Fort Worth Real Estate Online

Here's the deal:  I was peacefully sitting at my desk, reviewing the news of the day, and the telephone rang.

As I occasionally do, I answered the phone... hoping it was a friend.

What followed was the good news that we ALL are waiting for:  that if I acted now... right now... I could be one of the lucky ones to "extend" the warranty on my car.  Press one, I was told, and a "consultant" would be with me shortly.

So... like a good little girl who always does what she's told... I pressed "one."

Some nice pleasant (not) music played for awhile, and then I was connected to my "consultant."

He asked me if he could get some information first.  Sure, I said.  How many miles on my vehicle ?  26,000.  What year, make and model ?  2007 Honda CR-V.  And my zip code... which I gave him.

OK... he seemed pleased so far.  Now... next up was my address.  Ma'am... may I have your address ?  Sure.  1357 Disney Lane

And your last name, Ma'am?  Mouse... M - O - U - S - E.

And your first name ?  Minnie... M - I - N - N - I - E.

I then heard nothing but silence.  Then he repeated... Minnie Mouse on Disney Lane ?

I said Yes !  Then I asked him how it felt having someone waste HIS time... like he wasted mine when he called me ?  Hmmm... all I got was silence... and then a dial tone.

Oh well... back to reading the news...

In a recent post I wrote, I commented on an upcoming ruling that will be implemented on January 16, 2009 that will affect incentives a New Home builder gives the buyer of one of their homes if that buyer using the builder's "in house" lender, and/or the builder's preferred or in-house title company.  

In my first post a few days ago... all the discussion concerned using either the builder's preferred lender, or their "in house" lender, or the buyer using an outside/buyer chosen lender.  

There were plenty of great comments, and a good discussion followed.  

This post will cover the use of the builder's "preferred" title company, or the builder's "in house" title company... chosen, and then required, by the builder... which in this case... I mean the "production" builder.

First of all, in Texas, the title fees charged do not matter very much because title insurance fees are regulated by the state... so it's the same fee/cost from title company to title company.  

If you are considering the difference in customer service, or the exact location of using the builder's title company (as far as driving time is concerned), or using your (The Realtor's) preferred title company... should you (the Realtor) or the buyer be allowed to use a different title company than the builder's preferred one ?  

If there really is no difference in fees because of Texas law... this question should not even come up.  

Here are some other reasons:

The (production) builder has closed hundreds of homes with their preferred or in-house title company.  If any title issue whatsoever comes up during the actually closing, the in-house title company is already prepared with necessary documents to handle the problem.  

The in-house title company also has a track record of handling other "glitches" that have happened at the last minute.  

Also... if this particular in-house title company closes all of the production builder's closings... the fees may actually be less than using an outside title company due to the volume of closings.

But... let us not forget one last thing.  The builder is "the seller..." and as such is probably paying for the title policy.  If that is the case... it is not only right... but it also makes sense... that the builder be able use their own in-house title company.

I have seen some posts that have discussed an upcoming ruling that will affect the New Home Builder Incentives that a Buyer receives for using the Builder's Mortgage Company.

The underlying idea is that some Realtors have argued that "forcing" a buyer to use a builder's lender... either their "preferred" lender, or a lender actually "owned" by the builder... is infringing on the buyer's freedom, especially when a buyer thinks they can get a better "deal elsewhere... or when the Realtor has some lender that he or she prefers to use... and may also have some sort of a "you scratch my back, I'll scratch yours" relationship.

I really have to take issue with the new ruling.

If the buyer is totally free to use either their lender, or the Realtor's lender... not only will the builder's "marketing" be affected... but their profit picture will also be affected.

Yes, the builder wants their lender to be used by the buyer... and there are several reasons.

First:   The builder usually had special financing set up... which they have paid an upfront commitment fee to get.  With this program, the builder knows that once their buyer has been "pre-qualified" that there is a very small chance that the buyer would be rejected.

When the buyer uses the Builder's lender... Realtors often feel that the builder will financially benefit if the loan goes to the builder's lender.

The is probably true.  Builders often pay for interest rate "commitments" to give special loan rates to buyers.  They also know the individual buyer's loan qualifications that go along with those programs.  If the buyer does not use that "committed" money program, the money goes unused... and the fee paid to secure that loan rate commitment is wasted.

Secondly, the builder probably will benefit from the loan going to their own lender... probably from either a rebate back to the builder, or some other lender concession back to the builder from the lender.

Sure, the builder makes some profit on the loan... but that is taken into consideration by the builder when arriving at a selling price.  If that profit disappears... it's got to comeback from somewhere.

Second:  It is very important for a builder's loan to close on or before the date it is supposed to... as written in the contract.  If a closing is scheduled for the 29th or 30th of the month, and the lender runs into a "glitch," the builder's mortgage company will somehow find a legal way to close on the loan... to somehow make it work.

I have never seen a loan program that was promised by the builder's mortgage company "disappear" when it came time to close because the loan program disappeared.  

I have seen this happen with some outside lenders.  Often times... if a loan is not ready to close and falls into the next month... it is an outside lender.  Usually the lender's typical answer is to simply let the loan fall into the next month for the builder and buyer... assuming it really makes no difference to anyone.

When the closing, and the loan, falls into next month... it can have a costly effect on the builder... making them liable for extra construction financing on their (the builder's) end.  If this happens because of the buyer's lender... there's no way the builder is going to "eat" that cost... and they should not have to.  That leaves the buyer to eat the cost... but often times the buyer cannot.  What happens next... often the deal blows up.

Also... I have seen outside lenders break the bad news that a "wonderful" loan program that existed when the application was written... is no longer available.  Now the buyer has to be put into a one of the outside lender's new loan programs... which may or may not match the program that disappeared.  Again... a closing date is missed, and the buyer is usually facing a mortgage program not quite as good as the one that went "bye bye."

Again... I cannot remember this happening with a builder's lender.

My final thought.  If it ain't broke, don't fix it.  And make sure while you are trying to find out if it IS broke... make sure you know ALL the facts.

(Note) The builders spoken of here are "production" builders... not custom builders who either have their own preferred lender, or feel quite comfortable with a buyer using a lender of their choice.

I was just reading an article about fifth and sixth graders, and what they have to do to be successful in school these days.  It reminded me of a small, short chapter of my very own sixth grade career.

There I was... in the sixth grade.  I was one of the shortest, smallest and youngest kids in the sixth grade... which of course made me feel even more inward and self-conscious.

The Sixth Grade teacher... Ms Lang (an old spinster-type, and the sister of the principal... Sister Mary Marcella)... was trying to teach division of fractions to some of the thick-headed boys in the room.  She kept showing them an example of two fractions... and told them to simply "invert" the second fraction, and then multiply to two fractions to get the answer.  Invert and Multiply... invert and multiply...

Well... they still didn't get it.  They were hung up on the word "invert."  She explained again... but to no avail.

Finally... she said she needed an example.  She asked for volunteers, which, of course, produced not ONE hand being raised.  So... what to do.  She called on ME !  She motioned to me to come up to her desk, which I quickly did.  She then called on two of the burliest, hugie-biggest boys in the classroom to also come up to her desk... which of course they did !

She then ordered them to pickl ME up, put me on top of her desk, stand me on my HEAD... and hold me up.  She then told the class that this was what she meant by "invert."  She then had them continue to hold me there... while she worked some more division of fraction problems.  

I have been told that this may have been a "defining moment" in the formation of my psyche... and the way I would view the world from then onward.  

So... if you ever read any of my blog posts... and they sound even a little bit goofier than usual... you have just been told the probable reason why.

Are you an "Empty Nest'er" thinking about Downsizing ?  Perhaps you're a "Career Single" ready to get a Place of Your Own ?  If so... there's a great neighborhood just brimming with excitement... and it's just up the road in Frisco, Texas.  

Come see what all the excitement is about !  Think of it... lots of luxury and pampering near Stonebriar Mall... but without the size, upkeep and pricing generally associated with luxury homes like these.

A gorgeous Patio Home community has just opened up, and two sparkling new models are ready for you to see.

Ranging in size from 1650 sq ft... to nearly 3,000 sq ft... these pretty and oh-so-energy-efficient homes are just packed with all the custom features that so many of today's buyers are looking for.

Perhaps you're a "career single" working near the Dallas North Tollway or in or near the Stonebriar Complex ?   This location works about as well as any we have seen in quite a while.

Are you more the young couple just starting out ?  These three and four bedroom homes, some single stories, some two-stories, offer you just about any bedroom, living area, and architectural design combination you could ask for.

Maybe you're an "empty-nester" moving to a smaller home, but don't want to give up the luxury you've become used to in your present/previous home ?  If Yes, this will work out just great for you, too.

If you are ready to go from "Just Browsing" to "Let's Get Serious..." call the Frisco/McKinney New Homes Hotline at (469) 713-9725.  Let's set aside a time to get together. 

This Four Bedroom Brick and Stone Single Story Home is such an Incredible Home For The Money ! Four Bedrooms, Two Full Baths, Large Family Room, and a Gourmet Kitchen with Cabinets and Counter Tops on ALL FOUR SIDES.The Kitchen brings out the Gourmet in You !

What a Kitchen ! All Four Walls are lined with both Cabinets and Counter-tops. Can you imagine... moving in to your new home, unpacking and getting all your kitchen stuff pot away, and still having empty cupboards ? There is a Food-Prep Island with Breakfast/Serving Bar, space for Breakfast-Bar "High Chairs" and a Dishwasher, Oven and Range, and a Built-in Microwave.

The Kitchen and Serving Bar opens into the spacious Family Room. The Family Room, combined with the Oversized Dining Room... makes for Lots of Holiday Room for All the Family.    

The Formal Dining Room Could Be Another Living Area. The Breakfast Room space next to the Family Room provides so much Room for casual breakfasts, lunches and dinners, and Holiday Dinners, that the Formal Dining room can easily be made into a Second Living Area.

Price-wise... it's hard to believe. This 2087 sq ft New Home is priced at $134,990. Now, in some parts of the country, home prices do NOT include the lot... but in Fort Worth, Texas... all new home pricing, including THIS one... includes the building lot.

If you're ready to go from "Just Looking" to "Let's Get Serious"... call the New Home Hotline for your own personal showing.  Karen Anne Stone at (817) 929-3400.

When new home buyers in Fort Worth and Dallas... and Frisco, McKinney, Carrollton, and all the surrounding new home hotspots... want the best choice of Brand New Homes... they know that New Home Hunters DFW is where to go !  They will find new homes there that may not be available anywhere else.

Being represented by a Realtor when purchasing does not cost you, the buyer, any additional costs whatsoever.  Each New Home Builder already has an overall marketing budget, so there is no charge to the Buyer.  And... when having Karen Anne represent you in your new home purchase, you have the added advantage of working with a Realtor who also has over ten years of experience previously working for new home builders.  Karen Anne knows the "inside scoop" which can save you thousands of dollars in your New Home Purchase.

Karen Anne constantly surveys all of Tarrant County for the latest New Homes, and shares the "cream of the crop" on her website.  Many homes have already been completed.  Karen Anne is ready to wrap up your favorite New Home with a Big Red Bow... just for you.

                                                   http://www.NewHomeHuntersDFW.com

This is not just a website for one particular builder.  Karen Anne's "picks" for the prettiest, coolest, absolute best values available in Today's New Home Market are from all the New Home Builders throughout Tarrant and southern Denton County... and the entire DFW Metroplex.  Come see what the excitement is all about.

In Many Cases, new home financing is available for all types of buyers.  Even with the current mortgage situation, zero-down financing is still available, and with many of the mortgage financing plans, the Builder will pay most if not all of the Buyer's Closing Costs.

Make sure when you talk with Karen Anne... that you ask her about her new "Buyer Relocation Benefits" program.  If you live out of state and are relocating to Fort Worth... help may be available.

Even though each of the new homes pictured on Karen Anne's "New Home Hunters DFW" website is built in a specific area that is mentioned in the home information, many of the homes can be built "just for you" in many other areas throughout the Greater Fort Worth area... so if the area listed does not work for you, other areas are available.  Please call the New Homes Hotline at (817) 929-3400.