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5 Tips About the Seller’s Disclosure Notice That May Surprise You

  • A seller isn't required to disclose if a suicide occurred in a home or that a sex offender lives nearby. However, a seller might want to voluntarily disclose such information since a buyer may learn the information from another source.
  • A seller who has never seen or lived in a property he is selling is still required to disclose what he knows about the property. That knowledge can come from sources other than a visual examination.
  • The questions on the Seller’s Disclosure Notice (TXR 1406) ask if there are lawsuits or other legal proceedings that may directly or indirectly affect the property, which can include divorce, tax, bankruptcy, foreclosure, and heirship proceedings.
  • A buyer isn’t required by law to sign a seller’s disclosure notice.
  • Relocation companies with title to a property are still required to fill out the seller’s disclosure notice. They can attach the notice to any inspection reports concerning the property.

Some buyers rely on the principles of Feng Shui when assessing the desirability of a property. Did You Know Feng Shui is pronounced Fung Shway and means "wind and water" ?

​Feng Shui takes architecture details, space, orientation, light, and energy (chi) into consideration - these basic ideas may help you understand when taking Feng Shui into consideration:

  • The tradition is particularly popular with East Asian cultures, but many Westerners also practice Feng Shui.
  • A key principle of Feng Shui is to place the most important piece of furniture in a room (bed, office desk, sofa) in the commanding position -
  • Feng Shui is relevant for commercial real estate deals, too. Prospective tenants and buyers may assess the orientation of a building or the layout of the interior...
  • Serious practitioners will use (or hire a specialist to use) an octagonal diagram called a bagua and a compass called a luo pan to "map" the energy in a home.
  • Several Feng Shui concepts support general staging advice, such as reducing clutter and making the entry to a property inviting; others have a more mystical feel.

* - Texas Realtor Magazine

Building or Renovating a Home just got easier. Did You Know that there are Single-Close Construction Loans?

​Here's How It Works:

  • You secure your home loan at the beginning of home construction or renovation.
  • Your loan funds the construction, with "draws" made by the builder, and you pay interest only on amount drawn.
  • When construction is complete, the loan converts to a fixed-rate permanent loan -- no second closing needed!

​* - Stefen Brooks - Gateway Mortgage Group

Thinking about Renting instead of Owning. Did You Know there are benefits to Owning?

  • EQUITY - You can't build equity in an apartment or rental property. - In your own home, you can.
  • TAX DEDUCTION - Your rent payment is not tax deductible. - The interest portion of your mortgage payment could be tax deductible.*  *-contact your tax advisor.
  • PRIVACY - Your apartment, shares the walls, ceiling and/or floor. - In a single family home, you have privacy.
  • ​FIXED PAYMENT - Your rent almost always increases when your lease is renewed. - With a fixed-rate mortgage, the principle & interest payments never go up.
  • PRIDE - An apartment can feel only like a place to stay. - Owning your own home gives you pride of ownership.

* - Stefen Brooks - Gateway Mortgage Group

Thinking about Buying or Selling your Home. Did You Know it's best you have a C.L.U.E?

A C.L.U.E. (Comprehensive Loss Underwriting Exchange) Report provides dates of claims, insurance company(ies) involved, the type of policy, whether loss was related to a named catastrophe (hurricane, etc.), location of the loss (on or off property), the amount paid and cause of the loss:

  • For the BUYER: The C.L.U.E. Report could provide loss information that would cause a buyer to reconsider the purchase of a home.
  • For the SELLER: If they have this document showing a clean bill of insurance health for their home, it's just one more thing to give the potential buyer the confidence they need to proceed with a purchase.

* - James Kimmons, Real Estate Business Expert

Thinking about getting a home loan. Did You Know these are the items you will need to get started?*

  1. Pay Stub for the most recent 30-day period.
  2. W-2 forms for the most recent 2 years.
  3. Previous two ( 2 ) months bank statements on checking and savings ( all pages ).
  4. Most recent statement on all CD's, stocks, 401K, etc. ( all pages ).
  5. Check for $375. on Convention loans, $400. on Gov't loans ( covers the cost of appraisals ).
  6. Home Owners Insurance information.
  7. Copy of driver's license and social security card for all borrowers and non-purchasing spouse ( US Patriot's act ).
  8. All disclosures signed.

* - Contact our Featured Financing & Insurance Partners for specific information & details.

​Is there a Pool at the home you're trying to purchase or sell. Did You Know a Pool has an appraised value?

  • Sales price under $125,000 - the pool adds $5K-$8K.
  • Sales price between $125K-250K - the pool adds $8K-$12K.
  • Sales price over $250K - the pool adds $12K-$25K

- Keller Williams Legacy Appraisal Workshop


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TheGistGroup LLC