UNDERSTANDING HOME BUYERS AND SELLERS

If you are a home buyer or home seller, it may be an advantage to know what to expect from the other party.

For instance, Most Texas home buyers are married couples (62%) but the second largest group is single women at 19%, while single men make up 11% and unmarried couples only 6%.

Homes in Texas sold for an average of 97% of the asking price.

Most Texas homebuyers compromised on price than any other feature.

87% of homebuyers research on line.

Most Texas homebuyers listed finding the right home as the most difficult part of buying a home (52%.)

Most valued asset home sellers sought from REALTORS was help pricing the home.

The most valued skill of a REALTOR is honesty and integrity.

Before selecting an agent, two-thirds of home sellers only contact one person.

Four out of five home sellers chose a REALTOR who could offer more than just an MLS listing.


Source: TexasREALTORS magazine

For a REALTOR with a high level of honesty and integrity, look no further. I am the one. Plus I have acquired additional certifications to best aid my home buyers and sellers. I am a certified residential specialist, accredited buyers representative and sellers representative specialist because I want to be the best REALTOR I can be for you. To find out what I can do to help you buy or sell a house, call or email me at 512.589.7988 or robin@robinscottrealtor.com

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.
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Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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Negotiating for Homebuyers and Sellers

I am a strong believer in win-win situations but sometimes one party is in a stronger negotiating position. That is the party who is less invested in the outcome.

From the buyer's point-of-view, it's hard not to get emotionally involved in the prospect of buying that home for which you just promised to pay more than you have ever paid for anything else. After all, would you have made such an offer if you didn't really, really want it. And sometimes there aren't any better options available.

From the seller's point-of-view, an offer is your opportunity to accomplish your goal of selling your home for whatever reason you have chosen and to move on with your life.
Still there are times when one side is more committed than the other.

If winning is what you desire, you must be the party ready to call the others bluff. You must be the party ready to pass on the deal.

Recently, I experienced just this situation when my seller who has chosen to downsize but not yet looked for another home and was in no hurry to move forward was presented an offer for far less than expected or desired. The other party negotiated hard - only increasing the offer in small increments. It was easy for my seller to stand his ground because he didn't have a time-frame that must be met and he knew his home was properly priced. If this offer didn't fly, there would be another.
And there will be.

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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My Daughter Is Buying a House!

Now that's scary. I think of myself as a residential expert but that wasn't enough to cool my nerves as I worked with my son-in-law to help him buy a house. For all my clients I strive for perfection but this seemed like the most important transaction to date.

BB is smart, has experience buying and selling real estate (before I knew him) and understands everything you explain to him. This is the only area in which I know more than he and I wanted to make sure everything went well.

We were really lucky when a house that almost perfectly matched his wish list became available and we were able to jump on the opportunity and write an offer immediately. So far the seller and other agent have been great to work with. We negotiated a price, negotiated repairs and are getting close to the end.

I'm very excited for my son-in-law, daughter and granddaughter.
Austin, Texas. Robin Scott, BROKER Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

5 THINGS ABOUT YOUR CREDIT SCORE

Since we've experienced a melt down in the mortgage industry, it's more important than ever to maintain your credit score. What was once an acceptable ranking has changed and the bar has been moved higher. Credit scores range from 200 - 800 and lenders are now looking for scores above 750 to obtain a mortgage. Below are the 5 things that effect your score:

1. Payment history. Paying your bills on time is crucial. That means that if it's due on the first, you'd better have the check in the mail days in advance so that it arrives by the first. They may not charge you a late fee until the 15th but it's still due on the first. Bankruptcy, repossession, liens and collection activity reduce your credit scores.

2. Debt ratio. The old "rule of thumb" was no more that 38% of debt to income. Lenders like to see some debt and know that you are making timely payments. That reassures them that you can handle the large debt of a mortgage and make the payment timely. They just want to make sure you're not over extended. So for instance, if you have a car note or education loan, they don't count the full amount but count your monthly required payment.

3. Length of credit history. The longer you have had accounts opened, the better. If you are going to cancel credit cards, cancel the newest one. Having a creditor for an extended time with timely payments demonstrates your ability to manage credit over along period of time, like a 30 year mortgage.

4. No debt, no credit cards. Having no debt and no credit cards actually lowers your score because there is no evidence that you can effectively manage debt like a mortgage. I know it sounds crazy because if you are good enough with your money to always pay cash it seems you'd be a good risk but lenders want to see you pay those bills. If you have no credit cards, get one. You can pay the balance off at the end of every month but you must develop traceable credit history.

5. Variety of credit. It's actually best if you've got different types of credit like credit cards, car payment, mortgage but if you have too many credit cards, that can adversely effect your credit because it shows you have the ability to run up the balances too high. So if you have a lot of credit cards, cancel the ones you no longer use but not the oldest one.

For more information on your credit score: 5 THINGS THAT EFFECT YOUR CREDIT

If you are interested in buying or selling a house, I want to be your REALTOR®. Visit my Web site to find out more about how I can help you. Contact me at 512.589.7988 or robin@robinscottrealtor.com and let's get started helping you achieve the American Dream of home ownership.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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CERTIFIED RESIDENTIAL SPECIALIST (CRS)

The Certified Residential Specialist designation is a credential only 4% of REALTORS® across the country have because it requires additional education and experience plus a continuing membership with the Council of Real Estate Specialists.

I worked to acquire this designation so that I could better serve my home buyers and home sellers. In addition to the information I learned from several weeks of classes, I also receive monthly updates on market trends and other information to continually be of improved service to my clients and I'm networked with CRS REALTORS® all over the country so that I can refer buyers or sellers to knowledgeable and reputable REALTORS® wherever they wish to purchase or sell.

If you are planning on buying or selling a house in the greater Austin area, I want to be your REALTOR®. To find out more about the services I offer or search for properties, visit my Web site at http://www.robinscottrealtor.com, my blog at http://www.robinscottrealtor.blogspot.com email robin@robinscottrealtor.com or just call 512.589.7988.

Robin Scott, REALTOR®

Certified Residential Specialist, Accredited Buyer's Representative, Seller Representative Specialist

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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ABSTRACT OR TITLE POLICY?

In some states, closings happen in an attorneys office but in Texas they most often happen at the title company.

Either way, the home buyer will want to be sure that there aren't any liens or encumbrances on the property like unpaid fines, bills, taxes or another's property extending onto your property line.

To accomplish this the buyer will either have an attorney of their choice examine an abstract of title or obtain a title policy insuring that the title is free and clear from the title company. In Texas, we usually submit the contract and earnest money (see previous blog entry "What About Earnest Money"), to the title company and they prepare everything for closing including ordering a survey (see previous blog entry "When Buying or Selling a Home, What's a Survey?")if one is needed. The charge for the title policy (also called a title commitment) is negotiable but usually the seller's expense.

Search for homes through Austin MLS
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Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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UNDERSTANDING AGENCY RELATIONSHIPS

It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. Ask what type of agency relationship your agent has with you:

Seller's representative (also known as a listing agent or seller's agent)
A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.

Buyer's representative (also known as a buyer’s agent)
A buyer’s agent is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee 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.

Subagent
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. In such a case, the subagent works with the buyer as a customer 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. It is important that subagents fully explain their duties to buyers.

Disclosed dual agent
Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them, is legal in most states.

Designated agent (also called appointed agent)
This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as an agent of the seller and which will act as an agent of the buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties. The broker still has the responsibility of supervising both groups of licensees.

Nonagency relationship (called, among other things, a transaction broker or facilitator)
Some states permit a real estate licensee to have a type of nonagency relationship with a consumer. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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INTEREST RATES ARE DOWN

Yes, interest rates are down and now is the time to buy. As an Accredited Buyer's Representative, I provide a high level of service to my buyers with assistance in everything from working with a lender, through finding a home and negotiating an offer and all you need to know and do through closing the purchase. Contact me for a complete presentation of my services. 589-7988 or robin@robinscott@flash.net

BLOG SURVEY - HOW AM I DOING?

This Blog has acquired about 400 hits and I'm sure only half of them are me. I'd like to find out if the information I post is useful, timely and appropriate. Please comment on how I am doing. If there is something you'd like to know about let me know. I'd love to answer any questions you have.

Search for homes through Austin MLS
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Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.
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4 WAYS TO FIX BAD CREDIT

Credit problems can seem like an insurmountable barrier to getting a home loan. It’s not an easy task, but you can turn things around.

1. Develop a budget. Stop all credit transactions first. Now you can manage your inflow and outflow of cash. Develop a flexible budget. Consider all necessary expenses. Then, eliminate expenses that can be trimmed. For more help, contact a nonprofit credit counseling agency, such as the CCCS at 800/308-2227.

2. Contact your creditors. If you aren’t making timely payments, don’t wait to be turned over to collectors. Your creditors may be able to help you get on a lower-interest payment plan or agree to a settlement.

Tip: If your balance is unmanageable, offer a 30% settlement first. Some creditors will take payments of 30%-40% rather than have you default. Get it in writing. When paid in full, send the settlement letter to the credit bureaus (Equifax, Trans Union, and Experian/TRW.)

3. Consolidate your debt. Another approach to acquire a debt consolidation loan. This type of loan will allow you to pay off your outstanding balances with one, lower-interest monthly payment.

4. Avoid bankruptcy if you can. A last resort is bankruptcy because of its long-lasting effects. Bankruptcy can make it difficult to attain future credit. It does, however, offer a new start. The primary types of personal bankruptcy are Chapter 13 and Chapter 7. Chapter 13 allows you to keep property but pay off a default amount during a three-to five-year period. Chapter 7 liquidates all of your assets that are not exempt. Property is turned over to creditors or sold by a court-appointed official.

New laws allow you to check your credit once a year for FREE.

Homes sellers are also homebuyers. If you are in the Austin, Texas area and are planing to sell and/or buy a house, contact me for a FREE home market analysis and marketing plan or help finding and purchasing your new home. Robin Scott, REALTOR® 512.589.7988 or robinscottrealtor@gmail.com

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

rienced professional. Call Robin Scott, Broker at 512.589.7988.Like us on facebook!

HOW IS A MORTGAGE PAYMENT CALCULATED?

Generally, your mortgage payment consists of PITI - principal, interest, taxes and insurance.

If you choose to escrow, you allow the mortgage company to collect from you 1/12 of the annual taxes and insurance on the home every month as part of your payment. When the tax or insurance bills come due, the mortgage company pays those bills for you. Easy.

You may choose not to escrow and be responsible for saving and paying those bills yourself. During the year you could be collecting that money in an interest bearing account.

To decide which is best for you, consider whether you are the personality type to be organized and on top of it or if it's better to have someone else take over the responsibility for you. Just be sure to let your mortgage company know what your plans are at the beginning of the loan process.

If you have any other questions you may post here or email me at robin@robinscottrealtor.com

Homes sellers are also homebuyers. If you are in the Austin, Texas area and are planing to sell and/or buy a house, contact me for a FREE home market analysis and marketing plan or help finding and purchasing your new home. Robin Scott, REALTOR® 512.589.7988 or robinscottrealtor@gmail.com

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

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10 THINGS TO DO IN AUSTIN

1. Watch the bats fly from under Congress Ave. bridge. 416-5700 x3636
2. Tour the State Capitol. 463-0063
3. Enjoy the nightlife on 6th street.
4. Swim in Barton Spring Pool. 68 degrees F. 478-0098
5. Enjoy the water sports and restaurants around Lake Travis. 263-3188
6. Ascend 99 steps to the top of Mt. Bonnell. 478-0098
7. Explore Austin’s 12 National Register Districts. 478-0098
8. Jog, bike, picnic & play at th 351 acre Zilker Park.499-6700
9. Take the kids to the interactive Austin’s Childrens Museum. 472-2494
10. Tour the University of Texas.

Homes sellers are also homebuyers. If you are in the Austin, Texas area and are planing to sell and/or buy a house, contact me for a FREE home market analysis and marketing plan or help finding and purchasing your new home. Robin Scott, REALTOR® 512.589.7988 or robinscottrealtor@gmail.com

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

Insurance Tips for Homeowners

Save on Homeowners’ Insurance

1. Shop around. Check with several different insurance companies to get rate quotes.
2. Raise your deductible. If you increase your deductible, you’ll save on your premiums.
3. Buy your home and auto policies from the same company. Many companies will give a "multi-line" discount if you buy both from them.
4. Insure your home, not the land. While your home and its contents are at risk from fire, theft, windstorms, and other perils, the land is not. Don’t include the value of the land.
5. Improve security and safety. Items such as dead-bolt locks, burglar alarms, and smoke detectors can usually bring discounts. Your insurance company may also offer a discount if you install a sophisticated home-security system.
6. Check your policy annually. Review your policy every year and make necessary adjustments.



I want to be you REALTOR®. If you are thinking about selling your house in the greater Austin area, call me at 512.589.7988 and I can walk you through getting your house ready to sell, marketing your house and represent you to the end of the transaction.

Homes sellers are also homebuyers. If you are in the Austin, Texas area and are planing to sell and/or buy a house, contact me for a FREE home market analysis and marketing plan or help finding and purchasing your new home. Robin Scott, REALTOR® 512.589.7988 or robinscottrealtor@gmail.com 

Austin, Texas. Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!