Prudential Ada Realtors Converts to Berkshire Hathaway HomeServices Anderson Properties

Our company was started by Ada Glenn over 40 years ago.  She was the first woman broker in Amarillo with her own company, and at the end of our company as Prudential Ada Realtors it was the only real estate company that was open when she started it.  Hers was the only company remaining from that time.

Back in the 70's her son Greg Glenn bought the company from Ada when she wanted to retire, and he ran it admirably for all these years.  He is one of the most respected realtors in Texas, evidenced by his appointment to the committee that writes our contracts down in Austin, Texas; evidenced by being Realtor of the Year in the past; evidenced by winning an ethics award locally that's never gone to a real estate company before.  I am partial to Greg, because he was my next door neighbor while we were raising our kids, and he's the only broker I even considered when I got my license.

In September, Greg sold the company to Anderson Properties in Houston; and recently we converted to Berkshire Hathaway HomeServices Anderson Properties and Greg no longer is our boss.  He is now a regular realtor like the rest of us, but it is going to be very hard for us to NOT go to him with problems, because he is so knowledgeable about everything that happens in real estate in Amarillo and Texas. 

We look forward to being a part of the BHHS group, as it has already won the award for most respected real estate company and most recognizable in the USA. 

So if you see BHHS signs popping up, know that it is Berkshire Hathaway.  The name has changed, but the people in our office are the same ethical, knowledgeable people who were there when it was Prudential Ada Realtors.

Strangers in My House!!

After getting a call today for someone wanting to see a house, who only wanted to give me a first name, and no other information; then I asked if she was prequalified and she didn't want to answer that question either, I decided the public needs to know a few things.

Imagine you have a nice home that you are putting on the market.  It will house you and your family throughout the time it is on the market.  It will have all your furniture, treasures, clothes, family pictures, silverware and china, etc., in the home while it is on the market.  There are bad guys out in the world, people who would love to see what is inside a nice home and get a layout of the house in order to rob the house. 

Now suppose a complete stranger calls your realtor asking to see your house and all your realtor is able to get is a person's first name.  Would you want that stranger in your home?  Of course, not.  So when you call a realtor to see a home or get more information, don't expect them to celebrate the call and rush out to show the house if you aren't willing to give more information than a first name.  Be prepared to give your full name, email address and phone number.  Be prepared to tell whether you have taken the steps to get pre-qualified for a loan.  This tells the realtor you are serious, you are a buyer, that you will follow through on a sale once you find the perfect home.  It will also let the homeowner know that buyers are coming through their home, NOT BAD GUYS.    Realtors put their lives on the line when they take complete strangers out to see homes.  So don't get huffy with the realtor and refuse to give any information.  In the future, I will be more discerning.  I won't be a "pop tart" relator who is ready to jump up, run out and show houses to total strangers.  I'm going to know something about the person before I go show a house. 

Secondly, in Texas when I meet with someone for the first time, I am required to give them an Information About Brokerage Services.  I have to get them to sign saying I gave them the information.  This lady I showed today acted like I was getting a signed contract for the purchase of the property when I asked her to sign.  It took the whole houselooking trip before she finally put her name on the paper and tore it apart so I could keep her signature and she could keep the information.

Don't be afraid that the realtor will sell your name and address, they don't.  Don't be afraid they might send you other properties to consider.  That is their job, and if you don't want them, don't open the email, put it in spam or delete.  But don't think you are doing them a favor asking to see a house.  It takes time, gas, and unless you buy, it's a waste of time.  Why would they go out and waste the time for a perfect stranger.  In the hopes of making a sale, is why.  But they deserve respect from the buyer and they need information, and their sellers deserve it too. 

Thirdly, when you go to an open house, the sellers again are opening up their prized possessions for complete strangers to go through and brouse and look.  Don't be offended when the realtor asks for your name and some other information.  They need to show the sellers that real people with real addresses, phone numbers and emails came through the house; and should something come up missing, they have a list of people who might be responsible.  If you are guilty and not planning a robbery, you have nothing to worry about.  I'd think only the guilty would want to keep their names private.  Go to open houses knowing you will be asked to sign in!!  If you had your house on the market, you'd want the same courtesy.

Credit Scores Are Confusing

Alot of people think they know their credit scores because they get a free report.  But what they don't know is that the three credit reporting companies sometimes give lenders a different number.  Not only that, some lenders use different criteria, so you may think with a 750 you are qualified for the lowest interest rate, but their criteria and risk management is different than other lenders, and you may end up paying an extra point or so.

The three companies are Trans Union, Experian and Equifax.  Their numbers are called FICO scores and they range from 300 to 950.  All this time, I thought they were up to 850; so my score isn't as high as I thought.  Yours may not be either.  The higher the score, the better for a mortgage as it means your risk of default is less. 

If you find out your score is lower than you thought and you get a report and there are no errors on it, then you need to start working on getting it higher.  Pay all your bills on time and even pay more than the minimum.  Close those accounts you don't use, as the more cards you have, the more risk there is you could default.  If you have a credit card that would work at department stores, you don't need the store card.  Pay down high balances, and don't apply for new cards.

If when you go to get a mortgage loan don't just take the first loan offered, shop around for the best loan.  Also if there are errors on your report, get them corrected.  Find out if you put more down, if the interest goes down.  It might be worth coming up with more cash to save interest over 30 year time period. 

The credit industry is confusing, and buyers need to be better informed and educated about how the system works.  Usually an experienced realtor can help you in that department.  Sometimes the realtor knows about all the lenders in your area, what their parameters are and who is easier to work with, so be sure and work with a realtor.  They do more than show houses; they educate you in the complete process of homebuying from shopping, credit, insurance, appraisals, inspectors, and closing.  Since the seller pays their fee, don't be afraid of getting your own realtor and letting them help you through this confusing time.  It might relieve alot of your stress by having this expertise right at your fingertips (by dialing her phone number!!) 

Rising Home Prices Expected in 2013.

Recently released research data project rising residential prices in 2013. The October 2012 Economic Survey by the Wall Street Journal panel of economists forecasted home prices as increasing at an annual rate of 3.25 percent in the forthcoming year. A similar National Association of Business Economists survey projected a 2.8 percent increase in home prices by the end of 2013.
Based on information from the latest Realtors Confidence Index, REALTORS® are projecting a 3 percent increase in home prices in the forthcoming year. Both practitioners and economists are in good agreement on this one: prices are projected to increase.

Jed Smith, Managing Director, Quantitative Research

Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.

  
     

FHA Streamline Refinancing

The government came up with a streamline way of refinancing a pre-existing FHA loan.  Here are some of the rules:

 . The mortgage to be refinanced must already be FHA insured.

	The mortgage to be refinanced should be current (not delinquent).
	The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
	No cash may be taken out on mortgages refinanced using the streamline refinance process. However, to make things tight again, Wells Fargo has decided to only do it for pre-existing customers, their own servicing portfolio.  Other banks are following suite, and making the same decision.  It appears they don't want to have to hire new employees to handle the increased business, so rather than this program succeed, it'll probably just be a stop gap, helping only a few people.  But as a realtor, we need to let people who are having trouble making their payments know there is a way to get relief.  Go to their own servicer and apply for a streamline FHA refinance.