Raquel Penas Fernandez

Pros of Buying Now: Strong Credit Score: Your exceptional credit score (likely 800+ per FICO standards) positions you for favorable mortgage rates, potentially in the 5.5"6.5% 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 application. Time for Improvements: Buying now gives you two years to make improvements (e.g., updates to kitchens, bathrooms, or energy-efficient upgrades) while still earning income. This can increase the home's value or comfort for your retirement, especially in Cedar Hill, where homes often sell for $300,000"$400,000 (median ~$350,000 based on recent Texas market data). Equity 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 income. Cons: Carrying Costs: Owning a home in Texas while living in Pennsylvania means managing two residences (e.g., mortgage, utilities, property taxes). Texas property taxes are high (~1.8% annually, or ~$6,300/year for a $350,000 home), which could strain your budget if you're not renting out the Texas property. Maintenance from Afar: Making improvements remotely can be challenging. You'd need to hire local contractors in Cedar Hill or Duncanville, which requires coordination and trust. Hiring a property manager (costing ~8"10% of rental income if you rent) could add expenses. 2. Current Market Conditions in Cedar Hill and Duncanville High Inventory: You're correct that inventory is high in June 2025. The Dallas-Fort Worth metro area, including Cedar Hill and Duncanville, has seen a 20"30% increase in active listings year-over-year (based on Texas MLS data), with homes staying on the market longer (~45"60 days). This gives you leverage to negotiate a good deal, potentially 5"10% below asking price on homes priced at $300,000"$450,000. Price Trends: Median home prices in Cedar Hill are ~$350,000, and Duncanville is slightly lower at ~$320,000. Prices have stabilized after 2022"2023 spikes, but appreciation is modest (~3"5% annually). Buying now could lock in a price before potential rate cuts in 2026 spur demand and raise prices. Seller Concessions: With high inventory, sellers in Cedar Hill and Duncanville are offering concessions (e.g., covering closing costs or minor repairs), which could save you $5,000"$10,000 upfront. Risk: If the market softens further (e.g., due to economic slowdown), home values could dip slightly by 2027, though long-term appreciation in Texas is likely due to population growth. 3. Timing Relative to Retirement Pros of Buying Now: Market 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 Hill's family-friendly neighborhoods (e.g., High Pointe) or Duncanville's established communities (e.g., Green Hills). Transition 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 upgrades. Rental Option: If you don't move immediately, you could rent the home to cover the mortgage. Cedar Hill's rental market is strong, with median rents of ~$2,000/month 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 queries). Cons: Interest Rate Risk: If rates drop significantly by 2027 (e.g., to 4.5"5%), you might miss out on lower payments. However, you could refinance, leveraging your strong credit. Retirement Income Uncertainty: Your retirement budget isn't clear. If your income drops significantly, high Texas property taxes and maintenance costs could be burdensome. Ensure your retirement savings (e.g., 401(k), pension) can cover these expenses. 4. Cedar Hill vs. Duncanville Specifics Cedar Hill: Pros: 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 1990s"2000s), and neighborhoods like Lake Ridge have larger lots. High inventory (~200"300 active listings) means more choices and negotiation power. Cons: Slightly higher prices than Duncanville (~$350,000 median) and longer commutes to downtown Dallas (~30 minutes). Property taxes are ~1.8"2% annually. Duncanville: Pros: More affordable (~$320,000 median) with established neighborhoods like Greenway Estates. Closer to Dallas (~20 minutes), making it easier to visit family or access amenities. High inventory (~150"200 listings) supports buyer leverage. Cons: Older homes (built 1970s"1980s) 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 needs. You're 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 shouldn't 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 criteria. For a smoother experience, I recommend interviewing other realtors who can offer dedicated, proactive support tailored to your unique situation. A committed buyer's 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 buyer's 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 process. https://coronadotimes.com/news/2024/08/11/real-estate-understanding-the-new-real-estate-commission-rules/

First off, yes, the seller's agent can request that you get pre-approved with their chosen lender, but it's not a legal requirement, and you're not obligated to comply. It's a tactic some agents use to verify your financial strength, especially in a competitive market or if they're skeptical about your current pre-approval. Since you've already got a pre-approval from February and shared financial statements, their push for another lender's approvalaEUR"complete with bank statements, W-2s, and paystubsaEUR"sounds like overkill. Plus, asking for this before accepting your offer is unusual and can feel like they're testing your commitment or fishing for reasons to favor another buyer. The good news? You were told it's a soft credit check, which won't 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 here's the catch: if the new lender is asking for detailed documents like W-2s and paystubs, it sounds like they're gearing up for a full pre-approval process, which could involve a hard inquiry if you proceed to a formal application. That's something to clarify ASAP to protect your credit. Here's why this might be happening: The seller's 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 certainty. They're 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 question). They might be trying to push you toward their lender for a kickback or smoother transaction, which isn't necessarily in your best interest. Is this allowed? Technically, yesaEUR"they can make it a condition of their counteroffer. But you don't have to agree! You can push back or walk away if it feels too invasive, especially before they've accepted your offer. It's not standard to demand a second pre-approval this early, and it's a red flag if they're piling on requests without committing to your offer. What can you do? Confirm the Credit Check: Double-check with the seller's lender that it's only a soft inquiry. Ask for it in writing to avoid surprises. If they insist on a hard pull, politely decline to protect your credit. Push Back Politely: Have your agent explain that you've provided financial statements and a valid pre-approval, so a second full application feels unnecessary. I've 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 agent's lender wants to make sure that you are qualified for the loan. I've never had my buyer's involved in the cross-qualification process. It's typically done thru the lenders since the agents aren't 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 California Call your mortgage lender as soon as you miss a payment or receive a Notice of Default (NOD). Why: California's Homeowner Bill of Rights requires lenders to explore alternatives before foreclosing. They may offer a repayment plan, forbearance, or loan modification. Find the loss mitigation department on your mortgage statement. Have financial details (income, expenses) ready to negotiate. Explore Loss Mitigation Options Repayment Plan: Add missed payments to future ones (e.g., $300/month extra for a year). Forbearance: Pause or reduce payments for 3"6 months, ideal if you're waiting on your home sale. Loan Modification: Adjust terms (e.g., lower rate or extend loan) to make payments affordable. California law mandates lenders consider this. Sell the home for less than the mortgage balance with lender approval. A real estate agent can list it as a short sale. Deed in Lieu of Foreclosure: Hand the home back to the lender to clear the debt, avoiding foreclosure's credit hit. File for Bankruptcy (Last Resort) File for Chapter 13 bankruptcy to trigger an " automatic stay,aEUR? pausing foreclosure while you create a 3"5-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 don't 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 can't 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 it's not as important but the type of loan if needed if you are looking at condos or townhomes. Some complexes are not FHA/VA 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 won't 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 haven't 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 seller's 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 and/or 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. Don't 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. https://coronadotimes.com/news/2024/08/11/real-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.

Buyer's 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 helps. https://coronadotimes.com/news/2024/08/11/real-estate-understanding-the-new-real-estate-commission-rules/