Shannon Register Real Estate Team » houston real estate

5 Things to Understand About Homeowners Insurance

Shannon Register, Realtor — Wed, 28 Apr 2010 03:56:16 +0000

1. Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately.

2. Look for dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.

3. Understand replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.

4. Understand actual cash value. If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.

5. Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your proprety, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.

"5 Things to Understand About Homeowners Insurance" was originally posted as a blog post at Shannon Register Real Estate Team on April 27, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Should You Move Up?

Shannon Register, Realtor — Fri, 02 Apr 2010 03:46:18 +0000

Lately, many of my sellers want to know if it makes sense to move up right now. Answer these questions below to help you decide whether moving up makes sense for you.

1. Have you lived in your home for at least 5 years so you can qualify for the $6,500 move up tax credit?
2. How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned your home for a number of years, you may have significant unrealized gains.
3. Has your income increased enough to cover the extra mortgage costs and the costs of moving?
4. Does your neighborhood still meet your needs? For example, if you’ve had children, the quality of the schools may be more of a concern now than when you first purchased.
5. Can you add on or remodel? If you have a large yard, there might be room to expand your home. If not, your options may be limited. Also, do you want to undertake the headaches of remodeling?
6. How is the home market? If it’s good, you may get top dollar for your home.
7. How are interest rates? A low rate not only helps you buy more home, but also makes it easier to find a buyer.

"Should You Move Up?" was originally posted as a blog post at Shannon Register Real Estate Team on April 1, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Why Do Sellers Need Home Warranties

Shannon Register, Realtor — Thu, 01 Apr 2010 16:50:42 +0000

When I list a property for sale, I always ask my sellers to put a home warranty on their property. There are several reasons why I encourage my sellers to put a home warranty on their home. The main reason is that the buyer is going to ask for it in the contract. They always do! To be competitive, you need to go ahead and have it on the property so it can be marketed with the property. I like to use the American Home Shield Warranty, but there are several out there to choose from. If you want to know how comprehensive the home warranty is, check the policy to see which items are covered. Be sure to check whether the policy covers the full replacement cost of each item: plumbing, electrical systems, water heater, furnace, heating ducts, water pump, dishwasher, stove, cooktops, ovens, microwaves, and swimming pool.

Second reason I encourage sellers to put a home warranty on their properties is because during the buyers inspection, the inspector will find things wrong with the property that are going to need to be repaired. It saves the seller money during the sell of the home. Lastly, it protects the seller if something breaks while the home is on the market. This way the seller does not incur additional expenses while trying to sell the property.

Home Warranties are like buying insurance for your home. There is still a co-pay when a service call is made, but it lowers the seller or buyers cost for repairs.

"Why Do Sellers Need Home Warranties" was originally posted as a blog post at Shannon Register Real Estate Team on April 1, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Top 10 Ways to Make Your Home Irresistable at an Open House

Shannon Register, Realtor — Sun, 21 Mar 2010 03:35:54 +0000

1. Put fresh or silk flowers in principal rooms for a touch of color.

2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.

3. Set out potpourri or fresh baked goods for a homey smell.

4. Set the table with pretty dishes and candles.

5. Buy a fresh doormat with a clever saying.

6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.

7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.

8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use.

9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.

10. Turn on the sprinklers for 30 minutes to make the lawn sparkle.

"Top 10 Ways to Make Your Home Irresistable at an Open House" was originally posted as a blog post at Shannon Register Real Estate Team on March 20, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

5 Common First-Time Homebuyer Mistakes

Shannon Register, Realtor — Sun, 21 Mar 2010 03:01:30 +0000

1. They don’t ask enough questions of their lender and miss out on the best deal.

2. THey don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right real estate professional who is willing to help you through the homebuying process.

4. They don’t do enough to make their offer look good to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

REPRINTED WITH PERMISSION FROM REAL ESTATE CHECKLIST AND SYSTEMS ( http://www.realestatechecklists.com ) REPRINTED FROM REALTOR MAGAZINE ONLINE BY PERMISSION OF THE NATIONAL ASSOCIATION OF REALTORS, COPYRIGHT 2005, ALL RIGHTS RESERVED.

"5 Common First-Time Homebuyer Mistakes" was originally posted as a blog post at Shannon Register Real Estate Team on March 20, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Houston Loses 25,500 Construction Jobs in 2009

Shannon Register, Realtor — Mon, 15 Feb 2010 05:19:16 +0000

HOUSTON (Houston Business Journal) – Houston lost 25,500 construction jobs between December 2008 and December 2009, more than any other metropolitan area in the country, according to the Associated General Contractors of America (AGCA).

AGCA’s analysis of the latest Bureau of Labor Statistics figures revealed that Houston–Sugar Land–Baytown construction jobs decreased 13 percent from 203,900 jobs in December 2008 to 178,400 jobs at the end of 2009.

Although Houston had the largest total job loss in the construction sector, other metros had higher percentage decreases year over year.

Only four of 337 cities nationwide added construction jobs last year.

AGCA also reports that construction spending fell $100 billion in December to a six-year low of $903 billion.

"Houston Loses 25,500 Construction Jobs in 2009" was originally posted as a blog post at Shannon Register Real Estate Team on February 15, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Fewer New-Builds for North Texas in 2009

Shannon Register, Realtor — Fri, 12 Feb 2010 05:09:08 +0000

DALLAS (Dallas Morning News) – North Texas home builders posted more conservative home start numbers in 2009 than in previous years, but some still fared well. Overall, builders started about 13,500 homes in the area last year, a more than 70 percent decrease from the market’s peak in 2006. The 20 largest builders built 17 percent fewer homes in 2009 than in 2008. Fort Worth–based D.R. Horton Inc. increased its starts by 20 percent between 2008 and 2009, building about 2,289 homes last year, according to Residential Strategies Inc. However, this was less than half the number of homes the builder started in 2006. The next three largest builders — Pulte-Centex, Highland-Huntington and Meritage-Legacy — reduced their starts in the DFW area in 2009.

"Fewer New-Builds for North Texas in 2009" was originally posted as a blog post at Shannon Register Real Estate Team on February 12, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

FHA Flips Anti-Flipping Rule

Shannon Register, Realtor — Wed, 10 Feb 2010 05:04:02 +0000

WASHINGTON, D.C. (Realtor.org) – The Federal Housing Administration (FHA) yesterday relaxed what is known as the “anti-flipping rule.” FHA now provides mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days. The change was made to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, said FHA Commissioner David H. Stevens.

"FHA Flips Anti-Flipping Rule" was originally posted as a blog post at Shannon Register Real Estate Team on February 10, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Ranks 29th in 2009 Home Foreclosures

Shannon Register, Realtor — Mon, 18 Jan 2010 20:22:13 +0000

HOUSTON (Houston Chronicle) – Texas ranked 29th in state foreclosure rates for 2009, with 1.06 percent of the state’s total housing units receiving at least one foreclosure filing, according to a report by RealtyTrac.

That calculation includes default notices, scheduled foreclosure auctions and bank repossessions.

Overall, 100,045 housing units received foreclosure filings in Texas last year, up 4 percent from 2008 and up 18 percent from 2007.

In comparison, Nevada posted the highest foreclosure rate in 2009, with over 10 percent of its housing units receiving foreclosure filings. Colorado was tenth in the nation, with 2.37 percent of its units receiving foreclosure filings.

"Texas Ranks 29th in 2009 Home Foreclosures" was originally posted as a blog post at Shannon Register Real Estate Team on January 18, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

8 Tips for Buying Foreclosure Properties

Shannon Register, Realtor — Thu, 10 Dec 2009 03:54:30 +0000

1. In general, a foreclosure property should be at least 20% lower than similar homes in the area.

2. Buying a foreclosure at auction is risky. The home could have liens, be in poor condition, or have other legal headaches attached. Buying bank-held or HUD foreclosure properties is safer.

3. Do your homework! Rumors of bargain prices have attracted buyers to the foreclosure market, but it’s not always a good deal. Sometimes multiple bids on a property drive up the price making it less of a bargain.

4. There are a lot of un-reputable websites that promote foreclosures. A good website to use is RealtyTrac.com. You can also search the entire Houston MLS Database at BuyandSellwithShannon.com/Buy

5. Work with an experienced Realtor (like me!) that has access to foreclosure data through the Multiple Listing Service. Impulsive or uneducated buyers can get taken advantage of and acquire a home with many problems.

6. Make sure you have the home inspected during your option period. If the bank will not allow an option period, get it inspected before putting in an offer. Your inspector will be able to spot water, pest, and structural problems. If the inspector recommends it, hire an HVAC professional to check out the heating and air conditioning system.

7. If there are repairs that need to be made you should get estimates for repair costs before getting locked into a contract on the home.

8. Get a Pre-Approval before house hunting, as the bank will require that with your offer.

"8 Tips for Buying Foreclosure Properties" was originally posted as a blog post at Shannon Register Real Estate Team on December 9, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Malls Could be Saved

Shannon Register, Realtor — Tue, 24 Nov 2009 18:47:58 +0000

HOUSTON (Houston Chronicle <http://blogs.chron.com/primeproperty/2009/11/good_news_for_general_growth_1.html> ) – Mortgage restructuring worth $8.9 billion could save two area malls owned by General Growth Properties from bankruptcy.

Deerbrook Mall and The Woodlands Mall were two of 158 regional General Growth-owned properties that filed for Chapter 11 bankruptcy in April.

The agreements, covering loans for more than 70 malls, could enable some centers to escape bankruptcy by the end of the year and extend loan due dates to January 2014 or as far back as 2018.

"Malls Could be Saved" was originally posted as a blog post at Shannon Register Real Estate Team on November 24, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Foreclosures Up 17 Percent

Shannon Register, Realtor — Tue, 20 Oct 2009 03:28:43 +0000

HOUSTON (Houston Business Journal) – Texas foreclosures rose 17 percent between August and September, with 13,216 default notices, scheduled auctions and bank repossessions filed last month.
Year over year, foreclosures were up 43.7 percent in September, according to RealtyTrac Inc.
Statewide foreclosures were 11.3 percent higher in the third quarter than in the second with 29,838 filings, and 8.7 percent above third quarter 2008.
Nationwide, filings fell 4 percent between August and September but were up 29.2 percent from September 2008, with over 340,000 filings.

"Texas Foreclosures Up 17 Percent" was originally posted as a blog post at Shannon Register Real Estate Team on October 19, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Industrial Market Loses Tenants, Gains SF

Shannon Register, Realtor — Tue, 20 Oct 2009 03:24:32 +0000

HOUSTON (Houston Business Journal) – Houston’s industrial market had a third-quarter overall vacancy rate of 7.75 percent and posted a year-to-date negative absorption of 994,000 sf, according to Grubb & Ellis.
The “northwest far” submarket lost the most in the third quarter, with a total of 618,000 sf vacated by Academy Sports & Outdoors at 8760 Clay Rd. and Bison Building Materials at 7611 Railhead.
With 1.5 million sf of industrial buildings under construction, 1.1 million of which are warehouse-distribution properties, Grubb & Ellis expects the vacancy rate to continue rising.
Asking rates for industrial space are currently $5.13 per sf, down 20 cents from the second quarter.
Houston’s commercial real estate market had 381,000 sf of negative absorption in third quarter 2009.

"Industrial Market Loses Tenants, Gains SF" was originally posted as a blog post at Shannon Register Real Estate Team on October 19, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Alamo Drafthouse’s West Texas Roadshow

Shannon Register, Realtor — Wed, 14 Oct 2009 03:19:41 +0000

AMARILLO (Amarillo Globe-News) – Alamo Drafthouse — deemed “the number one movie theater in the country” by Entertainment Weekly in 2005 — could be coming to West Texas as well as other parts of the state.

Austin developer Triple Tap Ventures, which opened its first Alamo cinema in downtown Austin in 1997 and now has seven locations, has its eyes on Amarillo, Lubbock, Midland-Odessa, Corpus Christi and San Marcos. The company also plans to build two more in Houston.

The new locations would propel the company toward its goal of having 30 theaters open nationwide by the end of 2010. The company expects to have 50 locations open within five years.

"Alamo Drafthouse’s West Texas Roadshow" was originally posted as a blog post at Shannon Register Real Estate Team on October 13, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Third-Quarter Houston Office Market Report Released

Shannon Register, Realtor — Mon, 12 Oct 2009 03:06:14 +0000

HOUSTON (CB Richard Ellis) – CB Richard Ellis today released its third-quarter results for the Houston office market.

According to the report, the market suffered 610,000 sf of negative absorption, bringing the year-to-date total to a negative 1.7 million sf.

The Central Business District and surrounding suburban markets had 98,000 and 512,000 sf of negative absorption, respectively, while the overall Class-A segment absorbed 305,000 sf. The Class B market suffered the majority of negative absorption with 800,000 sf.

The report also stated that sublease space increased to 4.4 million sf from 3.8 million sf and is approaching the highest levels since the 1980s.

"Third-Quarter Houston Office Market Report Released" was originally posted as a blog post at Shannon Register Real Estate Team on October 11, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Twilight Open House

Shannon Register, Realtor — Thu, 16 Jul 2009 06:00:32 +0000

Open House: Tuesday July 21st 5-7 p.m.

This four bedroom house is full of upgrades and the price is amazing. What a deal! Reduced to $174,900, this house includes hardwood floors, iron staircase spindles, granite counters, tile backsplash, gas fireplace, and much more. This house has huge upstairs bedrooms, the master down, a large game room with a hobby or exercise room, Hot Tub, Deck, Swingset, FREE American Home Shield Warranty, and a detached garage.

It is located in Cypress Forest Estates and within walking distance to Lemm Elementary School, parks, community pool, tennis courts, clubhouse, and workout room. The taxes are lower than in The Woodlands, yet located within minutes of The Woodlands Mall and close enough to I45 and the toll road to zip downtown for an evening out. This house is an amazing opportunity for any home buyer.
(more…)

"Twilight Open House" was originally posted as a blog post at Shannon Register Real Estate Team on July 15, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Quick to Bounce Back From Recession

Shannon Register, Realtor — Mon, 06 Jul 2009 03:16:39 +0000

WASHINGTON (Forbes) – Several Texas cities are poised for a quick recovery from the national recession, according to Forbes.

Austin–Round Rock ranked first on the magazine’s recent list of ten cities most likely to bounce back quickly.

Meanwhile, San Antonio ranked fifth, Dallas–Fort Worth–Arlington seventh and McAllen-Edinburg-Mission ninth.

To compile its list, Forbes looked at estimates from Moody’s Economy.com of the projected gross domestic product of metropolitan areas across the United States, as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders.

Forbes also put together a list of ten worst cities for recession recovery. No Texas cities made that list.

"Texas Quick to Bounce Back From Recession" was originally posted as a blog post at Shannon Register Real Estate Team on July 5, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Houston, DFW Housing Markets Shine

Shannon Register, Realtor — Tue, 30 Jun 2009 03:07:10 +0000

HOUSTON (Dallas Morning News) – The Brookings Institution has named Houston and Dallas–Fort Worth two of the top housing markets in the country.

Houston ranked first and DFW third among metro areas that have been the least affected by falling home prices.

Home prices in DFW were up slightly in first quarter 2009 compared with those in first quarter 2008, according to the Federal Housing Finance Agency’s quarterly House Price Index.

Of the top 100 metro areas, 38 avoided home-price declines over the last year.

"Houston, DFW Housing Markets Shine" was originally posted as a blog post at Shannon Register Real Estate Team on June 29, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Houston Home Sales Prices Hit High

Shannon Register, Realtor — Fri, 26 Jun 2009 02:23:51 +0000

HOUSTON (Houston Business Journal) – Area home prices hit a seven-month high in April amid the area’s 20th consecutive monthly fall in the number of single-family home sales.

The average sale price of a single-family home slipped 5.8 percent in April to $194,222 from $206,239 in April 2008, according to the Houston Association of Realtors. However, the figure is at its highest level since September.

Additionally, demand for single-family rentals increased again last month.

"Houston Home Sales Prices Hit High" was originally posted as a blog post at Shannon Register Real Estate Team on June 25, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Ranks First For Business

Shannon Register, Realtor — Thu, 25 Jun 2009 03:02:53 +0000

TEXAS (Austin Business Journal) – Texas stands out as the top state for business, according to Directorship magazine.

Texas “has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list,” the magazine reported. “Texas also ranks first in the number of Fortune 500 companies located there.”

Major corporate relocations and expansions such as Comerica’s move to Dallas and Caterpillar’s new plant in Seguin were highlighted as reasons for Texas’ ranking.

Directorship evaluated states’ overall economies, tax climates, cost of living and education to determine rankings.

"Texas Ranks First For Business" was originally posted as a blog post at Shannon Register Real Estate Team on June 24, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Leads U.S. in Home Starts, Sales

Shannon Register, Realtor — Sun, 21 Jun 2009 02:18:41 +0000

TEXAS (Dallas Morning News) – Two Texas metros ranked highest in the country on Metrostudy’s latest list of new home starts and sales.

Ranking first in the year-long survey was Houston with 22,502 home starts and 28,326 sales. Dallas–Fort Worth ranked second with 17,638 starts and almost 24,000 sales.

Austin was sixth with 8,617 starts and 10,627 sales. San Antonio came in at number 11 with 7,761 starts and 9,847 sales.

"Texas Leads U.S. in Home Starts, Sales" was originally posted as a blog post at Shannon Register Real Estate Team on June 20, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Texas Veterans Land Board

Shannon Register, Realtor — Sat, 20 Jun 2009 23:34:55 +0000

I am a Realtor trained in the Texas Veteran’s Land Board. If you are a Texas Veteran and need assistance with real estate, please do not hesitate to call me for help. I can assist you with buying, selling, getting financing, and much more. You can visit the Texas Veteran’s Land Board web site below for more information about the programs they offer.

http://www.glo.state.tx.us/vlb/

"Texas Veterans Land Board" was originally posted as a blog post at Shannon Register Real Estate Team on June 20, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Who’s Eligible for a Loan Modification under Obama’s Plan

Shannon Register, Realtor — Sat, 20 Jun 2009 03:02:27 +0000

by Ralph Roberts

Read the entire article.

The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:

Mortgage must have originated on or before January 1, 2009.
Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) – this program is not designed for investor-owned properties.
Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
Home may not be vacant or condemned.
Borrowers in bankruptcy are not automatically excluded from consideration.
Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:

1 Unit: $729,750
2 Units: $934,200
3 Units: $1,129,250
4 Units: $1,403,400

Foreclosure actions are suspended (not cancelled) during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
No minimum or maximum LTV ratio for eligibility purposes.
Loans are eligible for only one loan modification under the program.
Subordinate liens (such as second mortgages or home equity loans or lines of credit) are not included in the Front-End DTI calculation, but they are included in the Back-End DTI calculation. Back-End DTI is used to determine whether the borrower will be required to undergo credit counseling as a condition to modification.
Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications. Applicants will be accepted into the program only until December 31, 2012 (the program expiration date), but incentive payments will continue up to five years after the date of entry into the Home Affordable Modification Program. Monitoring will continue through the life of the program.

When discussing this program with homeowners in your area, it’s a good idea to point out the following:

Eligibility requirements are simply government guidelines. Guidelines may change, and lenders make exceptions, if it is in their best interest to do so. In other words, homeowners should not count themselves out. If they are having trouble making their house payment, they should explore the loan modification option. Sometimes, the only way to determine whether you qualify is to apply.
Not all servicers, lenders, or investors are required to participate in the program at this time. The program is designed for Fannie Mae and Freddie Mac mortgages, but the plan’s incentives may encourage servicers, lenders, and investors to modify other types of mortgages, as well.
The individual servicers that agree to participate in the program are required to sign a contract agreeing to abide by the program guidelines. If the servicer does not contract under the program, they are not eligible for incentive payments.
Homeowners should consult a specialist who works with lenders on a daily basis to review their situation and determine whether the homeowners are likely to qualify for whatever workout options are available through the lender. Sometimes the only way to determine whether a homeowner qualifies is to submit an application.

During this unprecedented crisis in the housing industry, you can play a valuable role in keeping homeowners in your area well-informed of the programs available to help them keep their homes. I encourage you to do your part to preserve the American Dream of Homeownership and stabilize your corner of the housing market.

"Who’s Eligible for a Loan Modification under Obama’s Plan" was originally posted as a blog post at Shannon Register Real Estate Team on June 19, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Pending Home Sales Rise

Shannon Register, Realtor — Sun, 17 May 2009 17:18:06 +0000

NEW YORK (CNNMoney.com) – March pending home sales increased from February numbers and from March 2008, indicating that buyers think now is a good time to buy a house.

The Pending Home Sales Index from the National Association of Realtors (NAR) showed a 3.2 percent gain to 84.6 from February, when it was 82. The index stands 1.6 percent higher than a year ago.

The index is understood to be a forward indicator of home sales trends as it measures contracts signed, not completed sales. The uptick may indicate that home prices have fallen low enough for buyers to get off the fence.

“If inventory goes down — it’s at just under ten months now — to below eight months, that would mean we’re on the way to a sustainable recovery,” said Lawrence Yun, NAR’s chief economist.

Anecdotal evidence indicates that trend may be happening. Realtors and other industry insiders are seeing rising open house attendance and multiple bids on some particularly desirable properties.

Today, buyers are more likely to bid because they perceive the market as at or near its bottom. An April Gallup Poll reported that 71 percent of Americans thought it was a good time to buy a house.

The South saw the largest gain of any region, with pending home sales jumping 8.5 percent from February to March. Pending sales were 7.7 percent higher in March compared with the same month a year ago.

"Pending Home Sales Rise" was originally posted as a blog post at Shannon Register Real Estate Team on May 17, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

FREE Houston Newcomer Guide

Shannon Register, Realtor — Wed, 13 May 2009 22:05:24 +0000

Have you downloaded your FREE copy of the Houston Newcomer Guides? You can download a copy using the link below. These guides contain helpful information about neighborhoods, employment, and school districts in the Houston area. Find out about churches, golf courses, and much more. If you are relocating to the Houston area, you will not want to miss the helpful information that is in these guides. I specialize in selling real estate in the Northwest areas of Spring including Tomball and The Woodlands. If you are looking for a Realtor to help you buy your next home, give me a call today. With Coldwell Banker’s vast resources, I can also help you sell your current home fast.

http://www.houstonnewcomerguides.com/preview-northwest-houston

"FREE Houston Newcomer Guide" was originally posted as a blog post at Shannon Register Real Estate Team on May 13, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Mortgage Rates Hit Record Low

Shannon Register, Realtor — Mon, 11 May 2009 17:17:25 +0000

HOUSTON (Houston Business Journal) – Thirty-year mortgage rates fell to 4.78 percent Friday, hitting their lowest level since Freddie Mac started tracking rates in 1970.

Adjustable-rate mortgages also eased, but one-year, adjustable-rate mortgages are averaging rates nearly the same as 30-year fixed rates, at 4.77 percent.

Freddie Mac officials reported borrowers who refinanced their mortgages in the first quarter reduced their combined mortgage payments by about by about $2.5 billion over the coming year.

"Mortgage Rates Hit Record Low" was originally posted as a blog post at Shannon Register Real Estate Team on May 11, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

Real Estate Glossary Online

Shannon Register, Realtor — Thu, 16 Apr 2009 20:53:26 +0000

I have finally completed my Glossary of Real Estate Terms and it is online. You can get to it from the front page of my web site. I know I promised it a long time ago, but it was a lot more work than I thought it would be. After pulling together all of the terms I felt would be most useful, I have posted them online as a reference for my clients. I hope this will help you when you have questions about your real estate transactions in the future and any paper work you might have to complete. As always, if you have questions about real estate feel free to email them to me.

"Real Estate Glossary Online" was originally posted as a blog post at Shannon Register Real Estate Team on April 16, 2009.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.