Using Home Equity to Improve Your Quality of Life

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Home Equity is back in the great state of Texas. In Texas, 87% of homeowners have equity in their home, but only 37% know it. I spend a lot of my time talking with sellers helping them understand that they do have equity in their home.

Why is having equity in your home a good thing? It’s important for several reasons. With only 37% of the people knowing about this home equity, the rest are missing out on a strong financial pillar they could use for them and their family. They can take out a home equity loan and use it in three major ways:

1. Pay for college.
2. Update your home. Kitchens always need updating. Ditto for bathrooms, bedrooms, fences, back patios, etc.
   “
   

   Your home equity can
   help you pay for updates or moving
   into a bigger house.

   
   ”
3. Move into a larger home. I’m currently working with two sellers who are going to take their equity and parlay it into their next property because the sizes of their respective families have changed. With interest rates holding steady below 4%, they’re able to take that equity and make it work for them by moving into a bigger house and moving into an area they want to be in.

If you have any questions about your equity, please contact me at (214) 801-1393. I’d be happy to sit down with you and go through all of these scenarios in detail and show you how home equity can work for you. Remember, who you work with matters.

What the Brokerage Services Form Guarantees You

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Selling a home? Click here for a FREE Home Value Report

Before we talk about the brokerage services form, please note that this and all other real estate forms are available at trec.texas.gov. I would recommend researching this website before talking to an agent so you understand the difference between the IBS (information about brokerage services), the listing agreement (what you would use when listing a property), and the buyer’s representation agreement (what you use when you’re looking to have an agent help you purchase a home).

Now, on to the brokerage services form. The main stipulations of this form include:

• The separate responsibilities between a broker and an agent. Namely, the broker is the one who holds your listing, while the agent is the one who represents you throughout the transaction.

• The requirement that all parties be treated “fairly and honestly.”
• The concept of an intermediary, or when the agent represents both the buyer and the seller in the transaction.
• How transactions should be handled and what information the agent should be communicating with you. If you’re working with an agent to purchase a home, that agent’s responsibilities are to share with you any material facts they specifically know about the home.
  “
  

  The brokerage services
  form states the duties of an
  agent required by law.

  
  ”
• The minimum duties by law that the agent is responsible to their client for. Above treating everybody fairly and honestly, they want to put their clients’ interests above their own. It’s important that they communicate that information to you so you’re aware of everything that’s happening in that particular property. They want to answer all of the client’s questions and present any offer to you and explain the ramifications of what’s listed in the offer so you have a full knowledge of what’s going on and can make a good decision.
• Disputes. It’s important to have everything in writing both from an agent’s perspective and from a buyer-seller perspective so everybody’s aware of what’s expected and everything’s in writing. This helps prevent any miscommunication during the transaction and also makes for a less stressful transaction.

I hope you found this conversation useful. Remember, trec.texas.gov is a good place to go for some good resources. If you have any further questions, feel free to call or send me an emai!l

How Jerry sold our house in 3 weeks when another realtor was not helpful.

"He was very quick, efficient, and knowledgeable. He sold our house in three weeks. He was always with us, and if we had any questions, we could contact him. He would answer very promptly. We had a different Realtor prior, and we had about six showings in six months, whereas with Jerry we probably had 12 showings in three weeks."

-Tara Elwell