<![CDATA[Commercial  & Industrial Real Estate | El Paso & Fort Bliss Tx | Relocation Real Estate | <br /> - El Paso Real Estate Blog]]>Thu, 02 Feb 2012 09:08:15 -0800Weebly<![CDATA[Landlord ignoring your request for repairs?]]>Tue, 24 Jan 2012 10:35:43 -0800http://www.russell-realtor.com/1/post/2012/01/landlord-ignoring-your-request-for-repairs.html As a Texas Tenant you have tenancy rights which include the right to live in a home that is in good working order. If you have been calling for repairs without success then it is time to change strategies. Try using the following notice and send it pursuant to Texas Property Code law, by certified mail RRR. You should get an immediate response. If not then you have documented proof that you have given notice and you can use it to pursue your rights in court. You should always consult with your attorney when you encounter any real estate matter.

Sample Notice to Landlord
]]><![CDATA[Texas USDA Loans ]]>Wed, 18 Jan 2012 05:26:52 -0800http://www.russell-realtor.com/1/post/2012/01/texas-usda-loans.html What are USDA Home Loans?
USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you're unsure about your credit rating, or have concerns about a down payment when you're doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

What Types of Loans does USDA offer in Texas?
Currently, there are two kinds of USDA Home Loans available in Texas for single family households:

USDA Guaranteed Rural Housing Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Texas and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

USDA Direct Rural Housing Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

How much money will I need for the down payment and closing costs?
USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?
While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

What is Considered a Rural Area by the USDA? Rural areas include open country and places with population of 10,000 or less and—under certain conditions—towns and cities. There is an automated rural area eligibility calculator for USDA home loans at: http://eligibility.sc.egov.usda.gov.

What is the Maximum Loan Amount for a USDA Loan?There is no maximum loan amount for a USDA rural mortgage. However, it is limited by the appraised value and repayment ability (determined by your household income).

What is the Maximum LTV for a USDA Loan?
The maximum USDA rural loan LTV can be up to 100% LTV plus the Agency guarantee fee.

Can Closing Costs be Financed into the Loan?
Yes, any difference between the contract price and the appraisal value can be used to finance normal closing costs for a USDA mortgage.

What is a USDA Loan Guarantee?
USDA Rural Development Single Family Housing Program serves as a safety net for mortgage lenders. The USDA provides the full faith and assurance of the U.S. government that any financial loss resulting from servicing the loan will be reimbursed in full up to an amount not exceeding 90% of the original loan amount. All loss up to an amount not exceeding 35% of the original loan is fully reimbursed. This guarantee provides lenders an expanded level of protection against losses. The quality of this guarantee allows lenders to easily sell the loans on the secondary market.

]]><![CDATA[Fort Bliss Texas Housing & El Paso Schools]]>Mon, 16 Jan 2012 09:09:27 -0800http://www.russell-realtor.com/1/post/2012/01/post-title-click-and-type-to-edit5.html Fort Bliss housing

Currently, Fort Bliss is at the tail end of the largest transformation in its history. Due to the efforts of congressman Silvestre Reyes Fort Bliss  has received  over $5 billion to build new facilities for personnel and their families and its population will grow to 24,000 active duty personnel by 2013.

Unfortunately, with this growth El Paso has attracted many fly-by-night new home construction companies. It is imperative to contact an experienced Buyer’s Agent that exclusively works with buyers before buying a new home in El Paso, Horizon City or Fort Bliss Texas. Fort Bliss has 3092 on-base family housing units:

E1-E3: 406 units
E4-E6: 1608 units
E7-E9: 300 units
USASMA: 329 units
Co. Grade Officers: 274 units
Field Grade Officers: 102 units
Sr. Grade Officers: 33 units
The Community Home Finding, Relocation and Referral Services (CHRRS) Office must be contacted before any off-post housing arrangements, other than temporary overnight accommodations, are made. Relocation Specialist with years of El Paso – Fort Bliss experience will help you find the best off-post home.

Fort Bliss boost three elementary schools and one high school. El Paso has nine school districts and  Chapin HS is the closest magnet high school to Fort Bliss. The top ranked high schools in El Paso include Bonham Elementary, Mission Early College HS, Polk Elementary, Silva Health Magnet, Transmountain Early Collage HS

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]]><![CDATA[Beware, you may be a target]]>Wed, 11 Jan 2012 07:42:19 -0800http://www.russell-realtor.com/1/post/2012/01/beware-you-may-be-a-target.html
Have you seen the road-side signs that state “WE BUY HOMES” ? These individuals may be investors looking to buy your home for 40-50% below market or real estate agents looking for leads. Either way you will be giving up more than you think.

You are a target if any one of the following apply to your situation:

1.       Did You Receive an Unwanted Inheritance?

2.       Are You Behind on Payments?

3.       Does Your Home Need Repairs?

4.       Are You Having an Estate Sale?

5.       Are You Making 2 House Payments?

6.       Is Your Property in Foreclosure?

7.       Do You Owe Liens?

8.       Are You Getting Divorced?

9.       If You Job Forcing You to Relocate?

10.   Do You Have Bad Tenants?

11.   Has your Listing Expired?

12.   Do You Have a House Vacancy?

If you answered “yes” to one of these questions you may be ripe for predatory real estate practices by brokers, investors and or real estate agents. They will offer fast cash, no real estate fee and no closing cost. But what you need to know is what will you be giving up. It is usually all of your equity. Before selling your home consult with a reputable real estate agency.

In all fairness, although these investors are taking advantage of a distressed seller, some legitimate investors are providing a service to the community by turning houses in disrepair into $100K-200K houses.

]]><![CDATA[Monthly Report of the Texas Economy]]>Tue, 03 Jan 2012 10:25:58 -0800http://www.russell-realtor.com/1/post/2012/01/monthly-report-of-the-texas-economy.html Each month economists at the Real Estate Center of Texas A&M University prepare the "Monthly Review of the Texas economy."  Some highlights from the November 2011 report:
  • Government job losses are slowing Texas' employment growth, but the state's private sector continues to create jobs, offsetting government job losses.
  • Texas created 15.4% of total jobs in the US from October 2010 to October 2011
  • Non-farm jobs grew by 2.2% in Texas compared to 1.2% for the United States.
  • Private sector growth was 3.4% vs. 1.7% for the nation.
Here is the first of many charts in the report: Out of 26 Texas Metropolitan Areas, the El Paso and Fort Bliss area ranked high in employment growth and El Paso County area ranked #.  Click on the link at the top of this page for information, charts, and graphs about other areas and specific industries. ]]><![CDATA[All Time Low Mortgage rates]]>Fri, 16 Dec 2011 09:50:44 -0800http://www.russell-realtor.com/1/post/2011/12/all-time-low-mortgage-rates.htmlAll time low mortgage rates 
 
How low can they go?
El Paso Texas mortgage brokers are getting 3.95% and lower for  Fort Bliss home buyers.  This is particularly important for all the military buyers transferring to El  Paso Texas as a result of BRAC, 1st AD, soldiers returning from Iraq and the possible selection for a new security forces regional training center.  
 
Fixed mortgage rates dropped again to a record  low.  The national average rate on the 15-year fixed mortgage fell to 3.21% from  3.27%. The average rate on the 30-year fixed loan has been below 5% for  all but two weeks in the past year, and many homeowners who can afford to  refinance already have.  For El Paso Preferred VA Lenders contact RE/MAX  in El Paso, Texas.

 
Today’s rates  with Tri State Mortgage
 
VA  4.00% for 30 yrs  (4.30 APR) and 3.50% for 15 yrs. (3.97 APR) 
 
FHA  4.125% for 30 yrs  (APR 5.1%) 
 
Conventional rate  for a credit score of >720 for 30 yrs is 4.375% (5.2
APR)

]]><![CDATA[Army housing boom in El Paso Tx, Fort Bliss and Biggs]]>Thu, 15 Dec 2011 10:21:55 -0800http://www.russell-realtor.com/1/post/2011/12/army-housing-boom-in-el-paso-tx-fort-bliss-and-biggs.html

Army housing boom in El Paso TX, Fort Bliss, and Biggs

The expansion of the Fort Bliss Army base under BRAC (Base Closure and Realignment program) in El Paso,Texas has sparked a local building boom and kept the town from falling into the depths of the recession. While the rest of the country has seen home prices fall an average of 20 percent since the peak of the housing boom, prices in the El Paso Fort Bliss Texas area have held steady.

The government's 2005 BRAC program, while it weakened some communities, breathed new life into others. The transfer of thousands of military personnel to Fort Bliss from Germany and Iraq is expected to spark millions in new construction spending, according to an Army study released last spring. With this run-up in construction, El Paso is also experiencing a huge expansion to it’s infrastructure. The city anticipated this growth and commission a 2 year economic impact study through the local university which predicts a population growth of 16% by year end 2012.

When these soldiers return to the US, those returning military personnel can take advantage of the home buyer tax credit, which, while it has expired for the general population, is still available to active-duty military personnel returning from overseas. (Also see "VA Loans: Home buying Help for Veterans")

See homes for sale in El Paso, TX at Re/max Real Estate.
See rentals in El Paso, TX at RE/MAX Real Estate.


First-TimeHomebuyer's Guide
· How to Shop for Your First Home
· How to Price a Home to Sell Fast
· How to Get a Low Mortgage Rate
What happens after the offer

More on RE/MAX Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

]]><![CDATA[New Property Tax law in El Paso Tx]]>Thu, 08 Dec 2011 15:08:40 -0800http://www.russell-realtor.com/1/post/2011/12/new-property-tax-law-in-el-paso-tx.html Read about new property tax law that took effect September 2, 2011.

What is a homestead?

A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.

What is the Homestead Exemption?

Homestead laws were developed to grant a surviving spouse, minor children, and/or unmarried children of a deceased homeowner the right of occupancy, to afford a reduction on property tax, and also to protect a home from creditors.

Homestead exemptions reduce taxable value by removing part of your home's value from taxation. If you want to receive a homestead exemption for the taxes on your home, the home must first qualify as a residence homestead on January 1 of the year in which you are applying. There are two requirements:

1.    You must own your home on January 1. (If you are over 65,and/or disabled the January 1 ownership and residency are not required.)

2.    You must use the home as your principal residence on January

Click here to see other exemptions you may qualify for.

]]><![CDATA[Home Buyer's Beware - pitfalls to buying]]>Sat, 19 Nov 2011 09:40:38 -0800http://www.russell-realtor.com/1/post/2011/11/post-title-click-and-type-to-edit3.htmlPicture
If you talk to a dissatisfied homebuyer today he/she will   probably tell you 
they paid too much or they were pressured into buying   the wrong house by the
real estate agent.  Why does this happen? More   often than not these buyers
were not represented by a buyer’s
agent.
What home buyers don’t know is  that the real estate industry underwent a dramatic change in the 1990s due to  “disclosure of agency” laws  that required agents to disclose to a potential buyer that they work for the  Seller. Prior to this time 3 out of 4 buyers believed the agent they worked with
was representing their interest.  Even today less than half of home buyers
understand that they are entitled to be represented by a buyer’s agent. Buyer’s  routinely search for a home on-line, find the home they like, call the agent listing the home and never seek the help of a buyer’s agent.  The current law states that at the point of the first substantive communication with a home buyer, the real estate agent listing the home is SUPPOSED to disclose that he/she  is working for the seller. 

When you have a home buying plan before you shop, you’ll be sure to avoid these costly  errors. Here are some tips for making the most of your home purchase:

Find a El Paso Buyer’s Agent
An exclusive buyer’s agent has no conflict of  interest as he/she does not list any property for sale. These agents are trained  to work only for the home buyer and are paid out of the proceeds of the sale at closing.*  Buyer’s agents provide real estate tools to search for  homes in their  market, they provide mortgage  information,  they inform and educate the buyer about  the home buying  process and provide current home buying  programs.

 Get  pre-approved before house hunting
Because of the current economic climate  a seller will consider an offer from a pre-approved buyer above other offers because the seller only wants buyers that are financially able to support an  offer. When a buyer is unrepresented, he/she may not know where to apply for a mortgage and may not even know what their credit picture looks like. 
 
Making the offer

 What price  do you offer a seller?. Before you make that offer, be sure your agent has researched the market. A professional buyer’s agent can offer an unbiased  opinion on the value of a home, based on market conditions, condition of the  home and neighborhood. Without knowledge of the market, your offer could be too high.

 BUYER  BEWARE when buying from FSBO
Many home buyers believe that buying a home  from a homeowner without involving a real estate agent will save them big money.   FSBOs do not reduce the price just because you don’t have an agent. In fact, most FSBOs price above the market. There are too many pitfalls when
dealing with FSBO to innumerate here.  Read  more..

 Home  repairs
Your home will be one of your greatest assets and you need to  know what the condition of the home is before your buy it. A buyer’s agent will
require the homeowner to make repairs or price concessions in lieu of repairs.

-----------------------------------
*pertains to El  Paso County Texas


Posted via email
from el paso homes posterous





--
Posted By Blogger to Fort Bliss New Home Builders |
Remax Realtor
at 11/19/2011 09:17:00 AM

]]><![CDATA[Working with an Exclusive Buyer's Agent]]>Tue, 15 Nov 2011 12:43:40 -0800http://www.russell-realtor.com/1/post/2011/11/working-with-an-exclusive-buyers-agent.html This site have been provided for buyer's only by Yvonne Russell, Re/Max buyer’s agent. An Exclusive Buyer's Agent is trained to represent the interest of the buyer in the home purchase transaction which gives buyers the peace of mind that there won't be a conflict of interest. As your buyer's agent I can show you any El Paso Texas or Fort Bliss area property for sale and negotiate the lowest price for the house. As an Re/max Buyer's agent I am paid at closing out of the proceeds of the transaction (like everyone else). 

Please feel free to save your favorites, send me emails of homes you are interested in, or ask me any question that is on your mind.

Lastly, since the El Paso Texas mortgage loan process is the longest part of the home purchase process I recommend contacting a mortgage lender now if you want to move into a home in 30-45 days. Here are a few lenders my clients have used successfully at El Paso Preferred Lenders.

Yvonne A. Russell,  REALTOR® |CELL (915) 873-8646 | (888) 845-2408 | FAX (915) 594-9253

Russell-Realtor

El Paso Preferred Lenders

MLS Access

JD Power Survey-”Top Rate Real Estate Agent”

RE/MAX of Texas, RE/MAX Associates, 10940 Ben Crenshaw Dr Ste C, El Paso 79935



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