Home Sellers PAY buyer's Realtor fees! IT'S TRUE: For any home that is offered for sale through the MLS (the vehicle by which most public sights obtain property offerings) the seller has contractually agreed to pay ALL Realtor fees to their listing broker. This is most often a set percentage of the selling price of the home. Here is how it works: When entering the property into the MLS (Multiple Listing Service) the seller's broker, in turn, agrees that a portion of those contracted fees will be shared with any broker representing the buyer in the transaction, thereby sharing their commission which is collected from the seller at closing. If there is no broker representing the buyer - the listing broker retains the entire amount. Common misconception : Often buyers believe that by choosing to go it alone, without representation, they are in a better position to negotiate on price. It is often believed that since they are not utilizing the skills of a real estate agent, they can easily reduce the price of the home by the amount that would have otherwise gone to their real estate broker. This is simply not the case. Realtor fees are already contractually agreed upon. Any price negotiations would effectively be an adjustment from the list price of the home, TIPS ON USING THESE WEBSITES . and a reduction to the seller's net proceeds. In fact, entering negotiations without buyer representation definitely puts the buyer at a disadvantage right from the start.Real estate agents have access to industry data that proves not only valuable, but crucial in negotiations - when only the seller has access to this information, the scales are tipped right from the start. Remember representation doesn't cost you, the buyer, anything - not being represented can cost you more than you realize. Getting to know me is pretty easy. Once you do, it will be clear that real estate is my career, I do not consider it a pastime or hobby. I have developed the Texas Team Realty and affiliated sites to simplify your real estate search. The more time and money I save you, the more you have for your family, yourself, recreation and enjoyment. Give me a call . . . or Send an email. Kris Hemler@TexasTeamRealty.com either way - put me to work for you. Selling your home? - learn about the Texas Team Realty marketing difference

Kris Hemler, Realtor ®

KrisHemler@TexasTeamRealty.com

817-965-5272

10 Steps to Prepare for Home Ownership

5 Property Tax Questions You Need to Ask

5 Things to Understand about Homeowners Insurance

5 Things to Understand About Title Insurance

What Not to Overlook on a Final Walk-Through

Common Closing Costs for Buyers

10 Things to Take the Trauma Out of Homebuying

Tips for Finding the Perfect Neighborhood

Home

PK Cnty

Subdiv

Foreclose

Leases

Land

N Texas

Community

Agents

Selling

Buying

Texas Team Realty affiliated websites:

TexasTeamRealty.com	TX-GolfHomes.com
ParkerCounty-Realty.com	WeatherfordFairwayHomes.com
ParkerCounty-Land.com	CanyonWestProperties.com
ParkerCounty-HorseProperty.com	CrownValleyHomes.com
ParkerCounty-Builders.com	SugarTreeProperties.com

Brokered by: Keller Williams - 200 South Oakridge Dr. #103 - Weatherford, TX 76087
each office independently owned and operated

10 Steps to Prepare for Home Ownership 1. Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income. 2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list. 3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety. 4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 and 7 percent of the home price. 5. Get your credit in order. Obtain a copy of your credit report. 6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you. 7. Organize all the documentation a lender will need to preapprove you for a loan. 8. Do research to determine if you qualify for any special mortgage or downpayment assistance programs. 9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable. 10. Find an experienced REALTOR® who can help you through the process. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

5 Property Tax Questions You Need to Ask What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information. How often are properties reassessed and when was the last reassessment done? Generally taxes jump most significantly when a property is reassessed. Will the sale of the property trigger a tax increase? Often the assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate? Does the current tax bill reflect any special exemptions that you might not qualify for? For example, many tax districts offer reductions to those 65 or over. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

Home Ownership TIP: 5 Things to Understand about Homeowners Insurance 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 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 chose 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 property, 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. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

5 Things to Understand About Title Insurance 1. It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such a mistake in the spelling of a person’s name or an inaccurate description of the property. 2. It’s a one-time cost usually based on the price of the property. 3. It’s usually paid for by the sellers. 4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy. 5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

What Not to Overlook on a Final Walk-Through Be sure that: repairs you’ve requested have been made. Obtain copies of paid bills and any related warranties. all items that were included in the sale price—draperies, lighting fixtures—are still there. screens and storm windows are in place or stored. all appliances are operating. intercom, doorbell, and alarm are operational. hot water heater is working. HVAC is working. no plants or shrubs have been removed from the yard. garage door opener and other remotes are available. instruction books and warranties on appliances and fixtures are there. all personal items of the sellers and all debris have been removed. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

Common Closing Costs for Buyers The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for: Downpayment. Loan origination fees. Points, or loan discount fees you pay to receive a lower interest rate. Appraisal fee. Credit report. Private mortgage insurance premium. Insurance escrow for homeowners insurance, if being paid as part of the mortgage. Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you. Deed recording fees. Title insurance policy premiums. Survey. Inspection fees—building inspection, termites, etc. Notary fees. Prorations for your share of costs such as utility bills and property taxes. A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.  What to Keep From Your Closing The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need for income tax purposes and when you sell the home. The Truth in Lending Statement summarizes the terms of your mortgage loan. The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms. The deed transfers ownership of the property to you. Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property. Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association’s rules and restrictions. Insurance policies provide a record and proof of your coverage. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

10 Things to Take the Trauma Out of Homebuying 1. Find a real estate agent that’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality. 2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long. 3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision. 4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go. 5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love. 6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home. 7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. 8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate. 9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits. 10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag

HOME, FOR SALE, SUBDIVISIONS, SPOT LIGHT, BUYER'S INFO, COMMUNITY, SELLER'S INFO, AGENT PROFILES, SITE MAP

Tips for Finding the Perfect Neighborhood The neighborhood you chose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part. Make a list of the activities—movies, health club, church—you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities. Check out the school district. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also considering paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future. Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type—burglaries, armed robberies—and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area? Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months? See if you’ll make money. Ask a local REALTOR® or call the local REALTOR® Association to get information about price appreciation trends in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good an investment your home will be. A REALTOR® or the government planning agency may also be able to tell you about planned developments or other changes in the neighborhood—like a new school or highway—that might affect value. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with people working or playing outside. Inserted from REALTORR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSR Copyright 2005 all rights reserved www.REALTOR.org/realtormag