It’s the last day of National Groundwater Awareness Week!

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 #DYK that in Texas, 9 major aquifers and 22 minor aquifers supply approximately 55% of all the water  used in the state? Learn more about groundwater in Texas at https://bit.ly/TexasAquifers.

Texas REALTORS® Disaster Relief Fund for Texans PANHANDLE FIRES Apply for Relief or Donate

 

Relief Funds

Texas REALTORS® Disaster Relief Fund for Texans

Texas REALTORS® has relief funds for members of the association and members of the public who have suffered losses due to natural disasters in Texas. These funds are activated as needed by association leadership.

Panhandle Disaster Relief Fund

The Texas REALTORS® Disaster Relief Fund for Texans is now accepting applications from Texas residents whose primary residence has been damaged or who had to evacuate due to wildfires in the Texas Panhandle that started February 26, 2024.

Applicants may be eligible for up to $1,000 in assistance if they meet certain criteria.

Apply Now

If you would like to donate funds to the Texas REALTORS® Disaster Relief Fund for Texans, you can donate here.

Donate Today

The Texas REALTORS® Disaster Relief Fund for Texans is a 501(c)(3) nonprofit organization. Your contribution is tax-deductible to the extent allowed by law. No goods or services will be provided in exchange for your donation.

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National Groundwater Awareness Week!

 

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March 10-16 is National Groundwater Awareness Week! In Texas, groundwater provides an estimated 55% of all freshwater used, supplies 73% of the water used by agriculture, and is a source of drinking water (from both public and private wells) for about 5 million Texans. For more information on groundwater issues, visit www.tgpc.texas.gov.

OK — Can I Celebrate Now? In Closing (Conclusion)

 

If you’ve made it through close — YES! Once you’ve climbed that mountain of paperwork and have those keys in your hands, you now officially, finally own a home.

Congratulations! You put in a lot of hard work, including building relationships with your agent, your lender, and other experts along the way.

Now it’s time to start investing in other relationships. Like with your new neighbors 🙂

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This is the end of this series. Thank you all for following along. Please contact me for further assistance.

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What If There are Last-Minute Issues? Should I Panic? In Closing (Part 8)

For your loan to be approved, it has to go through underwriting. The underwriter’s job is to validate all of your financials — confirming that your income, credit, and debt haven’t changed since you were pre-approved for the loan. The underwriter will also review the property’s characteristics and appraisal. If everything checks out, your mortgage will be approved.

If something goes wrong during underwriting though, you’ll have to address the problem before you can close on the home. Let’s say your credit score dropped because you recently purchased a car with an auto loan, or maxed out your credit cards.This isn’t necessarily dire, but you may need to delay closing as you work with your lender to take steps to raise your score. (Also, for that reason, it’s a good idea to hold off on big purchases, avoid overusing a credit line, and doing really anything that could result in a credit inquiry until after the closing.)

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What Is Title Insurance, and Why Do I Need It? In Closing (Part 7)

Every lender requires borrowers to purchase title insurance — a policy that protects you and the lender from outside claims of ownership of the property. Wait, you may be asking, some random person could show up and claim they own the house? Sounds crazy, but it happens.

Let’s say a previous owner didn’t pay all of their property taxes. Because those taxes remain against the property, the taxing entity could potentially take your home if you don’t have a “clean” title. Title insurance also protects you from ownership claims over liens, fraudulent claims from previous owners, clerical problems in courthouse documents, or forged signatures.

The title company will perform a comprehensive search of deeds, wills, trusts, and public records to trace the property’s history and verify that you’re becoming the rightful sole owner of the property. 

Typically, lenders have a preferred title company they work with, but ultimately the buyer decides which title company to use. Your agent could offer a few referrals.

Title insurance comes in two forms:

1. Lender’s title insurance, which (no surprise) protects the lender. It’s required.
2. Owner’s title insurance, which protects you. It’s optional but recommended because it covers your interest in the property. If the insurance company loses a battle over the title in the future but you purchased owner’s title insurance, you’re fully protected. Owner’s title insurance will also cover your legal fees if you have to defend your ownership rights in court.

Unlike most insurance policies, such as homeowners insurance, car insurance, and life insurance, title insurance is paid as a one-time fee at closing. Expect to pay about $1,000 for the lender and homeowner policies combined. However, costs can vary significantly, up or down, depending on the home you’re buying, its location, and the amount of legwork the title company has to perform.

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What Should I Bring? (Other than Champagne?) In Closing (Part 6)

At the closing you should have:

• A government-issued photo ID
• A copy of the ratified sales contract
• A homeowners insurance certificate
• Proof of flood insurance if you’re buying a home in a flood zone
• A cashier’s check or proof of wire transfer, to cover the remainder of the down payment and your closing costs

Also, talk to your attorney about anything else you might need to bring depending on your state or personal circumstances (such as a separation or divorce decree, should your relationship status affect the closing).

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