Archive for June, 2010

UTSA Finally Becoming a Major School in Texas

June 27th, 2010

The University of Texas at San Antonio may seem to be business as usual, but this quiet giant has a thing or two up its sleeve.  With 134 undergraduate and graduate programs and over 29,000 students, UTSA is now turning heads and making people take notice as it has become a stand-out university in Texas.

With the prospects of becoming a tier-one university, UTSA has gained momentum on many levels, including research.   According to a recent article published through the UTSA website (www.utsa.edu),  Robert Gracy, UTSA vice president for research said, “To say we’ve almost doubled our research activities in the past five years is really significant.  Today, we are certainly on an upward trajectory to tier one status. We have developed a stronghold of collaborative research partners in the region and our recruitment of top faculty will certainly lead to even larger increases in research expenditures in the coming year as those individuals gain traction at UTSA.”  Research activities are key in gaining the tier-one status and the funding that goes with it.UTSA Engineering Building

As this University continues to grow, so does its housing.  According to the San Antonio Business Journal, American Campus Communities Inc. has begun developing a new apartment complex with 14 building and 792 private bedroom and bathroom “configurations” which will serve the students at the University of Texas at San Antonio.  It is scheduled to be completed in time for fall of 2011 and will be located next to the main campus.

With Larry Coker at the helm of its newest venture, the University of Texas at San Antonio now has a football team.  Twenty-four high quality athletes recently signed National Letters of Intent to play for the school.   The team will begin playing in 2011 as a Football Championship Subdivision Independent and will begin a reclassification period to become a Football Bowl Subdivision Independent in 2013.

What football team is complete without a band?  In March of 2010 University of Texas at San Antonio hired a marching band director to lead a 150 member marching band for the 2011 season.  Ron Ellis, the new band director, said he planned to expand the band to 350 members eventually.

The high quality research, new buildings, new housing, football team and band added to a myriad of other accomplishments make the University of Texas at San Antonio a true stand-out.  Additionally, the June 2010 Edition of Diverse Issues in Higher Education Magazine ranked UTSA fourth in the nation in the number of undergraduate degrees awarded to Hispanics.

Ricardo Romo, president of the University of Texas at San Antonio, summed it up best by saying that the University will work on creating a tier-one university for a “tier-one city.”

Interested in looking for a new home in San Antonio?  Search San Antonio for great deals now!

San Antonio – Summer Staycation and Day Trips

June 25th, 2010

With millions of travelers trying to decide on a destination this summer, many will choose San Antonio, Texas as their place to visit this summer.  In fact, U.S. News and World Reports recently ranked San Antonio, Texas second in a list of top family destinations in the U.S.  Since thousands and thousands of people will choose to fly or drive to San Antonio to partake in its wonderful sunny weather and amazing natural and man-made attractions, if you live in or around San Antonio, why not take advantage of what’s right in your backyard?

Downtown San Antonio – The Riverwalk, Tower, Alamo and So Much More

San Antonio River Walk

San Antonio River Walk

Downtown San Antonio has so much to offer.  If you want to make your visit a true staycation, there are a variety of hotels in which to stay.  Many of the hotels are right on the riverwalk with views of the river.  There are name brand hotel chains such as the Hyatt and Marriott which offer lavish accommodations and restaurants.  If you want to get into the true feel of San Antonio, there are also the Emily Morgan and Menger hotels, accommodations  unique to San Antonio and rich in history.  Some even claim that the Emily Morgan is haunted!

Whether you choose to stay downtown for your staycation or you are just planning a day trip to the downtown area, there are plenty of things to see and do.  For those who like to shop, there is the River Center Mall which is home to a variety of department stores, specialty shops and restaurants.  The mall also houses an IMAX theater.  If classic San Antonio is more your style, then a quick walk from the shops leads you to the historic Alamo.  Full of rich history, the Alamo is still one of the top tourist destinations in the U.S.

Tower

Tower

The Tower of Americas, built for the 1968 World’s Fair, Hemisfair, offers an observation deck high above.  The views are absolutely amazing and you will feel like you are “on top of the world” when you take the elevator trip to the top.  The tower also offers visitors an upscale dining experience and a 4-D Texas-themed multi-sensory theater.

Walking along the river is better than ever with the recent multi-million dollar expansion.  Once you’ve strolled along the river and taken a boat ride you’ll probably want to dine at one of the many restaurants on or near the river.  With plenty of choices, there is sure to be something that pleases even the pickiest of eaters.  Just some of the many restaurants include the Hard Rock Cafe, Rain Forest Café, Landry’s, County Line, Dicks and a myriad of unique San Antonio restaurants.

Sea World, Fiesta Texas and Splash Town

If you are looking for something more “themed” San Antonio has its share of theme parks as well.  Sea World of San Antonio offers children and adults the chance to get up close and personal with sea creatures from all over the world.  Fiesta Texas offers visitors a chance to ride roller coasters, watch shows and cool off on some wild water adventures.  Splash Town offers visitors a full water park complete with slides, rides and a wave pool.

Day Trips – Hill Country and Beyond

Cowboys

Texas Cowboys

True hill country life is only a quick trip away.  In about 30 minutes to an hour you can be in one of many quaint towns surrounding San Antonio.  Bandera, Texas is home of the cowboy and offers an opportunity to visit a real dude ranch.  Hiking trails, horseback riding and nightly rodeo shows are just some of what you can find in Bandera.  If cuisine and wine are more your thing, Fredricksburg, Texas offers several local vineyards complete with tours and tastings.  Perhaps a relaxing day at Canyon Lake or a ride down the Guadalupe River in New Braunfels will help you beat the heat and relax on a lazy summer day.  Caves, canyons, natural springs, and a variety of local wildlife can also be enjoyed around the area.

There is so much to see and do in San Antonio and the surrounding areas that once you go on your staycation or day trip, chances are you’ll be planning your next trip to another San Antonio destination by the time you are done.

Are you looking for a home in San Antonio?  Search great deals at My SA New Home today!

The Home Buying Process in Texas

June 20th, 2010

If you are thinking about buying a home in Texas, there are some steps that can help make the process run smoothly, and it’s important to understand how the buying process works before you proceed.

Find a Real Estate Agent

The first thing you will probably want to do is find a licensed real estate agent.  You can start your search online or by asking friends, family and/or neighbors about any Texas REALTOR® who might make a good fit for you.  You may want to speak to several agents to find one who specializes in the buying process and who is familiar with the area in which you are looking.  A licensed real estate agent will guide you through every step of the buying process.

Family in front of home

Prioritize Your Desires For Your Home

Once you’ve found a real estate agent that fits your needs, you’ll need to decide on what specifics you’ll want included in your home.  Things you may want to consider include location, price range, taxing jurisdiction, school district, commute time to work, and proximity to shopping, hospitals and major highways.   You may not be able to find a home that meets your exact wants and needs in your given price range, so it is important that you prioritize your list to find the best match possible.

Pre-Qualify For A Loan

After you’ve narrowed your requirements down, you will probably want to pre-qualify for a loan before you make an offer on a house.  Dealing with a mortgage broker or bank before you make an offer on a house is a smart step, because then you will have a much better idea as to how much home you can afford.  This will also be the time you will decide how much down payment you have the funds for and how much you will actually qualify for.  You’ll need to make sure that you have all of your financial documents for the last couple of years which outline your income, assets and any outstanding credit you may have.

Find Your Home and Make An Offer

Once you pre-qualify, you are ready to find that perfect home.  You and your real estate agent will probably look at many homes before deciding on one.  Once you find one you like, you will make an offer on the home.  Your real estate agent will sit down with you and fill out all of the standard state required paperwork in order to make an offer.  The seller has the right to accept, reject or make a counteroffer.  If there is a counteroffer, it may take some time to negotiate a fair deal.  If your offer is accepted, the paperwork will become a binding contract and it will be one of the most important documents you sign in the process since it outlines the terms and conditions of the transaction.

Have An Inspection

After your offer is accepted you will want to get the home inspected by a qualified inspector.  This is also a good time to have a termite inspection performed as well.  You may want to ask you real estate agent to request that the seller include a one year residential service contract as part of the deal.   This is often done with an existing home to ensure that certain items will be repaired if there are any issues with the home after you move in.

Secure Financing

Next, you will secure a loan to finance the purchase of the home.  If you pre-qualified for a loan before your search began, much of the paperwork may already be done.  If not, you will need to provide income, asset and credit information to complete the loan application and lock a rate. If you put down less than 20% you also will be required to pay PMI, Private Mortgage Insurance, which protects the lender if you default on the loan.

Check  the Title

The contract will then be sent to a title company and the title will be investigated to make sure there are no legal issues with your property.  An implied easement or an existing lien may be issues that could surface.  In Texas, according to lawyers.com liens on a piece of property may include the following:

  • Abstract of judgment
  • County assessments for road improvements
  • County litter lien
  • County weed and sanitary lien
  • Deed of trust or vendors lien
  • Federal estate tax lien
  • Federal income tax lien
  • Federal judgment lien
  • Federal lien securing a judgment imposing a criminal fine
  • Homeowners’ association lien for assessments
  • Mechanic’s lien by affidavit
  • Mechanic’s lien contract
  • Miscellaneous state tax liens
  • Municipal assessments for street improvements
  • Municipal assessments for water/sewer systems
  • Municipal demolition lien
  • Municipal utility services lien
  • Municipal weed and sanitary lien
  • Solid waste facility remedial lien
  • State inheritance taxes
  • Surface coal mining reclamation
  • Unemployment taxes
  • Water district standby fees
  • Water district taxes
    (Source: http://research.lawyers.com/Texas/Buying-a-House-in-Texas.html)

Having the title researched is an important step and protects you.  The title company will notify you of any issue with the property and will issue you title insurance to further protect your rights as a homeowner.

Go to the Closing

Once the title clears and the financing is secured, you’ll be informed of the closing costs for which you will be responsible. The money you will need to close the deal will include your down payment, inspection costs, title insurance, and any other fees associated with the closing of the home.  You’ll schedule a time with the title company to sign all of the paperwork, bring in closing costs and finalize the loan.  The seller will also sign papers to transfer the rights and validate the information they disclosed about the home.

The last step is to pick up your keys, move in and enjoy your new home!

If you are looking for a new home and need excellent buyer representation, check out Save On A New Home to start your search today.

What You Need to Know About FHA Loan Reform

June 20th, 2010

So you’ve finally made the decision to purchase a home and you’re ready to look at financing options?  Chances are, you may want to look at an FHA Loan and if you are looking into this option some recent changes and legislation may affect how you secure that loan and what you will paying to get it.

What is an FHA Loan?FHA Image

FHA stands for Federal Housing Administration and it was created as part of the National Housing Act of 1934.  This government entity has been providing mortgage financing to people for more than 70 years.  Typically, FHA loans are an insured mortgage option for people with modest  incomes who can afford to only put a small amount of money down for the purchase of a home.  Buyers have been able to become home owners for as little as 3.5%.   Applicants can sometimes obtain lower interest rates.  When purchasing an FHA loan, home buyers must also purchase mortgage default insurance if they put less than 20% down.

FHA Reform

With the recent housing debacle many changes to the mortgage lending process have come about.  The FHA has also had to adapt and recent legislation is in the works to reform the FHA loan process.   First, it will increase its up front mortgage insurance premium from 1.75% to 2.25%. It is also hoping to pass legislation that will increase its current monthly premiums by as much as 0.55%.  The increase could hurt buyers, but it is supposed to help balance the FHA budget and guarantee more loans.

According to the FHA website, one of the biggest changes and most significant for most borrowers is the changes in required credit score.  To qualify for the 3.5% down payment option, home buyers must now have a minimum credit score of 580.  Having a lower credit score does not exclude applicants from receiving a loan, but they will now be required to put at least 10% down.

Another change is seller concessions which have been lowered from 6% to 3%.  FHA say this change has been instituted to “eliminate the temptation to inflate the appraised value of a home for sale.”

Also under the new legislation, the FHA plans to impose stricter guidelines on current lenders offering FHA loans and may deny access to mortgage originators who issue too many bad loans.  They will also hold lending firms liable for poorly underwritten loans, and make lender performance information available to the public.

Some of the changes, like the credit score requirements, have already been set in place.  Other changes will be coming soon.  Regardless, FHA may still be the right choice for you, but you should definitely go into it with your eyes open and be aware of all of the changes that could directly affect your home purchase.

Start your search for a new home at Save On A New Home.

Getting a Loan: Advantages of Using a Mortgage Broker vs. Your Local Bank

June 13th, 2010

When it is time to obtain a mortgage loan for a home purchase, it is really a good idea to take your time and assess all of your options.   Banks and mortgage brokers will offer you a variety of products and options from which to choose.  Since this is one of the biggest financial decisions you will ever face, it is important to choose wisely.

Bank Loans

MortgagesAttaining a loan from a bank you already have a relationship with may seem like a logical first choice, and loyalty may have its rewards.  Since some banks offer up enticements such as a small discount or an added benefit, your bank may seem to be the best option.  If you have a savings or checking account with the bank and you have a great credit score, you will probably receive a competitive quote.   You may find this to be easier said than done.  The downside may be that without a shining financial record, you could have difficulty securing a loan at all.  With the recent housing debacle, banks have tightened up their lending requirements.   For example, an FHA loan only requires a credit score of 640, but the bank may require a better score in order to secure the loan.  Also, most banks have a limited number of products available, and your bank may not have the right product for your specifications.  Perhaps XYZ bank across the street may be waiting with the perfect loan for your buying needs, but you’ll never know about it because you are only dealing with YOUR bank.

Mortgage Broker

A mortgage broker on the other hand would be able to tell you about a variety of products offered from various banks, credit unions and financial institutions.   Mortgage brokers aren’t limited to dealing with just one institution, and they can search to find you the best deals and the right loans to fit your specific needs.   With multiple products from which to choose, you may have a better chance of finding the right loan with the best terms.  The broker usually offers rates comparable to those you would find at your own bank.  The broker usually gets the loan options at a wholesale price and tacks on a commission to give you a competitive retail rate.  The difference, of course, is you have more options from which to choose without having to deal with each lending institution separately.  Also, if your loan gets rejected, the mortgage broker may be able to repackage the loan and resubmit it to another one of the lenders.

When it’s all said and done, no one option is right for everyone.  You should always shop around, compare apples to apples and make sure you are getting the best product for your personal situation.  Whether you decide to go with your bank or choose from the many options your mortgage broker has to offer, make sure that you are able to compare each loan side-by-side.  You should compare the amount of money that you will need upfront to close the loan, the interest rate, any points you may be required to pay, the terms of the loan, and any penalties that may be associated with the loan.   Sometimes when the excitement of purchasing a home overshadows the lending process, the mortgage often becomes an afterthought.  The reality is the thrill of the purchase will wear off, but the loan will be with you for many, many years to come.

Are ready to buy a house in the San Antonio area? Search now.

What You Need to Know About Foreclosures in Texas

June 11th, 2010

The number of foreclosures in Texas is up and according to new RealtyTrac data, 1 in every 861 housing units received a foreclosure filing in May 2010, bringing the total of foreclosed homes in Texas to over 79,000 units.  The hardest hit areas seem to be in the San Antonio, Austin, and Dallas/Fort Worth areas.  In less populated areas, like West Texas, the results have been less dramatic.

Choices for Homeowners Facing Foreclosure

Homeowners faced with foreclosure have several options they may want to consider before giving up completely.  According to the Texas A&M Real Estate Center, homeowners have a few choices available to them before they must leave their home.   First, if a homeowner has the resources, he may end the foreclosure process by paying off the debt before the lender sells the home.  This is called equity of redemption.

Another option is for the homeowner to seek financing from another lender.  This may be a difficult task, especially since stricter lending practices are in place and the homeowner needs to have good credit to secure the loan.

The homeowner can try to sell the home and pay off the debt with the money from the sale.   There is usually little time for this, and the homeowner will have to get the home up for sale before the foreclosure process begins.

According to Texas A&M, an option that is worth trying is a DIFL (deed in lieu of foreclosure).  This occurs when the homeowner gives the property back to the lender in exchange for the cancellation of the debt.  In a tough economy, with so many foreclosures, it may be difficult to convince the bank that it should forgive debt in exchange for the home.   Short sales, where the lender agrees to sell the property at a slight loss, are a growing trend which many lenders may consider before foreclosing.

Buying a Foreclosed Home SafelyForeclosures

If you are not facing foreclosure, but are interested in getting a good deal by investing in one, now is a great time to look at what the market has to offer.   With loans at record lows and foreclosures at an all time high, now may be the perfect time to buy that dream home you never thought you could afford, or to purchase those investment properties you always wanted.

With that said, the foreclosure market is not one to go into lightly.  Do your research and find out as much as you can about the home/homes in which you are interested.  A good deal at first may turn into a money pit if there are lots of repairs and issues with the home.  There may be back taxes, liens, or even tenants who refuse to leave the foreclosed property.  Sometimes foreclosed homes are run-down or vandalized by prior owners, angry from being thrown out.   Good bargains can still be found, but gain as much information about the property before bidding on it.

If you don’t have time to do the research or are intimidated by the prospects of foreclosure, a safer, more reliable option exists: bank-owned foreclosures.  Foreclosed properties owned by banks are usually listed with real estate agents and don’t have all of the potential risks associated with other foreclosed properties.  The lender may be willing to offer low lending rates, lower down payments or reduced closing fees.  These properties may not fetch rock-bottom prices, but they will be a bargain in their own right and you might be able to sleep soundly once you purchase one.

Remember whether you are facing foreclosure or looking for one, there are many options to consider.

Are you looking for a home in the San Antonio area?  Start you search now.

The San Antonio River Walk Brings It – Fun, Sun and Everything In Between

June 5th, 2010

With the recent expansion of the San Antonio River Walk, there is even more to see, do and enjoy than ever before.  From restaurants to historical sites and beautiful unique lodging options to awesome nightlife choices, the River Walk offers something for everyone.  The number one tourist attraction in Texas brings people from all over the world together for fun and excitement that only San Antonio can offer.

San Antonio River Walk

Dining along the River Walk in San Antonio, Texas

Restaurants abound on this culturally diverse strip.  Whether you are in the mood for Mexican, Italian, American, Seafood, eclectic or gourmet treats, the River Walk has it all.  Traditional restaurants like the RainForest Café, Landry’s Seafood, and Saltgrass Steakhouse can be found alongside uniquely San Antonio restaurants like Biga On the Banks, Rio Rio Cantina and Schilo’s delicatessen.

Many of the major hotels also offer unique dining options.  For example, the La Mansion’s Las Canarias offers diners a delightful menu which changes monthly to fit every season.  This three level restaurant has a lovely and romantic ambiance which allows patrons to dine inside or take in all the river has to offer with a charming outdoor setting.

Casa Rio, a favorite with its Mexican cuisine, offers a true dining experience which allows customers an opportunity to fully immerse themselves in the river experience.   Eating along the river is an experience of a lifetime, but for those wanting more, the ultimate in dining awaits: a riverboat-dining cruise.  Casa Rio offers riverboat-dining cruises for groups of up to 20 people, and for those looking for a true Fiesta, riverboat cocktail parties are also available.

After taking in a delicious meal, there’s still much more to see and do.  A ride down the river on a Yanaguana cruise is a great choice which offers visitors a relaxing and unique tour of the downtown area. Shopping at La Villita or the Rivercenter Mall, and laughing it up at the famed Rivercenter Comedy Club are also unique experiences everyone can enjoy.

If nightlife is your thing, there are plenty of options.  Local favorites include The Republic of Texas Restaurant & Nightclub, Mad Dogs, Pat O’Brien’s, Howl at the Moon, Dick’s Last Resort, and Acapulco Sam’s, to name a few.  Jazz clubs, piano bars, pubs and dance clubs can all be found within steps of each other along the River Walk.

The Alamo and the Tower of Americas are also just steps away.  Whether you are a native San Antonian looking for something to do while the kids are out of school, or if you a traveler looking for a sunny vacation destination with lots to do and see, then the San Antonio River Walk should definitely be on your to-do list this summer.

Search for your new home in San Antonio, now.

San Antonio Home Appraisals Down for 2010

June 5th, 2010

For the second year in a row, the San Antonio area has seen its residential appraisals decrease.   Unlike other areas of the country, San Antonio’s dip has been small in comparison.  In 2009, the overall reduction in appraisal values went down by about 2% (according to the San Antonio Express News).  This year has also produced similar results with approximately 60% of all homes seeing a decrease in their appraisals.  This is a big shift from the year to year increases seen throughout the city for more than a decade.  The Bexar Country Appraisal District reported that they had not seen a decrease in residential appraisals since the early 1990s.

HraphThe shrinking values seem to be consistent with the recession-based conditions that have plagued most of the country.  An increase in foreclosures and a slowing housing market seem to be the main causes for the decline.

Though the majority of residential property owners saw their values dwindle, almost 30% of residents saw an increase in property value.  Neighborhoods like Alamo Heights, The Dominion, Olmos Park, and other upscale areas were able to weather the recession with flying colors, at least according to how the Bexar County Appraisal District sees it.

Only homeowners who saw at least a one thousand dollar rise over last year’s value will receive a notice in the mail about their appraisal, but any homeowner may protest their tax rate.  If you are a Bexar County resident and did not receive a letter in the mail, chances are your appraisal went down.  To check what your home is appraised for and to see how much your tax base will be, you can go to http://www.bcad.org and select the Property Search option.

Even if the value of your home went down, it’s always a good idea to check comparable houses in your neighborhood to make sure that your value is in line.  For example, if your 2000 square foot home is appraised at $200,000, and a similar house in the same condition just down the street appraised for $150,000, you may have a good case to file a protest.

If you don’t think your house is appraised correctly and you decide to argue your case with the appraisal district, be sure to have your facts and information ready.  You will be unlikely to make any progress by simply complaining or saying “it’s not fair”.  If the values are out of line with your neighbors, make sure you have plenty of data to back up your claim.  It might also help to take pictures of your home and neighborhood , and get professional estimates about possible repairs needed.  All of these things can help your case.

Now is a great time to buy in San Antonio.  Search for homes in the San Antonio area.