Are the current economic conditions having you considering uprooting and moving?  If so, your not alone, Texas has seen an increase in relocation of people looking for work to support their families.  Houston, Texas and its surrounding area is a great place to live.  Texas has seen some reductions in home and retail sales but not like other states.  There has been a slight decline in sales and home prices but compared to other cities across the country our great town of Houston is doing well.  There are lots of places to visit such as the Space Center, The Aquarium both in downtown Houston, and Kemah. The Houston Zoo. There is also Moody Gardens in Galveston and many other spectacular eating places.

Houston is the workplace for many hospitals and medical research facilities along with the oil and gas industry and Space center facilities.

I take pride in the area I live in and will be glad to assist you with information regarding Houston, Spring, The Woodlands, Lake Conroe.  Please feel free to email or call.

Patti

One of the most important things to do when marketing a home for sale is the listing price. As a listing agent, the most important responsibility that I have to my client in the beginning is to get this price right.  This does NOT mean telling my client what he or she wants to hear so that I can be their agent.  Instead, my focus is to help educate my client so that he or she can establish a realistic listing price for their home.

In order to establish a realistic listing price, the first goal is to prepare a “Competitive Market Analysis”

What this does is to get a sense of what is going on in that particular area that the Seller’s home is in.  This will let us know what other comparable houses are for sale, what they sold for or what variables, such as foreclosures, are effecting the price of the Seller’s home.

If you think you need  ”Competitive Market Analysis”  or “CMA” let me know and I will provide one at no charge.

Relocating and finding a new home can be a headache, if you don’t have someone to help you. Fellwock Real Estate Group is here to help you find that dream home, in just the right neighborhood, with just the right schools.

One of the scariest and most important things to many people, who are preparing to relocate, is deciding on a subdivision, you may ask yourself  “how do I keep from moving into a bad neighborhood?”, or,  “how do I get my kids into a good school?” among many other things, so use the tools, do some research, and contact one of our local agents for assistance.

Relocation to North Houston, Spring, Humble, Atascocita, or surrounding areas can be stress free, and the agents of Fellwock Real Estate Group, specialize in these areas, just give our specialists a call, we can answer your questions, and, help you find that perfect home!

There is no good in being left clueless after foreclosure. Here are some pointers that can help you survive a foreclosure situation:

• Find out whether your state implements a redemption period. After the foreclosure sale, homeowners are given the period of a few days to a month or even longer. During this period, you cannot be evicted from the house even if the property already has new owners. You are given the chance to get your foreclosed property back provided that you pay your mortgage liabilities completely. The buyer of your home will be given a refund of the amount he paid during the auction.
• Some states do not practice a redemption period. In such case, even if you do not have the chance to get your foreclosed home back, you still can stay in it. The eviction period can be short or long, depending on the laws in your local area. The new owner of the foreclosed property has the responsibility during eviction.
• In case no one buys your property during the auction, your home will end up in the possession of the bank. This can prove to be more advantageous than when the foreclosed home is bought at auction. Banks are big companies and transactions in such huge organizations tend to move at very slow pace. That means another few months for you to stay in your home especially since evicting you is not among the top priorities of the bank.
• Evictions undergo legal processes. In almost all cases, the court is involved in eviction. That gives room to more delays of a few days to a couple of weeks. However, you still have to act fast as you would not have much time after the eviction is permitted.
• The moment your foreclosed house is sold during the auction, immediately find a new place. Things happen faster after the eviction is approved. Notices last for only one to three days. If you do not want to find yourself in the streets, you have to make plans fast.

Before you get to a dead end, you still have plenty of opportunities to stop foreclosure. However, if you find yourself trapped in a foreclosure situation, to act ahead of time and be prepared is the best way to go.

Related Information:

• Foreclosure News
• Tax Foreclosure Properties
• Tax Foreclosures
• Cheap Houses for Sale
• Florida Foreclosures

A couple of years ago, before the foreclosure crisis started, the foreclosure factor was not included in real estate appraisals even if there were also tax foreclosure properties then. The number of lender foreclosure properties then plus the number of tax foreclosure properties were not so high to have an effect on home prices.

Nowadays foreclosures have to be considered in appraisals. In 2008, foreclosures across the country increased by more than 80 percent to 2.33 million units, pulling down home prices to bottom levels and requiring appraisers to factor in foreclosures when making appraisals. Whereas before tax foreclosure properties did not figure in appraisals, nowadays they figure because of the soaring number of lender foreclosures.

According to Arizona appraiser Jeff Harper, the Yuma housing market is being pulled down by foreclosed properties and short sales.

He said previously foreclosure figures were negligible so their values were not used in appraisals. Nowadays, anyone planning to sell a home will have to compete with the low prices of foreclosed properties. Perhaps tax foreclosure properties are still an anomaly these times compared to lender foreclosures, but they add to the foreclosure figures.

Nevertheless, Harper said there are still well-maintained homes that get good prices, especially turn-key houses that appeal to certain buyers. But generally, he said, home prices are declining, with a home priced $250,000 about six months ago being currently priced at $225,000. Appraisals for tax foreclosure properties have also been declining.

Harvey Campbell, a broker with Broken Arrow Realty, cited cases in which a developer gets a sale, builds the house with the contract price in mind, but then the appraisal results in about $20,000 through $50,000 lower than the contract price. Either the developer gives up those thousand dollars or keeps the house and gives back the earnest money to the buyer.

Meanwhile, Bill Craft, head of Wells Fargo Home Mortgage in Yuma, said lower appraisals have not been a problem at Wells Fargo because sellers have become realistic about their prices. They know how lender foreclosures have affected the market and they know there also tax foreclosure properties out there.

Craig has also become optimistic about the housing market. He said foreclosed homes on the listing service are now much fewer than in November 2008 when the figure even reached 1,540 units.

Obsolete foreclosure laws have been aggravating foreclosures by state, according to the National Consumer Law Center (NCLC). Foreclosure laws or the lack of homeowner protection laws have been protecting other parties, such as lenders and renters, much more than homeowners.

One of these obsolete laws is the fast-track foreclosure law, which give mortgage lenders the right to force out defaulting homeowners of their homes and then sell the homes immediately through auctions even without filing foreclosure notices with the courts. The homeowners have the right to question the lenders’ actions, but lack funds to pursue their claims. This law is in effect in 30 U.S. states and in the District of Columbia, hastening the rise in foreclosures by state.

Another is the lack of law giving borrowers the right to notification of foreclosure. In the District of Columbia and in 33 states, lenders are not required to deliver foreclosure notices to homeowners before the foreclosure process is started. This again hastens the increase in foreclosures by state.

The third factor is the lack of law requiring lenders to find at least one alternative before proceeding with a foreclosure. With the exception of only Connecticut and California, all states allow mortgage firms to foreclose defaulting loans immediately without exploring ways with borrowers how they can save their homes. Naturally, increased foreclosures by state is the result of this factor.

Next factor is the right of the lender to disregard last-minute efforts to pay past dues, penalties and interests. The lender can go ahead with the foreclosure and sale of a home even if the borrower provides the money to update payments. This is in effect in 29 states, again another factor aggravating foreclosures by state.

One of the things that directly increase the burden of borrowers are the stiff penalties and fees that lenders add to the borrowers’ balance once they fall behind in payments. All states, with only three exceptions, allow the imposition of penalties and fees immediately. Expectedly, foreclosures by state increase quickly because homeowners drowning in debt are further pushed down by additional fees. The only states with laws against immediate imposition of penalties are Pennsylvania, New Jersey and Massachusetts.

After a foreclosed home is sold, the former homeowner is still not safe. Mortgage lenders in 36 states can still file a claim to recover from the homeowner the difference between the loan balance and the auction proceeds.

In this down housing market, you can still make money by flipping residential properties. You just have to increase your know-how on good locations, available capital, mortgage lenders, home prices and the risks involved.

The number of Florida foreclosures has made the state among the best places for individuals looking for bargain real estate investments. Before the housing meltdown, Florida, California and Nevada were among the hottest housing markets. These times of the meltdown, they can still be the hottest markets depending on your skills.

According to California-based foreclosure tracking firm RealtyTrac, the 2007 foreclosure rates soared to higher levels in 2008, leaving hundreds of thousands properties foreclosed and made available for sale. Among these are Florida foreclosures ripe for the picking.

Angie Hicks, owner of consumer service research site Angieslist.com, said an informal survey of its list members in 2008 found that of the 29 percent who bought homes within the six-month period of the survey time frame, 95 percent said they made profits from their home purchases.

The first key to investment success during this downturn is to make your own research, according to Hicks. Research the neighborhood, know the prices, compare prices and research development projects in the area. Among Florida foreclosures, look for units in neighborhoods that have community development projects.

Emma Allen, chief executive officer of Emma Allen Enterprises, says it is better to concentrate on an area that you know very well. She says she looks for bargains in communities where she herself would like to reside. Areas currently being rehabilitated with urban renewal projects are great opportunities. Allen’s advice fits investors looking for bargains in Florida foreclosures.

The second piece of advice is to check your available capital. Factor in renovation costs and carrying costs while you are looking for buyers. Remember also that you must pay the monthly amortizations while the mortgage is in your name. Make projections in case you can not sell the house within two or three months. If you are flipping Florida foreclosures, you may find great bargains, but factor in the average number of months a house is sold in the area.

Another advice is from veteran California flipper Nicole Sassaman. She says you need to have a cash reserve in the bank equal to 25 percent of the home price and about 18 months of house payments.

Home flipper Scott Patterson says you try to make low offers on targeted properties. He cites one example where he bought a $100,000-priced home for $80,000 and then sold it for $160,000 after some renovations. For Florida-based flippers, lots of low-priced homes can be found among Florida foreclosures.

Related Information:

• Foreclosure News
• Tax Foreclosure Properties
• Tax Foreclosures
• Cheap Houses for Sale
• Foreclosure Listings
• Foreclosure Homes

The new bankruptcy law that is set to pass legislation would let judges cut down interest rates and reduce values of principals for home loans in a bid to curb foreclosures by state. This bill has been in the drawing boards for two years and failed to see light as Republicans and the Bush administration have opposed the change. Now that more Democrats are taking seats in the House, and President Obama giving his support, the new bill is scheduled to pass legislation.

The proposed bill is facing tremendous opposition from major banks and the mortgage industry. However, with the probability of the bill becoming law on the high side, these major banks are changing their tactics and approach and are now trying to influence the revision on some key revisions.

Proponents of the bill are confident that these changes will force banks and mortgage providers to work with homeowners to try and modify their loans and prevent foreclosures by state. This would be a good alternative to settling the mortgage issue in the bankruptcy court. However, the contention of mortgage industry experts is that this new bill will eventually result in higher interest rates and processing fees. The new bill will create greater risks and unpredictable costs for banks and mortgage companies and they will have no resort but to pass this to the consumer.

President Obama has already declared the new law as part of rescue program for the foreclosure crisis, and this is strongly supported by Democrats and other consumer advocates who believe the new law is crucial in stemming the tides of foreclosures by state. With this majority support, the new bill is most likely to pass legislation despite continuing opposition.

Banks have no resort but to bow to the political pressure scram to get a seat at the decision table. Citigroup has taken this step and have cut a deal with Democrats that the new law would apply only to existing loans before promulgation, and would apply only to homeowners facing foreclosures by state who are actually working with their mortgage providers for loan modification before resorting to Chapter 13. Other banks are proposing a limit to the kind of home loans the law is applicable, although they still continue to oppose the bill – the same bill, which they spent millions to block last year.

ORLANDO, Fla. – Stirling Sotheby’s International Realty, ranks as one of the most innovative real estate firms in Florida, and is mounting a major campaign to convince home owners to “green up” their homes for resale.

South Carolina’s governor doesn’t fear the down real estate market – he has put his beachfront home near Charleston up for sale for $3.5 million.