Wednesday, January 23, 2008

Class on Title Commitments

Please put on your calendars that we will have a class on Title Commitments and how to read them and what we as agents need to do with them. Class will be at 10 AM in our training room on February 6, a Wednesday. Texas Title Company will lead the instruction. We would like to see everyone who either questions what the commitment does or what responsibility we have in the process attend this class.

thank you very much,
Bob

SA Military Major Expansion Construction

BRAC projects to increase S.A. military construction tenfold(Public Facilities : San Antonio) 1/16/2008

The U.S. Army Corps of Engineers is ready to bid out local projects set in motion as a result of the 2005 Base Realignment and Closure decision. The Corps will award 12 to 15 projects, for a total of $1 billion in construction, as part of the BRAC action during fiscal year 2008. The average yearly amount of military construction in San Antonio is between $65 million and $100 million. The BRAC construction will increase that tenfold. The BRAC action encompasses about 78 new and renovated primary facilities, which will total about 6 million sf and entail more than $2 billion in construction-related spending. The facilities will be located at Fort Sam Houston, Camp Bullis, Lackland Air Force Base and Randolph Air Force Base. The construction for all the projects is scheduled to be completed by September 2011. The main projects taking place in San Antonio will be the renovation of Brooke Army Medical Center (BAMC) to handle all in-patient hospital care and civilian trauma care and the conversion of Wilford Hall Medical Center into an ambulatory care clinic that will focus on outpatient care. Additions to BAMC will include a tower to house emergency rooms, operating room and clinical and administrative space. An additional 250,000 sf of the hospital will be renovated. Brooke Army Medical Center will be renamed the San Antonio Military Medical Center North, and Wilford Hall Medical Center will be renamed the San Antonio Military Medical Center South. Another large piece of the BRAC puzzle includes the consolidation of all medical training programs for all military branches to Fort Sam Houston. That will involve the construction of the Medical Education and Training Campus which will include 2 million sf of dorms, classrooms, labs, training areas and dining facilities to accommodate an average daily student enrollment of more than 9,000. (Reprinted from 12/21/2007)[San Antonio Business Journal]

SA Population Growth increases infrastructure demands

S.A. population growth fills area roads, spurring expansion(Demographics : San Antonio) 1/17/2008
Population growth and the extension of residential development to the north, northeast, west and northwest of San Antonio have brought increased need for educational, retail and medical facility construction and expansion in these areas. Hill Country corridors along IH-10W and Highway 281 North are each seeing nearly 120,000 vehicles per day. San Antonio's far west side population off the area's IH-410 West/Highway 151 and Culebra/Potranco roads is now growing at record pace. These thoroughfares, stemming across the western section of the city, serve surging commuter traffic. Source: Cal Ivey, vice president of San Antonio-based Dominion Advisory Group, Inc.[Texas Real Estate Business]

Friday, January 18, 2008

Third Party Financing Addendum-IMPORTANT

The new Third Party Financing Condition Addendum

by Ron Walker

On Feb. 9, 2004, the Texas Real Estate Commission promulgated the new Third Party Financing Condition Addendum. The most significant change in the addendum lies in the last few lines of the first paragraph of the form.
Under the prior version of the form, if the buyer did not obtain financing approval within the time required, the contract simply terminated. Under the revised form, the buyer must, within the time specified, give written notice to the seller that the buyer is not able to obtain financing approval in order for the contract to terminate and for the buyer to receive a return of the earnest money.If the buyer does not give the notice within the time required, the contract is no longer subject to the financing contingency described in the addendum. This means that the buyer will breach the contract if:

• The buyer does not give timely notice of termination under the addendum;
• The buyer is not able to secure financing approval; and • The buyer does not close as required by the contract. The buyer takes the risk if he is not confident he has obtained financing approval and does not send the termination notice under the addendum in a timely manner.The term financing approval did not change from the prior form. Financing approval occurs when the buyer has satisfied the lender’s requirements related to the buyer’s ability to borrow the money (e.g., creditworthiness, credit history, income, assets).Financing approval and loan approval are not synonymous. Loan approval is the unequivocal statement by the lender that the lender will fund the loan. Two major elements must be satisfied before the lender will typically give loan approval:
Approval of the borrower, which is financing approval under the addendum; and
Approval of the collateral, which is the property satisfying the lender’s requirements. The contingency in the Third Party Financing Condition Addendum deals only with financing approval.With respect to approval of the collateral, paragraph 4 of the TREC contract forms provides that the contract is subject to the property satisfying the lender’s requirements. The contingency that the property satisfies the lender’s requirements applies regardless of whether there is a financing contingency.It is critical for the buyer to obtain financing approval within the time required under the addendum. Another way to refer to financing approval is to be conditionally approved for the loan. Conditionally approved means that the lender has stated that the buyer is approved for the loan subject only to the property meeting the lender’s underwriting requirements (for example, appraisal and survey). To be confident that the buyer has obtained financing approval under the addendum, the buyer may ask the lender to provide the buyer with the Conditional Approval letter promulgated by the Texas Savings and Loan Department. Mortgage brokers are required to use this letter under TSLD regulations. Copies of the Conditional Approval and Conditional Qualification letters that mortgage brokers must use are available on TexasRealtors.com.Time is of the essence with respect to the addendum. Strict compliance with the specified time period is required. Buyers and buyer’s agents will want to “watch the clock” with respect to this addendum. It may be necessary to request an amendment that extends the time under the addendum if the buyer cannot obtain assurance of financing approval from his lender.

Ron Walker is director of legal affairs for the Texas Association of REALTORS®.

Monday, January 14, 2008

Note from Open House Show Producer

Dear Advertiser,

Congratulations! According to HousingPredictor.com, San Antonio's real estate values are forecast to appreciate 3.9% in 2008, and San Antonio is ranked in the top 20 real estate markets nationwide! We at The Open House Show wish you a prosperous new year!

In our effort to improve our product for your success, The Open House Show has begun airing 30 second commercials on KABB to advertise the show. I've attached a QuickTime version of the ad so that you can see it.

You have also been receiving clips of your homes! As a new, free service, we will e-mail you a clip of each new home you submit. Simply drag it to your desktop and use it to e-mail to clients or post on Realtor.com.

Even though the Holidays is a "slow" time for real estate, TheOpenHouseShow.com still received 27,258 unique visitors since December 1st. Our Nielsen Ratings continue to be strong.

Ultimately, The Open House Show is a listing tool. Please remember we have sign riders, listing flyers, and other artwork available to download free to use in your presentations. Click here: http://theopenhouseshow.com/San_Antonio/artwork.php

Thank you for advertising with us. Feel free to call me, Amy, or Jaime at any time for any reason.

Robert Bettes
cell 915.474.3188

Tuesday, January 8, 2008

Online Search Activity has increased over 30% in the past week

Online search activity has spiked by over 30% in the last week. San Antonio's strong economy and the solid value building market of existing homes is attracting outside investors and local purchasers.

Existing home sale prices increased for 2007

New home starts have substantially declined over the past year - recognizing that builders have been overbuilding and reflecting a decline in the sub-prime mortgage market. However, existing home sales have remained strong and prices actually increased - following a consistent trend of price increase for nearly a decade.

Here is a link to the Express-News story.

Wednesday, January 2, 2008

Happy New Year

I hope everyone had a great holiday season. I can see the activity already picking up with the phone calls and increased internet searching. It's a great time to call your past clients - you know - the folks that have used you and respect your skills. It's a great time to say "Happy New Year" (the reason for the call) and finish with "who do you know that is interested in buying or selling real estate?" If make 30-40 calls like that, I am certain you will pick up plenty of new business.

There will be no sales meeting tomorrow and we will have our first meeting of the year next week.