Texas Land Legacy

Not all mortgage lenders are the same. Call Britt to discuss your real estate needs.

Texas Farm Credit

September 15, 2022 / / 0 Comments
  • When shopping for land or farm and ranch properties it is important to seek out the right lender. Most mortgage companies have limitations on the types of properties they accept.
  • One land lender is Capital Farm Credit.
  • At this writing their down payment requirement on farm and recreational land is 20%. Rates vary depending upon the loan and relationship, but variable rates range 5.25% to 6.25% and five year fixed/20 year amortization is 6.75% to 7.75% While these rates were 2-3% cheaper back in early January 2022, rates were even higher in 2006 and earlier.
  • FICO cutoff is 680 but that is not to say they cant do a deal if below that score. There may be a recent small medical collection or other minor issue causing credit scoring to fall below their minimum. Exceptions are based upon different circumstances with each applicant’s credit.
  • The best rates usually are secured by stronger financial customers, as well as repeat customers with a larger relationship.  Rates are tied to a tiered system based upon the loan size and/or total loan exposure with TFC.  For example, a loan from $100K – $250K is a certain rate; the next tier of $250K to $500K is slightly lower rate; and so-on.
  • Capital Farm Credit has a dividend program that is called patronage whereby a substantial portion of interest earnings are paid back to customers / shareholders – thereby reducing the effective interest rate paid on loans. 
  • If you are in the market for land or other real estate properties please consider giving me a call. Britt Vincent, Texas REALTOR 979-325-8221.

Rising Renovation Costs

September 8, 2022 / / 0 Comments

After speaking with contractors, I was able to secure the following information that might prove helpful to you as you decide whether to move or renovate.

Bathroom renovations cost about $9000 on average depending upon size and scope of the work. This represents a 13-15% increase over September 2021.

A basic nice sized kitchen renovation of paint, lighting, cabinet doors and granite is running about $25,000 with similar cost increases as bathrooms. Cabinet suppliers are up 15% across the board due to a rise in Chinese birch; Baltic birch is even higher priced for custom cabinets. Countertops are up 10% due to shipping costs.

If you have questions about home renovation or real estate please give me a call. Britt Vincent, 979-325-8221.

Is a VA Loan Right for You?

September 7, 2022 / / 0 Comments

Military service represents a major life commitment that requires a great deal of sacrifice. Fortunately, it also entitles you and your family to some important benefits- including access to a VA loan.

You will likely have many questions as you seek a VA loan. To get the answers you need, you can benefit by working with a knowledgeable and experienced mortgage provider who can simplify the process and guide you every step of the way.

Let’s look at some of the most common VA loan questions:

WHAT IS A VA LOAN? It is a mortgage offered by the US Department of Veterans and is intended to make home ownership more affordable for Active-Duty Service Members, Veterans, those serving in the Reserves or National Guard, and surviving spouses.

WHAT ARE THE BENEFITS? There are multiple benefits to a VA Loan, including:

  • No down payment required
  • Lower closing costs
  • No mortgage insurance required
  • No pre-payment penalty

WHAT KIND OF PROPERTY CAN I BUY WITH VA? Single-family residences are the primary type of property for which VA loans are intended. Other types of residences including condominiums and manufactured housing may also be eligible.

While VA loans are backed by the US government, the loans are made by financial institutions that set their own rates. A mortgage provider can help you identify the best available rate.

HOW DO I QUALIFY? Eligibility is dependent on meeting certain VA requirements. To be eligible you must be the personal occupant of the home and must have sufficient income, suitable credit and a valid certificate of eligibility (COE). To obtain a COE you must meet certain military service requirements.

If going VA you should work with a Realtor familiar with VA financing. Please feel free to reach out to Britt Vincent, Realtor 979-325-8221 for any real estate questions. Initial conversations with a Realtor usually end with a recommendation for a good mortgage lender – a lender that will remove surprises and help make the process easy. Of the lenders I have worked with, I recommend Chris Planto with CrossCounty Mortgage. He’s on top of his game and has an excellent team providing needed support for each transaction. CrossCountry Mortgage has offices coast to coast with a wide variety of products. It’s always good to shop rates and services, but CrossCountry is a great place to start!

Inspections

August 26, 2022 / / 0 Comments

Before purchasing any property an inspection is frequently in order. Your Realtor will discuss the inspection process, make recommendation as to the inspections needed and will be present while the inspections are conducted.

  • THE BASIC INSPECTION – For a residence without any other improvements a general inspection may be all that is needed. Inspectors are licensed by the state and typically charge just under $500 for their service. Additional fees apply for additional inspections. Inspections can save you thousands and are paid by the buyer. General inspections are not the only kind of inspection available. Other inspections are available depending upon the situation – discuss the need for additional inspections with your Realtor.
  • TERMITE INSPECTION -Frequently a very good idea and may be mandatory if the buyer is securing VA financing. Be sure to have all improvements inspected for wood destroying insects.
  • WATER WELL INSPECTIONS The purpose of this inspection is to see that the well operates properly. Water quality inspections are important as well, but usually are conducted in a separate inspection. Please note: VA loans will require a water well inspection if a well is present.
  • SEPTIC INSPECTIONS – There are several types of septic systems. Additionally, an older home with many large trees might should have its drain lines scoped to see if pipes have collapsed or if roots have breached the pipe. VA loans will require a septic inspection for homes if they have a septic system.
  • ENVIRONMENTAL INSPECTION – sometimes chemicals or fuels have spilled or leaked into the soil over long periods of time. This may create the need for a very expensive cleanup. Testing can be expensive, but might keep you from paying for cleanup if contamination is found.
  • FOUNDATION INSPECTION – Do not have a foundation company come to perform an inspection. If there is a problem found with any inspection it may give cause for negotiating down the agreed upon sales price.
  • POOL INSPECTION – When a pool is present, be sure the pool is part of the general inspection.

Real Estate Price vs. Value

August 26, 2022 / / 0 Comments

Warren Buffet stated the difference between price and value most succinctly: “Price is what you pay and value is what you get.” He was speaking of stocks, but the same principal applies to real estate.

Lets start by taking a closer look at value. The value of a property consists of a combination of its design, style, character, location, finishes, updates, functionality, condition and desirability – all of which can be somewhat subjective. Value can be largely calculated by using traditional market comparison methods, but subjectivity allows for a portion of value to be calculated as an educated guess.

The price of a property is what a ready, willing and able buyer will pay for real estate that has been exposed to the open market. Buyers determine the price that they are willing to pay for a home using a comparable market analysis; additionally, subjective items are considered in calculating a final price. An example of subjective items might be a factor like neighborhood.

From a home seller’s perspective, your goal should be to accurately assess the value of your property and attempt to place the price reasonably close to the value to affect a sale. You can always consider allowing room to negotiate. If correctly accomplished, you may sell the home for a price higher than the value of the home.

From a home buyer perspective, your goal should also be to accurately assess the value of a home, but you will attempt to negotiate the price below the value. If correctly accomplished, you may purchase the home for a price less than the value of the home.

I look forward to being your Realtor. Britt@greystonerealty.com (979) 325-8221

Are you willing to look at a property that is accessed by an easement?

Private Easements

August 25, 2022 / / 0 Comments

An easement is defined as a right in land, granting limited use or enjoyment of another’s land. Most commonly, an easement allows a person or corporation to use the land of another in a certain manner. A few examples of easements would be those granting access to another landowner; power line easement or pipeline easement. Read more about easements in this pdf: https://assets.recenter.tamu.edu/Documents/Articles/422.pdf

Protecting Your Property in Drought

July 28, 2022 / / 0 Comments

Major droughts can be exceedingly tough. Water pipes can break in expansive soil, mature trees can die, gardens burn up, honeybees and other livestock perish and sometimes even your home’s foundation can crack. Here are a few tips on how to mitigate the impact of drought on your property.

Drought isn’t anything new in Texas. Here are a few things to consider when the ground dries up.
CONCRETE SLABS – even really well reinforced slabs can be damaged by uneven moisture – causing cracks inside your home. Use soaker hoses around the perimeter of your home to keep soil around the base of your foundation moist.
WATER PIPES – the biggest risk of water pipe breaks seems to occur with strains commonly found at joints, valves, bulkheads or wellheads. Wet the ground periodically at areas where pipes may be strained by expansive soil (clays).
MATURE TREES need a lot of water. Anything that cuts off the water to these beautiful trees can hasten death. One sign of stress is the loss of leaves in summer. Beware -trees don’t always show signs of stress. So if you see signs of drought – be the hero and come to their rescue. For example: If your big trees have numerous small growth below – these small trees can drain away a considerable amount of water and bring an end to your prized tree. Much could be written! It may be wise to call an arborist for deep root feeding and to develop a plan.
LIVESTOCK AND WILDLIFE — Honeybees like any other living thing needs water. Putting out watering stations can help the hives survive. Livestock and wildlife also need water. Keep an eye on your tanks – they sometimes run dry . Resist the temptation to pump ground water into your pond. Instead, rig up water troughs to reduce water surface area and be sure there is sufficient shade from the heat of the sun.
GARDENS can usually survive a drought but they will need a screen to shield them from the sun and large amounts of water. Anything lush in your garden will probably be discovered by foraging deer. Devise a way to protect your plants from deer as well.

It’s a good idea to pick your real estate agent carefully – not only for their technical knowledge of real estate and ability to handle the transaction of buying or selling, but for their knowledge of local resources and some practical how-to advice that can help you get settled into country life.

5 Tips for Saving Your Down Payment

July 27, 2022 / / 0 Comments

Here are a few tips for saving your mortgage down payment. I bet there are a lot of other savings tips as well. Can you think of any to add?

  1. Determine how much you need to save.
  2. Break down your budget.
  3. Lower your expenses.
  4. Consider down payment assistance.
  5. Reduce high-interest debt first.
Talk to your mortgage lender to find out how much your down payment will be. If a down payment is holding you back give me a call (979) 325-8221

Grave Importance

March 8, 2022 / / 0 Comments

A beautiful wooded small acreage tract with a serene spring-fed creek flowing outside San Antonio.   This was exactly what the buyer was seeking.  On the surface it was impressive and the price was right.  An offer was made, a survey was conducted and it was then that the rest of the story began to unfold.

First a little backfill.  The land in question was purchased many decades ago on a handshake.  A survey was made at the time.  What remains of the present-day fence didn’t show up on the old survey, but the fence was believed to be the property-line. It wasn’t. The neighbor placed the fence about 10 foot over the boundary onto land that did not belong to him. This was the space where the seller’s neighbor buried his 8 deceased family members in rocky graves since the 1980s.

When all this came to light, the cemetery wasn’t the only concern.  Adverse possession could very well come into play; In such rocky ground, what is the depth of burial?  Buyers were advised family members of the deceased need to have perpetual access to the graves and the land could never be developed – and remains could not be disturbed.  All these wrinkles might eventually be ironed out, but our buyer terminated the contract.

Scenarios like this are much more common in rural settings than the city.  Having a rural realtor experienced in farm and ranch properties is a very wise first step in getting the property you worked long and hard to purchase. 

« Older posts

© 2024 Texas Land Legacy

Theme by Anders Noren — Up ↑