Ask the Judge

Century 21 Presents: The Path Home

2010-02-23T17:31:00.003-06:00

SHORT SALE - you're hearing it a lot but what is it?

2010-02-05T10:06:00.003-06:00

Real Estate 411 – What is a Short Sale?

What you need to know about a Short Sale

#1 A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

#2 Before you eagerly climb aboard the short sale bandwagon, consider these four statements that determine whether you may qualify for a short sale. If you cannot answer TRUE to all four statements, you may not qualify for a short sale.

· The home’s market value has dropped.

· The mortgage is in or near default status.

· The seller has fallen on hard times.

· The seller has no assets.

#3 The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments. Examples of hardship are: unemployment, divorce, medical emergency / sudden illness, bankruptcy, and death

The hardship letter is the beginning of the financial documents process in a short sale package. The items you attach to that letter will ultimately have a great deal of influence on the decision of the lender about whether to approve a short sale or not, and for the amount of the offer they'll accept.

Whether you're the borrower, a real estate agent, or an investor trying to purchase the home in a short sale, everyone involved should be concerned about providing all the documentation that will sway the decision of the lender.

· Financial statements

· Pay stubs

· Bank statements

· Hospital bills

· Divorce decrees

· Credit reports

· Tax returns

It's a game of adding up numbers to show that the borrower is in an impossible situation leading to foreclosure or bankruptcy. It's the opposite of the process to get a loan. Then you're trying to prove you don't need it and that you're prosperous. Now the goal is to prove a hopeless payment situation.

#4 A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.

#5 There are tax consequences to a Short Sale. If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007. You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.

Contact your CENTURY 21 Judge Fite Real Estate Associate to get started with your real estate transaction.

Call 800-451-8055, or email 411@judgfite.com.

Real Estate 411 Video: What is a Short Sale?

2010-02-02T09:00:00.002-06:00

Jim Fite, President of CENTURY 21 Judge Fite Company in Dallas, Texas talks about the "Short Sale" - what it is and what it means to the homeowner. For more information on buying and selling real estate visit www.CENTURY21JudgeFite.com, or call 800-451-8055.

CENTURY 21 Judge Fite Company Presents Legal and Ethics MCE Classes

2010-01-14T14:15:00.003-06:00

CENTURY 21 Judge Fite Company is pleased to be providing FREE Legal Update and Ethics classes to C21JFC agents in 2010 through our Real Estate Career Training Division.

Details:
- Classes have limited seating. Please RSVP to reserve your seat.
- Classes may be made available as a cost of $25 per class to agents outside of CENTURY 21 Judge Fite Company.
- The morning class will be the Legal Update and begins promptly at 9 a.m. and continues until 12 p.m.
- The afternoon class will be the Ethics class and begins promptly at 1 p.m. and continues until 4 p.m.

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Upcoming Classes:

February 5, 2010: Gerald Crow, Instructor
CENTURY 21 Judge Fite Company, Frisco at The Shops at Starwood
6959 Lebanon Road, Suite 201, Frisco, TX 75045
972-596-5574

February 18, 2010: Pete Geisler, Instructor
CENTURY 21 Judge Fite Company, Mesquite
2601 Gus Thomasson, Suite 300, Mesquite, TX 75150
972-270-2100

March 4, 2010: Richard Long, Instructor
CENTURY 21 Judge Fite Company, Weatherford
1105 Santa Fe Drive, Suite 107, Weatherford, TX 76086
817-596-9446

March 26, 2010: Jan Fite Miller, Instructor
CENTURY 21 Judge Fite Company, Waxahachie
507 North Highway 77, Suite 210, Waxahachie, TX 75165
972-938-3636

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Questions?
Contact Bill Steddum
817-842-1243
BillSteddum@JudgeFite.com

Sign Up Now via email at Training@JudgeFite.com

Real Estate 411: Why buy or sell real estate NOW?

2010-01-05T21:32:00.002-06:00

These 3 Market Conditions make this a successful environment to buy or sell real estate NOW:

#1 The Extended Homebuyer’s Tax Credit is available for first-time homebuyers (up to $8,000) as well as existing homeowners (up to $6,500). The tax credit expires on June 30, 2010, so NOW is the time to find your dream home and get it under contract (by April 30, 2010).

#2 Mortgage rates are at an all time low, but they won’t stay that way long. Since the Wall Street financial panic, mortgage rates have stayed low, but Freddie Mac announced recently that they will go up. It could cost you if you wait, nail down your financing NOW while rates are still low.

#3 Home prices are up nationwide by six tenths of a percent. Experts predict continued growth so NOW is the time to take advantage of the lower prices.

Contact your CENTURY 21 Judge Fite Real Estate Associate to get started with your real estate transaction. Call 800-451-8055, or email 411@judgfite.com.

A Legacy of Service

2009-12-15T16:35:00.005-06:00

When real estate pioneer Judge B. Fite founded his real estate, mortgage and insurance company in 1937, he launched a tradition that spans over 73 years of service and commitment to the Dallas/Ft. Worth Metroplex. Throughout its rich history of growth, expansion, mergers and acquisitions, the Judge Fite Company has remained consistently true to its founding ideals. Today, at the helm of the company are Judge Fite’s children, Jim Fite, President, and Jan Fite Miller, Executive Vice President, both who are equally committed to the legacy of service and integrity that was established 73 years ago by Dene and Judge Fite.

Jan Fite Miller has been compelled to leave her mark on the industry and to support and encourage higher ethical standards in every real estate transaction since she first joined the company in 1969. From the marketing of the property to closing the loan, Jan will insist on the proper handling of every aspect of the real estate transaction from the company’s many associates as well as its partners. This is part of the edge that CENTURY 21 Judge Fite offers its clients and the communities it serves. “We train our associates to carefully perform their duties being fair and honest with all parties, giving full disclosure of all pertinent facts, and strict adherence to agency guidelines. It is in this manner that I work to maintain a continual improvement of professional standards in the real estate industry.”

Serving as the spokesperson for CENTURY 21 Judge Fite Company since 1977, Jim Fite has seen his father’s company grow from one office with eight associates to a diversified firm of 21 offices and more than 800 associates and staff. Like his sister, Jim Fite is passionate about his responsibility to not only his clients, but the real estate industry as a whole. His high profile in professional leadership through the years has held his company in good standing by providing
an opportunity to develop leaders and successful systems during some of real estate’s toughest times. Still, his motivation comes from serving people.

“What wakes me up every morning and gets me going is the responsibility to the thousands of people who depend on us to provide an environment for them to flourish and succeed”, states Fite. “And not just the people who are part of our organization, but the individuals in our industry – from the buyer’s agent to the escrow officer; the appraiser to the mortgage counselor, I want to make a difference. Judge Fite has the opportunity to be a catalyst for success at the center of every real estate transaction we are a part of, and I don’t take that lightly.”

With an unparalleled commitment to heart-driven service, this first family of DFW real estate has continued to thrive and expand when many others failed, and continued in its tireless dedication to serve the Metroplex real estate market with new products, technology, and services. The success attitude of its leadership, shored up by unmatched business acumen, has propelled CENTURY 21 Judge Fite to continue broadening its horizons, both geographically and with the kinds of products and services it incorporates to meet the needs of a continually changing marketplace.

http://www.century21judgefite.com/

Working with Mobile Real Estate Technology

2009-11-17T15:43:00.002-06:00

Going online for real estate information is a fun and new way to go house hunting and locate information about neighborhoods, school, parks, communities…and more! Just imagine putting that information into the palm of your hands via your BlackBerry, iPhone or other “smart” phone? It’s possible now with the new mobile technologies that are available in the real estate market.

The purpose of all these gadgets, when it comes to real estate, is to provide the customer with streamlined information so that you can make a more informed decision. It also enables your real estate agent to provide you with almost immediate service and answers to questions, before and throughout the transaction. Here are a few helpful hints to get you started using mobile technology.

Buy the perfect phone – choose the phone that has all the options you want and more
Get connected – make sure your mobile service has a broad network with GPS
Learn to text – subscribe to a generous “texting” package with your mobile network provider
Visit iTunes.com to browse, purchase and download real estate applications from the “Apps” store
Set up accounts for your real estate apps so you can easily log in, browse homes, save them, and make notations
Trulia’s iPhone app is a great real estate application where you will quickly learn how to “house hunt” using your iPhone

When you are ready to buy or sell your property, engage a mobile real estate agent who is connected through a lead router service and will be able to receive your online inquiries and emails instantly and respond with the answers you need!

How do I use the new real estate mobile apps?

2009-11-03T23:17:00.002-06:00

Real Estate 411 – The MOBILE Real Estate Agent

Mobile technology enters the real estate market to make house hunting convenient and put the information in the palm of your hand!

With the rise of the second smartphone generation (iPhone, Android, and BB touch screen), people are using their mobile phones in completely new ways. The most significant trend is the usage of mobile applications or “apps”, led by the game changing iTunes App Store. Applications are easy to find and download to mobile device, making the user experience both rewarding and entertaining. With the availability of real estate apps, consumers now have access to property information in the palm of their hand and know where to find homes in an area they want to be in.

Fact: With GPS available on your cell phone, you can navigate applications to search for a home in your location, view photos and details of the property, and contact an agent or an office.

Fact: Through mobile lead routing technology, the mobile real estate agent can receive your inquiry about a property within minutes and respond. You will soon be touring the home of your dreams. Mobile real estate technology also has the power to push your listings out across multiple mobile apps to be seen by thousands of potential homebuyers.

Fact: Using a mobile application is better than browsing the mobile web. It is much faster! It takes only one second to launch a mobile application versus up to several minutes for a mobile web in a bad reception area. Your smartphone goes with you wherever you go and can get reception where your mobile web cannot. You can even house-hunt when you are sitting at a football game!

Contact your CENTURY 21 Judge Fite Company MOBILE real estate agent today! Call 800-451-8055, or email 411@judgfite.com.

Insurance and the Internet

2009-10-20T17:49:00.000-05:00

We hear the statistics all the time. “9 out of 10 homebuyers start on the Internet.” “75% of Americans use the Internet.” While these statistics are true, a vast majority of these “internet shoppers” end up working with a licensed real estate agent at some point during the process, either to show them homes, help them negotiate, assist with the paperwork, or just be there to guide them. Most people recognize that when it comes to making one of the most important financial decisions of their life, they need an expert who can offer advice and keep the process moving along to the closing table.

When it comes to purchasing insurance for your home, auto or business, the same concept applies. Insurance is a very complicated business, just like real estate. Each person, family and business has different exposures and therefore has different needs when it comes to insurance. Carriers offer so many different options to meet people’s individual needs. When a person buys their insurance from a website, there is no way to know for sure that all of their exposures are covered. More often than not, policies that are purchased online by consumers are stripped down, have limited coverage, or are underinsuring the risk. While the premium might be attractive (which is the primary selling point of these online offerings), coverage can suffer tremendously. When a claim occurs, there can be severe consequences in terms of limited or no coverage or a reduced payment on the claim. Most Internet insurance shoppers don’t realize this at the time they purchase the policy.

The best solution, both in terms of having adequate coverage and peace of mind, is to use a licensed insurance agent. A good insurance agent can never be replaced by a website, just like a good real estate agent can never be replaced by a website. Your agent knows the right questions to ask to identify your risks. He or she can answer your questions with knowledge and expertise. When you have a problem, he or she is there for you, to assist you and stand up for you, if need be. They are there to look at your exposures and suggest solutions that fit your needs. Your agent is there to make sure you are not underinsured. As long as your agent is an independent agent, he or she is there to look across the rates of several carriers to make sure you are getting the best rate available. Your agent is there at renewal time to shop your policy, ensuring you get the best rate every year. Show me a website that can do all of that.

The bottom line is this: Even though they usually start on the Internet, consumers hire a real estate agent to assist them through the process of buying or selling real property because of the agent’s expertise and skill. When it comes to protecting that real property or other assets from unforeseen events, consumers should work with a licensed insurance agent, preferably an independent agent, so that they have peace of mind in knowing that their assets are properly insured.

For more information about insurance for your home, investments, vehicles, or business, contact Judge Fite Insurance today at insurance@judgefite.com or 214-446-2571. We are here to serve you!

The GREEN Home - What is SEER? EER? and HSPF?

2009-09-10T12:57:00.008-05:00

Seasonal Energy Efficiency Ratio (SEER) is most commonly used to measure the efficiency of a central air conditioner. The higher the SEER, the more efficient the system. SEER measures how efficiently a cooling system will operate over an entire season. In technical terms, SEER is a measure of equipment the total cooling of a central air conditioner or heat pump (in Btu) during the normal cooling season as compared to the total electric energy input (in watt-hours) consumed during the same period.

Energy Efficiency Ratio (EER) is a measure of how efficiently a cooling system will operate when the outdoor temperature is at a specific level (95oF). The higher the EER, the more efficient the system. In technical terms, EER is the steady-state rate of heat energy removal (i.e. cooling capacity) by the product measured in Btuh divided by the steady-state rate of energy input to the product measured in watts. This ratio is expressed in Btuh/watt.

Both SEER and EER are included in the ENERGY STAR specification because each rating indicates the energy efficiency of the product under different operating modes. SEER rating more accurately reflects overall system efficiency on a seasonal basis and EER reflects the system’s energy efficiency at peak day operations. Both ratings are important when choosing a product.

Heat Seasonal Performance Factor (HSPF) is the most commonly used measure of a heat pumps heating efficiency. The higher the HSPF, the more efficient the heat pump.In technical term, HSPF represents the total heating output of a heat pump (including supplementary electric heat) during the normal heating season (in Btu) as compared to the total electricity consumed (in watt-hours) during the same period. HSPF is based on tests performed in accordance with AHRI 210/240 (formerly ARI Standard 210/240)1.

*Source energystar.gov/taxcredits

For more information on going GREEN, visit the Green Home Guide.

Contact CENTURY 21 Judge Fite Company to find your GREEN agent! 800-451-8055, or visit www.CENTURY21JudgeFite.com.

The GREEN Home - 6 Things You Can Do NOW!

2009-09-03T14:45:00.006-05:00

"Going Green" is no longer just a slogan, it's becoming a strategic imperative for those who are concerned about what energy means for our future and our environment. Most companies and households are looking for ways to reduce their energy consumption, while seeking suppliers/products that offer energy-efficient solutions to the environmental impact of their energy needs.

Too often we think that it is too expensive, but going green doesn't have to break the bank! There are baby-steps you can take in your existing home that will make a difference. Here are 6 AFFORDABLE things you can do NOW to reduce your energy consumption starting at home:

1 - Change your air filter – A clogged filter blocks airflow, preventing the air you’ve already paid to heat or cool from reaching you, which means your system must work harder to reach your desired temperature. Replace your filters monthly during peak seasons.

2 - Check for leaks – You could be losing 25% of your homes air through leaks and holes. Why spend money heating or cooling your attic? In the summer, check for leaks by feeling around ductwork with you’re A/C on. If you feel cold air, seal the leak with aluminum tape (not fabric duct tape, which will rot). Pay special attention to duct connections around junctions and any dampers installed by previous homeowners.

3 - Dial it up or down a few degrees – Each degree you raise your thermostat above 78º in the summer or below 70º in the winter can make a difference in your energy bill. To dial in the perfect temp, try placing a piece of tape over the temperature readout on your thermostat, then keep adjusting until you’re comfortable. You’ll likely find you can stand it a few degrees warmer or cooler than you thought. (Fix any leaks in your home first so you’re not wasting air.)

4 - Install a ceiling fan – A ceiling fan doesn’t actually change the temperature of a room, but it does make it feel hotter or cooler by moving the air around, creating a windchill effect in the summer and circulating rising warm air in the winter.

5 - Balance your airflow – If one room seems consistently warmer or cooler than others, try keeping all your interior doors open so air can move freely around rather than constantly adjusting your thermostat. If you want an advanced project, install manual duct dampers to change the airflow to certain rooms. Just cut the duct, insert the damper, and tape it in place. Put them close to junctions and in easy-to-access locations.

6 - Manage your windows – Close curtains or blinds of south-and west-facing windows in the summer to reduce solar heating and keep your home cooler. Open them in the winter for the opposite effect. For windows without curtains or blinds, consider installing sunshades or reflective film to achieve a similar effect. And check your windows for leaks: missing or damaged weather-stripping can have you air-conditioning the countryside!

For help on "going GREEN" in your home, contact a real estate professional at http://www.century21judgefite.com/.

Everything but skiing in Dallas/Fort Worth!

2009-08-19T16:23:00.004-05:00

Jim Fite talks about the diverse real estate market and the many property types available - just about everything you could want...except skiing!

Finding the right house is about more than bricks and mortar, it’s about choosing a lifestyle!

A home and a neighborhood tailored to your personality
One of the joys of owning a home is the creative aspect of tailoring your new environment to your personality, your lifestyle, and your needs. From decorating and painting to landscaping to location, your home tells a story about you! The variety of home types in Dallas Fort Worth supports a highly diverse Metroplex of retail and business professionals, craftsman and artisans, teachers, health professionals and civil servants. There is not just one housing answer! Maybe that’s why DFW is one of the most sought after markets and job growth centers in the nation – there is something here for everyone.

Here is a list of things to think about when choosing your DFW real estate lifestyle:

Personality type – City-goer or country lover? Quiet or party lover?
Work requirements – work in an office downtown? From your home? What is the commute?
Family – Do you have kids? Is your family active in sports? Weekend activities? Weeknight activities?
Entertainment – love the movies? Like to listen to live music? How far are you willing to drive for your fun needs?
Hobbies – Do you need a hobby room? Place for a garden? Pool or gym access? Golf?
Physical limitations – are you physically limited? Do you want stairs? Need easy access?
Schools/Church/Shopping – Involved in PTA? Teach Sunday School? Do you want shopping easily assessable?
Time Management – How much driving do you want to do? Can you handle traffic? Do you have daycare time requirements?
Budget – what can you afford? What area can you afford? How dependable is your car? Gas mileage? School? Taxes?

Think about these things, discuss them with your partner if you are buying a home with someone else. Write down the answers and use this as a guide to start your search for the perfect real estate lifestyle you will enjoy for years!

To find a real estate professional who can help you get started with your real estate transaction, contact CENTURY 21 Judge Fite Company today! Call 800-451-8055, or email 411@judgfite.com.

Let's talk about why you need a Realtor

2009-08-19T15:02:00.004-05:00

Jim Fite talks about "Why use a REALTOR"?

Century 21 launches new iPhone app for real estate

2009-08-19T11:14:00.001-05:00

Why SELL Now?

2009-08-12T16:54:00.002-05:00

Why now is a good time to sell you home:

- more buyers because of $8000 tax credit for first time homebuyers

- historically low interest rates

- more inventory to choose from for your next home

Think about it, you can upgrade for less!

Contact CENTURY 21 Judge Fite Company to help you prepare to sell your home and get you into your dream home!

Why BUY Now?

2009-08-12T16:50:00.003-05:00

Why now is a GREAT TIME to buy your dream home:

- first time home buyers may be eligible for $8000 tax credit

- historically low interest rates

- more inventory to choose from - housing prices are down

- financially a smart move

Contact CENTURY 21 Judge Fite Company to help you find the perfect home and see if you can qualify for the $8000 tax credits.

There is still time to get in on the $8000 Tax Credit*

2009-08-12T16:21:00.008-05:00

If you are a first-time homebuyer, or a move up buyer ready for a larger home, or you are ready to downsize your home, now is the time to get on the path to federal tax credits of up to $8,000. Ask us how. Contact CENTURY 21 Judge Fite Company today and get started on the path to your first dream home!

* Home Buyers Extended Tax Credit, American Recovery and Reinvestment Act 2009. Contact a tax professional for details.

Real Estate Lifestyles

2009-08-07T12:44:00.005-05:00

Property types serve a changing and diverse culture
Today choosing a home is not just about deciding if you want a yard with trees or a pool, or exterior wood or siding, rather, it is about what type of property can best serve your situation and goals. Which property type will make the right home for you? What are your personal, daily living needs and requirements? Here is a list of the most common property types available on the market today; perhaps understanding more about each can help you make a better decision as you search for your dream home.

Condominiums
A condominium is defined as the individual ownership of a building with access to common areas owned by all residents within the complex. Association fees must be paid to maintain, repair, and improve the common areas shared by residents, which typically include a pool, spa, tennis courts, walking paths, and more. Banks and lenders often finance condominiums at higher interest rates.

Condos are great for retirees since there is little upkeep, and in most markets, they cost less than single-family homes. Young singles and professionals do well in condos since most are located in high traffic areas close to jobs, entertainment and shopping. Keep in mind that there will be rules, so be sure you can live with them before you buy. Be sure you ask about the HOA fees, how much they are, when and how you pay them, and how often the fees are assessed.

Investment Properties
A property that is non-owner occupied, owned for the purpose of financial gain either through renting and/or appreciation. Even if the property does not generate income, if the owner does not occupy the home, it is considered an investment property. Investment properties include single-family residences and multi-unit properties. Multi-unit investment properties are among the most expensive to finance.

Manufactured Homes
Often referred to as “mobile homes” or “trailer parks”, these types of properties are constructed on a non-removable steel chassis which allows them to be transported. These homes are often located on leased land, such as in trailer parks and adhere to the Federal Construction Safety Standards Act (HUD/CODE).

On land a mobile will often cost less than half of what a similar-sized house costs, and will appreciate in value (because of the land). This can be a great way to get into home ownership. They do generally have lower-quality construction compared to houses, so be prepared for a few repairs and annoyances.

Modular Homes
Modular homes are similar to manufactured homes, though they adhere to building codes required by the specific state, county, and locality, and do not carry building or zoning regulations. They also differ from manufactured homes in that they don’t have an axle or frame, and must be transported on a flat-bed truck or like vehicle. Financing may be in the form of a personal property loan, and at a premium to mortgage loans.

Multi-Unit Properties
Multi-unit properties can be primary residences or investment properties. A 2-unit property (duplex) for example may be occupied by the owner in one unit, and a tenant in the other unit, defining it as a multi-unit primary residence. Or a 4-unit property may be solely occupied by tenants, defining it as a multi-unit investment property. Multi-unit properties carry additional financing adjustments to fee, more substantial for 3-4 unit properties.

Second Homes (Vacations Homes)
Second Homes, also known as “vacation homes” are residences typically found in recreation areas or resorts that serve as seasonal accommodation. These properties are in owned in addition to a primary residence, and can be condominiums, townhouses, or single-family residences. Vacation homes are common in ski resorts and near the beach, and may be rented out to other vacationers while not in use. Financing is more expensive than single-family residences, but less than investment properties.

Single-Family Residences
This is the most standard property type which is designed to support just one dwelling. This type of property does not include a common area as you’d find in a condominium complex and similar developments. They do not share walls with neighboring properties, and should have land separation from all sides of the property, as well as above and below. These are the cheapest properties to finance, as they are the norm.

Single-Family home is great for families with children. Whatever the style, the idea is to have room for everyone and preferably a yard for the kids to play in. One advantage of buying a basic three bedroom, two bathroom house is that this is the easiest type of home to sell. One disadvantage is that these "regular" homes can take a lot of work and money to maintain.

Townhouses
A single-family dwelling typically made up of two floors that shares side walls with nearly identical properties. It differs from a condominium in that no neighboring unit is above or below, and usually features an outdoor space in front and behind the property. It’s similar to a condominium in that tenants have access to a common area such as pool, spa, tennis courts and more. Many banks and lenders consider townhouses as a single-family residence, making mortgage financing more affordable.

Whether they're one, two or three stories tall, townhouses (also called townhomes) are typically vertical in design. Some even come with attached garages. They blend the privacy of a single-family home with the benefits of the exterior condo maintenance, which is usually done by the homeowners' association. Many townhouses are built in what are called planned unit developments (PUD), clustered communities that have areas for residential and commercial/retail use, and public areas such as schools, parks and the like.

If you would like help in finding the right property type for your lifestyle, visit http://www.century21judgefite.com/ to search over 50,000 properties of all styles and to find a qualified real estate professional in your area, or call 800-4518-8055.

Can I manage my own rental? How hard could it be?

2009-07-31T11:30:00.004-05:00

Yes, you can manage your rental yourself. You will waste a lot of money, do a partial job, and loose a lot of rent due to mismanagement and a lack of knowledge. You will most likely have greater liability and expose yourself to greater risk than a Professional Property Manager.

These are the questions you no doubt will ask - What do I do when the tenant stops paying rent? How much rent do I charge? What is the market rent rate? How do I start the eviction process? Which Justice Court do I go to? How do I truly qualify a prospective tenant?

Who do you think knows the laws better, you or your tenant? What can you legally withhold from the tenants deposit after they move out? How do you document the property prior to tenant move in? What do you do when the tenant doesn’t mow their yard and the HOA is fining you as the owner? How do you handle a pauper’s appeal? What is coding the locks and do I have to re-key and code after I the owner move out? How soon do you have to make a repair? Do you have to repaint every two years? Do you have to do a walk through with the tenant? Which lease do you use? Do I have to clean the tenant’s carpet every six month? When do I have to send the tenants deposit back? Who do you hire to do your repairs, and are they charging me a fair rate? How do you handle a tenant breaking their lease by moving early?

You probably would not hire your Heart Surgeon from the Yellow Pages and you do not want to hire your Property Manager based on commission alone. I had an owner hire us to assist him with his non-paying tenant. The tenant had lived in the home for five years yet the tenant owed the owner two and a half years of rent. The owner was charging less than half of the market rate rent for five years. The owner only collected one half of the rent due for those five years. With no mortgage, the owner could barely pay the annual taxes and insurance with the collected rent. The tenant had no intention of paying. We had him out of the house and the house “broom-clean” in three weeks.

We were recently hired by a mortgage company to handle the management of a home where the tenants were behind in their rent and that they could not kick out (their attorneys could not successfully remove the tenants). We handled the eviction, had the home empty in three weeks and re-rented the property. Our job is to manage the situation, correct previous qualifying errors and create an opportunity for the property to cash flow. Hiring a Professional Property Manager has made a positive difference on the number of rentals my family own.

Realtors are trained in the art of negotiating, disarming hostile owners & tenants and reasoning with two parties. Property Managers are grounded on truth and having a strong work ethic. A professional Property Manager will assist you in maximizing your cash flow, minimize the expenses. We will help get the property rented faster at market rate. A professional Property Manager will continue to receive education and training in order to do you, the owner, and tenant a better job. Professional Property Managers are not likely to be side swiped by a tenant who quotes laws that do not exist. Professional Property Managers are the World’s Best Problem Solvers.

For more information about property management, contact William Ferguson, President, Judge Fite Management Company at 214-232-4118, williamferguson@judgefite.com, or click here to visit our website for detailed information and to view our properties for lease.

Why use a Realtor in Commerical Real Estate?

2009-07-29T14:51:00.006-05:00

Realtors are not just real estate agents. They are the true professionals and experts in the industry. There are many reasons to use a Realtor in commercial real estate transactions. Here are several real examples that will show how using a Realtor benefited some of the clients of the CENTURY 21 Judge Fite Commercial Division:

A retailer has always done his own site selection for his new locations. Our Realtor Agent met with him 12 years ago and showed that he could research the site selection and negotiate the lease as well as the client, saving the client valuable time that he could use running his business. 15 locations later (and counting) this is still working effectively for both the client and Realtor.

A developer/contractor did his own leasing of the shopping centers he built. Our Realtor Agent convinced the client that he was capable of handling all aspects of the leasing of the center, allowing the client to spend more time working on his construction business and procuring additional construction jobs. The Realtor leased up one center, prompting the client to ask him to find another site for purchase and development. Now, the Realtor is pre-leasing that soon to-be- built shopping center. The client now spends his time and energy growing his construction business, knowing that his Realtor is handling the leasing of his center in a professional and effective way.

The owner of a dry cleaning business wants to build and own his own retail center. Our Realtor Agent researched areas, helped negotiate the purchase of land and then helped the client with development, leasing and eventual sale of the center while allowing the client to spend his time successfully running his other four stores.

A banker with a property in default wants to sell it before it goes to foreclosure. The banker calls a Realtor to help him. The Realtor contacts one of his investors and is successful in quickly negotiating a sale of the property before foreclosure. This allows the banker to remove the property from his “bad” loan list, provides the investor the opportunity to pick up a valuable property and both parties obtain a mutually satisfying ongoing lender/borrower relationship. A win-win for all sides because the banker knew the value of using a Realtor.

I you would like help with your commercial listing or are interested in a career in commercial real estate, contact Larry Harbour, Manager, Commercial Division for CENTURY 21 Judge Fite Company at 214-446-2575, or email LarryHarbour@judgefite.com. Be sure to visit http://www.c21jfcommercial.com/ to view all our commercial property listings.

Top Ten Suggestions for Selecting a Real Estate Agent

2009-07-27T13:34:00.002-05:00

In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you:

1. DO NOT blindly walk into or call a neighborhood firm and ask for an agent at random.
2. Ask friends and family for recommendations.
3. Interview several real estate agents:
- Find out their history with the brokerage, their experience and background.
- Gauge their knowledge of your favorite towns.
- Ask for a list of previous clients and their phone numbers.
4. Pay attention to whether a potential agent is listening closely to what you say.
- Is he or she asking follow-up questions which prompt further explanation and help him or her understand exactly your needs and wants?
5. Give a potential agent the opportunity to educate you.
- A good agent should walk a customer through the buying or selling process before ever showing properties or discussing a specific transaction.
6. Have a good idea of what you expect from an agent and communicate those expectations.
- How often do you want to hear from your agent?
- Do you want to hold meetings at your house rather than the real estate office?
7. Weigh the benefits of working with an experienced agent versus a novice.
- An experienced agent may have more insight, but a new agent may have innovative ideas or more energy and time.
8. Find an agent who complements your personality.
- If you like to start your day at 7:00 a.m., don't choose an agent who arrives to the office at 10:00 a.m.
- If your preferred method of communication is e-mail, don't choose an agent whose most advanced technology is a fax machine.
9. Evaluate the agent's firm and/or office.
- Look for a real estate organization whose agents can empower you with real estate expertise and resources and provide first-rate customer service.
10. Look for an agent who will be your partner.
- Find someone you trust, who will give you the facts, help you make intelligent, well-informed decisions and work with you throughout the entire process.

To find a CENTURY 21 Judge Fite Company agent or office near you, click here.

Located at 1140 Empire Central, Suite 520 in Dallas and in 21 other convenient locations across the Metroplex, CENTURY 21 Judge Fite Company is a full service brokerage specializing in residential, commercial, recreational, investment and luxury properties. CENTURY 21 Judge Fite Company celebrates over 70 years of real estate service and was recently named one of the “Best” Companies to work for in the state by Texas Monthly Magazine.

Real Estate is GREAT! at CENTURY 21 Judge Fite Company

2009-07-24T15:04:00.001-05:00

Working with an Insurance Pro

2009-07-24T08:51:00.001-05:00

One of the main reasons that buyers and sellers choose to work with a REALTOR® is the peace of mind that comes with hiring a professional that knows the business and has experience in solving problems and helping people with their needs.

The same reasoning applies when looking for insurance. Working directly with a licensed agency is much more rewarding as a policy holder than other methods of obtaining insurance. When you work with an agent directly, they will identify your needs and offer you a product that meets you needs. When you order insurance off of a website, you don’t get the opportunity to ask questions about coverage, service or price. How do you know, with as complicated and different as policies are today, if this is the right policy that fits your needs? Are there gaps in coverage that exist because there wasn’t a live person to make sure that your exposures are covered? When you order insurance by calling an 800 number and sitting on hold for 20 minutes, you don’t know the person that will answer, they don’t know you or your account, and when you call back, you will most likely talk with a different person every time. Allowing an agency to look at your account offers more personalized service and avoids potential gaps in coverage.

Not only is it important to work with an agent to ensure you are properly covered, but it is also critical to make sure it is an independent agent. An independent agent is defined as one that represents multiple insurance carriers and can shop the market to find the policy that meets your specific needs at the best price available. When your independent insurance agent gives you a quote, you can have peace of mind in knowing that your coverage was shopped with multiple carriers and that you are being presented with the best solution and the best price. Also, when it comes time to renew your policy, your agent should be automatically shopping for you to make sure that the renewal is the best out there. Carriers change rates constantly, and just because one had the best rates last year does not necessarily mean their rates are the best this year.

Lastly, working with an independent agent allows for much more flexibility in what can be offered. Many insurance companies do not like homes over a certain age, or with a certain roof type, or if that owner has a certain kind of dog. However, working with many carriers allows independent agents to have other markets to go to for those hard to place risks, and they can successfully find a solution for your needs more effectively than a direct writer.

Make sure that when you are looking for insurance that you use an independent agent for the same reasons that a buyer or seller would want to use a professional REALTOR. The level of service, expertise and variety of products that is offered is far superior when you have an independent agent looking out for your needs. Thank you for your support of Judge Fite Insurance Agency. We are a member of the Independent Insurance Agents of Texas because we pride ourselves on being able to offer our clients insurance solutions that meet their needs at the best price in the market. Allow us to being working with you and your clients today!

For more information about insurance for you home, investments, vehicles, or business, contact Judge Fite Insurance today at insurance@judgefite.com or 214-446-2571.

Why should I use an agent, I don't even know what they do!

2009-07-15T09:01:00.008-05:00

You could do it yourself, but…..

With more real estate resources available on the internet, it may seem as if buying and selling a home is an easy task. Here are 30 reasons out of 101 (to see the entire list click here) that will show you the extent of knowledge and experience that an agent provides to help you through a real estate transaction. This list reflects some of the actions, procedures and processes that a real estate agent may typically perform during a residential real estate transaction – and are all things that you could avoid doing yourself.

Typical Pre-Listing Activities
1. Research Current Properties
2. Research Sales Activity from MLS and public records databases
3. Provide Average Days on Market Assessment
4. Review Property Tax Roll
5. Prepare a Comparable Market Analysis (CMA)
Selling the Property Activities
6. Review Title Details
7. Order Plat Map
8. Create Showing Instructions
9. Obtain Mortgage Loan Information
10. Review Homeowner Association Fees and Bylaws
Advertising and Marketing a Listing
11. Enter a Profile Sheet into the MLS Listing Database
12. Take Additional Photos for MLS and Marketing
13. Create and Advertise Property Listing
14. Coordinate Showing Times
15. Create and Mail Flyers
Handling Offers and Contracts
16. Receive Offer(s) to Purchase
17. Counsel and Mediate Offer(s)
18. Deliver Seller's Disclosure
19. Obtain Pre-qualification Letter
20. Negotiate Offers on the Seller's Behalf
Home Inspection and Home Appraisal Activities
21. Coordinate Buyer's Home Inspection
22. Review Home Inspector's Report
23. Interpret Loan Limits
24. Contractor Preparation
25. Confirm Repair Completion
Closing Preparations and Actions
26. Coordinate Closing Process
27. Coordinate Closing Formal Procedure
28. Assist with Title Issues
29. Perform Final Walk-through
30. Verify Tax and Utility Preparation

If you are thinking about buying or selling real estate, visit http://www.century21judgefite.com/ to find a real estate agent in your area, or contact us at 800-451-8055, email: 411@judgefite.com.

What are the advantages of using a REALTOR today?

2009-07-09T11:22:00.003-05:00

Having a good real estate transaction or experience really depends on your agent

Finding the right agent is the basis for a great real estate transaction. And success comes from the consumer’s perspective, no one else’s. Make sure that you feel comfortable and can communicate easily with your agent, and that they have the knowledge you need to help make a good decision. Carefully choosing a Realtor will definitely give you an advantage in the home buying or selling process!

QUICK TIP #1: Look for the agent who has the LOCAL ADVANTAGE
When you are choosing a Realtor to help you buy or sell real estate, look for one who is an expert in the community where you are selling or interested in buying. Here are a few ways to determine how “local” your agent is:

- A community resident (preferred)
- Has community memberships in clubs, boards, chambers, associations, PTA, etc.
- Ask to see their “PR” or press related announcements about their local activities
- Ask how long they have been in the area and where their office is located
- Do you see their “FOR SALE” sign in the area?

QUICK TIP #2: Look for the agent who has the TECHNICAL ADVANTAGE
One of the key assets you want in a Realtor is one who has knowledge of their industry and of the local market. You want them to understand the technical side of the real estate transaction so they can help you navigate through the process, eliminating errors and getting you to the closing table successfully and on time.

- Look for experience. How many years in the business?
- What is their background?
- Check to see what real estate “designations” they have. There are many education hours required for an agent to receive one single designation such as CRS (Certified Residential Specialist) or REALTOR® (Graduate of the Realtor Institute). This indicates specialized training in a certain area.
- When you identify the agent’s areas of expertise, make sure this compliments your particular needs.

QUICK TIP #3: Look for the agent who has the MARKETING ADVANTAGE
One of the greatest advantages in working with a real estate professional is the marketing opportunities they bring to the table. For the buyer, they are more knowledgeable on homes from marketing through their vast refe rral network. And for the seller, a Realtor’s “marketing toolbox” and referral network has the potential to expose your property to thousands more interested buyer prospects.

- Check out their website, is it up to date with community and property information?
- Are they Internet savvy? Connected?
- Do they participate in social networking, and do they have pages on Facebook and other sites they are using to market their listings and provide pertinent real estate information to the online community?
- Ask for an example of their marketing plan for your property or a listing of their referral networks where they can match your real estate needs up to sellers.
- When and how will they deploy their marketing plan? How will it benefit your objectives?

These tips get you thinking about what qualifications you want in a real estate professional. The bottom line is that you want to find an agent who possesses most, if not all, of these qualities while having a comfortable working relationship with you. You are choosing someone you will be spending many hours with and hopefully will build a solid, long-term relationship over time. Selecting the right real estate agent will make a world of difference in the outcome of your real estate transaction.

To find a real estate professional who can help you get started on your next real estate transaction, visit http://www.century21judgefite.com/ today! Call 800-451-8055, or email 411@judgfite.com.