RiverPark West homes for sale Richmond

Fred Miller, Realtor,, 281-924-2531 FredMiller9@gmail.com

RichmondKatyHomes.com

River Park access by Williams Way from US 59.  Another access is by Ransom Road

RiverPark West (map) is a master planned, 545 acre community with 1100 homesites. It is accessed by Williams Way off of US 59 and borders the Brazos River. It was named RiverPark West because River Park is just to the east of this community.  A large levee protects the community from the Brazos River which has lots of natual woodlands and meadows along the river. A recreation center features and open air pavillion, clubhouse, playground and pool. A 23 acre multi-purpose area includes fiels for soccer, baseball and softball and walking trails.  Memorial Hermann hospital with emergency room is located nearby at 99 and 59.

Homes were started in this area in 2003 and most are completed by 2013.  An average value is $250,000 and 3188 sq.ft. with a range in values of $200,000 to $360,000.

Typical Street in River Park West

Schools and Colleges

Public Schools are provided by Lamar Ind. School Dist. with Hutchison elementary school on Williams Way, Wessendorff Middle School, Larmar Junior High School and Larmar High School in Rosenberg.

Private schools are available. St. Laurance Catholic School on Sweetwater in Sugar Land has pre-K through 8th grade. Fort Bend Christian (Baptist) Academy is located on 7th Street in Sugar Land with pre-K through High School. Calvary Episcopal School on FM 762 in Richmond has pre-K through High School. Faith Lutheran School and Preschool, in Sugar Land pre-K through 5 th. Honor Roll School, Sweetwater Blvd, Sugar Land 2 year old through 8th grade.

WCJC and the University of Houston have a joint campus closeby on west side of Sugar Land in Telfair. A Wharton County Junior College trade school is located in Richmond.

Entertainment

Greatwood Golf Club is an 18 hole public golf couse with affordable prices. It has a large clubhouse with restaurant, golf instruction, practice green and leagues.  Also Fort bend Country Club has an old golf course located nearby on FM 762.

AMC has 24 theaters in Sugar Land near the Mall. Cinemark has a 12 theater venue at FM 762 and US 59. A new theater complex is being built on 99 near Long Meadow Farms. Sugar Land has a minor league baseball team, The Skeeters. Constellation Field is located near alt. US 90 and SH 6. Come embrace our mosquito population. George Ranch Historical Park is interesting. Houston Museum of Natural Science at Sugar Land is in the middle of Telfair. A large library, George Memorial has lots of internet connections also.

For more information about River Park West and home for sale click here. For other nearby communities and homes for sale click here.  To find many Katy, Cinco Ranch and Sugar Land communities with home for sale click here.  Information About Brokerage Services,  Consumer Information

   

Credit Repair Before Buying Your Home. Part 1.

Credit Repair before Buying your Home.

 Part 1

Fred Miller, Realtor, FredMiller9@gmail.com , www.RichmondKatyHomes.com Office receptionist: 281/342-2288 Cell: 281/924-2531

You will see lots of advertisements offering to fix your credit for you. This is not one of them. The truth is that it is expensive to repair credit, if not in money--then time and effort. No one can remove accurate bad credit from your credit report. There is no quick fix for creditworthiness. If you are borderline you may be able to improve your credit worthiness enough to get a home loan.

As a side note, but a very important one. Dave Krichmar, made a very crucial statement "Recently, Underwriting guidelines have changed. You can no longer have a disputed account on your credit report and get approved for a home mortgage. It must be removed, in order to get approved. When you have a disputed account it is taken out of the scoring model, causing the underwriter to not get a fair and complete picture of your credit situation. You must get this disputed account removed before the file goes into the home lenders's underwriting. Keep in mind the process of removing a disputed account can take 30-60 days."

With this said we will go on. Do not start this process at the last minute! Be relaxed when you start looking for a home.

Many people's credit is damaged by inaccurate reporting. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):

Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to. To order, click on annualcreditreport.com.

It doesn’t cost anything to dispute mistakes or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.

To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider. Tell the consumer reporting company (the company dinging your credit), in writing, what information you think is inaccurate. Include copies (NOT originals) of any documents that support your position. In addition to providing your complete name and address, your letter should identify each item in your report you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a copy of your report, and circle the items in question.

Send your letter by certified mail, “return receipt requested,” so you can document that the consumer reporting company received it. Keep copies of your dispute letter and enclosures.
Consumer reporting companies must investigate the items you question within 30 days — unless they consider your dispute frivolous. When the investigation is complete, the consumer reporting company (the people who are wasting your time and effort) must give you the results in writing, too, and a free copy of your report if the dispute results in a change. A good website is the Federal Trade Commission. Good luck in purchasing your new home.  See Part 2 coming soon regarding how FICO looks at your credit.

Fred Miller, Realtor, FredMiller9@gmail.com , www.RichmondKatyHomes.com Cell: 281/924-2531
Information About Brokerage Services,  Consumer Information

Credit Repair Before Buying Your Home

 Part 2

Fred Miller, Realtor, FredMiller9@gmail.com  www.RichmondKatyHomes.com Cell: 281/924-2531

If you want to buy a home but your credit score is not good enough, you may want to know how it is figured so that you can concentrate on the right places to remedy and ways that you can best build your credit score.
The formula that FICO uses to determine your credit score is a secret from you and me. It would seem that in an age of full disclosure that you would be able to find out this information. Not so.

The Fair Isacac Company is a large company traded on the NY Stock Exchange. They say that they use the following criteria.

Previous credit performance: Trade lines, public records, collection segments: How long ago was the last delinquency What level of delinquency was reached. How many credit obligations have been delinquent.

Current level of indebtedness. Number of months since most recent 60 day or higher level of delinquency reached. Highest level of delinquency reached in the last year. Number of months since most recent derogatory public record. Average balance on revolving trade lines. Ratio of revolving debt to total revolving limits. Percentage outstanding on open installment loans.

Amount of time credit has been in use. Pursuit of new Credit: Inquiries: Dept Store multiple up to 68 days counted as one. Mortgage inquiries within 14 days counted as one. Automobile not counted within 30 days.

Types of Credit available: number of bankcards and inquiries.

Another way of looking at your FICO calculations is itemized here. The percentages add up to 100%.
Payment history is 35%. Pay on time. Do not have lates or past dues. Credit cards, retail accounts, installment loans, finance company accounts, mortgages. Bad things are: bankruptcy, judgments, suits, liens, wage attachments. Number of, amount and length of time past due.

Debt level is 30%. The amount of debt you have in comparison to your credit limit (Know as credit utilization). Keep your credit card balances at about 30% of your credit limit or less. Do not close dormant accounts--actually use them every once in a while to keep them active. If you close dormant accounts you lower the amount of overall credit you have, thus increase you credit utilization. If you have a card with a $10,000 limit and you owe $8000 then you are at 80% utilization which is too high. Pay down your balance to $3500 and your credit score should increase.

Length of Credit History accounts for 15% of your FICO score. Time since accounts were opened and since last activity.

New credit accounts for 10% of FICO. Number of recently opened accounts. The scoring models look at hard inquiries only. If you have too many hard inquiries it makes it look as if you are desperate for money. Pulling credit several times by lenders within a short time when you are shopping for a house should not lower your credit.

Types of credit used account for 10% of score. "Thin" files or lack of credit also hurts. When you have a thin file every move you make can have a dramatic effect of up or down swings. I know of people who mostly use cash. They have one or two "dings" on their credit and nothing positive. The result is a bad credit rating although they operate, very admirably, with cash and pay their bills on time.

In summary, paying off old delinquencies should improve your credit, not damage it. Get Current, make all payments on everything on time. Correct mistakes. Check for correct spelling of names, transposed names, similar names, similar social security numbers, different generations with similar name, multiple listing of same bad account. If you send a properly documented dispute to the three credit reporting agencies they must investigate within 30 days. They must forward the information about the dispute to the organization that launched the report. The organization must report back to the credit reporting agency.

Use less of what credit you have, use credit in moderation. Equifax, TransUnion and Experian only report what is reported to them. Once you have a loan in process, do nothing to affect your credit adversely. Don't buy anything for your new house. Don't buy a car. Check with your lender before you make a large purchase, especially with any financing involved. They may check your credit score and debt to income ratios right before the final processing of the loan. Don't start a dispute process regarding your credit right before you start looking for a home to buy.
Good luck in your credit repair efforts.  If you work on credit in the right manner and give it time you should be able to buy a home soon.

Fred Miller, Realtor, FredMiller9@gmail.com , www.RichmondKatyHomes.com Cell: 281/924-2531
Information About Brokerage Services,  Consumer Information

Reasons Why You Should Own Your Own Home

Reasons Why You Should Own Your Own Home

Fred Miller, Realtor, FredMiller9@gmail.com , www.RichmondKatyHomes.com  

 281/924-2531

You've probably seen lots of financial arguments about why you should own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you'll most likely have. Now we're going to give you some reasons you probably haven't heard.

   Freedom to pursue other goals in life once the major goal of home ownership is achieved.Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It's as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life!

   A greater sense of belonging to the community.Once you own a home, you feel more attached to the city in which you live. You're more interested in what happens in town, to the roads, schools, and shopping areas. Some people even become involved in local politics.

   A commitment to something, a sense of stability.Home ownership is an anchor, something that cannot be pulled out from under you. You'll never get a notice that you have to move. You're kids will never have to change schools. It gives you freedom to plan years ahead.

   You can change things, a feeling of being in control.It's your home. You can add to it, remodel it, change the landscaping, do whatever projects you want. You have a feeling of being in control of something in your life. At work we don't always have control of what happens, but your home is your castle and you have dominion over it. You can see what you're building take shape before your eyes.

   More control over the children than in an apartment complexIn a neighborhood, kids usually play in the yards or go to friend's houses a few doors away. Our clients have told us that in an apartment complex they never knew where the kids were. They could be in any of hundreds of apartments, doing who knows what. In a home you get to know the neighbors and watch out for each other's kids.

   Children do better in school and feel more secure.This one surprised us, but buyers have reported to us that their kids calmed down in school after they bought a house. We don't know why, but it seems to work that way. We remember a single mom watching her son play in the yard building things. She didn't have to tell him to leave everything alone, like she did at the apartment complex. I guess kids feel the same need for control we adults do.

   Time and money saved by not going to the Laundromat.A small point, but if you have kids, you know the value of this one. You gain a whole evening a week when you buy a house! The wash gets done in between other things, or while you're at work. What would you do with the extra evening you'll have? How about going out for dessert with your spouse with all those quarters?

Fred Miller,Realtor,  FredMiller9@gmail.com , www.RichmondKatyHomes.com
 281/924-2531  Information About Brokerage Services,  Consumer Information

Common Mistakes to Avoid When Buying or Selling A Home in the Katy, Cinco Ranch, Pecan Grove, Sugar Land Area

  Common Mistakes to Avoid When Buying or Selling a Home

 in the Katy, Cinco Ranch, Pecan Grove, Sugar Land Area

             Fred Miller,Realtor, 281-924-2531
www.RichmondKatyHomes.com  FredMiller9@gmail.com   

Failing To Have A Plan Evaluate your current situation. Why are you planning to sell your house?

Are you moving up to a larger house? Do you need the money out of this house to make your move? One thing you need to do is to get a realistic idea of exactly how much cash you will be getting out of this house when it sells. Are you going to move locally? What mortgage amount can you really afford with payments including higher taxes and insurance? Can you afford a house significantly better than the one you already have.

Are you moving down to a smaller property? What are you going to do with your furniture and other things that you have collected over the years? Will you be comfortable in a smaller place?  Are you retiring?

Are you moving out of the area because of employment? How fast do you have to be in your new location? Are housing costs higher there, or lower? Is your employer helping with sales costs, moving costs, temporary housing, etc? How does your family feel about the move? One reluctant teenager can seriously undermine the entire process.

Are you the executor of an estate? What is the time schedule for your plan?

Failing To Take A Hard, Serious Look At The Condition Of The House
Houses wear, paint gets dull and shabby, landscaping can become overgrown, and roofs deteriorate Often times as we live in a house we just live with--minor inconveniences that we intend to fix someday. It is not unusual to not notice conditions that are glaringly obvious to a buyer.

How old is your roof? An average lifespan is about 18 years. How old is your air conditioner and heater? An average lifespan is 15 years. How old is your hot water heater? An average lifespan is 10 years.  Is there any obvious water damage from old leaks? Have you had any improvements done to the house without permits and inspections? Are your hardwood floors scuffed and scratched? Are your carpets worn?

Any of these conditions that are noticed by the buyer may make him bypass your house and buy another. Or any found during the home inspection can cause the buyer to cancel the sale. It is best to have someone with fresh eyes take a hard critical look at your house. A good Realtor will do this and make his or her recommendations.

Finding the Right Realtor
It's interesting that in the real estate business someone with many successfully closed transactions and years of experience usually costs the same as someone who is inexperienced. Bringing that experience to bear on your transaction could mean a better price at the negotiating table, selling in less time, and reducing the number of hassles. Your agent should be a skilled, win-win negotiator!

Failing To Get Pre-Approved For The Home Loan On The Next House
Don't waste hours searching for a home that is not in your price range! Save time and money by getting pre-approved for a loan. Before you go shopping for a home, you need to determine how much you can afford. Use only a lender that is recommended to you.  Don't select one off of the internet.  Get a recommendation from your realtor or friends who have sold recently.   (I work with several lenders and will be happy to refer you to one or more.) Once you are preapproved for a mortgage, you will know your buying power-you will save time by looking only in your price range.

Imagine for a moment that when you and your Realtor initially draft your offer for the home you select, you are already approved for the loan- IN ADVANCE. No stress, no worrying about qualifying, no concern whatsoever about your ability to qualify would stand between you and the home of your dreams. In today's market, a pre-approval can be a powerful negotiating tool. Many owners will not accept an offer without a pre-approval. If there is more than one offer on the same house, the pre-approved buyer has the advantage. Pre-approval is like offering cash to the seller.  You deserve the peace of mind and negotiating power by getting an approved loan before you make an offer.

Pricing The House Incorrectly
Whether a house is priced too high or too low, it can cost you thousands of dollars. Obviously a house priced too low will net you less cash at closing. However, a house priced too high will take longer to sell. The homebuyer today is an educated consumer. On average a buyer will see 18 homes before purchasing and many more on the internet. The house that sells today is the best one on the market in the price range. The internet has make this process easier.  The sale of a house is a competitive enterprise. Take a look at the homes you are competing against.

Some people will say, "I can always lower my price later." Both Realtors and buyers are looking for new listings. A Price Reduced sign means the house was not priced right in the first place. The buyers will ask, "If the price was wrong, what else is wrong?" Homes on the market for a long time become "stale".

Failing To Obtain A Home Inspection From A Qualified Inspector
The job of a professional home inspector is to look over every major part of a home and write a report that judges the homes quality and condition. A home inspector reports on the structural and mechanical condition of the home. A well-qualified inspector who has adhered to state licensing standards can spot problems that you might not be able to see,  Expect problems to be clearly explained, and a written report delivered within a day or two.  Additional specialized inspections may be necessary.

Most-contracts are contingent upon the outcome of several inspections such as: wood eating insects, structural soundness, and the condition of the heating, electrical, and plumbing systems. These problems must be corrected or the buyer has every right to cancel the contract. Getting an inspection up front can save money by giving you time to shop for the best repair price instead of being under pressure to get repairs done immediately.

Not Knowing Your Rights And Obligations
The sales contract is a legally binding document. Although realtors are not attorneys, realtors are involved in an on-going training program to keep up to date with real estate laws. You deserve to have an agent who is not only knowledgeable about the transaction but is also willing to educate you throughout the process so you will feel more comfortable.

Fred Miller, Realtor  281-924-2531 
 www.RichmondKatyHomes.com fredmiller9@gmail.com     Information About Brokerage Services,  Consumer Information                                  

Powerful Home Buyer Strategies for Katy, Cinco Ranch, Pecan Grove and Sugar Land, Tx

Powerful Home Buying Strategies For Katy, Sugar Land, Cinco Ranch, Pecan Grove

Fred Miller, Realtor, Katy, Texas  www.RichmondKatyHomes.com 281/924-2531 fredmiller9@gmail.com

Don't Get "Pre-Qualified!" Get "Pre-Approved" Before You Buy
Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller, or you can do this on the internet. It is now common knowledge that such certificates are WORTHLESS, and here's why! None of the information has been verified! Unknown problems can surface for example: recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurately and inaccurately), down payment funds that have not been in the clients' bank account long enough, etc. So the way to make a strong offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and gives you at great advantage, as well as, peace of mind.

Sell First, Then Buy
If you have a house to sell, sell it before selecting a house to buy! Let's pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that's a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency. Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars and lots of stress. We always recommend that you sell first, then buy. If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify neighborhoods  that you like and possible houses without falling in love with a specific house. If you feel confident after that then put your house on the market.

Make A Checklist
Before house hunting, make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes. When house hunting, keep in mind the difference between "SKIN AND BONES". The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller's decorating skills.

Don't Be Pushed Into Any House
Your agent should show you everything available that meets your requirements when you have chosen a general location within your price range and school district and school zone. Don't make a decision on a house until you feel that you've seen enough to pick the best one. Review all of the potential houses online. You agent can provide this list to you.  This will save you a lot of time. Before the end of 2007, homes were selling quickly, usually a ninety days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically under priced, and you'll know if it is because we can analyze the market for you.

Stop Calling Ads!
A word of caution - agents create ads solely to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is. For this reason, we want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's agent. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper.                                                                                              

Fred Miller, Realtor, www.RichmondKatyHomes.com  281/924-2531  Information About Brokerage Services,  Consumer Information

What Are You Talking About: A Credit Score?

What Are You Talking About: A Credit Score? What FICO Scores Are and Their Importance to Lenders when Buying A Home

Fred Miller, Realtor, Richmond, Texas  www.RichmondKatyHomes.com   FredMiller9@gmail.com

If you have been in the market for a mortgage loan recently, whether to purchase, refinance or obtain a home equity line, you have most likely heard a new term in the mortgage industry lingo: credit score. What is a credit score? And why is knowing about credit scoring important to you?Q. What is a credit score?A. A credit score is a number, ranging from the high 300’s to the mid-800’s, which is developed from information contained in your electronic credit files maintained by the three private credit repositories: Equifax, Trans Union, and Experian. It is commonly referred to as a "FICO" score, because the scoring model widely used by lenders was developed by the Fair,Isaac & Co. Your credit score supposedly represents your credit risk – how likely you are to repay a loan.Q. How is my credit score derived?A. All of the information in your credit file is analyzed. Your score is then calculated, based on many factors, some of which are:

·           your credit payment history (have you been late with payments? frequently? recently?; mortgage rates have a more serious affect on your score

·           how you utilize your available credit (have you maxed out your credit cards?

·          the number of recent credit inquiries (are you incurring more debt?)

·           the types of credit you use (do you have a lot of finance company accounts?

·           legal items filed against you (judgments, liens, bankruptcy, foreclosure

·           length of credit history

The scoring model considers each of these variables, weighs each factor according to a formula, and then ultimately yields a single composite score. According to Fair, Isaac & Co., the two most heavily weighted factors are past payment history and credit utilization. The factors of age, race, gender, religion, national origin, marital status, employment, income and where you live are not evaluated. Although Fair, Isaac & Co. provide data to support the validity of their scores, scoring models are proprietary and they do not publicly release information about exactly how the formulas work.Q. Is credit scoring new?A. Credit scoring has actually been around since the mid-1950’s, used for approving credit cards and auto loans. However, it is only in the past few years that credit scoring has been used by mortgage lenders.  In the present economy it is the dominant factor in your ability to get a loan.
Q. Why are mortgage lenders using credit scores?A. Mortgage lenders believe that credit scoring accurately assesses credit risk and predicts loan performance: higher scores represent a greater likelihood of repayment and lower scores represent a greater risk of delinquency. This belief was substantiated by an analysis performed in 1996 by economists at the Federal Reserve Board of the correlation between credit scores and loan performance. Additionally, investors who purchase mortgage loans have also endorsed the use of credit scoring: they now price loans (determine the interest rate) based, in part, on credit scores. Since the three private credit repositories (Equifax, Trans Union and Experian) each have their own credit scoring model, and consequently give their own individual credit score to your credit file, lenders typically use the middle of the three scores when underwriting your loan.Q. What is a "good" credit score?A. Credit scores are broken down into three ranges: a score of 680 and above is considered a low-risk borrower; a score of 620-680 is considered medium-risk; and a score of less than 620 is considered high-risk. A score below 580 leaves you out of the picture with most lenders.  In the medium-risk range, other factors, such as loan-to-value and debt ratios, are taken seriously into consideration by the mortgage underwriter. So, if a person has a 625 credit score, but has low loan-to-value and debt ratios, he/she is looked at more favorably.
Q. Why should I care about having a high credit score?A. The primary reason is that your credit score is a major factor in determining whether you will get a loan or not.  And to some extent your interest rate. Q. How do I find out what my credit score is?A. You can get online with each of the three private credit repositories and get information about your credit and your credit score.

Q. How can I improve my credit score?A. First, and foremost, review your credit file from each of the three private credit repositories for accuracy, and begin immediately to correct errors. Then, according to Fair, Isaac & Co., the three key things to remember are to pay your bills on time, keep credit card balances low, and apply for new credit sparingly. All of these things will make you a good credit risk and produce a high credit score.  Credit lines are generally good if you use them a little, but pay them off quickly. Zero balances are good on credit lines that have been used.  It shows that you have credit available, but are not willing to use all of the credit that you get.  A last note, you must have credit in order to get a credit scrore.  If you have not established credit you can not get a home loan.Q. Why is credit scoring so controversial?A. One reason is that credit scores are calculated on the raw data found in your electronic credit file, which is not always accurate. And correcting inaccurate information can take a lot of time. The scores also do not take into consideration such variables as a recent illness, job loss or the like, which can temporarily affect credit. For these reasons, as well as several others, many feel that credit scoring should be approached cautiously and not be given too much weight in the final decision of whether to grant a mortgage loan. However, the use of credit scoring as an evaluative tool has taken over the mortgage lending industry, so consumers need to be aware of it and how it is used.
Fred Miller, Realtor www.KatyRichmondHomes.com  281-924-2531  FredMiller9@gmail.com  Information About Brokerage Services,  Consumer Information

Tips on Buying Foreclosed Homes.  Part 1.  What is a foreclosure?

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531

Don't get confused between short sales, foreclosure postings and foreclosures.

Short Sales.

A short sale is a property that has not gone to foreclosure.  It is technically still owned by the purchaser.  Usually the purchaser is behind on his payments and does not want a foreclosure on his record.  The idea is to get the bank to reduce the payoff amount and sell it to another buyer.  The bank does not have to go through the foreclosure process and lose as much money as they would get by short sale.  The problem is that the banks and the purchaser are not always on the same page.  Good luck if you try a short sale.  It is a long drawn out process that usually does not work.

Foreclosure Postings.

When a bank forecloses on a home the foreclosure notice is posted in the county clerks records.  This does not mean that it is a foreclosure.  Several things can happen to prevent or delay foreclosure.  There are internet companies that provide foreclosure postings to you for a fee.  A "Deed of Trust" foreclosure must be posted three weeks before the first Tuesday of the month.  If all goes according to the bank's plan, the house is sold on the county courthouse steps on the first Tuesday.  In Fort Bend County it is done on the lawn in front of the courthouse unless it is raining.  A representative for the bank sometimes shows up and bids the property in at the dollar number that the bank tells him to bid.  Or it might not go to foreclosure sale and is posted again, or is settled.  This can go on for months.  Sometimes this is the amount owed on the house.  You may bid higher than the bank representative and buy the house.  You have no title insurance.  You have not inspected the house.  Good luck if you buy at the courthouse.

Foreclosures.

Foreclosures are bank owned properties.  They have gone through the legal foreclosure process and the bank owns the home.  The home may or may not be occupied by the purchaser or a renter.  Banks may be Fannie Mae, Freddie Mac, HUD,  Bank of America, Wells Fargo, Chase and a large number of other institutions.  You may have seen obviously vacant homes that must be foreclosures.  It is very difficult to find out who is the processor for the bank owner.  There may be a management company between the bank and the realtor with which the property is finally  listed.  It is not a worthwhile effort to try to find out.  Wait until it comes on the market.  This is what is referred to as "shadow inventory". There are thousands of homes in this situation.

Part 2: Government owned homes.

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531  Information About Brokerage Services,  Consumer Information

Tips on Buying Foreclosed Homes. Part 2.  Government owned homes.

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531

Housing and Urban Development is a government department affectionately known as HUD.  The Federal Housing Authority (FHA) makes loans for houses--usually in the lower end of the market range and for buyers with marginal credit.  When a purchaser quits making payments on an FHA loan and the foreclosure process goes though the house is owned by HUD.

HUD sells its houses online though a bidding process.  Persons who will occupy the home are given priority over investors.  The house is listed with a realtor.  You can have another realtor (HUD certified) represent you.  Also you must be preapproved by a lender for a loan.  (This is not a quickie loan approval over the internet.)  You can look at the interior of the house.  You can have inspections made.  Sometimes HUD homes are good buys and sometimes not.  If a house stays on the market HUD lowers the price until it sells.

It is good to get your realtor to do a market analysis on the property to determine a likely worth of the house before you bid.  The house is sold "as is", that is, HUD will not make any repairs. You must put up $1000 Earnest Money for most houses.  Really cheap houses $500.  You are notified promptly after the online bid and you have only a short time to get all of the paperwork to HUD.  Once the paperwork is reworked a few times, then you have a deal and it is pretty much like other home sales from here on except that you will use the HUD designated title company.  It is possible to get a loan to fix up 30% of the value of the home through an FHA loan program.  (It is possible, but complicated).

The Federal National Mortgage Assoc. (FNMA) is known as Fannie Mae.  FNMA has adopted the name Fannie Mae as the official name.  It started out associated with the federal government.  It was an independently traded company on the stock exchange until the real estate debacle in 2007.  Now you and I own a substantial portion of the stock.  I could rant here for a while, but it would not do any good.  Freddie Mac is Fannie Mae's little brother.  You and I own a share of Freddie also.

Fannie and Freddie foreclosed homes are treated similar to other bank owned homes which are discussed in the next part.

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531  Information About Brokerage Services,  Consumer Information

Tips on Buying Foreclosed Homes. Part 3    The Buying Process      

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531

The "bank owned" properties are homes that went through the foreclosure process and are owned by the "banks".  These include Fannie Mae and Freddie Mae and Bank of America and other institutions.  Frequently they are listed with local realtors.  Do not expect a lot of help from the listing realtor because commissions have been lowered to incredibly low levels, and the realtor can not spend much time with you because he is very busy filling out the increased amount of paperwork involved.

Some foreclosures are sold by auction.  There are local auctions by large national companies.  There are some online auctions.  Sometimes homes that are listed with realtors are taken away from the realtor and put in an auction.  It is impossible to tell what is going on.  You must put in a bid to find out.  Most auctions I have been to are a waste of time.  Other times I have seen incredibly good buys happen.  I have seen some really good buys in the upper end market--there is very little competition.   Good luck.  You usually are allowed to have a realtor and he will be paid 1% if you do the paperwork right.  Frequently you must put up money in "escrow" in order to bid.  Sometimes you are allowed to evaluate the house before bidding.

Whatever the process the bank takes there are a few "rules of thumb".  You do it their way.  If they ask you to do something.  Do it, don't ask.  If you must fill out a Lead Based Paint Addendum on a house built twenty years after lead based paint was outlawed, just do it. 

Don't expect huge concessions.  Base your offer on what the house is worth, not what it is listed for.  If there is a broad gap, then the house may stay on the market a while and you will have to be persistent and make repeated offers. 

If the bank has not fixed up the house before you see it, more than likely they are not going to fix it.  The house will be sold "as is".  So if you want the house you must determine what the fix up cost will be and factor that into your offer.  The bank does not offer you a Seller's Disclosure regarding any faults.  They are excluded by law.  To cut them a little slack, they really don't know what has happened to the house in the past.  You must do your own "due diligence".

Fred Miller, Realtor    www.RichmondKatyHomes.com  FredMiller9@gmail.com 281/9242531  Information About Brokerage Services,  Consumer Information

How Seller's Price Their Homes in Katy, Richmond and Sugar Land,Tx

How Seller's Price Their Homes in Katy, Richmond and Sugar Land, Tx

Fred Miller, Re/Max Grand
FredMiller9@gmail.com , www.RichmondKatyHomes.com  281/924-2531

"How much under the listing price should we offer?"

This is an excellent question. The answer is difficult.

The main reason we emphasize the education phase of looking at homes is because that is the best way for you to know value. When you review and study 40-60 (or more!) listings, then drive by 10-20 and look at 5-10, you will recognize the good ones You'll also recognize the "dogs."

Sellers price their homes differently. Some are reasonable, some are not.

Ridiculously Overpriced Homes!

Some people find the highest price that a property is listed for, then add a little to that for negotiation. There is a tendency by some real estate agents to give the seller a high "value" in an effort to obtain the listing. Some sellers take the price they paid, add their interest, add any improvements, don't consider wear and tear, don't consider market changes.

These sellers may need a "dose of reality" for a few months before they begin to realize that their home is way overpriced as compared to others in the area. If you like a home like this you will likely have to wait several months before the seller will face reality and sell at a fair price. It is a rarilty that they get their price, there is just too much competition.

Homes that are A Little Overpriced

These sellers know the real price but feel the home is worth every peeny of their asking price. Also there are those who want to leave "negotiating room". Most homes are priced in this range.

Homes Priced At Fair Market Value 
These sellers have carefully and realistically studied other homes for sale. They have priced their homes very competitively. These homes usually sell within a few weeks in an active market.

Homes Priced Below Fair Market Value

These homes are priced below value. Perhaps the seller wants a fast sale. Perhaps the real estate agent recommended too low of a price. These homes usually sell within a few days, at or above the listed price. There are usually competing offers.

Even by carefully studying homes for sale, it's difficult to establish Fair Market Value. If you're obtaining a new home loan, you'll be protected by the an independent appraisal required by your lender. Home lenders want to make sure that you don't over-pay for a home. If the home does not meet value in the eyes of the bank appraiser, you'll be informed. At that time, we can re-negotiate the sale price or void the agreement and refund your earnest money deposit.

Our job is to ensure that you have the tools and information you need to make an informed decision. We'll help you prepare the offer. Then we'll present it to the seller on your behalf and try our best to get it accepted at your price and terms!

Fred Miller, Re/Max Grand, FredMiller9@gmail.com , www.RichmondKatyHomes.com
 281/924-2531  Information About Brokerage Services,  Consumer Information

Buying a Money Pit--Signs That Could Mean Big Trouble When Buying A Home

Buying A Money Pit! 
Signs That Could Mean
Big Trouble When Buying A Home In The Katy-Richmond-Sugar Land Area

Fred Miller, Re/Max Grand

 FredMiller9@gmail.com , www.RichmondKatyHomes.com 281/924-2531

Most people think a house that has expensive defects will be very obvious to detect, but often the most expensive defects are hidden and take a little more investigating. Often people fall in love with a house over the floor plan, the kitchen, the patio/back yard. Here are signs to look for when inspecting a house...

Roof

Roof problems usually take the form of leaks. These can be difficult to spot from the outside. In fact, the surface of a roof may look perfectly sealed. However, if you view the roof from the attic, you may quickly spot water marks where it is leaking. If a roof is older a roofing company will inspect the roof for free. Some lenders are not making loans on homes with old roofs. Find out the age of the roof.

Plumbing System

A home has two water systems. The first brings fresh water in; the second takes sewage out. Both are vital to your enjoyment of the home, and if either breaks down, repairs can be costly. That's why it's very important that you have a good sense of the condition of the homes water systems before you buy. If your inspector detects a problem, get a plumber out to see if it is serious.

Electrical SystemsIn a modern home, having a working electrical system is absolutely essential. You want to have enough power to operate all your appliances plus any tools you have plus your lights, all at the same time. Also you want to be assured that you aren't going to get a shock -- or worse -- from your wall plugs or light fixtures. Your inspector should check this for you.

Heating and Cooling SystemsLike the plumbing and electrical systems, the heater and air conditioner are vital to any home -- and they can be expensive to fix if they break down. A thorough home inspection will include an examination of these for problems. The home inspector only checks for temperature, he is not certified to do a detailed analysis of the air conditioning system. If a system is not cooling enough get an air conditioner company to determine what is wrong. 

Bad Paint and Wood Rot

The face a home presents to the world is composed of its exterior material and the paint that goes on top of it. Inside, the walls are usually made of drywall. By carefully examining the paint coat you can often determine not only whether the home needs cosmetic work but also whether there's an underlying problem. When inspecting it's important to take the time to look at both the outside and the inside paint. Check several places on several walls. You can learn a lot with just your eyes and a screwdriver for poking. Your inspector will help with this also.

Cracks and other scary indicators

The foundation holds up a home. A bad foundation means cracks will appear in walls and brickwork, doors won't close properly and floors will be uneven. Some settling occurs with most homes resulting in some sheetrock cracks. Some foundations bend before they break. Nevertheless, a bad foundation is a serious problem for any property and must be assessed carefully. Look carefully for foundation cracks. Have the level of the foundation checked. Foundations are expensive to repair. It might easily be the reason that a buyer could demand and a seller could agree to a lower price, if not do the corrective work. The summer of 2011 was particularly bad for foundations and the framework of homes. Most homes in this area do not have piers under the foundation. If foundation work has been done see if there is a warranty from a the foundation company.

The information contained in this report is the opinion of Fred Miller and does express any policy or opinion of Re/Max International, Rd/Max of Texas or Remax Grand.

Fred Miller, Re/Max Grand, FredMiller9@gmail.com , www.RichmondKatyHomes.com 

 281/924-2531  Information About Brokerage Services,  Consumer Information

Katy Creek Ranch homes for sale near Cinco Ranch, Katy, Tx

Katy Creek Ranch homes for sale

 Fred Miller, Realtor, www.RichmondKatyHomes.com FredMiller9@gmail.com  281-924-2531 
Katy Creek Ranch is a small community of 430 properties north of Cinco Ranch off of Westheimer Parkway and Falcon Landing Blvd. Homes range in value from $109,000 to $290,000 with an average of $166,000 and 2166 sq.ft. Started in 2005 Katy Creek Ranch is in the final stages of development with a few new homes available. It has a junior Olympic swimming pool and community clubhouse. To view Katy Creek Ranch homes for sale go to www.RichmondKatyHomes.com
Katy Creek Ranch has access to I-10 known as the Katy Freeway that goes through downtown Houston. This section was recently widened to as much as 26 lanes (12 main lanes, 4 lanes of access roads, and 4-6 mid-freeway HOT/HOV lanes, not counting access road turning lanes and is one of the widest freeways in the world. Directly to the east is the Grand Parkway 99 which extends from I-10 to the Southwest freeway 59 and will connect to US 290 to the north in the near future. Within a few miles to the south FM 1093 joins the Westpark Tollway. In Houston when traveling west on Westheimer Road, the road becomes FM 1093 then the Westpark at FM 1464. The Westpark begins near the freeway 59 and Loop 610 in Houston and extends to the Grand Parkway 99 south of Katy and continues on to the west as FM 1093. Katy Creek Ranch is about 29 miles from the center of Houston, Tx. Several new and market homes are for sale in Katy Creek Ranch, just go towww.RichmondKatyHomes.com
Katy Ind. School Dist serves Katy Creek Ranch with an Rylander Elementary School located on Westheimer Parkway near Flacon Landing Blvd. Cinco Ranch Junior High School and Cinco Ranch High School are located on Cinco Ranch Blvd. nearby. Cinco Ranch High School has a top rated football team. To find more about Katy Creek and surrounding communities and homes for sale go to  www.RichmondKatyHomes.com
Private Schools and Colleges. Childrens Lighthouse Learning Center school is on Kingsland Blvd. in WoodCreek Reserve. Westlake Preparatory Lutheran Academy is on Bellaire in Bella Terra (PreK through 7th grade). Sugar Creek Montessori School is located on Gaston Road. Harmony Science Academy West Houston, a charter school, is located at 99 and the Westpark. Pope John XXIII Catholic High School is on the Grand Parkway 99 north in Katy. Faith West Academy may be found on Porter Rd. near Franz Rd. Houston Community College is located on Kingsland Blvd. near Pin Oak Road and Katy Mills Mall nearby. Katy. The University of Houston at Cinco Ranch is located at 4242 South Mason Road, Katy, Tx. To see Katy Creek homes for sale go to www.RichmondKatyHomes.com

To View a short video of Katy Creek Ranch just click on the arrow above. To find Katy Creek Ranch homes for sale go to www.RichmondKatyHomes.com
Childrens sports are available. Soccer. FFPS soccer leagues may be found in Katy, Tx. Football. Katy youth football. Volleyball. Katy Volleyball academy is in Katy. Baseball. For baseball leagues just click on the following: Katy National Little League , Katy Pony League baseball , To find homes for sale in Katy Creek Ranch go to my website www.RichmondKatyHomes.com

If you are looking for a new home and would like realtor representation, we are available at no cost to you and builders welcome realtors. An additional opinion may be valuable to you. Builders: Legend-Princeton
Fred Miller, Realtor, www.RichmondKatyHomes.com FredMiller9@gmail.com  281-924-2531  Information About Brokerage Services,  Consumer Information

Firethorne homes for sale near Katy, Texas 

Fred Miller, Realtor, www.RichmondKatyHomes.com FredMiller9@gmail.com  281-924-2531

Firethorneis a community started in 2005 west of Cinco Ranch. Firethorne has homes for sale in a location southwest of Katy, one mile south of I-10 on FM 1463, between Katy and Fulshear in Fort Bend County, Texas. It has a Katy address. Firethorne is a master planned community on 1400 acres and will have 3600 homes upon completion. Firethorne has 150 acres of parks and recreational areas including lakes, parks, playgrounds, swimming pools, multi-level swim center, competitive swim center, tennis courts, nature areas, hike and bike trails and indoor exercise facility.
Home prices range from $156,000 to $500,000 with an average of $289,000 and 3239 sq.ft. To see good pictures of Firethorne homes for sale and more information about each just go to Firethorne   As late as the 1980''s Katy and Firethorne was known as a rice farming community and was famous for its winter population of Snow Geese. At about the same time that Houston was expanding into the area the price of rice fell to where it was no longer feasible to grow rice and the Snow Geese started migrating further down the Texas Gulf Coast. To see Firethorne homes for sale near Katy just go towww.RichmondKatyHomes.com
Firethorne has access to I-10 known as the Katy Freeway into Houston. This section was recently widened to as much as 26 lanes (12 main lanes, 4 lanes of access roads, and 4-6 mid-freeway HOT/HOV lanes, not counting access road turning lanes and is one of the widest freeways in the world. Just south of Firethorne is FM 1093 that joins the Westpark Tollwaywhich ends at the freeway 59 and Loop 610 in Houston. To see details about homes for sale in Firethorne near Katy find www.RichmondKatyHomes.com

Lap pool for competitive swimming

Firethorne has two school districts. Katy Independent School District serves Firethorne with Wood Creek Elementary School and Wood Creek Junior High School which are located on WoodCreek Bend Lane off of Kingsland near the freeway in the WoodCreek Reserve community. Both are Exemplary schools. Seven Lakes High School is on S. Fry Road off of Spring Green Blvd. Lamar Ind. School Dist. (LCISD) provides Huggins elementary school located on Katy Fulshear Road in the northeast edge of Fulshear. Wertheimer sixth grade, Briscoe Junior High School, and Foster High School are located near the junction of FM 359 and FM 723. When looking for Firethorne homes for sale and you have children be sure to check the school zoning as it may change from year to year. New schools are being built every year since this is such a fast growing area. To see Firthorne near Katy homes for sale just look below. Each home should show the proper school zoning, but recheck if you are serious about buying.
Westlake Preparatory Lutheran Academy is on Bellaire in Bella Terra (PreK through 7th grade). Sugar Creek Montessori School is located on Gaston Road. The University of Houston at Cinco Ranch is located at 4242 South Mason Road, Katy, Tx. Harmony Science Academy West Houston, a charter school, is located at 99 and the Westpark. Pope John XXIII Catholic High School is on the Grand Parkway 99 north in Katy. Faith West Academy may be found on Porter Rd. near Franz Rd. Houston Community College is located on Kingsland Blvd. near Pin Oak Road and Katy Mills Mall. To see descriptions and pictures of Firethorne homes for sale near Katy see  www.RichmondKatyHomes.com.

To view a short video of Firethorne community just click above. To see homes for sale in Firethorne near Katy just look at www.RichmondKatyHomes.com

New home builders include M/I Homes, Ashton Woods, Coventry, Highland, Parkwood, Partners in Building, Perry, David Weekley and Plantation. To see new homes for sale in Firethorne near Katy and you would like representation just give me a call. It costs you nothing and is part of their marketing cost.
For additional information about Firethorne and homes for sale go to www.RichmondKatyHomes.com, Firethorne's website. Firethorne Community Association.

Fred Miller, Realtor,  FredMiller9@gmail.com  281-924-2531   Information About Brokerage Services,  Consumer Information