Raquel Penas Fernandez

Pros of Buying NowStrong Credit Score Your exceptional credit score likely 800 per FICO standards positions you for favorable mortgage rates potentially in the 55aEUR65 range for a 30 year fixed mortgage based on June 2025 national averages Securing a loan while employed is easier as lenders prioritize debt to income DTI ratios and stable income Your current job strengthens your applicationTime for Improvements Buying now gives you two years to make improvements eg updates to kitchens bathrooms or energy efficient upgrades while still earning income This can increase the homeaEURTMs value or comfort for your retirement especially in Cedar Hill where homes often sell for 300000aEUR400000 median 350000 based on recent Texas market dataEquity Building Two years of mortgage payments will build equity reducing your loan balance before retirement This could lower your fixed costs when you transition to a fixed incomeConsCarrying Costs Owning a home in Texas while living in Pennsylvania means managing two residences eg mortgage utilities property taxes Texas property taxes are high 18 annually or 6300year for a 350000 home which could strain your budget if youaEURTMre not renting out the Texas propertyMaintenance from Afar Making improvements remotely can be challenging YouaEURTMd need to hire local contractors in Cedar Hill or Duncanville which requires coordination and trust Hiring a property manager costing 8aEUR10 of rental income if you rent could add expenses2 Current Market Conditions in Cedar Hill and DuncanvilleHigh Inventory YouaEURTMre correct that inventory is high in June 2025 The Dallas Fort Worth metro area including Cedar Hill and Duncanville has seen a 20aEUR30 increase in active listings year over year based on Texas MLS data with homes staying on the market longer 45aEUR60 days This gives you leverage to negotiate a good deal potentially 5aEUR10 below asking price on homes priced at 300000aEUR450000Price Trends Median home prices in Cedar Hill are 350000 and Duncanville is slightly lower at 320000 Prices have stabilized after 2022aEUR2023 spikes but appreciation is modest 3aEUR5 annually Buying now could lock in a price before potential rate cuts in 2026 spur demand and raise pricesSeller Concessions With high inventory sellers in Cedar Hill and Duncanville are offering concessions eg covering closing costs or minor repairs which could save you 5000aEUR10000 upfrontRisk If the market softens further eg due to economic slowdown home values could dip slightly by 2027 though long term appreciation in Texas is likely due to population growth3 Timing Relative to RetirementPros of Buying NowMarket Advantage High inventory and stable prices favor buyers Waiting two years could mean facing lower inventory or higher prices if interest rates drop increasing competition in Cedar HillaEURTMs family friendly neighborhoods eg High Pointe or DuncanvilleaEURTMs established communities eg Green HillsTransition Planning Owning the home now allows you to gradually relocate furnishing and improving it over two years reducing stress when you retire You could visit periodically to oversee upgradesRental Option If you donaEURTMt move immediately you could rent the home to cover the mortgage Cedar HillaEURTMs rental market is strong with median rents of 2000month for a 3 bedroom home This could offset costs though DRE regulations require a separate trust account for rental income as discussed in your prior queriesConsInterest Rate Risk If rates drop significantly by 2027 eg to 45aEUR5 you might miss out on lower payments However you could refinance leveraging your strong creditRetirement Income Uncertainty Your retirement budget isnaEURTMt clear If your income drops significantly high Texas property taxes and maintenance costs could be burdensome Ensure your retirement savings eg 401k pension can cover these expenses4 Cedar Hill vs Duncanville SpecificsCedar HillPros Offers a mix of suburban and semi rural vibes with access to Joe Pool Lake and Cedar Hill State Park ideal for retirees seeking outdoor activities Homes are newer built 1990saEUR2000s and neighborhoods like Lake Ridge have larger lots High inventory 200aEUR300 active listings means more choices and negotiation powerCons Slightly higher prices than Duncanville 350000 median and longer commutes to downtown Dallas 30 minutes Property taxes are 18aEUR2 annuallyDuncanvillePros More affordable 320000 median with established neighborhoods like Greenway Estates Closer to Dallas 20 minutes making it easier to visit family or access amenities High inventory 150aEUR200 listings supports buyer leverageCons Older homes built 1970saEUR1980s may require more upgrades increasing your pre retirement improvement costs

As a realtor my role is to actively search for homes that align with my clients needsYouaEURTMre absolutely not out of line expecting a realtor to take the lead in finding a home Actively sourcing listings is a core part of my job as a realtor and you shouldnaEURTMt be tasked with extensive searches on Zillow or driving to unfamiliar areas alone Your realtor should set up MLS alerts for instant notifications of homes matching your criteriaFor a smoother experience I recommend interviewing other realtors who can offer dedicated proactive support tailored to your unique situation A committed buyeraEURTMs agent should diligently find homes streamline showings and guide you through the contingent sale process with enthusiasm I hope this helps

The law changed August 13th 2024 and the Buyer Broker representation Agreement is now mandatory to be signed between buyer and buyers agent before the first showing takes place There is no money required at the time of signing Please take a look at the article I wrote explaining the new processhttpscoronadotimescomnews20240811real estate understanding the new real estate commission rules

First off yes the selleraEURTMs agent can request that you get pre approved with their chosen lender but itaEURTMs not a legal requirement and youaEURTMre not obligated to comply ItaEURTMs a tactic some agents use to verify your financial strength especially in a competitive market or if theyaEURTMre skeptical about your current pre approval Since youaEURTMve already got a pre approval from February and shared financial statements their push for another lenderaEURTMs approvalaEURcomplete with bank statements W 2s and paystubsaEURsounds like overkill Plus asking for this before accepting your offer is unusual and can feel like theyaEURTMre testing your commitment or fishing for reasons to favor another buyerThe good news You were told itaEURTMs a soft credit check which wonaEURTMt ding your credit score unlike a hard inquiry which can drop it a few points Soft checks are just a quick peek at your credit often used to confirm your pre approval without impacting your score But hereaEURTMs the catch if the new lender is asking for detailed documents like W 2s and paystubs it sounds like theyaEURTMre gearing up for a full pre approval process which could involve a hard inquiry if you proceed to a formal application ThataEURTMs something to clarify ASAP to protect your creditHereaEURTMs why this might be happeningThe selleraEURTMs agent may not trust your current lender or wants a lender they know and possibly work with regularly to confirm you can close the deal This is more common in hot markets like San Diego tying to your earlier interest in California where sellers want certaintyTheyaEURTMre using the demand to gauge how serious or flexible you are especially since your offer is contingent on selling your current home from your prior questionThey might be trying to push you toward their lender for a kickback or smoother transaction which isnaEURTMt necessarily in your best interestIs this allowed Technically yesaEURthey can make it a condition of their counteroffer But you donaEURTMt have to agree You can push back or walk away if it feels too invasive especially before theyaEURTMve accepted your offer ItaEURTMs not standard to demand a second pre approval this early and itaEURTMs a red flag if theyaEURTMre piling on requests without committing to your offerWhat can you doConfirm the Credit Check Double check with the selleraEURTMs lender that itaEURTMs only a soft inquiry Ask for it in writing to avoid surprises If they insist on a hard pull politely decline to protect your creditPush Back Politely Have your agent explain that youaEURTMve provided financial statements and a valid pre approval so a second full application feels unnecessary Ive had this request before and I always get the buyers lender in touch with the listing agents preferred lender to exchange the documents needed The listing agents lender wants to make sure that you are qualified for the loan Ive never had my buyers involved in the cross qualification process Its typically done thru the lenders since the agents arent supposed to obtain financial documentation

Hello There are several things you can do to remain private while still market the property Obviously the buyers want to see what the property looks like inside and interior photos will allow more interest I usually suggest to my sellers to remove all family photos from the walls and tables Although you only need one exterior photo for the MLS It is highly advisable to publish listing photos of the interior which it looks like you already have them You can minimize the amount of people that walks thru by requiring a pre approval for the buyers and you can also ask the buyers not to take video while inside the home I hope this helps

Steps to Stop Foreclosure in CaliforniaCall your mortgage lender as soon as you miss a payment or receive a Notice of Default NODWhy CaliforniaaEURTMs Homeowner Bill of Rights requires lenders to explore alternatives before foreclosing They may offer a repayment plan forbearance or loan modificationFind the loss mitigation department on your mortgage statement Have financial details income expenses ready to negotiateExplore Loss Mitigation OptionsRepayment Plan Add missed payments to future ones eg 300month extra for a yearForbearance Pause or reduce payments for 3aEUR6 months ideal if youaEURTMre waiting on your home saleLoan Modification Adjust terms eg lower rate or extend loan to make payments affordable California law mandates lenders consider thisSell the home for less than the mortgage balance with lender approval A real estate agent can list it as a short saleDeed in Lieu of Foreclosure Hand the home back to the lender to clear the debt avoiding foreclosureaEURTMs credit hitFile for Bankruptcy Last ResortFile for Chapter 13 bankruptcy to trigger an aEURoeautomatic stayaEUR pausing foreclosure while you create a 3aEUR5 year repayment plan

I totally agree with the prior answer It looks like you have to address your concerns with the broker of record for the office that your agent works for there is a possibility to cancel based on mutual agreement and no broker is going to want to force you to work with them I am sure they will try to offer you to work with another agent This would be your best option

The appraisal is yours and is only shared with your agent if you provide permission You dont have to disclose to the seller what it appraised for

It all depends on the type of financing you are searching for I have a background in lending and although I cant advise on the financing side of the transaction I am able to determine if you need a conventional loan an FHA loan or VA If you are looking for a single family home its not as important but the type of loan if needed if you are looking at condos or townhomes Some complexes are not FHAVA approved You want to make sure you are viewing properties that fit your needs The short answer is if you are looking at single family properties I usually wont require the pre approval right away if you are just curious about the market However if you are seriously looking and want to view homes to hopefully write an offer then I will ask that you have the pre approval letter and a breakdown of the monthly payment The market was moving really fast in the first quarter and you want to be able to write an offer right away once you find the right house

Hello I hope you found a house by now but if you havent I would also suggest you not bringing your dog to showings It sounds like you may have to screen your homes before going out I usually only show 5 houses everytime I go out with a client with an average of 6 to 7 outings before we find the right house Some buyers take longer A lot of sellers have kids that are allergic to dogs and we should respect their space I hope this helps

Hello California is very expensive compare to other states There are some programs that help first time home buyers with down payment andor closing costs I suggest you to talk to a lender that has some of those loans and see what you can qualify for There are programs out there Dont be discouraged It is possible Make sure you have good credit

Hello Becky There is a new law that passed on August 13 2024 Feel free to read my article for more info httpscoronadotimescomnews20240811real estate understanding the new real estate commission rules

Friends and business is a delicate situation I truly would interview 3 realtors your friend included and see how competent they all are A professional realtor will have your best interest at their first priority and if that happens to be your friend even better because they will go the extra mile for you

Buyers agent commission are negotiable and you are free to interview several agents to see who you think is professional and within the range you can agree on I work hard for my clients and my expertise and experience will save my client money There are some new rules as of August 13th of 2024 Feel free to review my article I wrote for the Coronado Times I hope it helpshttpscoronadotimescomnews20240811real estate understanding the new real estate commission rules