Question 1

I’m Ready to Buy a Home. What’s the First Step?

Accepted Answer

While attending open houses can be much more exciting than filling out loan applications, the first step a home buyer should take is getting pre-approved for a mortgage. This helps you determine how much house you can afford and allows you to set a firm budget. Often the mortgage calculators you find online are inaccurate and don't include important factors like property taxes, homeowners insurance, HOA fees and more! It is vital to speak with a mortgage broker to go over your specific financials so they can help you determine exactly how much cash you'll need to have for down payment and other closing costs, what your monthly payments will look like at various price points and they can also make you aware of any debt you may need to pay off or notify you of discrepancies on your credit report. Most sellers will not consider your offer if they do not have a pre-approval letter from a trusted lender. Visit my Suggested Vendors page to see lenders who have helped my clients in the past.
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Question 2

Do you only sell luxury homes?  Do you sell outside the 610 loop?

Accepted Answer

I sell it all! I love working with first time home buyers, investors and luxury clients alike! I've recently sold everything from a $160,000 condo on Lake Conroe to a $5,000,000 luxury home near Rice University. I live inside the loop so naturally the majority of my business comes from friends buying and selling in my neighborhood.
However, the cool thing about getting repeat business from past clients is that they often start off buying a smaller home inside the loop and then decide to move to neighborhoods outside of the loop in search of more space for growing families. I have experience and enjoy selling at all price points in all parts of the greater Houston area.

Question 3

I need to sell my house but don't quite know what's worth updating. Can you help?

Accepted Answer

Absolutely! Not only do I tour houses every day and see what type of finishes and features help sell a home most quickly, I also have a great relationship with some of the best contractors in Houston. We'll work together to get cost estimates, suggestions on what will give you a healthy return on your investment and what is not worth spending the extra money one. My goal is to make your net proceeds as lucrative as possible and make the repairs or remodel as smooth and painless as possible!

Question 4

What else do you do for sellers?

Accepted Answer

I'm glad you asked! I have an amazing in-house team of digital marketing and advertising specialists (recruited from Facebook & Google) who allow me to send targeted ads to potential buyers based on their online searching habits. We customize, track and refine every aspect of your home's marketing campaign which allows you to see the traffic, feedback and interest in the digital advertisements we create and promote for your home. Although I do still offer print ads, postcards and brochures - electronic and social media promotions are the top way I sell most of my listings and my marketing team is the best in the industry!
 
I've sold everything from Heights bungalows with rental income producing garage apartments to Galveston beach houses to use as a primary vacation rental."

Question 5

What are your thoughts on buying investment properties to use as AirBNB as apposed to traditional long term rental properties?

Accepted Answer

This is such a hot investment opportunity in Houston right now! I've seen a spike in demand for AirBNB properties because home owners can often earn double and triple what they'd otherwise make from a traditional 12 month lease tenant (not to mention the flexibility to still use the property when needed). Not all properties are properly located to attract AirBNB guests the same way a traditional tenant would and if the home is within an HOA community there are typically strict rules against short-term rentals. I'm a big fan of both long and short term rental investments and have great suggestions on what to look for and can point you to some amazing property managers as well.

Question 6

I need to sell before I can buy my next home. How does this work?

Accepted Answer

Depending on the demand for homes in the current market, we can make an offer contingent on the sale of your current home. I typically advise my clients to wait until their current home is under contract and out of the option period before they make an offer on the home they are looking to purchase. Buyers and sellers often do temporary leases where the seller pays the buyer a minimal fee to "lease back" the home after closing. In some cases we can extend a closing date a few days to allow the funds to be seamlessly transferred in time to close on the new house. Ask me about your specific buying and selling situation and I'll be happy to give a customized strategy and connect you to the industry pros who can help you get there.

Question 7

Speaking of loans, does my credit score impact my home loan?"

Accepted Answer

Yes, it does.  This is one more reason to get pre-qualified with a lender before you start home shopping - you never know what negative items may be on on your credit report that you didn't know about. When determining how much home you can afford, a lender is going to look at your debt to income ratio along with your credit score. All of the above will be a factor in determining how much you qualify for but the higher your credit score, the better interest rates and lending terms you'll likely be eligible for.

Question 8

How many homes should I view before making an offer?

Accepted Answer

There is no right or wrong number of homes you should view before making an offer. I've had clients start out thinking they want a new construction townhome in Montrose and after a few showings they determine they're actually better fit for a bungalow in the Heights or a high-rise in the Galleria. Sometimes you have to do some browsing before can accurately narrow down your preference. For every buyer who spends six months looking I end up with a buyer who finds their perfect home on day one. I'm here to help you sort out your options and educate you on what each neighborhood has to offer. We can view as many houses as it takes to find your dream home!

Question 9

How much do real estate agents charge?

Accepted Answer

Buyers pay NO charge! My expertise and negotiation services are free to home buyers. Sellers pay a percentage of the final sales price to the agents involved on both sides of the transaction.

Question 10

What should my down payment be?

Accepted Answer

While it depends on the type of loan you and your lender determine is best for your unique financial situation, most lenders require a minimum of 3-percent down payment. This is something that should be discussed with your lender. I have great lender suggestions here.

Question 11

What other costs should I expect when buying a home?

Accepted Answer

Once you go under contract on a home and select your lender, they can give you a Good Faith Estimate that will break down all of the lender fees and buyer closing costs you can expect to pay at closing. You will also need to pay for the home inspection (this happens during the option period) and I always advise my clients to purchase their own new survey. Don't try to cut costs on this due diligence - it is important to make sure there are no problems with your home before closing.

AMANDA OSGOOD

HOUSTON REALTOR

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