Results Realty Buzz

Wordless Wednesday - Please turn out the lights!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Wed, 01 Sep 2010 22:39:19 -0400

This is our grand-kitty Elle who lives with us while our flight attendant daughter flies around the world. She does know who her mistress is though because as soon as our daughter arrives back home she drops me like a hot potato.

(This picture is for you Karen Anne!)

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Getting organized by Stephanie Winston - a book review!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Mon, 31 Dec 2007 22:53:06 -0500

Getting organized by Stephanie Winston - a book review!

I have had several books that have inspired my sales career over the years. I have written about a couple of them. See you at the Top by Zig Zieglar and The Magic of Thinking Big by David Schwartz. I read both of these books when I first got in to sales some 25 years ago. I actually forgot about another book that has had a big impact on my career and life. This one isn't really a motivational book but an organization book. Linda Scanlan wrote a post called "Is your life organized" which brought it to my mind again. I told her I had a wonderful organization book but would have to look for it. I figured I would still have it as I rarely get rid of books and sure enough after much looking there it was. My copy was written back in 1978 although I did notice on Amazon that she updated the book in 2006.

I read this book for the first time back in the early 1980's and at the time I totally re-organized my house and my life from top to bottom. I was talking to my husband this evening about the book and he can still remember when I did it. I was not born with that organized gene so for me it has been a work in progress. Stephanie gave me the tools to lead a relatively organized life the last 25 years. One of the things that I loved about the book was that she told me how to organize; when you aren't born with that organization gene you really need it spelled out.

I remember a cute incident that happened right after I first organized everything. I had someone come over to babysit my children and she had to get in my medicine cabinet. We had a mutual friend and after getting in my medicine cabinet she told my friend that I must be really organized. The mutual friend, (who knew me well), responded to her by saying "oh no she read a book". Anyway all these years later I am still using many of the techniques I learned from this book.

To give you a brief overview; Part 1 is over the organizing principle, Part 2 is time and paperwork (which included setting up an office, Part 3 is money and Part 4 is the home (she goes over every room in the home). Like I said for me it was a life changing book. I can't say I don't still have those messy tendencies. Every once in a while I have to go through and re-organize but underneath the clutter is a system of organization so it doesn't take me long to organize the clutter.

You can order these from Amazon for almost nothing. They still have the original book Getting Organized and the 2006 Getting Organized revised and updated addition is also available. I myself ordered the revised edition this evening. After dusting off the cobwebs and looking through the book I realized what an impact it had on my life and decided I needed to check out the new revised addition also. I hope you enjoy it as much as I have.

For all your Spring TX Real Estate needs, contact me today!
Marchel Peterson
Results Realty
Cell: 832-721-8332

Who Moved my Cheese by Spencer Johson - A Gem small and valuable!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sun, 27 Apr 2008 23:56:44 -0400

I have a friend whose husband is also in sells and he has been using what she thinks is an expensive advertising campaign that no longer works. She told me that she had told him that his cheese had moved. I was intrigued by that comment and have wanted to read "Who Moved My Cheese" ever since.

I recently stuck it on an Amazon order; which isn't hard for me to do as I am a huge reader and I am constantly sending in orders. I was amazed when it came at how thin and small the book was. What I found however is that sometimes amazing things come in small packages. On the front cover it says "A GEM - small and valuable and that is what I found it to be.

The story is told in parable form. There are 4 characters, two mice (Sniff & Scurry) and two little people (Hem & Haw) and they are all searching through a maze for cheese. Change happens whether we like it or not and the parable deals with how change is handled. The mice possessed simple brains & good instincts. The little people have more complex brains filled with many beliefs & emotions.

Sniff, sniffs out change easily while Scurry, scurries in to action. Hem denies or resists change as he fears it may lead to something worse. He has been comfortable in his maze and he doesn't want it to change. The emphasis of the story though is around Haw; who learns to adapt in time when he sees that changing can lead to something better.

When the cheese disappears Sniff and Scurry put on their sneakers and leave in search of more cheese. Hem and Haw on the other hand do just what their name implies they Hem and they Haw. Finally Haw sees the light "We keep doing the same thing over & over again and wonder why things don't get better. If this wasn't so ridiculous, it would be even funnier."

Much of the story is based on Haw's discoveries as he enters in to the maze looking for more cheese. One of his first discoveries was if you do not change you can become extinct. He then contemplates what he would do if her weren't afraid. As he is wondering around the maze he wonders if he has bit off more than he can chew but then it dawns on him he wasn't chewing on anything anyway.

As he is going along he realizes that you need to smell your cheese often so you know when it is getting old. If you move in a new direction it helps you to find new cheese. The quicker you let go of that old cheese, the quicker you can find that new cheese. Once Haw stops being afraid he feels good. He realizes it is safer to search in the maze than to be in a cheese-less situation. His old beliefs were not leading him to any new cheese. When he envisioned himself enjoying his new cheese it led him to the new cheese. Once he saw that he could find and enjoy new cheese it was easier to change course.

Haw stayed around longer than he should have as he tried to talk Hem in to going out in to the maze with him. Finally he realized that if he kept staying there he was going to starve and he was just going to have to do it himself. Poor Hem never adapts to change; he is probably still there right now.

The cheese in the story could be anything real estate, loving relationships, money, health or even spiritual peace of mind. The maze is where you look for what you want. I could see myself at different times in my life in all 4 different characters.

So now you have had a brief introduction to "Who moved my Cheese" by Spencer Johnson M.D. He is the same person who wrote "The One Minute Manager". I found it to be very inspirational and it really is appropriate for this ever changing real estate market we find ourselves in.

Speechless Sunday - Dusk Moon at Lake Conroe!!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sun, 22 Aug 2010 18:11:33 -0400

I have been trying to get a decent moon shot for a couple years now. I guess I never thought of getting the dusk shot until it appeared during a sail boat race at Lake Conroe.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Friday Foto - Clouds to sail by; at Lake Conroe!!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Fri, 20 Aug 2010 13:56:56 -0400

This picture was taken at one of Lake Conroe Sailing Association's Thursday night races. We will be having Thursday night races through the fall. I help on the committee boat and my husband crews. We do have a boat but we don't use it for the Thursday night races. As you can see it is not necessary to have a boat to participate. If you would like information about Lake Conroe Sailing Association please visit their website.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Characteristics of a Recession - Texas specific!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Tue, 17 Aug 2010 18:42:02 -0400

Gary Maler the Director of the Texas A&M real estate center recently talked to a group of real estate agents in Tomball about the state of our economy. Much of the talk was about the state of our national economy but he also went in to specifics for us here in Texas. Some of the daunting challenges we face.

Business uncertainties from Washington policies
The great credit contraction
Budget cuts for states, cities and school districts.

One of the things that I came away with is that as a state Texas is weathering fairly good. A few years ago I would have told you that we had not been hit as we really did not have a bubble to burst. That is not the case any longer. He explained it about the best that I have heard. Here in Texas we did not experience a home price bubble we experienced a home sales bubble. The majority of our problems stem from the loans that were given since 2003. He explained that prior to that we had 17 homes sold per 1000 houses. During the no income/no assets loans that increased to 30 home sales per 1000 households. As he explained that was unsustainable and it is what we are dealing with now.

He was honest in that it took us sometime to get in this mess and it will take some time to get out of it. He said in all truthfulness this has been going on for a long time going clear back to LBJ’s administration. We have been living beyond our means for a long time. We will have some pain as we reel in from the excesses.

Future home sales are going to be dependent on job growth, mortgage rates/credit terms and home price affordability. Up to this point the American way has been to buy high and hope for higher. That said he said that NOW is probably the opportunity of a lifetime to a buy a house. Who would have thought we would see interest rates of 4.5% or less. He talked about the interest rates of the 1970’s when 12% was considered a good rate.

In the excerpt below he talks about the characteristics of a recession. The graph that shows the difference in unemployment between those who have a college degree and those who do not is an eye opener. As he said if there was ever an advertisement to get a degree this is it. If you have a son or daughter who is deciding whether they want to go to college this is a clip you might want to show them.

In his closing thoughts he said we will get through this. The other thing we have going here in Texas is a huge influx of people moving to our state. There are many places in our state where the market has stayed relatively flat and in my mind with this economy; flat is good.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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The Texas "termination option" clause!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sat, 14 Aug 2010 20:44:24 -0400

In Texas we have a "termination option" clause in our real estate contract that you will want to understand. This clause allows buyers and sellers to negotiate a specified time during which the buyer can fully evaluate the house. For this right, they buyer pays the seller a nonrefundable "option fee". Your option period is typically that period of time where you do your home inspections however you can back out for any reason during this option period.

Everything is negotiable but usually you will have put $100 (plus or minus) down for a 5 to 10 day option period. (These are not business days so time is of the essence.) This option period gives you the time to do your home inspections however as I said you can opt out for any reason during this period and you will only lose your option fee; your earnest money will be refunded. Typically a seller will allow you 10 days but that time can vary.

This option period starts once you have finished negotiations and all parties have signed the contract; you now have a fully executed contract. Prior to this it was called an offer but you are now under a legally binding contract. The option period starts counting the day after the contract is fully executed by all parties.

Foreclosures typically don not ask for an option fee but give you 5 to 10 days to inspect the property. For foreclosures only this is often written in special provisions and it is usually addressed in the foreclosure addendum's. I have found that many foreclosures only allow 5 to 7 days. These are not business days; time is of the essence and strict compliance with the time for performance is required. I know that does not sound like many days but inspector's are use to being on this short notice and I have never had a problem with getting inspections done during that period.

If the inspections uncover more than you bargained for this is the time to back out. Actually you can back out for any reason during this option period and the only money you will lose is the money you put down for the option and the cost of your inspections. The earnest money will be returned to you in full as long as you provide the owner a termination letter in the agreed upon days. Again time is of the essence!

I have heard from clients that there are states where the only ramification of backing out at any time during the process is losing your earnest money but that is not the case in Texas. In Texas you will usually lose your earnest money and you also may be sued for specific performance. In my experience most seller's will just move on but they do have the option of suing. Long story short the time to back out if you are so inclined is during the option period.

I have lived in four states and each state has handled the home inspection process in a different manner. Personally I like this process the best of those I have come across.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Property Taxes in Texas - they are high but the good news is no state income tax!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Wed, 27 Feb 2008 19:12:52 -0500

Property Taxes in Northwest Harris and Southeast Montgomery Counties - why they are so high!

When people move to the Houston area from other states they are often surprised by our high property taxes. We were in that group when we moved here 11 years ago. What we found however is that Texas is one of seven states without an individual or corporate income tax. Most states derive about 40% of their revenue from income taxes, a third from sales tax and the rest from taxes on items such as business licenses and gasoline. Since Texas doesn't have a state income tax they have a fairly high sales tax (in our area 7 to 8%) and high property taxes but that is offset by no state income tax. All that infrastructure has to be paid for in some way; I guess.

In Northwest Harris and Southeast Montgomery Counties there are basically three different property taxing authorities. There is a county tax; which covers such things as county, hospital, emergency services, port authority, flood control, community college etc. The second tax is a school tax. The amount of this tax will depend on which school district you live in. The amount of the school district taxes vary by district but they are very similar; they differ by pennies. It doesn't matter where you live you are going to have these two taxing authorities.

The third taxing authority is the MUD or Municipal Utility District. Basically this is your water & sewer tax. This is the taxing authority that is going to vary subdivision by subdivision. There are a few older subdivisions in the area that have paid their bonds and don't have this tax. The rate will vary from .25 to over $2.00 per 100 value of your house. If you live in a country subdivision and are on a septic you will not have this tax. Typically the country subdivisions are on septic and have community water.

If your home is your homestead you can qualify for a homestead exemption. This can be up to 20% of your property tax. Each taxing entity will give you a different exemption though so you will need to check with the taxing authorities in the area you live. To get information for Harris County taxes you can go to the Harris County Appraisal District HCAD. For Montgomery County taxes you can get information at the Montgomery County Appraisal Tax Office.

Even with the higher property tax Texas ranks fairly low in overall taxes paid among all 50 states. I found a study where The Tax Foundation, a nonprofit fiscal policy research group, estimated the average taxpayer's total state and local tax burden for 2006 in each of the 50 states and the District of Columbia. According to that study Texas was ranked 7 out of the nation but there are differing studies. Texas always seems to be ranked fairly good though.

The good news is that you get a LOT of home for your money in Texas; even with the high taxes. We have lived in two other states and for the same money a month we bought a newer home with more square footage. What a great place to live!

For all your Northwest Houston Real Estate needs, contact me today!
Marchel Peterson
Results Realty
Cell: 832-721-8332

Friday Foto- Storms A-Brewin at Lake Conroe!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Fri, 06 Aug 2010 22:05:19 -0400

This picture was taken a few weeks ago at one of Lake Conroe Sailing Association's Thursday night races. My husband crews and I help on the committee boat. We never know what the weather is going to be like and it can change in the flick of an eye. We ended the race early because of those weird clouds you see (I did not photo-shop this picture). As it turned out this time the clouds turned to nothing but you do have to be careful when you are on the water.

One of the many things we love about Spring is the accessiblity to Lake Conroe. You don't have to live on the lake to sail on the lake.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com. The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia. If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Speechless Sunday - Now I lay me down to sleep!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sun, 01 Aug 2010 22:15:38 -0400

It has been quite some time since I shared pictures of my grand-kiity Elle (who lives with us as our flight attendant daughter travels the world). The contortions she gets in to cracks me up.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com. The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia. If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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7603 Post Bridge in Coventry (walking distance to Augusta Pines) Spring TX!!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sun, 25 Apr 2010 20:56:11 -0400

This beautiful home is located in Coventry in Spring TX, within walking distance of Augusta Pines Golf Club. 7603 Post Bridge listed at $185,000 by Marchel Peterson Results Realty.

Near THE WOODLANDS' diverse shopping and entertainment venues, this home says, "Welcome Home!" with its' pride-in-ownership look. Augusta Pines Golf Club is around the corner; kids thrive in nearby Klein ISD excellent schools. Enjoy quiet, relaxing surroundings with no neighbors behind (backs to green belt) and on the end of a cul-de-sac! Tastefully designed! Home has both formals with an open floor plan! Island Kitchen opens to den! Recent roof, A/C, carpet, outside paint! Wood floors and tile! Relax in the diving pool and enjoy the large tiled deck in privacy! Walking distance to Augusta Pines Golf course! Community has a clubhouse, pool and a park! John Deer lawn mower may stay!

This beautiful home is located in the community of Coventry. Coventry has their own clubhouse a swimming pool and a playground for the children. Coventry is also within walking distance to Augusta Pines Golf Club. The subdivision is very serene and quiet. COME HOME!!!

This home is located in the acclaimed Klein ISD.The grade school is Metzler Elementary, the Intermediate is Hildebrandt and the High School is Klein Oak.

Click the link to see the slide show video of 7603 Post Bridge!

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If you would like more information about this beautiful Coventry home please contact Marchel Marchel@AgentwithResults.com or by phone at 832-721-8332.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Speechless Sunday - A Spring TX Chaste Tree/Bush!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sun, 30 May 2010 18:33:58 -0400

This Chaste Bush is in our back yard and at at the moment is drop dead gorgeous. Now I have to be honest we had a hard winter and I was convinced that it was dead. I tried to talk my husband in to taking it out but he said we should wait and see if it came back to life. I'm glad he did not listen to me as it came back to life in a big way.

The bush has an interesting history. It is considered to be native to Southern Europe and to the Mediterranean. It mainly grew along riverbanks but today it is used in our back yard landscaping. Anciant Greeks and Romans believed it kept it owner chaste, with his sexual passions under check. It was also assumed that the tree was capable of warding off evil. It also has a number of different herbal uses. Personally we just think it is a pretty tree/bush! It is a popular landscaping Bush in the Houston area and it must like harder winters because they are particularly pretty this year.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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19010 Rocky Briar Ct. Tomball, TX 77377!!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Fri, 11 Jun 2010 21:49:20 -0400

This beautiful home is located in the Villages of Northpointe, Tomball TX, 19010 Rocky Briar Ct. Tomball TX by Marchel Peterson Results Realty. Listed at $244,500 with 3,311 square feet.

From the Leaded glass door to the impressive entrance ''WELCOME HOME'' Is what this home says to you! A LOT OF LIVING TO DO And lots of room for it! Home boast both formals, a roomy den, game room large enough for a pool table and a media room! Island kitchen with granite counter tops and black appliances! Light and bright with high ceilings! All of us this on a quiet cul-de-sac location!

Convenient to State Highway 249 this home is conveniently located between the City of Tomball and the Willowbrook/1960 area!

This home is located in the acclaimed Tomball ISD.The grade school is Canyon Pointe Elementary, the Intermediate is Northpointe and the High School is Tomball.

Click the link to see the slide show video of 19010 Rocky Briar Ct.!!

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If you would like more information about this beautiful Villages of Northpointe home please contact Marchel Marchel@AgentwithResults.com or by phone at 832-721-8332.

If you would like information about Spring-Tomball TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com. The AgentwithResults site is rich in Content about Tomball and the surrounding areas of Spring, The Woodlands and Magnolia. If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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Christmas in July with the Spring-Klein Chamber of Commerce; at Augusta Pines Golf Club!

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Sat, 24 Jul 2010 15:10:56 -0400

Please join us for the 3rd Annual Spring-Klein Chamber Christmas in July Gala and Live Auction at Savannah's at the Augusta Pines Club House. This years event will take place on Saturday July 31st. It will have all the ambiance and feeling of Christmas along with dinner, dancing holiday décor, live music and a live auction. The festivities will start at 6:30 and go until 10:00.

From 6:30 to 7:00 there will be a cash bar and Jennifer Grassman will be singing some Christmas songs.

After our Christmas in July Christmas dinner we are thrilled to have Congressman Ted Poe as our guest speaker. He will be sharing some of his experiences from when he was a judge and he will also be talking with us about issues that affect our border.

A live auction isn't your normal Christmas theme but it is for the Spring Klein Chamber Christmas in July. The live auction will feature a number of items from sports memorabilia, Gift Certificates (photography, restaurants), home décor etc. etc. etc. Shawn Mazyn with Cheray Auctioneers, License # 16626is volunteering her time in support of the chamber. If you have something you would like to donate please contact Marchel Peterson the banquet chair via email at marchel@agentwithresults.com or phone Marchel Peterson at 832-721-8332.

After the live auction we will be having a disc jockey who will be providing us with music to dance by. This will also be the time to pay for your auction items.

Tickets are on sale now. The prices are $55 for non-members and $50 for members. The Spring-Klein Chamber is soliciting donations for door prizes and auction items as well as underwriters and advertisers for the event program. Click here to go to the form you need to order your tickets.

"The Spring Klein Chamber of Commerce (SKCC) is a premier business and community support organization dedicated to bringing the primary resource for area economic development, business expansion and overall quality of life in Spring-Klein http://www.springkleinchamber.org/". I have been involved with the Spring Klein Chamber since their inception two years ago in May. I just finished my term on the Spring Klein board of directors and it was an honor to serve my community.

The Chamber has had a successful couple of years. This event will help them to raise funds to continue to grow and support their community. This is a grass roots effort and all help from the community is appreciated.

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If you are buying or relocating to Spring Texas or Tomball TXand need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.

Want to find out about new Spring-Tomball TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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My credit is not good - but my co-signers credit is excellent - Yippie, I can buy & use FHA loans

Marchel Peterson Spring TX Real Estate E-Pro (Results Realty) — Mon, 26 Jul 2010 18:44:52 -0400

Rarely do I re-blog but Jeff has outdone himself with this post. The rules keep changing and it is good to know what they are today.

Via Jeff Belonger- The FHA Expert FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

There will always be some sort of mortgage myth in our industry or a piece of information given by a loan officer that is misleading. What I am about to talk about is regarding FHA loans and a borrower using a co-signer to help them purchase their new home. We call this a non-occupant co-borrower type of loan.

Let's first talk about co-signers for mortgages, because this term is used loosely throughout the real estate industry. When doing a mortgage, a co-signer is much different than when buying a car. When buying a car, you can still have bad credit below normal standards and bring a co-signer into the mix to solidify the deal. On a mortgage, if the primary borrower doesn't fit the normal credit score requirements and or the credit criteria, then you can't use a co-signer to help you purchase or refinance. A co-signer is used only for the purposes of qualifying with more income. The main point, the good credit of a co-signer can't be to offset the bad credit of a primary borrower, it's not allowed.

Now, there is a difference between specific types of loan products when using a co-signer. On a conventional loan, the primary borrower still needs to qualify with an income ratio, which is usually only about 6%-8% above the normal qualifying ratios of 28/36. In regards to an FHA mortgage, there is no minimum requirement. In many cases, the primary borrower wouldn't even need income, but this depends on the overall deal. As long as the primary borrower met the credit requirements and the credit scores. This kind of scenario is typically scene when doing a FHA kiddie condo loan, which can also be known as a FHA non-occupant co-borrower loan. This is when you have a college student buying a property and the parent(s) are co-signing. More details on FHA kiddie condo loans.

Summary : I had to bring this up because I just received a call from a borrower who has credit scores of 565 who was told by a large bank that they can't get a loan. But if they get a co-signer with good credit, that they would be able to get a loan. Knowledge in regards to the basics of FHA loans is so important. To me, this is actually Mortgage 101.

In regards to the word co-signer, in the mortgage industry, this is referred to as a non-occupant co-borrower. As long as the person who is co-signing is a family member or a relative and they aren't living in the property. Hence why they are called a non-occupying co-borrower. And a FHA non occupant co borrower is much easier doing this with than a conventional loan. So it's a mortgage myth if one says that you can get a co-signer no matter how your credit is. Lastly, if the primary borrower has someone that will occupy the property with them and will be on the loan, they are known as a co-borrower.

-- Update per Missy Caulk's comment # 8 - The co-signer, aka non-occupant co-borrower can have a primary home, even a home with a FHA mortgage on it. Meaning that the home does not have to be free and clear. It's considered a debt and is part of the qualifying ratios.

FHA Non-Occupant Co-Borrower loans - Also known as Kiddie Condo loans

Good Credit scores - Good FICO scores don't mean it's a good mortgage loan

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