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George Chiriboga | Chiriboga Realty LLC Blog

Monday, May 4, 2015   /   by George Chiriboga

Buyer's Ten Commandments

Many times a buyer is so excited to start the process of buying a house and forgets to consider that, in order to succesfully close the loan, they need to safeguard their employment and financial background. Everytime we engage a new buyer we advise them to remember these ten commandments:

1.     Thou shalt not change jobs, become self-employed or quit your job.

2.     Thou shalt not buy a car, truck or van!

3.     Thou shalt not use charge cards excessively or let your accounts fall behind.

4.     Thou shalt not spend money you have set aside for closing.

5.     Thou shalt not omit debts or liabilities from your loan application.

6.     Thou shalt not buy furniture.

7.     Thou shalt not originate any inquiries into your credit.

8.     Thou shalt not make large deposits without first checking with your loan officer.

9.     Th. ...

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Monday, September 16, 2013   /   by George Chiriboga

Five Secrets To Buying Foreclosures

Probably you have heard about all the buzz about buying foreclosures in Houston but you do not know how to start or what approach to use or perhaps you have already been looking to some properties or even perhaps you have placed an offer on one. Here I will give you five secrets about buying foreclosures in Houston, Texas.

First, you can bid lower than the asking price, and you should start lower. How much lower it depends on the desirability of the property, the days on market, whether or not there are offers already, and, of course, the comparable sales in the area. Your Houston REALTOR® should provide the latter before an offer is placed.

Second, Houston foreclosures advertise that they sell the house AS IS as they do not intend to repair the property. Just think about it, the bank's employee who is managing this asset is sitting somewhere in an office in another state -other than Texas- and the last thing he wants to hear is your request for repairs. He will argue that yo. ...

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Thursday, March 1, 2012   /   by George Chiriboga

Can You Tell Me About All The Texas Home Exemptions?

Do I, as a homeowner, get a tax break from property taxes?

You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes.

For example, your home is appraised at $100,000, and you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value.

If the tax rate for your home is 3%, then you will pay $85,000 x 3% = $2,550 annually.

Do all homes qualify for homestead exemptions?

No, only a homeowner's principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home's owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on January 1 of the tax year. If you are age 6. ...

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Wednesday, November 23, 2011   /   by George Chiriboga

The Truth About Short Sales

A short sale is defined as an approved discount by a bank or mortgage lender of the balance owed by the homeowner as a result of two fundamental conditions:

The first one is when a homeowner is experiencing financial hardship such as loss of employment, an illness in the family, divorce, lack of savings, or any other situation that makes it impossible for the homeowner to keep current in his mortgage payments.

The second important condition is that the property can not be sold in the free market for what is owed on the property. Basically, the homeowner is upside-down in his mortgage. This situation is even more aggravated if the homeowner was not paying his mortgage for several months, and late fees, attorney's fees, and HOA dues have been added to the debt.

If these two conditions exist simultaneously, then the homeowner can hire a Houston REALTOR® to list the property and request the lender to approve a short sale.

The benefits for a homeowner to use a short sale ins. ...

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