This shop is basically a snack food place with a lunch counter. It is always filled with people. When I first started ordering off their menu, I only knew two things...samosa and dosa. So, I would order those two things. To read about dosa, go to http://en.wikipedia.org/wiki/Dosa
Then I would ask the ladies behind the counter to order for me. They have always been kind and helpful and I have enjoyed the things that they have suggested for me.
I like the mixed chaat a lot.
I have eaten at two shops, one in Richardson the other in Carrollton. I usually go to the one in Richardson. It is a little hard to find because it is in a strip center that faces a side street off of Beltline. http://www.royalsweets.net/
The other thing that they do are snacks. They have one case of sweet snacks and another case of savories. I just like the way the choices are arranged. It is visually really pretty, just to look at! My experience with Asian sweets is that their definition of what taste "good" is not exactly in line with my definition. Having said that, over time and with experimentation, I have learned what to buy from the two snack cases. If you ask, they will put your choices into a pretty candy box. I have used their sweets as my contribution to a covered dish event or as a hostess gift.
Monday, August 24, 2009
Sunday, August 23, 2009
The Clay Pit
If people tell me that they have never had Indian Food, I start them off at The Clay Pit. I don't do the lunch buffet, I take people for dinner and order a la carte.
http://www.claypit.com/ On the southside of Beltline between east of Midway. The restaurant looks as if it were built to be a Blackeyed Pea.
Try the stuffed Naan. Naan is a flat bread, sort of like a pita but larger. I like the naan stuffed with onions. I also like the naan with spinach and paneer (a soft, fresh cheese sort of like ricotta). You can order an assortment of three types but don't order it unless you are there with more than two or three people (unless you want to carry it home).
Korma is a cream sauce made from almonds and cashews. Anything "korma" is wonderful.
Order a curry. Many people think that "curry" can only taste like the curry powder sold at the grocery story. Like chili powder mixes , curry is a spice blend that can be very different based on the region it comes from. Think of the difference between a Ft Worth Chili Powder and a New Mexico Chili Powder. Curry is like that too. http://en.wikipedia.org/wiki/Curry_powder
Order something with paneer in it. They do a spinach and paneer entree that is very good. Korma with paneer is pretty good, too.
Periodically the Clay Pit will do a weekend special menu that is buffet based. They always offer something a little different than they do from the menu.
http://www.claypit.com/ On the southside of Beltline between east of Midway. The restaurant looks as if it were built to be a Blackeyed Pea.
Try the stuffed Naan. Naan is a flat bread, sort of like a pita but larger. I like the naan stuffed with onions. I also like the naan with spinach and paneer (a soft, fresh cheese sort of like ricotta). You can order an assortment of three types but don't order it unless you are there with more than two or three people (unless you want to carry it home).
Korma is a cream sauce made from almonds and cashews. Anything "korma" is wonderful.
Order a curry. Many people think that "curry" can only taste like the curry powder sold at the grocery story. Like chili powder mixes , curry is a spice blend that can be very different based on the region it comes from. Think of the difference between a Ft Worth Chili Powder and a New Mexico Chili Powder. Curry is like that too. http://en.wikipedia.org/wiki/Curry_powder
Order something with paneer in it. They do a spinach and paneer entree that is very good. Korma with paneer is pretty good, too.
Periodically the Clay Pit will do a weekend special menu that is buffet based. They always offer something a little different than they do from the menu.
Central Market Bargains
I live so close to Central Market that I can (and do) treat the store as my personal walk-in pantry. I know their inventory. There are lots of bargains and good deals over there. One just needs to know where to look.
It is possible to spend an obscene amount of money at Central Market. I stood in the meat department with a friend while she spent over $100 on meat for 2 for only 3 meals. I was shocked. All I could say was at those prices I hope those cows died happy.
HEB House Brands tend to be less expensive than the house-brands at Tom Thumb or Krogers. They haven't been driven all over the continental US. People in other parts of our fair state can just go to their HEB to buy these products. In Dallas, we have to rely on Central Market to provide them to us. So, look for the HEB house brands. I am notoriously fond of their frozen fruits (a 3-cup bag of Mango chunks for $1.80, a 13-cup bag of peach slices for about $8). House-brand pasta, crackers, butter, milk. It is all good.
Bulk items. Why buy a pound of powdered sugar if you only need a cup? Bulk teas are a great deal. I have had people balk at the teas because they looked at the price per pound and stopped there. When I have coaxed them forward to actually putting the teas into a bag and they saw how much volume they were getting, they became converted.
Spices. Bulk spices. Central Market has changed my life in the spice department. I haven't bought a bottled spice since Central Market opened in Dallas. I keep a list of standard spices I want in my kitchen. Once a year I throw away all of those spices and I start over. I spend 15 minutes in the bulk section bagging and weighing small amounts of bulk spices. It may cost me $5 to replace all my spices.
It is possible to spend an obscene amount of money at Central Market. I stood in the meat department with a friend while she spent over $100 on meat for 2 for only 3 meals. I was shocked. All I could say was at those prices I hope those cows died happy.
HEB House Brands tend to be less expensive than the house-brands at Tom Thumb or Krogers. They haven't been driven all over the continental US. People in other parts of our fair state can just go to their HEB to buy these products. In Dallas, we have to rely on Central Market to provide them to us. So, look for the HEB house brands. I am notoriously fond of their frozen fruits (a 3-cup bag of Mango chunks for $1.80, a 13-cup bag of peach slices for about $8). House-brand pasta, crackers, butter, milk. It is all good.
Bulk items. Why buy a pound of powdered sugar if you only need a cup? Bulk teas are a great deal. I have had people balk at the teas because they looked at the price per pound and stopped there. When I have coaxed them forward to actually putting the teas into a bag and they saw how much volume they were getting, they became converted.
Spices. Bulk spices. Central Market has changed my life in the spice department. I haven't bought a bottled spice since Central Market opened in Dallas. I keep a list of standard spices I want in my kitchen. Once a year I throw away all of those spices and I start over. I spend 15 minutes in the bulk section bagging and weighing small amounts of bulk spices. It may cost me $5 to replace all my spices.
Jimmy's
Oh, lets sing a song of the happy lunch, a sandwich from Jimmy's will make that happen. I love Jimmy's. It is a Guy Lunch Place. The noticeable majority of the people who walk in the door to buy lunch are guys. The first time I ate there, I ordered a muffuletta. Eating that sandwich was an incredibly sensual experience because the olive oil has a way of escaping from the sandwich and running down one's hands and arms!
Jimmy's is actually an Italian grocery in East Dallas. In addition to the lunch counter, it is possible to get a wide range of Italian grocery products. The store is on the northwest corner of Bryan and Fitzhugh. 4901 Bryan St, Dallas, TX 75206; (214) 823-6180
Standing at the lunch counter, waiting for my sandwich, reading the list of other things available, I saw that they sell pizza dough that can be taken home and turned into home-made fresh pizza. That inspired me to search out other ways to make pizza dough at home, a great winter home activity.
The family who runs the store has a long and interesting history of being in the grocery business in Dallas. They ran a grocery on 2nd before moving to the present location in 1966. The store burned in 2004. It took 13 months to get the store back to operational.
http://jimmysfoodstore.com/
Jimmy's is actually an Italian grocery in East Dallas. In addition to the lunch counter, it is possible to get a wide range of Italian grocery products. The store is on the northwest corner of Bryan and Fitzhugh. 4901 Bryan St, Dallas, TX 75206; (214) 823-6180
Standing at the lunch counter, waiting for my sandwich, reading the list of other things available, I saw that they sell pizza dough that can be taken home and turned into home-made fresh pizza. That inspired me to search out other ways to make pizza dough at home, a great winter home activity.
The family who runs the store has a long and interesting history of being in the grocery business in Dallas. They ran a grocery on 2nd before moving to the present location in 1966. The store burned in 2004. It took 13 months to get the store back to operational.
http://jimmysfoodstore.com/
"My Listing Agent Hasn't Shown My House"
A very common complaint I hear from home owners is that their agent hasn't shown their house. More than anything else, that tells me that the listing agent hasn't done the important job of exploring the client's expectations. Buyer's Agents show houses. Listing Agents almost never show the house they have listed.
What the listing agent does is market the house. That is done by getting the house in front of the buying public as well as brought to the attention of buyer's agents. The most effective way to get a home in front of the public is on the Internet. 80% of all buyers begin their search on the Internet. Getting the attention of those buyers is all about pictures and the written house description. The reason that written description is call the "romance" is because it needs to be filled with emotional words that will bring the reader in closer where they can fall in love with the home.
If the home is being shown, that tells me two things. The first is that buyer's agents are seeing the property. The second is that it is priced right for the neighborhood.
If the home is not being shown, it is almost always about price.
What the listing agent does is market the house. That is done by getting the house in front of the buying public as well as brought to the attention of buyer's agents. The most effective way to get a home in front of the public is on the Internet. 80% of all buyers begin their search on the Internet. Getting the attention of those buyers is all about pictures and the written house description. The reason that written description is call the "romance" is because it needs to be filled with emotional words that will bring the reader in closer where they can fall in love with the home.
If the home is being shown, that tells me two things. The first is that buyer's agents are seeing the property. The second is that it is priced right for the neighborhood.
If the home is not being shown, it is almost always about price.
Tuesday, August 18, 2009
Royal Thai
My default choice for Thai. The interior finish-out is all this wonderful carved mahogony. The dishes have a lovely celadon glaze. You can buy stems of orchids at a modest cost on your way out the door. I love almost all the appetizers, the soups, the curries. The chicken dish "flying angel" is the one that I keep coming back to. The chicken is served on a bed of cooked fresh spinach (whats there not to love?).
http://www.royalthaitexas.com/
http://www.royalthaitexas.com/
Publish Post
Wednesday, August 12, 2009
Pre-Paying Mortgage Principal
Consider prepaying your mortgage principal. The faster you repay the principal, the less of each payment is interest.
Interest is "rent" being paid on the money you are being loaned. When you buy a house, you aren't renting space any more.....but, you are renting the money.
The first time I saw the total amount paid over the life of the mortgage figures on a Truth-in-Lending form I almost choked. It was back in the Bad Old Days when interest under 12% was considered favorable lending terms. I assumed a VA loan one time that had 16% interest. At the time, I was thrilled to get it. Thrilled. And, I made lots of money off that deal, too!
Play with the following chart and see how $50, $75, $100 per month impacts the total cost of your loan. http://www.vlender.com/cgi-bin/calc/prepay.cgi
People tell me that they don't want to prepay the mortgage because they aren't going to be in the house that long. My response to that is to ask if they have access to a place to put the money that will pay them as much as the interest rate on the mortgage "pays" them. View the interest being paid as a kind of reverse of a savings account.
People ask if they should get a shorter-term mortgage. I suggest that people get a 30 year mortgage and then treat it as if it were a 15 year mortgage. You don't have to make the higher payment if you aren't able to.
For a pro-and-con discussion of pre-payment , see http://www.nytimes.com/2001/02/04/realestate/your-home-debate-over-prepaying-on-mortgage.html
Interest is "rent" being paid on the money you are being loaned. When you buy a house, you aren't renting space any more.....but, you are renting the money.
The first time I saw the total amount paid over the life of the mortgage figures on a Truth-in-Lending form I almost choked. It was back in the Bad Old Days when interest under 12% was considered favorable lending terms. I assumed a VA loan one time that had 16% interest. At the time, I was thrilled to get it. Thrilled. And, I made lots of money off that deal, too!
Play with the following chart and see how $50, $75, $100 per month impacts the total cost of your loan. http://www.vlender.com/cgi-bin/calc/prepay.cgi
People tell me that they don't want to prepay the mortgage because they aren't going to be in the house that long. My response to that is to ask if they have access to a place to put the money that will pay them as much as the interest rate on the mortgage "pays" them. View the interest being paid as a kind of reverse of a savings account.
People ask if they should get a shorter-term mortgage. I suggest that people get a 30 year mortgage and then treat it as if it were a 15 year mortgage. You don't have to make the higher payment if you aren't able to.
For a pro-and-con discussion of pre-payment , see http://www.nytimes.com/2001/02/04/realestate/your-home-debate-over-prepaying-on-mortgage.html
Sunday, August 2, 2009
How To Look At A House
Ignore Paint Color. Ignore the furniture. Ignore the family photos. Your job is to see the bones and only the bones!
Make notes as you go. If you see more than 3 in a day the details are just going to run together. Another trick to help you remember is to name the house. Stand in the entry hall on your way out of the house and give the house a name.
Look at the size of the rooms. Most updating doesn't involve moving the walls around. Some people are comfortable in smaller spaces, some people in larger. You have to decide which one works best for you. Do you want one large room or two smaller ones? Are you happiest with one living area or two? Do you want to have the "mess" of your office out in the middle of things or do you want to be able to close it away out of sight?
Think about "flow". Think about how you could use the space. A room that has a wall of windows and doors on each of the other three walls is going to be difficult to use. There aren't any walls against which to put furniture! A kitchen that is a narrow galley with only one way in or out is going to be a bottle-neck when you have parties!
Look for the light sources. Usually the reason that skylights get installed is because someone felt that the room didn't get enough light. A north-facing room that only has windows that face north is never ever going to get direct light. A window over the kitchen sink is a nice thing to have. Think about what sort of light you like to have in your home. I know someone who built a home that has only the bare minimum of windows required by city code. He doesn't like strong light. (He doesn't like drop-by company either so there isn't a doorbell on his house). I have a child who follows me around turning off the lights because he prefers it to be darker than I do. So, he turns off the lights. I follow him around turning the lights back on! We laugh about it!
Look at the storage. The older the house, the less storage there usually is. Attic storage is pretty much useless. It is too hot up there to be able to store things. The heat just ruins things.
Make notes as you go. If you see more than 3 in a day the details are just going to run together. Another trick to help you remember is to name the house. Stand in the entry hall on your way out of the house and give the house a name.
Look at the size of the rooms. Most updating doesn't involve moving the walls around. Some people are comfortable in smaller spaces, some people in larger. You have to decide which one works best for you. Do you want one large room or two smaller ones? Are you happiest with one living area or two? Do you want to have the "mess" of your office out in the middle of things or do you want to be able to close it away out of sight?
Think about "flow". Think about how you could use the space. A room that has a wall of windows and doors on each of the other three walls is going to be difficult to use. There aren't any walls against which to put furniture! A kitchen that is a narrow galley with only one way in or out is going to be a bottle-neck when you have parties!
Look for the light sources. Usually the reason that skylights get installed is because someone felt that the room didn't get enough light. A north-facing room that only has windows that face north is never ever going to get direct light. A window over the kitchen sink is a nice thing to have. Think about what sort of light you like to have in your home. I know someone who built a home that has only the bare minimum of windows required by city code. He doesn't like strong light. (He doesn't like drop-by company either so there isn't a doorbell on his house). I have a child who follows me around turning off the lights because he prefers it to be darker than I do. So, he turns off the lights. I follow him around turning the lights back on! We laugh about it!
Look at the storage. The older the house, the less storage there usually is. Attic storage is pretty much useless. It is too hot up there to be able to store things. The heat just ruins things.
Location Location Location
Things to think about.....Almost no one wants to live in a house if it:
1. Fronts or sides to a major street. Sometimes things have been done to ameliorate the problem of backing up to a major street, such as fencing or landscaping. But, still, backing up to a major street is almost as bad as fronting or siding to it.
2. Backs up to or is adjacent to a commercial strip or office building.
3. It is one or two blocks away from the busiest stretch of an interstate in the community. Think what it would be like to live next to I-635 in Dallas (aka LBJ Fwy). I have sold a condo that backed up to LBJ. I found a buyer, but I am a trained professional after all. It wasn't easy.
4. Is adjacent to a major power line. The fear here is cancer. http://www.cancer.gov/cancertopics/factsheet/risk/magnetic-fields
And, there are people who would prefer to not live in a house it if.....
5. Is next to a cemetery (these people don't even want to be able to see it down the street!).
6. Is next to a creek (they think snakes and mosquitoes in addition to flood water).
7. Across from a school (they want to be close to a school but not THAT close).
1. Fronts or sides to a major street. Sometimes things have been done to ameliorate the problem of backing up to a major street, such as fencing or landscaping. But, still, backing up to a major street is almost as bad as fronting or siding to it.
2. Backs up to or is adjacent to a commercial strip or office building.
3. It is one or two blocks away from the busiest stretch of an interstate in the community. Think what it would be like to live next to I-635 in Dallas (aka LBJ Fwy). I have sold a condo that backed up to LBJ. I found a buyer, but I am a trained professional after all. It wasn't easy.
4. Is adjacent to a major power line. The fear here is cancer. http://www.cancer.gov/cancertopics/factsheet/risk/magnetic-fields
And, there are people who would prefer to not live in a house it if.....
5. Is next to a cemetery (these people don't even want to be able to see it down the street!).
6. Is next to a creek (they think snakes and mosquitoes in addition to flood water).
7. Across from a school (they want to be close to a school but not THAT close).
Routine Maintenance: HVAC Mechanical Systems
The HVAC Mechanicals are the 2nd most expensive thing most homeowners may have to replace. Only the roof is more expensive. With the change in energy standards, the new equipment has pushed prices up to the point that a new HVAC mechanical system can be more expensive than a new roof, depending on the roof!
For a good overview of the system, go see: http://home.howstuffworks.com/how-to-maintain-an-air-conditioner.htm
I recommend that all my clients hire an HVAC company to come clean and service their mechanicals. Most companies do a twice-a-year come-and-clean-it for about $100 per year. Having the system cleaned and serviced will substantially lengthen the life of the equipment. Substantially. Because the equipment is functioning as well as it possibly can, the utility cost will be as small as it possibly can be, given the age and type of equipment.
It falls into the Just Do It school of Home Maintenance!
For a good overview of the system, go see: http://home.howstuffworks.com/how-to-maintain-an-air-conditioner.htm
I recommend that all my clients hire an HVAC company to come clean and service their mechanicals. Most companies do a twice-a-year come-and-clean-it for about $100 per year. Having the system cleaned and serviced will substantially lengthen the life of the equipment. Substantially. Because the equipment is functioning as well as it possibly can, the utility cost will be as small as it possibly can be, given the age and type of equipment.
It falls into the Just Do It school of Home Maintenance!
Home Inspections: Post Closing
The Home Inspection Report give the Buyer a road map of repairs that the Buyer really needs to do after closing. Many of the things in the report aren't all that major. Many of them can be done during the TV football game commercial breaks. The point is that as a Home Owner, you are going to want those things fixed.
When you start thinking about selling, go find that Inspection Report. Consider having the Inspector come back out and do another inspection before you list the house. At a minimum, use the Inspection to walk through your home and look at the items on the Report. It is cheaper and easier to fix those things leisurely before the home goes on the market than it is to get them fixed in a hurry after there is a contract on the home.
Most Home Inspection Companies include a check list of post-purchase routine maintenance items as part of the Inspection package. Even if you don't feel competent to do those maintenance items, it is possible to hire a handi-person by the hour or by the day. It is a whole lot cheaper to pay to have something maintained than it is to wait and have to replace it later!
When you start thinking about selling, go find that Inspection Report. Consider having the Inspector come back out and do another inspection before you list the house. At a minimum, use the Inspection to walk through your home and look at the items on the Report. It is cheaper and easier to fix those things leisurely before the home goes on the market than it is to get them fixed in a hurry after there is a contract on the home.
Home Inspections: How It Works
Once the Buyer has decided which Home Inspection Company to use, I confer with the Buyer to see what day and time of day is going to be the most convenient for the Buyer. Then I call the Home Inspection company and see what days and times work for them.
Most Home Inspectors have the ability to get the house key out of the Supra Key Box. They use a special code that I get from the Listing Agent. Some Inspectors don't have a Supra. They rely on me to get access to the house. That is why I have to be the person who sets up the inspection time.
The Home Inspector gets out to the home at the appointed time. It takes them about 2 hours to do the inspection. The Buyer and I arrive at the home in time to get a report, after the inspection is finished. For example, it is common for the Inspector to arrive at 9 a.m. and give a report to the Buyer at 11 a.m.
The Home Inspector gives the Buyer a printed copy of the Inspection Report, with pictures usually. A copy of the report also gets e-mailed, usually.
Most Home Inspectors have the ability to get the house key out of the Supra Key Box. They use a special code that I get from the Listing Agent. Some Inspectors don't have a Supra. They rely on me to get access to the house. That is why I have to be the person who sets up the inspection time.
The Home Inspector gets out to the home at the appointed time. It takes them about 2 hours to do the inspection. The Buyer and I arrive at the home in time to get a report, after the inspection is finished. For example, it is common for the Inspector to arrive at 9 a.m. and give a report to the Buyer at 11 a.m.
The Home Inspector gives the Buyer a printed copy of the Inspection Report, with pictures usually. A copy of the report also gets e-mailed, usually.
Home Inspections: The Basics
The Home Inspector is hired by the Buyer and reports directly to the Buyer. The Buyer selects the Home Inspector. The Buyer pays the Home Inspector directly. The Inspection Fee is in addition to the closing costs discussed with a lender. That cost is not included as one of the Closing Costs.
A Home Inspector will tell you if the structural systems of the home appear to be functioning within a normal range. Structural systems are the roof, the foundation, the wiring, plumbing and heating/cooling system.
If the Home Inspector thinks that something is NOT functioning within a normal range, a suggestion will be made that an expert be consulted.
Who are the experts? A licensed HVAC person. A licensed electrician or plumber. A structural engineer. It is common for there to be a charge for that expert to come say grace over the house. That fee ranges from $100 to $350.
If an expert says that the system is functioning just fine, then it probably is.
All of these inspections happen during the Option Period. Buyers say that it gets expensive to get the house checked out. I tell them that it is better to have as complete a picture as possible.
Even with all that, not all problems with a structure become apparent prior to closing. These people are all going to give their best advice. But, they can't foresee all future problems.
A Home Inspector will tell you if the structural systems of the home appear to be functioning within a normal range. Structural systems are the roof, the foundation, the wiring, plumbing and heating/cooling system.
If the Home Inspector thinks that something is NOT functioning within a normal range, a suggestion will be made that an expert be consulted.
Who are the experts? A licensed HVAC person. A licensed electrician or plumber. A structural engineer. It is common for there to be a charge for that expert to come say grace over the house. That fee ranges from $100 to $350.
If an expert says that the system is functioning just fine, then it probably is.
All of these inspections happen during the Option Period. Buyers say that it gets expensive to get the house checked out. I tell them that it is better to have as complete a picture as possible.
Even with all that, not all problems with a structure become apparent prior to closing. These people are all going to give their best advice. But, they can't foresee all future problems.
Why Make A Back-Up Offer?
Why make a Back-Up Offer? Because half the time you end up getting to buy the house. That is a good reason!
It takes time and trouble to go through the exercise of making a Back-Up Offer. Lots of agents won't do it. From a Buyer's Agent's perspective, I like making Back-Up Offers. Lots of times it is possible to negotiate more favorable terms for the Back-Up because the Seller assumes that the contract in first position is going to close and so they really don't have to pay all that much attention to our deal. Right????? Wrong...Seriously, half the time when there is a Back-Up Contract, it is the Back-Up that gets closed!
From a Listing Agent's perspective, I love having a Back-Up Offer. Having one of those in the file takes a lot of the drama out of negotiating repairs during the Option Period. It is a great way to shield my Seller-client from the emotionally wringing process of repair negotiation. We just have to decide what we are willing to do. We let the First-contract-buyer know what our position is and then they just have to decide if they can live with those repairs or not. Very cut-and-dry.
It takes time and trouble to go through the exercise of making a Back-Up Offer. Lots of agents won't do it. From a Buyer's Agent's perspective, I like making Back-Up Offers. Lots of times it is possible to negotiate more favorable terms for the Back-Up because the Seller assumes that the contract in first position is going to close and so they really don't have to pay all that much attention to our deal. Right????? Wrong...Seriously, half the time when there is a Back-Up Contract, it is the Back-Up that gets closed!
From a Listing Agent's perspective, I love having a Back-Up Offer. Having one of those in the file takes a lot of the drama out of negotiating repairs during the Option Period. It is a great way to shield my Seller-client from the emotionally wringing process of repair negotiation. We just have to decide what we are willing to do. We let the First-contract-buyer know what our position is and then they just have to decide if they can live with those repairs or not. Very cut-and-dry.
Back-up Offers
Once a home is under contract, no one else on earth has the right to step in and take that deal away from the Buyer as long as the Buyer moves forward to closing. The Seller's Agent will eventually instruct MLS to show the property as having a change in status. They have a short period of days to report the change in status. It is common for Buyers to check their new home on-line and then become distressed because it continues to show as "active". The Seller has an absolute right to continue to show the house and to encourage people to bring offers. However, any offer that comes in is a "Back Up Offer". It just sits there and waits. The Back-Up Offer is in 2nd position, after the first contract. It doesn't matter if the Back-Up Offer is for more money and better terms, as long as the Buyer keeps moving forward, they get to buy the house. Period.
Where things get tricky is when the Buyer with the first contract is negotiating for repairs during the Option Period. A Seller with a Back-Up Offer is not going to be very motivated to negotiate good terms on the repairs.
A Seller has to tell you if they have a Back-Up Offer in place.....but, ONLY if asked directly.
Where things get tricky is when the Buyer with the first contract is negotiating for repairs during the Option Period. A Seller with a Back-Up Offer is not going to be very motivated to negotiate good terms on the repairs.
A Seller has to tell you if they have a Back-Up Offer in place.....but, ONLY if asked directly.
Offer vs Contract
Just because my Buyer Client has signed papers does not mean that the house is under contract.
"Contract Formation" occurs when both sides have agreed on each and every term and have signed and initialed everywhere on all the papers. The process takes a lot of ink. At that point (and not a minute before), the house is under contract.
In Texas, the date that Contract Formation occurs is also called the Effective Date of the contract. Most of the dates in the contract are counted from the Effective Date, such as the Option Period and the Financing Period.
"Contract Formation" occurs when both sides have agreed on each and every term and have signed and initialed everywhere on all the papers. The process takes a lot of ink. At that point (and not a minute before), the house is under contract.
In Texas, the date that Contract Formation occurs is also called the Effective Date of the contract. Most of the dates in the contract are counted from the Effective Date, such as the Option Period and the Financing Period.
Making An Offer
It is very common for a first time home buyer to be a little fuzzy about how an offer gets made. I routinely deal with buyers who think that I am going to be able to phone up the Listing Agent, describe our deal, and then get a response. I do call the Listing Agent to let them know that we are getting serious about the deal, but I don't give them the terms of the offer until later in the process.
To be enforceable, an offer for the purchase of real estate has to be in writing. It has been that way since 1677, when the British Parliament passed what is referred to as The Statue of Frauds. http://en.wikipedia.org/wiki/Statute_of_frauds
What that means as a practical matter is that when a Buyer gets ready to make an offer, I spend an hour or so in front of a computer, preparing the forms and documents for the Buyer to sign. After the Buyer has signed those papers, I then send a copy to the Seller's Agent, along with a copy of the Earnest Money Check and the Option Fee Check. 75% of all Seller's Agents will not present an offer unless there is some document that addresses the question of how the purchase will be paid for. That means that I have to also send along a letter from a lender (either a Pre-Qualified Letter or, better, a Pre-Approval Letter). If the Buyer is going to be paying cash, I have to submit what is called "Proof of Funds".
To be enforceable, an offer for the purchase of real estate has to be in writing. It has been that way since 1677, when the British Parliament passed what is referred to as The Statue of Frauds. http://en.wikipedia.org/wiki/Statute_of_frauds
What that means as a practical matter is that when a Buyer gets ready to make an offer, I spend an hour or so in front of a computer, preparing the forms and documents for the Buyer to sign. After the Buyer has signed those papers, I then send a copy to the Seller's Agent, along with a copy of the Earnest Money Check and the Option Fee Check. 75% of all Seller's Agents will not present an offer unless there is some document that addresses the question of how the purchase will be paid for. That means that I have to also send along a letter from a lender (either a Pre-Qualified Letter or, better, a Pre-Approval Letter). If the Buyer is going to be paying cash, I have to submit what is called "Proof of Funds".
Subscribe to:
Posts (Atom)
