-5 years. ClosingGoing through a mortgage company, it can easily take 40 days to close on a house. With owner financing, the whole process can be done in a week. SellersFor Home sellers, they are also been affected by the restrictions imposed by lenders and waiting for 2-3 weeks hoping that the underwriter will approve the loan but unfortunately when the loan process goes south, the seller has to restart the whole process again with a new buyer. That being said, so sellers have to consider some creative ways like owner financing to sell their house. PriceWith owner financing, the seller is offering a lot easier qualifications than a lender which gives the seller the privilege of asking for the full market price for the house. DownpaymentSeller may ask for a downpayment that covers the broker fees, the closing costs, and some extra cash in hand. Also, with the use of the escrow agency company, they can service the loan for the seller with some small fees (usually charged to the buyer) they will collect the monthly installment from the buyer and pay the original mortgage of the seller which provides peace of mind for both the buyer and seller. ClosingAs discussed under the buyers section, closing can be done in a matter of one week. | ||
| For more information, contact Jimmy
|
Wednesday, June 15, 2011
What is Earnest Money?
In buying or selling a home, buyers and sellers might be confused because of all the different new terminology used. Sellers don’t remember the terminologies and need refreshment and a first time buyer might need a dictionary to help them.
What is Earnest Money?
When a buyer offers to purchase a home, the offer usually includes Earnest Money.
Earnest Money is to demonstrates to the seller that you are serious and interested in buying the home.
Many agents would say that “Earnest Money is one percent of the offer price of the home”, I would say that it is negotiable and depends on how interested you are in the house. I had a buyer who offered 25% earnest money to show how interested he is in the property. In Texas, earnest money is usually paid to the title company within 2 days of the executed contract. (Executed contract is when buyer and seller have the contract signed by both parties)
Buyers are always wondering what will happen to the money in case they decided to buy or not to buy.
In case, buyers decided to continue with the contract and buy the house, the earnest money will be used as paid amount towards the price of the house (as it is part of the downpayment) and you will be able to see it on the HUD statement at closing.
In case, buyers decided to terminate the contract, it will depend on the terms of the contract. For example, when you make the offer, you request an option period of 10 days (A negotiable period of time that can be 7 to 10 days of the execution date). If you terminate the contract in day 5, you can get your money back. If you terminate the contract in day 11, you will lose your money.
It is very important to have a Realtor helping you in the process to explain the details in the contract and do the negotiation part for you and make your real estate transaction as smooth as possible.
I am a real estate professional representing buyers and sellers, my job is to do the best of your interest.
For more information, contact Jimmy
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