Amarillo, TX Real Estate News

By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 5 Reasons Why You Think You Can't Buy A House   Buying a house is a giant decision.  Then there is a process of thinking it through.  Trying to do a little planning.  Googling "how to buy a house" and Pinterest decorating ideas.  All that is fine but if you don't step up to the plate and do it, all is for naught. Many people think they can't buy a house.  Here are five reasons.   Fear.      This is probably the most common reason especially for first time home buyers.  You have always rented and there is some comfort knowing that if something breaks the landlord will come and fix it (hopefully).  You are afraid that you will buy the wrong house.  What if I tell my friends and family that I am going to buy a house and then for some reason y...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 Why Banks Scare Buyers Into Thinking They Are Deadbeats And Can Never Buy A House?    No. Really.  I am asking you.  Why do they do that?  How crappy does that make you feel when you are told you are way below average.  I have to say that really hits a nerve with me. For all of you that have had that happen to you, I am very sorry and apologize for their stupidity. Let me first say that not all banks are created equal.  They all have different guidelines and prefer to deal with a different clientele.  In the business we call that "top-grading".  What that means is that why work with someone who doesn't qualify when I have plenty of people that do.  Grrrr HOMES FOR SALE IN AMARILLO TX  Here is my philosophy.  Home ownership is a privilege a...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920     We live in a country that believes in capitalism.  We are encouraged to start our own businesses and to create jobs for others.  To be self-employed is common.           Our tax system allows us to deduct our expenses from our gross income to create a "bottom line net income".    Let me just say, however, that sometimes those expenses get padded and sometimes the income is cash that might go unrecorded.  I mean, after all, who wants to pay taxes.  Just saying.  Not pointing fingers. But now you come to me and want to buy a house.   In your mind you make tons of money and are paying a big rent payment so you can afford the same or more house payment.  You have even been able to save some money for a down payment.  You are smiling.  Zero...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920  Where Do I Start?  I Want To Buy A House. I work with many first time home buyers and may buyers that haven't bought a house in many years.  From  the outside looking in, the process seems like a Monster In the Closet.  From the inside looking out at you, my client, I kill the monster. There are two important ways to start.  The first is to have a conversation with me.  I come from a  mortgage and real estate background so I am going to be able to help you understand the mortgage process as well.  If we agree that you want to proceed, the next step is the qualification. There are a few ways to do that, too.  You can walk in to a local bank or credit union and apply for a mortgage.  Or you can fill an application online with various places...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela Madore Keller Williams Realty 806-290-1920 Everyone has different tastes in houses they love.  Some like brand new.  Some like mid 60' to 80's.  And then there is that special group that like older houses with character. 3304 S. Van Buren falls within the the latter category.  It is a tudor style house with all the character of the 1920's houses.  This house needs love. It has 3 bedrooms and 1 bath.  It has original hardwood floors throughout the house.  They would look much better is they were refinished.  The owner of the house now has an eclectic array of floor rugs that fit the character and style of the house. As in all the 1920's houses the kitchen is small.  Very functional.  But small. Our house has some special things, though.      Note: This home is no longer available,...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 I have taken all the classes and I know all the right terms and I know the formula.  But until you really rehab a house the first time you will find that things don't always follow your script. Here are a few things that I learned from rehabbing houses.         House Flipping: A Big Gamble - ABC News The market--value of houses--is a moving target.  A house that might sell for $100,000 retail today might sell for $90,000 by the time you have the rehab finished.  It might sell for $110,000, too. Since there are no crystal balls, this is a risk you always take.  When I walk into a house that needs to be rehabbed I first assume that nothing works. Water Leak  Everything is broken.  From there you can start checking things and cross off the th...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 This isn't a "get rich quick scheme" I want to tell you about.  It is a way, however, to start a business with less than $2000 and the ROI is exponential.   When I was younger, much younger, I discovered a principal that was true then and continues to be true today.  The only way to really earn the money that you want to make is to build your own business instead of someone else's. I college of mine says, Ben Todd says:   For a full time student it'd be about 3500 to 4000 for tuition and 150 to 300 for books at WT and 1700 to 2000 for tuition and 300 to 400 for books at AC.  Also college is getting more and more popular meaning that its monetary value is dropping rapidly. I could give a lecture on why it's deceptive to treat college like i...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 Lots of people think that getting a real estate license is like brain surgery.  Trust me it is not.  If it was I would have a lot of dead clients. First you have to have a license.  Just like you have to have a driver's license.  You learn how to drive a car.  But you don't learn how to rebuild a motor. Same thing with a real estate license.  You do the classes and study to pass the test and get a license.  Then you have to rebuild a motor.  Fortunately for you, Keller Williams Realty has the training and resources to teach you how to get the job done. But I get ahead of myself.  Let's get the license first. In order to get a license you have to take 180 hours of classes.  They are all online.  Don't panic.  You do not have to burn your ey...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920   How Bad Can My Credit Be To Still Be Good Enough To Buy A House?      I get so many people say that they can't buy a house because their credit isn't very good.  Define "very good". Credit Karma is not your answer.  Sometimes it is spot on and sometimes it is crazy wrong--about like depending on Zillow and their "Estimates".  A home loan depends on 3 credit scores: Experian, Equifax, and Transunion.  Two of the 3 scores must be above the minimum required scores for the lending institution that you are talking to. All lenders are not created equal.  It is important that you have a great Realtor (pick me) to help you through this.  Too many people go to their bank and their bank says you need 640 scores to buy a house.  They get discourage...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 pam@pinkhouseteam.com  School is out or almost out.  It is now decision time.  For high school grads your decision is whetherto go to college, learn a trade, or just get a job.  For college grads it is a time of trying to find a job that you love and pays enough to live on. I would like to suggest an alternative thought.  Have you ever thought about being a real estate agent and build a career for yourself rather than build it for someone else? Contact US Today It doesn't matter what  your major is, there is always a way to use the skills you learned in high school or college and transfer those skills into building a real estate business. I had a conversation with some college grads. In the conversation I asked what were their long term go...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 Ramblings    The transaction was a mess.  Everything that you could think of and some things that you have never even  heard of went wrong.  Even after closing there were problems as soon as the  next day.  Would this nightmare ever end! This is not a normal event but sometimes you just can't control everything.  Sometimes everything goes wrong not matter how hard you try.  Who is your advocate?  Who is standing with you?  Was there anyone standing with you at the last day, at the last moment?  Was there someone "passing the buck" or someone "in the trenches" with you.  That is the difference between a good Realtor and a Great Realtor.  I want to add, also, that a Great Realtor will stand with you if you are buying a $50,000 house or a $50...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty Before putting your house on the market for sale there are a few steps that you should take in order to make the process smooth.     Step 1: Determine which Realtor you are going to be using for the sale and purchase.  (Pick me!) Have your Realtor due a CMA (Comparative Market Analysis) to determine what your house can sell for.  This step is critical to do first because it will help with all of the next steps.        Step 2:  Get a payoff from your current bank so you will have a nearly accurate number to work with.  Then have your Realtor determine what your costs will be sell your house and come up with a number that will represent the amount of cash you will receive at closing.  We are in a seller's market right now which means that if your house ...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty  I am on a mission to please, please help you understand the importance of getting pre-qualified NOW even if you don't plan on buying a house for a year!   There are so many things that go into qualifying for a mortgage that work behind the scenes that the normal person doesn't know about.   Let me give you some recent experiences:   http://www.iloveamarillo.com/financing/ Dave Ramsey is awesome and lots of people have become debt free because of his teachings.  Recently a lender I work with told me that he had an applicant come to him to buy a house.  They had been through the Dave Ramsey program so they were debt free and had saved enough money to put 20% down on a house.  Sounds great, right?  Wrong.   Because they were debt free and had no credit ...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams My credentials?  I have done both .  There is a wide range of money you can make.  Just like any other goals in your life,  set a goal. Let's first describe what "flipping" a house is.  There is really one word (flipping) that is used interchangeably for two kinds of flipping.      Flipping #1 This can also be called "selling a contract".  Here it is how it is done.  You find a house.  There are many, many ways to find houses.  FSBO houses,  ask people, knock on doors, find old empty houses and a myriad of other ways.  These will generally be  "distressed" sales.  In other words, the seller must be in a position to have to sell the house and is willing to discount the sale. Next you must determine what the house is going to be worth to your buyer.  Most time...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 Are Foreclosures A Good Deal?   Many people think that a foreclosure is a great deal.  That may or may not be true. Recently, there was a really good house in the Tradewinds.  My client and I overbid.  We were a cash buyer.  We got the bid and closed in 8 days.  Later I found out that there were 4 bids behind us.     When HUD puts a foreclosure up for sale they have several levels of timeframes that you can place your bid.  The first one is a lottery.  This one is for government agencies and other silly things.  Note: Property available when this article was published.         The next level is for owner occupied bids.  I have seen this window of opportunity be 10 days ormore.  During this time you can put in a bid but the bids won't be op...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty A recent article written by Russell Anglin of the Amarillo Globe News has gathered statistics from different sources and has put together a pretty good summary of what is happening to houses that are selling and how that can also affect buyers.  Amarillo has 765 sales in the first quarter of 2016 which broke the 10 year record with the exclusion of 2008 when we had the housing boom. The median house sale for 2015 to 2016 is up 6% from $141,750 to $150,000.  Median price is not the average price.  Median house sales is that the same amount of houses sold , in 2015 below  $141,750 and the same above $141,750.  In 2016 the number was $150,000/ What does that mean to you as a seller?  Priced right your house will sell very quickly.  If you arelooking for ...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela Madore Keller Williams Realty 806-290-1920 1824 S. Milam, Amarillo TX  {79109}  New Listing By The Pamela Madore Group  This is a great starter house.  The difference is that most starter houses require work.  This house on 1824 Milam is turn-key.  Bring your tooth brush. :-) This is how the seller tells us about the new things she lovingly did to the house:  "Newly remodeled, all new plumbing, electrical, wall insulation, doors, tile throughout, jacuzzi tub, A/C unit, water heater, water softener, water filtration, restored hardwood floors, newer appliances, roof and paint." Is there anything to add?  Both bedrooms  have built-ins for closets, desk, and shelves.  The bathroom is to die for.  The tub and surround has new tastefully decorated tile that you will love. As a bonus th...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreKeller Williams Realty806-290-1920 Did you see the movie?     Funny Scene from the movie "The Money Pit" The story line goes something like this.  Young lovers Walter (Tom Hanks) and Anna (Shelley Long) get thrown out of their apartment and decide to buy a country estate.  It was at a very good price and the potential was enormous.   It just sounded too good to be true and of course it was.   After they bought it, doors started to fall off their hinges, the staircase falls in and a bathtub falls through the floor. Naturally, city slickers that they are, they hire all the wrong people to do the repairs and the whole deal turns into a nightmare. The best way to buy a money pit is to:   Watch for suspiciously low priced houses Take a quick look so you can buy it before anyone ...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadorePink House TeamKeller Williams Realty806-290-1920  There is nothing any harder than trying to write creatively when your brain seems to be on vacation.  Fortunately, I am a Realtor and Realtors like bright, shiny things sometimes referred to as squirrels.  Because of that there are millions of things that randomly happen around you that you can write about.    Here are a few of my thoughts this week. In Amarillo, we are right on I-40 east to west.  Why wouldn't that be west to east?  (You probably already knew that.)  One of the streets that has an overpass is Bell. (Knew that, too?).  Very often there is a motorcycle police on the overpass with raider and another one hiding down below.  Countless tickets have been given there. As I was driving on  I-40 going beneath the un...
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By Pamela Madore, Team Work Makes The Dream Work
(The Pamela Madore Group)
Pamela MadoreThe Pamela Madore GroupKeller Williams Realtyhttp://iloveamarillo.com  On A Scale Of One To Ten How Difficult Is It To Buy A House?         Yesterday I was having a conversation with this guy about houses.  And he said to me that it is really hard now to buy a house.  It is hard to get qualified and you need lots of money.  And he believed it. There are a lot of misconceptions floating around about the difficulty of buying a house.  We hear lots of talk about credit scores.  As a matter of fact that is the #1 talked about subject.  What are your credit scores?    Right Start Mortgage Amarillo    You may be surprised to know that you don't have to have perfect credit to buy a house.  If you have never paid anything on time in your entire life, you might have a problem.  We h...
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