Thanks For A Great Year

Here we are at the end of another year and what a great year it has been. At The Top Properties is a little over a year old now and has grown and blossomed. We have added 4 great agents and have increased our market share as well as having a prominent position right in the heart of Pearland at 3419 E Broadway Suite G.

In addition, At The Top Properties has also agreed to sponsor a softball team called "The Vamps" and our company logo is on all of their t-shirts. We are quite proud of the team and their recent victory in New Orleans.

In the coming year, we are excited about the prospect of gaining more market exposure with increased advertising as well as adding 1-2 more agents. I feel it is important to keep our company small so we have that familial feel as we all work towards a common goal. If you are considering changing direction in your career and would like to speak with us about joining our family, contact me anytime. We offer full Broker support, Efax, wi-fi as well as providing signs and business cards.

Finally, I would like to thank the great folks of Pearland for their support and we look forward to helping you with all of your real estate needs in the coming year.

Sincerely,

Mike Gonzales

mytopagent.org

Buyer Update

With the changing economy some banks are also changing their lending practices. Once upon a time, even if you had a FICO score of 600, you could easily qualify for a loan. Recently, many banks have raised their minimum scores to a 640, which has removed the possibility of homeownership for some. Now, due to higher foreclosure rates, most banks require the buyer at have at least a 620 score.

Unfortunately, with many folks finding themselves with less available cash than before, many aren't able to keep up with their minimum monthly payments on their loans, and even one late payment can bring your score down considerably. It is a good idea to check your score at least twice a year. If you can afford it, an even better idea would be to subscribe to a credit monitoring company so you get updates on your score regularly. If you find yourself unable to make your payments, speak with your lender to see if you qualify for an extension of your payments. Always try to be proactive if you are behind and try to make the payment by the agreed-to date. Too many folks ignore the creditor out of embarrassment rather than call and try to resolve the issue up front.

If you find that your score is below a 620, don't give up. There are some reputable credit repair agencies out there. Keep in mind however, that no one can remove a valid debt from your report. The credit repair guys can help you remove old debt and advise you of how to clear up any inconsistencies on your report.

If you will be looking for a new home in the next few months, it would be a good idea to hold off on any big purchases until after your close on your new home. Lenders look very carefully at how much available credit the buyer has and if they have been seeking credit lately. In addition, once you have applied for a loan and have been approved, the lender will typically run a second report on you before closing. This can get a buyer into trouble if they have increased their debt between loan approval and closing.

If you haven't been pre-approved for a mortgage, this should be your first step. You need to know the amount you qualify for and how much your payment will be. This will help put you in the right direction when looking for a home. If you have questions about the home buying (or selling process), call or email me, I will be happy to help. Good luck!

Regards,


Mike Gonzales

Just Saying Thanks

I am happy to say most of us in our local real estate business are friends as well as competitors. There is enough business out there for us all, so establishing a good working relationship is important especially in a somewhat smaller community.

With that said, I would like to thank the folks at Keller Williams Pearland with a special thanks given to Al Rincon, for inviting me to be a part of their Mastermind Series. Unfortunately, I was not able to attend, but Al has proven again and again he is a true professional and for that, I am proud to call him a friend.

Another Broker who I have worked with and whom I call my friend is Bryan Cotton of Bryan Cotton Properties. We have been friends for at least 10 years now and are also competitors. Competition drives our business and most of us realize that it is important to work together in the spirit of friendship. Of course, there are always bad apples out there who foster negativity, but most of us do what we can to work together focusing on positive energy rather than negative.

For that, I would like to say how fortunate I feel to work in this great town of Pearland where I grew up. I still love this town and proud to have started a successful business in this town and am even luckier for the people that are in my life.

New Listing

Pearland's Best Realtor has listed another one. This time in Southwyck which is located in old Silverlake. This is a fixer upper priced accordingly. Looking for a great investment property? This one is for you.

3007 Glen Cullen
Pearland, TX 77584
$102,900

My Town Now and Then

Having lived in Pearland for most of my life, I have certainly seen it change. In the 80's, when I was in high school, Pearland was still a sleepy little town. Now, according the projections from the new census, we are looking at 100,000+ residents...wow!

I was reading in the Pearland Journal someones comment that our sleepy little town is no more. While that is true, I feel fortunate to have seen both sides; the little town it was and the bustling city it is. I believe we are better off for the change. Pearland is a more diverse "melting pot" and with the increased population comes improvements to the roads and commerce, which helps the local economy.

As a local business owner, I must say I am glad that Pearland has expanded like it has. Small businesses like mine are the backbone of the local economy and although change can sometimes be painful, I feel we are all better off for it.

Now, in closing, I am going to do something I don't usually do. I am attaching pictures of me 150 years ago it seems. Nonetheless, all this talk of old Pearland has gotten me all nostalgic...I am attaching some photos of me taken around the time of the war of 1812 (just kidding). Actually around 1978. I was tagged in a photo showing my support for the Pearland Little League and another at my folks home the same year( I was proud of my Pearland Shirt). Pardon the long hair!!

CREDIT AND THE NEW LENDER RULES

When buying a home, it is very important to be very careful about spending. Lenders now check the buyer's credit at the time of application as well as right before closing. For a buyer who has opened a new account or even charged a big purchase, you may no longer qualify to buy a home. This can be devastating to buyer's who have, for instance, sold their prior home and are waiting to close on their new one.

As a real estate professional, I find it very important to educate folks about the changes in our industry prior to getting them under contract. No matter how great your credit is, in the new mortgage industry, the old rules don't apply. From the time you make loan application, you should limit your credit card purchases to a minimum and never apply for new credit during the process.

Another item of concern is credit card fraud. A good idea is to remove yourself from pre-approved credit card offers by calling 888-5optout. For many credit card thieves, finding a pre-approval letter in the trash is like finding gold. Your best bet is to remove the possibility of of accidentally throwing an offer out instead of shredding it. Additionally, many thieves remove the offer from your mailbox without your having even seen it. Once your identity has been stolen, it is very hard to undo. If you are thinking of buying a home and find out your identity has been stolen, this can be a huge road block.

I work very hard to make sure my clients are educated about how important credit can be as well as identity fraud as well as the new lender practices. If you have questions about this article, feel free to email, call or text me anytime.

Home Buyer Concerns

When buying a home, it is a good idea to seek out issues before getting into a contract. Here are a few items to look for when considering a home.

Foundation: If a home has foundation issues, it may have cracks going up the brick or mortar, as well as an uneven feeling when walking through it. However, if these issues have been addressed by the former owner having the foundation stabilized with piers, typically the foundation company offers a transferable warranty which can be switched into the buyer's name at closing. Many buyer's are nervous buying a home that has had foundation piering, however, usually those fears are unfounded. Most reputable foundation companies like Allied Foundation, for instance, have good reputations for quality work and stand behind it.

However, if the foundation issues haven't been addressed, you need to contact a foundation company for an estimate (usually free of charge) to assess damage. Sometimes it can be a minimal amount to fix the problem, however, there are instances where it affects the plumbing underneath the home and that can be quite costly.

Termites: Another item of concern is termite infestation. Now, part of the inspection process is a termite inspection. If the home has or had termites, not only does the inspector check for infestation, he also checks for damage. Termites can do thousands of dollars of damage to a home in a relatively short time span.

Other issues such as electrical and plumbing concerns can be addressed by simply asking for a home warranty. These are commonplace and are fairly inexpensive. A home warranty can give the buyer peace of mind to know that most unexpected issues that may arise can be addressed by the warranty for the first year, with the ability to extend indefinitely if the buyer so chooses.

The bottom line is, when looking for a home, always be on the lookout for problem areas. While most homes do not have the issues mentioned, or if they have been addressed, you can still feel secure in your decision to purchase. Remember, always get a home inspection as that is usually your best defense against problems.

Have questions, I am always available to help. Call or email anytime.