Tue, 27 Jul 2010 23:42:24 -0800WeeblyThu, 15 Jul 2010 08:56:01 -0800http://www.russell-realtor.com/1/post/2010/07/finding-a-mortgage-in-el-paso.htmlThey are familiar with the local market. While larger banks may offer attractive incentives they may cost you in the long run. A local lender know the El Paso and Fort Bliss real estate market and understands that this market is not like others across the US. Many states are experiencing the impact of the recession in every area of their economies. El Paso and the surrounding area generally run 6 months behind the national economy and in the real estate market only slightly  unaffected by the recession. When buying a home your lender will require, particularly if your loan is an FHA, an appraisal of the property you are buying. If you lender is not familiar with the local market his underwriter may not approve the home loan for its full value.  For more information contact Yvonne Russell at (915) 873-8646 or use the contact page for comments or questions.]]>Mon, 12 Jul 2010 09:59:03 -0800http://www.russell-realtor.com/1/post/2010/07/how-to-buy-a-freddie-mac-home.html How to Buy a Freddie Mac Foreclosure

Freddie Mac published this document on how to purchase a HomeSteps Mac foreclosure
 5 Easy Steps to Buying a HomeSteps Home.

1. Prepare your offer, signed by the buyer(s), in writing on your local or state contract.  The seller should appear as "Freddie Mac."
2. Include signed copies of the following HomeSteps addenda: (1) the Single-Family Real Estate Disposition, (2) the Lead-based Paint Disclosure addendum, (3) Property Condition addendum and release, (4) State Riders (if applicable) and (5) Manufactured Home addendum (if applicable). These addenda are available from the listing agent. Please reference them in the contract, and remember, no changes are allowed to the addenda printed text.
3. Submit a buyer pre-qualification letter with the purchase contract and addenda to the listing broker. The listing broker must have all required documentation prior to presenting the offer to HomeSteps.
4. Negotiate the written offer verbally until final agreement is reached.
5. Submit final terms on a clean, typed contract with buyer’s original signatures and initials, along with all required addenda. Return the executed contract and any additional deposit monies to the listing broker no later than three (3) business days from the verbal acceptance by HomeSteps. If the contract is not returned timely, HomeSteps (Freddie Mac) may withdraw its verbal acceptance to sell the home at the agreed-upon terms.

According to the document, HomeSteps (Freddie Mac) will not agree to the following items:

• Offer contingent on the sale of buyer’s current residence.
• Buyer(s) to occupy or store personal items at the home prior to closing.
• Buyer(s) allowed access to the home to perform repairs prior to closing.
• Buyer(s) to receive credit at closing for repairs not completed.
• Repairs after the buyer(s) signs the closing documents.
• Seller’s funds to be escrowed

]]>Wed, 16 Jun 2010 20:01:10 -0800http://www.russell-realtor.com/1/post/2010/06/senate-extends-deadline-to-close-on-homes.htmlThe Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev. 

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. This does not extend the deadline for homebuyers to qualify for the tax credit, NAR said but only extends the deadline for closing transactions already in contract]]>Mon, 12 Apr 2010 08:22:36 -0800http://www.russell-realtor.com/1/post/2010/04/fha-2010-changes.htmlWith over 40% of all mortgages guaranteed by Federal Housing Administration, and in light of the housing trouble FHA commissioner David Stevens announced a set of policy changes to managing risk and strengthen it’s capital reserves. These changes include the following:

1. Increase MIP to 2.25%. Mortgage Insurance is paid by borrowers when the down payment is lower than 20%. It protects the lenders in the event of borrower default and makes lending possible for some buyers. This premium can be rolled into the loan.
2. Update the combination of FICO scores and down payments for New borrowers. The minimum score required will be 580 to qualify for FHA’s 3.5% down payment program. If FICO is less than 580 then 10% will be required for down payment.
3. Reduce Seller’s contribution from 6% to 3%. This change is expected to take effect by early summer 2010.

These changes are expected to slow the economy down as well as the housing market. Now is the time to lock in your home purchase before these changes take effect. There are never been a better time to buy. You currently have low interest rates, tax incentive of $6500-$8000, and Seller’s are motivated to sell and are presently allowed to contribute up to 6% toward closing cost. Although time is running out. You must have an executed contract on a home by April 30th and close by June 30th. The buying process is long and arduous but a competent and experienced Buyer’s agent will help you successfully navigate the most expensive and complex transaction you’ll ever make. If you are in the El Paso, Horizon city, Santa Teresa area call (915)873-8646 or visit Russell-Realtor.com.

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Posted By Remax Agent to Fort Bliss - El Paso, Texas Real Estate at 4/12/2010 08:14:00 AM]]>Wed, 17 Mar 2010 10:23:48 -0800http://www.russell-realtor.com/1/post/2010/03/10632-blue-sage-el-paso-tx.htmlThe builder is Celtic Homes building homes since 1999 according to the BBB. This home builder has had some complaints but all have been resolved. Most if not all builders at one point or another will experience come consumer complaints. What is important is how and if the issues were resolved. This builder constructs both model homes as well as custom homes with a long list of amenities including refrigerated a/c, shutter and more. call 873-8646 for current list of plans and lots available.]]>Tue, 16 Mar 2010 20:37:50 -0800http://www.russell-realtor.com/1/post/2010/03/el-paso-east-side-home-152k.htmlhttp://www.elpasohomessales.com/EL_PASO/Texas/Homes/El_Paso/Agent/Listing_1001323947.html]]>Mon, 01 Mar 2010 08:37:42 -0800http://www.russell-realtor.com/1/post/2010/03/how-long-does-it-take-to-buy-a-home.htmlHi El Paso Home Buyers
 
So glad you found my site helpful.  As a Buyer's Agent, I invest a tremendous amount of time and money to provide these real estate tools and services for my clients. Please call to set up an appointment to meet.
 
If you are trying to take advantage of the First Time Home Buyer tax credit then time is of the essence. Because the process of buying a home can take 2-4 months on average, you are running out of time.
 
You may be wondering why the process takes so long. First, you need to pre-qualify because 99% of seller's want a pre-qualification letter to make sure you have the ability to purchase their home. Call me for El Paso Mortgage companies with many years of experience in bond, FHA, and VA programs and will handle your application promptly.
 
Pre-qualification should take about 24-48 hours.  Then you shop for your home, which can take from 2-4 weeks depending on your expectations. Once you have selected the right home, I proceed to negotiate a contract with the seller. Depending on the number of contingencies, the negotiation process can take a few days.  Once the contract has been executed by both parties, you are going to schedule and pay for a termite and home inspection, which can take about a week. I always make my purchase agreements contingent on inspection.  It is likely the home inspector my find some issues with the home depending on the age of the home. We then need to decide if you want to take the house as is or we need to ask for concessions from the seller. If the seller makes the requested repairs then that will take some time.
 
Your lender will require an appraisal which can take 3-7 days due to the changes in appraisal laws.  Once the appraisal is done (hopefully at or above the price you offered) the loan goes to an underwriter for review which can take several days. Your lender will often require that you have PMI if you put down less than 20% on the home mortgage.
 
This is just a brief summary of what to expect in the process. I can provide more details at our meeting but in the meantime, you can read all about buying a home at Texas Real Estate.
]]>Sat, 27 Feb 2010 08:38:03 -0800http://www.russell-realtor.com/1/post/2010/02/status-of-foreclosures-short-sales-resales.html1401 hawthorne el paso tx
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375338 4324 LOMA DEL NORTE EL PASO, TX
385237 4941 WINGARD EL PASO, TX
385264 3405 WATERSIDE DR EL PASO, TX
385909 7416 CAMINO DEL SOL EL PASO, TX
386512 10108 CHINABERRY DR EL PASO, TX
386589 1401 HAWTHORNE EL PASO, TX
382054 4872 EXCALIBUR DR. EL PASO, TX
383915 3076 TIERRA SALADA EL PASO, TX $
384434 12216 HOLY SPRINGS EL PASO, TX
385160 10724 AQUAMARINE EL PASO, TX
385252 6012 MORNING GLORY EL PASO, TX
386103 11220 WILLIAM MCCOOL EL PASO,TX
386497 5300 DEBEERS EL PASO, TX
386498 10893 LOMA CORTA EL PASO, TX
379617 1604 VILLA DEL SOL EL PASO, TX
379623 3820 HARRISON EL PASO, TX
382315 630 BLUFF CANYON CIR EL PASO TX
383958 10312 SHOSHONE EL PASO, TX
38435 12238 MARIA SEANES EL PASO, TX
38459 13705 PASEO RICO HORIZON, TX
38476 7059 CROWN RIDGE EL PASO, TX
38483 5464 RIDGE ST EL PASO, TX
38524 1729 SARAH RACHEL EL PASO, TX
38548 11357 LINDENWOOD EL PASO, TX
38552 12448 TIERRA INCA EL PASO, TX
385544 11960 ROYAL WOODS EL PASO, TX
385952 6061 MORNING GLORY EL PASO, TX
386389 12256 TIERRA ALAMO EL PASO, TX
386577 5808 SIXTA EL PASO, TX
386645 14133 DE STEFANO HORIZON, TX
386664 533 COVINGTON RIDGE EL PASO, TX

Yvonne Russell, Buyer's Agent
Remax Associates
El Paso, Texas 79935
(915) 873-8646
yrussell@remax.net ]]>