Houston Realtors take home awards from 2010 recognition event

Houston Realtors do well at awardsAlong with several individual honorees, the Houston Association of Realtors took home a group prize for the most innovative real estate program of the year for their "H-Town Day" in 2010, the Texas Association of Realtors announced today.

The group's chairman, Dwight Hale, said the awards were an opportunity to celebrate real estate professionals who have contributed to the advancement of the industry in Texas.

"This event is a celebration of the past year's achievements and a chance to honor all those who have devoted their time, energy and efforts to enhancing our industry," he said.

In addition to the innovation award, three Houston Realtors were inducted into the national parent organization's Omega Tau Rho fraternity, founded to recognize excellence in the profession. They were Mario Arriaga, Danny Frank, and Chaille Ralph. Chairman Hale was also received into the fraternity, the group noted.

With numerous top-level professionals operating in the area, it's no wonder the future looks reasonably bright for the Houston property market. Several recent studies have demonstrated the potential for strong growth and recovery from the housing crash.

Facing Foreclosure?

Are you in need of Foreclosure Assistance

NeighborWorks/HOPE NOW/Homeownership Preservation Foundation Hotline
Homeowners facing foreclosure can call a tollfree hotline at (888) 995-HOPE, 24 hours a day, 7 days a week.

Federal Housing Administration
Government-insured refinancing for credit-worthy borrowers who went into default after their ARMs reset may be available by calling (800) 225-5342 or by visiting http://www.fha.gov (http://www NULL.fha NULL.gov/).

 

Other Resources

Avoid Foreclosure Rescue Scams (http://www NULL.ftc NULL.gov/bcp/edu/pubs/consumer/homes/rea11 NULL.shtm)
Federal Trade Commission

Equity Stripping & Loan Flipping  –  If you agree to a loan that’s based on the equity you have in your home, you may be putting your most valuable asset at risk. Certain abusive or exploitative lenders target borrowers, who unwittingly may be putting their home on the line. These abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges.

Foreclosure Rescue
(https://www NULL.masshousing NULL.com/portal/server NULL.pt?open=514&objID=2563&parentname=CommunityPage&parentid=0&mode=2&in_hi_userid=2&cached=true)
MassHousing

Foreclosure Resources for Consumers
(http://www NULL.federalreserve NULL.gov/pubs/foreclosure/default NULL.htm)
Federal Reserve Board of Governors

HomeOwnership Preservation Foundation (http://www NULL.995hope NULL.org/)

Found Your Dream Home – What’s Next?

After looking at the comparables for the area a reasonable offer for the home of your dreams is agreed upon and your realtor will submit to the sellers real estate agent. Once submitted, the Sellers agent will come back with an accepted offer, or the negotiations will begin until an agreement is met.  With Foreclosures or Short Sales the time frame will be longer. Foreclosures can take up to 60 days from offer acceptance to closing.

Now that the offer is accepted the contract is sent over by your realtor to the Mortgage Broker or Bank and they will start the loan completion process.  Up until now you as the buyer have a pre-approval letter.  It is your mortgage broker/bankers’ responsiblity to stay on top of getting your loan closed.  There will be various documents needed to complete this process.  Whatever you do, do not go purchase anything on credit that might change your approval status

While this is going on there is an option period that you as a buyer can pay a small fee normally $10 a day for 10days.  This will give you time to have the home inspected to ensure there is no costly damage, such as foundation or roof repairs needed and to ensure no termite damage.

Once the inspection is done and the loan is approval process is completed  the mortgage folks will order an appraisal, and the title company orders the survey,

This process is normally done within a 30 day period unless it is a foreclosure and then it can take longer. Before you go to closing your realtor will receive a HUD statement which breaks down the expenses for closing on the home and will let you know what $$ amount is needed. There are a lot of documents that must be signed so expect the closing to take about 45 minutes.

Heres to wishing you luck on your new home purchase, give me a call I will help you….www.pattimace.com or pattimace@sbcglobal.net (pattimace null@null sbcglobal NULL.net).

Talk again soon,

Patti

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