My New Blog

If you have been living the US for the past 6 months you have heard that real estate is falling. That is simply not the case for Lubbock. Lubbock has been blessed with a stable job market and a steady growth in population. However, there are residents in Lubbock who have not been able to avoid feeling the woes that people up North and the East Coast and West coast have been feeling, getting behind on Mortgage payments.

I am often asked what has caused buyers to lose their home. The number one reason is that people were moving into homes for $0. The buyers simply did not have a vested interest in the homes so it was easy to walk away. Others were put into ARM (adjustable rates mortgages) that they should have never been put into. Others lost their jobs or were transferred to new cities and they simply did not have enough equity in the home to sell with in 1 year.

The purpose of my blog today is this. If you are in default on a mortgage look at your options before you walk away! The important thing to remember is that banks do not want to foreclose on you. It is way too expensive. They want to settle with you. So pick up that phone when your mortgage company calls they truly want to help.

If there is not a way out, call me. I can assess your home and do a Market Analysis and help you determine if selling is a viable option. Sometimes we can work out deals with the mortgage company to work out a short sale instead of foreclosing on the property.

A good thing to remember is that a short sale will drop you credit score by 80 points. Ouch! However a foreclosure drops your credit 200 points. This is devastating. You can survive a 80 point hit but a 200 point takes a long time to get over. Call us first!

Buyers Need LOTS of reflection:

Many homebuyers in Lubbock carefully consider the house (bedrooms, walls, carpet, paint, etc) before they purchase a home.  But homebuyers should also consider the LOT that they are purchasing!  Here are the top concerns for lots:

1.  PRIVACY
Make sure windows on the home next door are not looking directly into your window.  Also ensure your lot has enough room to allow adequate room between your home and the ally, street, etc.

2.  TRAFFIC
You will not want "the lot at the top of a 'T' intersection, where headlights are likely to shine in" your windows, according to Kate Goodloe's article "Buyers have a lot to consider."  Cul-de-sac streets will have less traffic.

3.  ORIENTATION
In Lubbock, you will need to plant your garden on the south side of your home to ensure maximum sunlight.  Whether or not your home faces north or south may determine whether you have a backyard vegetable garden or a front yard flower bed.

4.  SOIL
Most soil in Lubbock is "caliche," or a red, clay-like soil.  If you are interested in developed gardening, you may want to have the soil evaluated.  Also, if the foundation of your home is questionable, you should investigate the soil.

5.  HIGH COST FEATURES
In Lubbock, the major considation in a lot is whether or not your home rests in a flood zone.  If your Lubbock home is in a flood zone, you will be required to purchase flood insurance, and your home and possesions may be in danger. 

6.  RESTRICTIONS
Many neighborhoods in Lubbock have established Home Owner's Associations.  These groups require all homeowners in the neighborhood to pay a membership fee.  Many also have restrictions on the landscaping, parking, and the overall look of your property. 

Goodlow, Kate.  "Buyers have a lot to consider."  http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/1210class_homes_house.131f2dd.html