Posts filed under Financing. Every post is written or reviewed by Allen Markel, REALTOR®.
Owner financing real estate transactions happen when the property seller acts as the lender instead of a traditional bank. You might also hear it called seller financing or a contract for deed. Instead of getting a mortgage from…
· 12 min read
Here’s the thing: the VA doesn’t actually lend you money directly. Instead, approved private lenders handle the mortgage, and the VA backs it. This promise is what makes lenders willing to offer such favorable terms.
· 11 min read
You want a home in Texas, but the down payment feels like a brick wall. Maybe rent just jumped again. Maybe you have steady earnings, a few dings on your credit, and not quite enough saved to put…
· 27 min read
Pre-qualification is basically an estimate. You tell a lender about your earnings and debts, they run some quick numbers, and give you a ballpark figure. No verification happens. No credit check. It’s helpful for initial planning, but that’s…
· 13 min read
Texas home prices are still no joke. If a 3 to 5 percent down payment already feels out of reach, you are not alone. That is exactly why down payment assistance exists in Texas.
· 29 min read
When a mortgage is assumable, it means the loan agreement allows a new buyer to take over the remaining balance, interest rate, and repayment schedule from the seller. The buyer essentially replaces the seller as the borrower, and…
· 12 min read
This arrangement has gained serious traction lately. With lending standards tightening and interest rates fluctuating, more sellers are discovering that offering financing can expand their buyer pool dramatically while potentially commanding premium prices.
· 15 min read
Let’s be honest about why people want to buy before you sell Houston properties. Nobody wants to move twice. The thought of packing everything into storage, finding temporary housing, and then moving again a few months later sounds…
· 12 min read
Allen Markel, REALTOR®, Texas Premier Realty - TREC #0658294 - Cypress, TX 77433. Allen spent 28 years in information technology before becoming a REALTOR®.
In Texas the option period is something the buyer pays for. Under Paragraph 5 of the TREC resale contract, the buyer pays an option fee in addition to the earnest money, and both are due within three days after the effective date of the contract. In exchange the seller grants the buyer the unrestricted right to terminate within a negotiated number of days. Both the length and the fee are negotiated. If the buyer terminates in time, the seller keeps the option fee and the buyer gets the earnest money back. If the buyer closes, both the earnest money and the option fee are credited to the sales price. It is the window for inspections and for negotiating repairs.
Read the full answerThe closing date in a Texas contract is a negotiated date, not a fixed rule. Paragraph 9A of the TREC resale contract says closing is on or before the date written in the contract, or within 7 days after any title objections are cured or waived, whichever is later. For a loan, federal rules require the lender to make sure you receive the Closing Disclosure at least three business days before closing. Title work, the option period, the appraisal and the loan all have to fit inside the date you and the seller choose.
Read the full answerNo. An attorney is not required to buy or sell a home in Texas. Texas real estate agents use contract forms promulgated by the Texas Real Estate Commission, and the title company acts as escrow agent and issues title insurance. But agents cannot give legal advice: Paragraph 23 of the TREC contract says so and tells you to read it carefully and consult an attorney before signing. If your situation needs a lawyer, such as an estate, a divorce or a title problem, your REALTOR will tell you to get one.
Read the full answerA Texas title company is a neutral party. It does not work for the buyer, the seller or either agent; it searches title, issues the title insurance, holds the earnest money, closes the sale and delivers what the contract says. Who picks it is negotiable when the offer is written. In Texas, typically whoever pays for the title policy chooses the title company, and the seller customarily pays. There are exceptions, and we handle those one at a time if they arise in your transaction. I recommend my clients pay it so they choose, because what matters is the escrow officer, not the name on the door. The premium is set by the state, so every company charges the same.
Read the full answerThe rule change did not create a new cost; it changed when the conversation happens. Texas law now requires a written agreement with a buyer's agent before touring a home, stating the compensation and disclosing that it is negotiable, and offers of compensation can no longer appear in the MLS. So buyer-agent pay is negotiated openly, often with the seller at the time the offer is made. The buyer has always been responsible for their own agent, and the money has usually been collected from the seller side at closing where possible. Because the listing agent works for the seller, a buyer who wants their own representation hires an agent by signing a written buyer's representation agreement.
Read the full answerA MUD, or municipal utility district, is a special taxing district that provides water, sewer, drainage or flood-control facilities and pays for them with bonds repaid from taxes on the property in the district. Its tax rate is added to your county, school and other rates. In Texas, a seller of property in such a district must give the buyer a written notice before the contract is signed. Each $0.10 of district rate per $100 adds $100 a year for every $100,000 of taxable value.
Read the full answerIt is the right time when you are able, ready and willing, and the exception is a stay of only one or two years. No market number decides it for you. What the data can show is the current picture. In our closed-sale data for the 90 days through September 25, 2026, the median sold price in Harris County was $319,990, with a median of 27 days on the market. Look at price trend, time on market, your budget and your timeline together.
Read the full answerThe residence homestead exemption removes part of your home's value from taxation. Under Texas Tax Code Sec. 11.13 as published, school districts must exempt $140,000 of the appraised value of an adult's residence homestead, with an additional $60,000 for owners 65 or older and certain others. Other taxing units may add their own. At Cypress-Fairbanks ISD's 2025 rate of $1.0669 per $100, the $140,000 school exemption alone is worth about $1,494 a year. You must apply with the county appraisal district.
Read the full answerIt depends on your risk tolerance and your financing, and there are three common paths. Sell first and rent back or lease temporarily; buy first and make the purchase contingent on selling, using TREC's Addendum for Sale of Other Property by Buyer (Form 10-6); or use equity in your current home, which Texas limits to 80 percent of its fair market value and which cannot close until at least the 12th day after your application or the lender's notice. Get lender and attorney input on any equity loan before you rely on it.
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