Episode 2 – North Texas News, what is a VA Tidewater and New Home Buying , Things to Consider 


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TRANSCRIPT

 

Good morning, good afternoon and good evening my name is Shawn Wacasey. I am your host for everything North Texas. I am a realtor in serving the north Texas Market from the office of Keller Williams in Plano. We are the Wacasey Group and we help people buy sell and Lease property in the north Texas market today I got a couple of interesting conversations to be had just want to go through what we always do here at everything North Texas just kind of go through some of the local news that’s going on I’m on this date in December 13th 2018 at first off right out of the gate in Frisco all across in the US has been bomb threats and cross two schools in different buildings and pretty interesting that it all happened in one time probably the first time that’s ever happened Frisco’s responded plano’s responded they’ve just been on the lookout for any kind of suspicious activity so nothing to worry about there just seems like a Plano Plano threat to Community College in Texas to launch a school Marshall program basically Collin College is made the decision that through their bond that they could allow certain School staffers to have firearms so if you’re going to be in the Collin County area be careful we could be armed and dangerous which is not typical for Texas you know I don’t mess with Texas and I think that is one of those news on the frisco front we have a Frisco ISD is going to add some positions upgrade to School class of supplies and just basically reinvest in new technology on Frisco ISD HAC Frisco Independent School District might should be in the state of Texas by the year 2020 as you know from reading the news or you might not know that Frisco’s just a growing area in general while we still have a good amount of land in Frisco and then everything is moving North in north Texas so pretty soon we will be closer to the Oklahoma border than you will be to downtown Dallas I’m some other news in the frisco front with Frisco ISD is it Frisco Independent School District adding or trying to add a dyslexia training center accreditation the first Public School District to be an independent Training Center I have first-hand knowledge of this because almost everyone of my children have dyslexia an event through some kind of Dick foot dyslexia training at their schools and so I’ve seen firsthand how much having knowledge of this is in in this challenge that you have in teaching a student with dyslexia and when the teachers are not aware of how to deal with it then you just becomes a big deal so just some things to note there in the frisco news also if you have been watching in the north Texas area and we have had some really interesting things going on with the slow down right now December is a slow month but I don’t foresee that Frisco’s going to keep going that way as we move into the real estate market for the next few months time will tell on this there’s a little bit of uncertainty out there so with things going on with President Trump and some of the investigation is going on that that tends to a kind of slowed things down when people have a little bit and certainly but we usually see between now and heading into March we are starting to ramp up again so good news there for the economy of Frisco Plano Prosper does the north Texas area some other news city of Plano has been there’s also some things going on in the Plano talking about city council that the Plano city council member Angela minor announce she’s not going to seek reelection so there’s just a lot going on the area and speaking of something kind of fun in the Plano area is were talking about there’s a dog friendly Cinema and they open the NBA first week of December 1st every location that saw located at 1301 Custer Road and basically the idea is is that the gentleman the founder Eric Blandford has gone to the movies and just realized that people aren’t allowed to take their pets with them and he’s decided to launch a limited showing 2nd 3rd Run movies and you can bring your pet in so if you have a pet you might check that out of Cub canine Cinemas it’s pretty interesting concept sub as we talked about in our intro today we’re going to talk about Tidewater and what that means in a VA loan as we know there are great benefits for our veterans and their well-deserved thank you for your service and one of those is the ability to get a low-cost and no down payment veterans loan this is just a great service for veterans any mortgage person can reach out or you can reach out to any mortgage lender and that person can help you with finding and getting you set up with a veterans loan if you’re someone who qualifies for that and part of that process and we can talk about this little more is that under the veterans program just like any loan you find a house after you’ve spoken to A lender and a realtor you put that house under contract you have an option to buy that house for a 7-10 how many day. And at the end of that option. Usually your lenders going to order an appraisal the veteran appraisals a little different they have some different qualifications and if you have any questions about that please reach out but they go out and they look at the property and then they come back and they give you what the value of the property is if for some reason that property does not meet the price that you’re asking and it is under value of what you agreed to on the contract so Myra most recent example is that we just had one and the Keller area and again while we focus mainly on North Dallas for our real estate business we do go all over North Texas and so we were in the Keller area this week and a gentleman is purchasing a house over there they offered around 335,000 for the house and the reason I did that was because they saw the value without everything and the veteran Association loan came back and they said that they were in acting a quote Tidewater and basically what that means is that the appraiser did not see the same value is what the contract was and part of the veterans loan is that it has to be either the amount of the purchase price underneath it or if it’s I mean I’m sorry that the price has to be under what it appraises so let’s save this house we bought it at we’re going to buy it at 335,000 that came in at 400,000 we could definitely purchase it but in this case they enacted Tidewater which means that the appraiser was going to find the same value for the house as what we offered and they gave they give the veteran the opportunity to that Tidewater and present different numbers to see if it is something maybe the appraiser missed because what they want to do is I want the veterans to have a home they don’t want to just come and say hey look you know isn’t worth what you offered and you don’t get the one so in that case your realtor comparables and an argument to the appraiser and they have two days to present that argument because they want to speed this up again they want to have a veterans in a home and so they have two days to present their argument the appraiser will look at what the realtor on both sides says any kind of upgrades any kind of comparable that maybe they’re prazer mist and then they’ll issue they’re finding and from there the person buying the house of Veteran has a choice to make they can negotiate with the seller to get the price to what they are they can agree to bring more money to the table More money to the table or if they cannot come to an agreement on either that they can actually walk away from the deal and get their money back their earnest money back and so it is a great function and just a great way for veterans to be secure and not lose a whole lot of money on a purchase of a home that is a VA Tidewater and what that is so just in case you my veterans are out there and they’re going through the purchase process or you would like to go to the purchase process now you have the information so let’s talk about your need to know guide to buying a new basically and I apologize for the there a new home construction it can be an amazing amazing purchase for you they are up to the most current building codes and there’s not a lot of things that will need to be repaired in a in the long-term you usually have many years of just like a new car before you would need to do anything and it’s it’s just a clean new house whenever you’re looking at homes there’s three distinct types of Builders out there you have a custom home builder that Builder is waiting for someone to come along they have Architects and electrician came home from scratch that custom home builders on the upper end of the local housing market and sometimes they be more expensive than some of your other builders out there because everything is custom on the house even if they do have pre done plans a lot of times you can modify those plans and that can cause additional cost so that’s going to be your custom true custom home Builder building from scratch you can have an architect involved you can design at move things around at every Bell whistle and you go that way then you have something that’s kind of in between they are the Springfield custom Builders is a speculative live because they do build a bunch of houses and they hope that some will come and buy them but they also can go in and you can make personal touches to these and they won’t start until you come into the showroom with your agent speak to the sales rep and then you go from there where you go through multiple steps to customize a home and make it your own and from there you have a several-month build out where you’re picking materials you’re making any possible changes to a plan that they already have in their book of plans and you go from there but your neighbor 10 houses down could have the same floor plan but maybe you tweaked it a little you added your own personal touches that they didn’t and then the third builder choice is going to be you’re just straight speculative Builders they’re also known as production builders in our Market in north Texas their items like Dr Horton there’s some bees are properties are some other mother builders in the area food will come in and they are production Builders they build a bomb usually responsible neighborhood just out of Fender at thin air like one day you’re driving and next day there’s like a hundred houses and there’s already 20 going up buildings are nothing but if not fast you’d get the house of your dreams unless your dreams are pretty basic that you’ll have a home that’s brand-new it is a lot of times we’ll have some amazing features and a lot of times it is more affordable house and it’s it just basically get you out and put a roof over your head for a great price so those are going to be used in this market there’s just so many and if you need a list of those please reach out to us we couldn’t even lift the you know the 2250 builders that cover all these different rate the new construction pros and cons you consider the new house you know ready for you know a pretty sweet deal is one of the great things about the new construction is is it’s got low maintenance required I mean it’s brand new right there’s warranties pretty much on everything a lot less risk of neighborhood blight so the houses are all going to be very uniform and up cat and so you don’t have to worry so much about the neighborhood you know looking so bad but there are some drawbacks there’s usually higher monthly cost involved with you know when you purchase one cuz you are buying a brand new house just like you would a new car and you’re paying premium for that new house versus an older home where you may find out owner who just wants to get out from underneath the loan or they need to move or it’s just a neighborhood that maybe has you know matured and you know there’s some things with the property that need to be touched up not to say that it’s you know bad that things need to be touched up cuz you can but with a new build in a new community you’re going to pay new bill price is right so the house hasn’t been lived in just like if you’re going to buy a brand new car now another new house drawback is it to blank canvas in most cases so I can be pretty intimidating for some people cuz there’s a lot of things that you can do in your house you know is it Grand it is it not granted that you know are the sinks I’m silver are they brushed brass these are all questions that you have to dress and so if you’re in a brand new house and it’s not one of those speculum Builders who have gone in and they’ve done everything for you it is a blank canvas that you have to think about any have to do that the great thing about that is as it’s yours the bad part about that blank canvases what you do to it is for you so when you do it when you resell you know if you put into the house you probably not going to get that money back as Realtors here the way we always tell people that you can gold plate your door knobs and Furnishings with 14 karat gold but that doesn’t mean that your house is going to be worth what you put in in the 14 karat gold unless you take those door knobs and those faucets and sinks with you and melt them down to get the gold back so that means $300,000 or $350,000 speculative build house and you go in and you put $100,000 in upgrades that doesn’t mean that your house is automatically 400,000 at most it might bring you know a few thousand dollars of value you know to upgrade your house but if your neighborhood is full of 352 $400,000 houses at best your house is going to be at 350 to $400,000 house even with all your upgrades so this is always something to make sure of that whenever you’re buying and you’re doing a custom build you or even the semi custom build you don’t put too much into the house in this market withhold with new builds also one of the drawbacks is going to be that you’re going to be subject to an h o a land prices in the north Texas Market has skyrocketed over the last 10 years that we’ve been doing real estate in this area and land is not cheap 20-30 years ago land in the north Texas Collin County area Denton County was teeth now land is not cheap lot sizes are standard sized houses a lot of times to fill the lot with very small backyards and part of the things that they do is that they added minute Center so that people are incentivize to have a community place to me it brings a lot of extra fun stuff like a Parks and Recreation in a pool and it prevents you from having to build a pool on your property because you we will not have the space to do it but with that becomes an h o a a homeowners association in the state of Texas if you’re not paying your H O A Doos if you’re not taking care of your property at some point they after they processed and some processes or more aggressive in shorter than others they can foreclose on a property they are that powerful with that said there’s also an additional cost and each neighborhood has such their own H O A fees based on what so a little bit of a drawback for new houses in this area in north Texas in McKinney Allen especially in Prosper and Frisco As you move in to Celina Aubrey some areas of Denton it’s not so much if you move into the country in General near Princeton some of these didn’t I mean if I’m sorry if you’re in Frisco and you’re going to end in newer parts of Plano you definitely will have an hoi so that is something to consider and then you know flexibility is important so I hope that this helps with some of the information we build a lot we build with a lot of new builds in our area so we’re pretty very familiar and pretty familiar with all the deals that are out there and so that’s what we do but we just wanted to share some of that you know we can help you but I’m please reach out to anybody that is a realtor in the Frisco Market so that they know and that’s just some basic need to know stuff on buying a new home last thing as we wrap things up for today’s episode let you know that we are still under the coyote watch if you see encroach into the country here and apparently we still have sightings of coyotes and people are a little scared so that’s pretty interesting fact and then just some other good news North Texas has a new soccer team we are big advocates for FC Dallas in our area because of the programs that they offer our students and our youth and FC Dallas is joined with a semi-pro organization and now they’ll have another professional soccer team in the area so if you have any question about that reach out to us okay guys I know that this one we put in about 20 minutes plus on this if you have any questions about the markets and the north Texas Market Collin County Denton County anywhere in North Dallas with Frisco Plano Prosper McKinney please reach out to us at the way KC group and if you have any information on things going on in the north Texas everything we want to be everything your Texas and we want to put it out there for you so please reach out to our email through our our contacts if you can find us all over social media at way Casey group.com and we look forward to serving you and keep providing you some valuable information hope you enjoyed this episode and we will say have a great day North Texas and the world and talk to you soon