I believe that an informed consumer is capable of making intelligent decisions.  My goal is to give you all the tools and information to make a wise housing choice.  I give my clients the benefit of my knowledge base by advising them of the possible outcomes, good or bad, of their decisions.  Please use the information on these reports and email me with any questions.

School Reports
Research the schools associated with the area of your choice.

Buyer's Representation
Learn the real story behind buyers representation and how to use it to your advantage.   

10 questions you should ask a buyer's agent before signing an agreement

Flood Zones
What you need to know before buying a home.

10 Important steps to finding the home that is right for you
How to search for your home efficiently.

Buyer's Representation

 In the past, Buyer's representation was not an option for home buyers.  It was created to protect buyers and avoid the issue of dual representation by a broker.  If you are shopping for a home and do not have a Buyer's Representation agreement with a broker or agent, you are at significant disadvantage when dealing with the seller and his/her agents.  Without the agreement, the agent who has been showing you homes is actually a sub-agent of the listing broker, who by contract,  is loyal to the seller.   Why sign a Buyer's rep agreement?  Here are some things you can gain only through this agreement: 

• Fiduciary responsibility.  An agent now must treat your checkbook like it was his own, get you the best house for the least possible amount of money.
• Confidentiality.  The agent now cannot reveal to the seller's agent information that might weaken your negotiating position.  This can include the price you are willing to pay, your reasons for buying, and any time constraints you are under.
• Advice:  Perhaps an agents most valuable commodity.   Without the agreement, the agent can be honest and fair, but may give advice.

What if you decide the agent you entered the agreement with is just not for you?  Tell the agent about your decision and ask for a Buyer's Agency termination form.   Sign the form and deliver it to the broker at her office.  Be careful though, most agreements contain a protection period.  This time frame (normally 30-60 days) allows the broker to be paid a commission if you purchase a home that you originally discovered or viewed through the original broker. 

10 questions you should ask a buyer's agent before signing an agreement

1. What are your fees?  If a buyer's agent asks you for any money money up-front it is time to part company.  Not that it is illegal, or even unethical, it is just unnecessary.  An agent confident in his or her abilities will wait for closing to get paid.

2.  Do you recommend a Buyer's Representation Agreement?  An agent does not fully represent you without this important agreement.  Without it, the agent actually works as a sub-agent for the seller's broker.  This obviously does not benefit you as a buyer.

3.  Do you ever work both sides of a transaction?  In four years, I have never represented both the buyer and seller simultaneously.   When buyers, or sellers agree to this, they lose the most valuable commodity an agent can provide; advice.

4.  How many homes will you show me?  The answer to look for here is something along the lines of "until we find the one that is right for you."

5.  How long have you been an agent in this area?  Longevity does not necessarily breed competence; just make sure you are comfortable with the agents skill level. 

6.  Why will you try to get me the lowest price possible, when your commission is more on a higher sale price?  This is a great question that should lead to a discussion of ethics and fiduciary responsibility.   

7.  Is this your full time job?  Part time Realtors are often unavailable at critical times...and that is anytime you need them.  Go with someone whose livelyhood is impacted by their performance.

8.  Will you show me for sale by owner homes?  The answer should be yes.  These homes are part of the marketplace.  The agent should however discuss the differences in dealing with FSBOs to include commission and representation. 

9.  Do you have a written services guarantee?  The best agents do.  Read, sign, and keep a copy of this.  It is an important document and usually advises you how to terminate your Buyer's Representation Agreement if the agent does not perform. 

10. How can I fire you?  The termination process should be clear to you before signing the agreement. 

Flood Zones

 A very common concern for people moving to the San Antonio is flooding.  Most people do not want to purchase a home in the 100 year flood zone, also known as a Special Flood Hazard Area (SFA)  The Federal Emergency Management Agency designates the boundaries of SFAs.  Lenders who hold mortgages in these areas require additional flood insurance from the homeowner.  Being in the SFA does not guarantee your house will be flooded, just as being outside of the SFA does not mean your home will not be subject to flood.  The SFA is management tool FEMA uses to minimize loss to businesses and homeowners.  Your real estate agent should be able to use the resources at www.fema.gov to determine unofficial if the property you are considering is in a SFA.  The official check will be done before closing by your lender through an independent third party provider such as floodcert.com.

10 Important steps to finding the home that is right for you

1. Get prequalified for a mortgage.  This allows you to know exactly how much house you can afford.  Even if you know the amount you want to spend is within your means, most sellers will not consider your purchase offer if there is not a prequalification letter attached.  Getting prequalified is very easy.  It usually takes about 15 minutes and can be done over the phone or on-line.  www.coldwellbankermortgage.com is  great company with very low closing costs.

2. Ask your mortgage company for Good Faith Estimate.  A good faith estimate will show you approximately what your monthly payments will be, and will give an estimate of your required closing costs.

3. Determine your housing requirements:  Write down criteria such as location, size, age, number of rooms, school districts, and any special amenities.

4. Do some initial research.  Go to Realtor.com or another home search site and enter your criteria.  Find out what homes like the one you have envisioned are selling for.  Jot down the MLS number of any that catch your attention.

5. Find a good Realtor.  A good Realtor will listen to your needs and translate these into a smooth home buying process.  Look for Realtors who are organized, knowledgeable, ethical, and service oriented. 

6. Start looking for your dream home! Take notes as you view homes.  List the positives and negatives for each home you see.  Be consistent and it will pay off. 

7.  Submit your offer.  Your Realtor will guide you through the offer.  Remember, there is almost always some room for negotiation, but be realistic--Sellers are not going to give their homes away for 50% of the value.  Ask you agent to run a Comparative Market Analysis for the neighborhood.  This will tell if the property is priced near market value.

8.  Work with your lender and Realtor.  You will be asked to provide documentation at any point along the way to closing.  Don't get upset, keep the end goal in mind..your new house!

9.  Review the title commitment with your Realtor.  This important document will show any exclusions from your title policy.  Make sure there are no judgments or liens listed in the exclusions.

10.  Go to closing, sign the papers and get your keys (but not right away)!  After you sign the mortgage documents, the title company must fax these back to the lender.  The lender will ensure they are complete and wire the money to the title company.  Once this money is received the keys are yours!