Tuesday, May 26, 2009

You paid WHAT!? for that house?

I ran into a friend a couple of months ago at Red Robin Restaurant I had not seen in years. After the chit chat he said that he had found the most incredible home for his family just 15 miles from here. Both he and his wife’s face lit up as they described it to me. As a Realtor of 30 years, I truly was impressed with the word picture they articulated. It was definitely a good deal. I asked if they were on contract to buy it, he shrugged his shoulders as he looked at his wife he said we are not, because we can’t get anything out of our home. My next question was, “how much under market can you buy that home?” It was a lot under market. That answer led to the next statement…”What are you waiting for? “You might not get as much out of your present home as you would like, however, you are making the Deal of a Lifetime on the purchase of the new home!” You know for a fact that the old owner spent way more on that home than you are paying now. Do not miss the opportunity staring you in the face.

For investors, today is the time to buy & own rental properties. There are many homes that can be bought at incredibly low prices, with low interest rates. Today’s market is a better investing market than the past 4-5 years. Buy your rentals right and you can cash flow $200.00 to $300.00 per month per property on a 20 year note. In the DFW area, we have a great influx of new residents looking for that Big Texas Dream. They are coming here in droves. My wife and I will be buying additional investment properties this year. Do Not Miss The Boat, Hummer, Helicopter, and OPPORTUNITY.

For most Americans their home is their largest investment and the bulk of their financial net worth. Make a plan, buy investments, and work your plan because Real Estate builds Wealth. Once you own property call CENTURY 21 Judge Fite Property Management to take the head ache out of owning rentals. I learned a SECRET of keeping rental properties. Once you own them, hire a professional to manage them. In order to own them long enough to Build Wealth in Real Estate, you need help. My wife and I hired CENTURY 21 Judge Fite Management Co to manage our Rentals 18 years ago. No regrets, only the ability to see more clearly the opportunity in front of us. Since hiring CENTURY 21 Judge Fite Management, we have grown by 3 & 1/2 times due to not being stuck in the muck and mire of managing.

Thursday, May 21, 2009

How much insurance should I get when I buy my home?

Some Insurance Tips for Buying and Selling Real Estate in This Market

What do you need to consider for your insurance needs when you purchase or sell in today’s market?

Selling can be a big challenge, and sometimes it involves a lot stress due to reduced values or personal tragedies. When canceling your policy due to the sale, don’t try to save a little money by making the cancellation effective on your closing date, but wait until you have moved out or have insurance at your new home. You want to have coverage for any short periods while you are a tenant of the new owners or when your personal property is in transit from your old home to your new location.

If you lose your home to foreclosure or a short sale, don’t forget to cancel your policy like above after you move out. Also ask for a refund for the remaining policy term. There is a chance you may get a refund, but it all depends on your mortgage company and insurance carrier’s policy terms.

While purchasing a home in today’s market, there is the great potential to get one priced below what it was worth just a few years ago or below its current tax value. Be very careful about the limits you insure your home for. It may appear to make good economic sense, but in reality your purchase price does not reflect the replacement cost for damages or total replacement of your home and personal property. Always make sure to have the correct limits in place to cover you in the event of a total loss.

There can be severe consequences for not having proper replacement limits of coverage in place. Even a partial claim, like damage to a roof, can result in a dramatic reduction in the claim amount paid by the insurance company if a property is not fully insured. At the time of loss, if the limit of liability on the policy is less than 80% of the full replacement cost of the dwelling, the insurance company will only pay a proportionate share of the full replacement cost.

Insurance carriers use sophisticated replacement cost calculators that work in the background to insure that your property has the proper amount of coverage. The calculators take into account several variables that are based on statistical history of loss, square footage, construction costs and zip code. Other variables, such as swimming pools, past claims history, and the age of the roof are determined on a case by case basis and may impact the premium.

If you think the replacement value is too high make sure you bring that to your agent’s attention so he or she can review with you the different factors that went into the calculation. Sometimes your agent can consult with an underwriter at the insurance carrier to come up with a more appropriate replacement cost amount.
One of the other factors when purchasing distressed or foreclosed properties is finding a good source of information concerning the history of a home. In many cases a Sellers Disclosure Statement is not available. In these cases make sure you ask the insurance agent you are working with to provide you with feed back on what is contained on the CLUE report.

C.L.U.E. stands for Comprehensive Loss Underwriting Exchange, which is a database featuring loss information submitted by 9 out of every 10 insurance companies. A C.L.U.E. report provides a history of about 30 different kinds of losses from wind damage to dog bites that have been filed against insurance policies covering a given property. The report provides information including the dates and types of losses and the amounts paid for each claim. This information is confidential in nature and can only be shared with the client, not a third party such as a real estate agent or loan officer.

The above examples are just a few of the reasons why you should select an Independent Agent like Judge Fite Insurance Agency instead of an agency that only represents one insurance carrier. We have over 30 appointments with insurance carriers and a service level to provide you more options, competitive quotes and answers to your questions.

For more information about insurance for your home, investments, vehicles, or business, contact Judge Fite Insurance Agency today at insurance@judgefite.com or 214-446-2571.

Tuesday, May 12, 2009

Is there risk in buying or selling in this market?

There is risk every day in everything that we do or touch whether it is cooking breakfast and burning yourself or driving your car to work. There is risk in every real estate market, whether economic times are good or bad. People move to new homes because they have a need. It may be that they just got married, or have a new baby, or are getting a divorce, better would be a job transfer or promotion. Life happens. To me, that is why you buy or sell in any market. If you have the need to move, then any market is workable with the proper education and planning.

Risk comes in when you try to move too fast. If selling when the listing inventory is plentiful, then you must make sure your house is the best on the market, so it beats the competition. It needs to be priced the lowest in the area and in prime condition, if you are in a hurry to move. If you are not priced correctly, then your property can become shopworn so marketing dollars might need to be spent to re-introduce your house to the REALTORS who sell in your area. Otherwise, you may have to wait until the competition sells before your house will move. That is economics. If you are buying, you have more choices when inventory is higher and you can shop for the best home for the money, the bargain. Real estate cycles. Whether your need to buy or sell is for investment or for personal reasons, every market has its advantages. Hire an expert REALTOR to help you find the right home to fit your needs.

Tuesday, May 5, 2009

Real Estate 411: Why Buy Now?

Here are Jim Fite's top 5 reasons why you should buy real estate NOW! Jim Fite is President of CENTURY 21 Judge Fite Company in the Dallas/Fort Worth Metroplex. Click here to search for your dream home!

Monday, May 4, 2009

Ellis County Texas ain't what she used to be

Midlothian, Texas in Ellis County is a booming residential area in North Texas. Check out this beauty and others by clicking on the photo!