Austin & San Antonio Real Estate News

When buying a home, knowledge is power. See if you have a genius real estate IQ, or if you might need a little help. If you'd like more home buying information BuyersHouseRealty has a local real estate agent ready to assist you with all your home buying needs in Texas.

What you should know before buying your home in Austin or San Antonio...

Real Estate Quiz

1. It is illegal to receive a Real Estate Rebate. 
      A.  True
      B.  False
2. Who pays the buyer’s agent commission?
      A.  The Seller.
      B.  The Buyer,
      C.  Both the Seller and the Buyer.
      D.  None of the above.
3. Which matters more: being prequalified for a mortgage or preapproved?
      A.  Prequalified.
      B.  Preapproved.
4. When buying a home "For Sale By Owner," you cannot use a buyer's agent.
      A.  True
      B.  False
5. How much should you expect to pay for closing costs?
      A.  1% of the purchase price.
      B.  3% to 6% of the purchase price.
      C.  10% of the  purchase price.
6. The title insurance you're required to buy in order to get your loan is for your own protection.
      A.  True
      B.  False
7. About how much will a home inspection typically cost you?
      A.  $75 - 100.
      B.  $300 - $400.
      C.  $800 - $1,000.
8. Who needs private mortgage insurance?
      A.  Buyers with a down payment less than 20%.
      B.  Buyers with a down payment more than 20%.
      C.  It’s optional for all buyers.
      D.  It’s mandatory for all buyer.
9. As a new homeowner, what costs can you write off on your taxes? 
      A.  Mortgage interest.
      B.  Property taxes.
      C.  Points paid at settlement.
      D.  Private mortgage insurance.
      E.  All of the above.
10.  A market analysis or standard appraisal of a home takes into account which of the following?
       A.  How much money the owners have into it.
       B.  The replacement cost.
       C.  What similar homes have sold for.
       D.  All of these.
11. When you contact a real estate agent to look at a property he has listed, he is working for:
       A.  You.
       B.  The seller.
       C.  Both you and the seller.
12. Your earnest money deposit should be:
       A.  1% of the purchase price.
       B.  Whatever the agent suggests.
       C.  Based on your own best judgment.
13. Monthly house payments usually include the following:
       A.  Principal and interest payments only.
       B.  Homeowner's insurance, property taxes, principal and interest payments.
       C.  Interest payments only, the principal is held in escrow.
       D.  Property taxes, state taxes, principal and interest payments.
14. In most states, the law requires a private home inspection to be performed by a licensed home inspector before you can go forward with a purchase offer.
       A.  True
       B.  False
15. Which one of these factors is most important when determining the current market value of residential homes?
       A.  Style.
       B.  Age.
       C.  Acreage / Lot size.
       D.  Location.
16. When purchasing property that is listed through a real estate brokerage firm in the Multiple Listing Service, who is usually responsible for compensating the selling brokerage firm?
       A.  The title company.
       B.  The Seller.
       C.  The buyer's agent.
       D.  Both the seller and seller's agent.
17. When purchasing a home specified in "as is" condition, which one of these becomes true after a purchase agreement has been executed?
       A.  You do not have an option for a home inspection and the seller is not warranting anything.
       B.  The sellers are not required to fill out a seller's disclosure and you must have the home inspected by yourself.
       C.  It becomes mandatory by state law to verify any defective conditions of the home by a state licensed home inspector.
       D.  You have the right to a home inspection and will have an option to address any issues found.
18. Which one of these is true when you work with one agent, opposed to working with several agents to help in your property search?
       A.  You will save time.
       B.  You could find a "good deal" from a motivated seller.
       C.  The agent will see you as a committed, priority customer, and provide more dedicated help.
       D.  All of the above.
19. When buying a property for sale by owner, you can always save money on the property.
       A.  True
       B.  False
20. In a seller's market, if you are pre-approved for a loan amount of $160,000 with a 3% down mortgage, you should:
       A.  View all of the properties that fit your criteria in a price range of up to $190,000.
       B.  Only view properties that are priced under $160,000 that meet your criteria.
       C.  View properties that are listed or reduced to under the $180,000 price range.
21. If I work with a REALTOR® under an exclusive agent agreement to find a house, the REALTOR® must disclose our agency relationship when presenting my offer to the seller of the property.
       A.  True
       B.  False 
22. You drove by some homes that went up for sale by a real estate brokerage and you want to see the homes. Which of the following is the best way to approach this when you have not hired an agent yet?
      A.  Contact the seller of each house to set up an appointment.
      B.  Contact the agent on each of the signs to schedule appointments.
      C.  Contact one of the agents and ask them to get more information on all of the homes.
      D.  Wait awhile, because the home could be reduced in price after a few months.
    

Get the answers by visiting http://www.buyershouserealty.com/RealEstateQuiz.

Austin Triathlon
Monday, September 6, 2010 | Auditorium Shores, Austin TX
WEBSITE
… Imagine a world class triathlon held in the front yard of one of the most active and outgoing cities in the US. Imagine a large event with the atmosphere and intimacy of a small hometown race. Imagine biking down the most historic street in Texas. Imagine the fun. That is The AVIA Austin Triathlon!The olympic distance course is a 1500 meter swim, 40 Km bike, and a 10 Km run. The sprint course is a 700 meter swim, 27 Km bike, and 5 Km run. Both events will use the same course. The Olympic distance will complete 3 laps on the bike course, and 2 laps on the run course. The sprint distance will complete 2 laps on the bike course, and 1 lap on the run course.

12th Annual Free Day of Yoga
Monday, September 6, 2010 | Various Studios
WEBSITE
… The Free Day of Yoga has been held every year in Austin, Texas since 1999. Since then, it has spread to other cities in Texas: Dallas, Houston, Victoria, Nederland; in the US: Beckley W. Virginia; and even as far as Guam! In 2010, we are growing even more - free yoga classes will be held in Los Angeles and Philadelphia too! Participating cities offer free yoga classes at studios and parks all over the city and in surrounding areas to introduce people to the benefits of yoga. It is a great opportunity for students to try out different styles, teachers and studios. It also provides a wonderful opportunity for teachers to meet with each other as they organize and host this event.

9th Annual Labor Day Cup
Match Dates - September 4, 5, 6 | (512) 336-5425, ext. 3
WEBSITE
…This tournament represents an excellent opportunity for boys and girls teams to prepare for their various fall competitions. As a "tune-up" for the fall season and the new soccer year, this will be your chance to evaluate new players and teams against stiff competition. We invite teams of all competitive levels to participate and will make every attempt to fill each competitive level to ensure that everyone is challenged.

Kerrville Wine & Music Festival
Sept. 3-5, 2010 | Quiet Valley Ranch, Kerrville TX | (830) 257-3600
WEBSITE
…Each year over Labor Day Weekend wine lovers and music enthusiasts gather at the Quiet Valley Ranch (9 miles south of Kerrville on TX Hwy 16) to celebrate the art of songwriting and winemaking.  This Texas Hill Country setting is perfect for introducing our audiences to the newest and best wines that Texas has to offer in addition to performances by dozens of the world’s best songwriters.

Out of Bounds Comedy Festival
September 6, 2010 | Salvage Vanguard Theatre - Apples Stage |2803 Manor Rd., Austin, TX, 78722
WEBSITE
…Festival to Include over 500 Comedy Performers From Around The World
This Labor Day weekend, over 500 improv, sketch and stand up comedy performers from all over the world will descend on the Austin metro area for The Out of Bounds Comedy Festival

Southwest YMCA Splash Bash
September 4-6, 2010 | 6219 Oakclaire Drive, Austin, TX, 78735 | (512) 891-9622
WEBSITE
…Celebrating completion of Phase I of our $5.4 million renovation of the Southwest Family YMCA. This event is free and open to the public and will include family swimming and water games, free sampler fitness classes in our renovated fitness center, free kids’ classes and activities, and free food, drinks and prizes

20th Annual Hot Sauce Festival
Sunday, August 29, 2010 | Waterloo Park | 12th & Red River
WEBSITE
…In the twenty years since its inception, what started as a friendly contest between Austin and San Antonio has become one of the largest annual contests in the world, the Austin Chronicle Hot Sauce Festival. Performances from AfterMath, Distant Lights, El Tule, Uncle Lucius, and David Garza. Gallons and gallons of hot sauce are consumed at the event every year.

Splash Jam in Cedar Park
Elizabeth M. Milburn Park | 1901 Sun Chase Blvd., Cedar Park, TX, 78613
WEBSITE
… On September 5th, enjoy a beach **volleyball tournament, washer tournament, *food concessions, inflatable, *face painting, *laser tag, *hamster balls, live music and dance, fireworks and a Movie in the Park "Planet 51" sponsored by Time Warner Cable. There will be games and prizes in Milburn Pool
(pool admission rates apply).

Round Rock Express Game
Septmeber 6, 2010 | Dell Diamond | 3400 E. Palm Valley Blvd., Round Rock, TX, 78664
WEBSITE
… Round Rock Express vs. Albuquerque Isotopes

Sorry, this post has nothing to do with real estate. Summer is cruising by and it's almost time for the start of the 2010 NFL & College season!

Here's a look at the schedule for the Dallas Cowboys & UT Longhorns. I've been a die hard Cowboys fan since I was knee high to a grasshopper, and we are on track to do a SuperBowl in our own stadium.  "How Bout dem Cowboyz!"  The Longhorns are gearing up for another Championship run!  "Hook em horns!"  With Fall comes the best time of the year!  FOOTBALL! 

So get your beer, popcorn and flat screens ready, cause it's that time of year again!

I Love This Game!

2010 Dallas Cowboys Schedule

What happens if your agent goes MIA during the home buying process and you are left to fend for yourself?  Unfortunately this happens, all realtors are not created equally. If you find yourself stranded on buyers island, this is what you should do.

1st look at the type of agreement you signed with the broker.  For example, BuyersHouseRealty's agreement allows you out of it at any time, all you need to do is send us an email, and request to discontinue the agreement. Buyers House Realty believes no one should be forced to work with an company. "Talk about a miserable time finding you a home." Although BuyersHouseRealty is quite unique in that we give 75% of our commission to our buyers.  Some agents use the Residential Buyer Representation Agreement- TAR- 1501, and it is up to their broker if they will allow you to cancel earlier than the expiration date on the contract. You may be able to request another agent from that same office, as the agreement is with the broker, not the agent!

So their are options if you wish to use another firm, but check to see if your agreement allows you an opt out.  Good luck and Happy House Hunting.

About BuyersHouseRealty

BuyersHouseRealty is the virtual evolution of real estate. As an online buyer's agent we specialize in empowering the savvy self- driven home-buyer to find their next home. The traditional agent would lead you to believe that "You Get What You Pay For". Well, in our business, you do get what you pay for! Advances in technology afford BuyersHouseRealty the opportunity to offer our professional services more efficiently, while providing a high level of service.

Our website is part of our service – The Internet has empowered consumers and Realtors, to become much more efficient throughout the entire real estate transaction. Selecting the right home to buy is the most time consuming part of a real estate transaction. Home-buyers can use our site to review appropriate listings, receive email alerts on new properties coming on the market, and provide access to useful information needed to help them make a good purchase decision.

75% Cash Back Rebate – If you can do a little legwork, we’ll handle all the paperwork and, you’ll get 75% cash back. Here’s the “Real Deal”, after the closing we will give you a check for 75% of our commission, it’s that simple!

Service is a one-on-one activity ...
Even though we sacrifice our commission; we DO NOT sacrifice on service. We will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. Your satisfaction is our top priority!

Visit us at BuyersHouseRealty.com learn about the Austin market on our company blog. Why Buy a Home Any Other Way?

Tim Green thought he got a great deal last month when he bought a condominium in a South Austin project at an auction.

Green agreed to pay $63,250 for a two-bedroom unit at the Ivy Condominiums, less than half of the $132,000 list price.

Other units at the Ivy, 3204 Manchaca Road, went for similar discounts of 50 to 60 percent of the list price, Green said.

But this week, the Ivy's owner, a limited partnership, sued Green and 15 other buyers, saying the sale contracts would not be honored. The lawsuit said the July 11 auction "was generally confused and resulted in prices well below market values" that the seller "had been assured it could expect to receive."

"I'm just in shock about it," Green said. "It just is wrong. A deal is a deal, especially when I had to go get a $10,000 cashier's check" to qualify to bid.

The plaintiff is 3204 Manchaca Road LLP, whose principal is Rick Anderson, an Austin investor in multifamily properties.

David Groom, an attorney representing seven of the buyers named in the lawsuit, though not Green, said: "From our perspective, it's just a classic case of seller's remorse."

Groom said his clients are "all very disappointed, and they expect the seller to comply with the terms of the contract."

In recent years, a number of developers have turned to auctions to sell condominiums in a soft housing market. Many buyers have been able to acquire units, even in brand-new projects, for substantial discounts from the market price. Auctions allow developers to quickly sell a large number of units at once, reducing their costs.

United Country Supreme Auctions was hired to market 18 of the 104 units at the Ivy, a 25-year-old former apartment complex that the owner has been renovating.

There were no minimum bids for the auction at the Omni Hotel downtown. It was billed as an "absolute auction," which means that the highest bid wins, no matter how low it may be.

Anderson had signed blank sale contracts prior to the auction, the lawsuit said.

Green closed on his part of the transaction on July 26. According to Green's contract, the unit was to be delivered to him by Aug. 11, or the seller was liable to pay him $250 for each day that failed to happen.

A July 14 letter to Green from John Akin, the lawyer for the Ivy, said that Anderson "was very disappointed and surprised" with how the auction had been conducted.

It said Anderson "believes the bidding process was confused and distorted and that the resulting bid prices were well below fair market values."

As a result, Akin said the seller would not be closing any of the contracts produced at the auction but would return deposits. The people named in the lawsuit rejected that proposal.

John Williams, who bought a one-bedroom unit at the Ivy, said he has attended "quite a few auctions, and I was very comfortable with the way things were handled. It seemed very straightforward."

"I'm really surprised at the turn of events," Williams said. "In a very difficult housing market, it's surprising that someone wouldn't be willing to sell."

Akin, asked why Anderson didn't object at the time if he thought the auction was being mishandled, said: "My client believes his position is set out in the pleadings, and that's all we have to say about it at this time."

Brian Rider, an adjunct professor of real estate law at the University of Texas Law School, said there's a scarcity of case law in Texas dealing with auctions.

However, Rider said, "unless there was some sort of conspiracy between the buyers and the auctioneers, the seller is going to have a hard time making a case to get out of those contracts."

"The seller can stop an auction at any point until the hammer falls" Rider said. "But once the hammer falls, and there's an offer to sell and an acceptance of the sales price, that usually forms an enforceable agreement."

Rider said he also thinks the Ivy's owner is "blaming the victim" by suing the buyers. Anderson has not filed suit against the auction house.

Rider said a seller "certainly has the right to sue his agent or employee" if he thinks the auction was mishandled. "But I don't know that that allows him to negate contracts he signed with innocent third parties if they just showed up and bid at an auction."

T. Alan Ceshker, counsel for United Country Supreme Auctions, said: "Because the litigation is so new and we don't know all the facts, I can't discuss the matter."

SAN ANTONIO (San Antonio Express-News <http://www.mysanantonio.com/business/major_retail-office_development_planned_for_south_side_100478404.html> ) – Developer Mark Granados is planning a 342,000-sf retail and office development on 47 undeveloped acres at Southeast Military Dr. and South New Braunfels Ave., near Brooks City-Base.

Granados said groundbreaking for City Base West is planned in about 90 days. Stores could be open by the end of next year.

The site was state-owned from the 1890s until 2007, when it was sold to developers.

BuyersHouseRealty is the virtual evolution of real estate. We are a brokerage that specializes in working with today's savvy homebuyer. BuyersHouseRealty gives 75% of our 3% commission to our buyers. Learn more by visiting http://www.Buy75.com. Today's homebuyers are looking for a new real estate company that utilizes technology and at the same time, provide a high level of service. Although I am not physically in the SA area, I have sold homes in SA, without being located there. As a licensed broker in Texas, I am able to write contracts throughout the entire state and I also am a master at negotiating.

Can you see the benefit in working with BuyersHouseRealty?

SAN ANTONIO (San Antonio Express-News <http://www.mysanantonio.com/business/san_antonio_area_an_income-growth_leader_in_2009_100306144.html> ) – The Alamo City was one of only three metropolitan areas nationwide in which total personal income and net earnings increased in 2009.

According to the U.S. Bureau of Economic Analysis, personal income increased by 0.8 percent in San Antonio last year, putting it at $71.5 billion.

On a per capita basis, San Antonio's personal income fell by 1.3 percent to $34,500, ranking the city 184th among the nation's metro areas.

Personal income fell by 4.9 percent in Austin and Houston, and by 5.2 percent in Dallas-Fort Worth. Nationally, it fell by 1.8 percent.

Meanwhile, net workers' earnings in San Antonio grew by 0.7 percent last year to $48.7 billion.

Personal income is income from all sources, including dividends, property income and government payments. Net earnings of workers is mainly salaries and benefits paid by employers.

What two other cities had a rise in both personal income and net earning? Washington, D.C., and Virginia Beach, Va.

SAN ANTONIO (San Antonio Business Journal) – Commerce Capital Partners LLC has purchased the 124-unit Turtle Creek Vista apartment community from C.T. Cummings for $4.5 million.

The 12-building complex at 3629 Medical Dr. was built in 1985 with one- and two-bedroom units. The Class-B, 115,797-sf property is 90 percent occupied with average monthly rent at $718.

Turtle Creek was a market point purchase. The buyer obtained Fannie Mae financing at 4.9 percent for seven years at an 80 percent loan-to-value.

Colliers International-Greater Phoenix negotiated the sale on behalf of Commerce Capital Partners. C.T. Cummings was represented by KW Commercial of Phoenix.

SAN ANTONIO (San Antonio Express-News) – The Brooks Development Authority has opened up Brooks City-Base to renters as the Air Force slowly phases out of the development.

The former Air Force housing neighborhood, renamed Heritage Oaks at Brooks City-Base, has 163 rental homes and duplexes available for rent with prices ranging from $850 to $1,750. The units feature two to four bedrooms in the 1950s ranch-style neighborhood. The housing complex is 59 percent leased.

NPR Group recently took over management responsibilities and plans to upgrade landscaping and improve interiors. The Cleveland-based group also plans to run detailed background checks on potential renters, including rental, credit and criminal histories.

About BuyersHouseRealty

BuyersHouseRealty is the virtual evolution of real estate. As an online buyer's agent we specialize in empowering the savvy self- driven home-buyer to find their next home. The traditional agent would lead you to believe that "You Get What You Pay For". Well, in our business, you do get what you pay for! Advances in technology afford BuyersHouseRealty the opportunity to offer our professional services more efficiently, while providing a high level of service.

Our website is part of our service – The Internet has empowered consumers and Realtors, to become much more efficient throughout the entire real estate transaction. Selecting the right home to buy is the most time consuming part of a real estate transaction. Home-buyers can use our site to review appropriate listings, receive email alerts on new properties coming on the market, and provide access to useful information needed to help them make a good purchase decision.

75% Cash Back Rebate – If you can do a little legwork, we’ll handle all the paperwork and, you’ll get 75% cash back. Here’s the “Real Deal”, after the closing we will give you a check for 75% of our commission, it’s that simple!

Service is a one-on-one activity ...
Even though we sacrifice our commission; we DO NOT sacrifice on service. We will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. Your satisfaction is our top priority!

Visit us at BuyersHouseRealty.com learn about the Austin market on our company blog. Why Buy a Home Any Other Way?

The CRP is a voluntary program that assists farmers, ranchers and other agricultural producers in using their land for conservation benefits. Participants remove environmentally sensitive land from agricultural production by entering into a long-term contract of ten to 15 years. In exchange, they receive annual rental payments and a payment of up to 50 percent of the cost of establishing conservation practices.

“America’s farmers and ranchers play an important role in improving our environment, and for nearly 25 years, CRP has helped this nation build sound conservation practices that preserve the soil, clean our water and restore habitat for wildlife,” said Jim Miller, Agriculture Under Secretary for Farm and Foreign Agriculture Services. “[This] will help us create a greener and healthier America, and I encourage all interested farmers and ranchers to contact their local FSA office to learn more how to take advantage of this opportunity.”

Farmers and ranchers may offer eligible land for CRP’s competitive general signup at their county Farm Service Agency (FSA) office during the signup period.

For more information visit the FSA website <http://www.fsa.usda.gov/FSA/webapp?area=home&subject=copr&topic=crp-sp> .

HUNTSVILLE (REBusinessOnline <http://www.rebusinessonline.com/main.cfm?id=17&date=20100729&region=Texas> ) – A Texas-based private investment company sold two off-campus student housing communities that serve the students of Sam Houston State University to a San Antonio-based private investment group.

Both the 196-unit Woodcreek Apartment Resort at 1235 Josey St. and the 83-unit Cornerstone Apartment Homes at 22090 Bobby K. Marks Dr. were built in 1983.

Apartment Realty Advisors represented the seller.

LEAGUE CITY'S GREEN MILESTONE

LEAGUE CITY (Galveston County Daily News <http://www.galvestondailynews.com/story/165994> ) — Associated Credit Union has helped the city achieve a green milestone by introducing the city's first LEED-certified building.

The 30,000-sf, $5.5 million structure at 1095 W. League City Pkwy. will serve as the company's new headquarters.

Wood from sustainable forests, as well as recycled carpet and countertops, were used to complete the interior. A reflective roof and eight-inch thick concrete walls insulate the building.

Concave light fixtures maximize bulb reflection and allow the building to use fewer lights. In addition, large sun-reflecting glass windows let in natural light but prevent heat from entering the building.

“We’re trying to set an example on the island that green is feasible and effective in the long run,” said Hank Hodde, education director for the U.S. Green Building Council's Galveston branch. “It has to be more than a fad. Energy resources are just going to continue to decrease.”

About 80 percent of waste that resulted from building the credit union was recycled.

SAN ANTONIO (Texas Agricultural Land Trust) – The Texas Agricultural Land Trust (TALT) is holding the Saving Family Lands seminar with tax expert and attorney Stephen J. Small in San Antonio and Fort Worth in late September.

The workshop will provide landowners, attorneys, appraisers, accountants, land managers, Realtors and estate planners with current information on tools, methods and financial strategies for keeping cherished lands in the family.

TALT says Small is the nation's leading authority on private land protection options and the resulting federal benefits and estate planning advantages.

The seminar will be held at the following times and locations:

San Antonio

Tuesday, Sept. 21, 8:00 a.m. – noon

The Studio at Pearl Brewery

200 E. Grayson, Suite 115

Within this site you will find general information about the District and the ad valorem property tax system in Texas, as well as information regarding specific properties within the district.

Bexar Appraisal District is responsible for appraising all real and business personal property within Bexar County. The district appraises property according to the Texas Property Tax Code and the Uniform Standards of Professional Appraisal Practices (USPAP).

Bexar Appraisal District is responsible for the fair market appraisal of properties within each of the following taxing entities:

Bexar Appraisal District now sells its surplus inventory through a public access website:
Click here for more info.

Bexar Appraisal District General Announcements: Click here

½ Year Texas Home Sales Fall