Lee Spurgeon, Realtor

Lee Spurgeon, Realtor I will take the time to explain the basic process and the various ins and outs of each person's unique situation.

As a college professor for over 10 years--4 of them at A&M--I value educating my clients on the basic steps of the home buying process, so they can make informed decisions with confidence. I am also committed to educating myself in new legal, economic, zoning, financial and business development trends, so I am always ahead of the competition. As the saying goes, ignorance costs and education pays!

Looking for a 3/2 home in College Station for under $200K? Look no further! Join me this Saturday, Oct. 14th from 1-4 a...
10/13/2017

Looking for a 3/2 home in College Station for under $200K? Look no further! Join me this Saturday, Oct. 14th from 1-4 at 15212 Meredith in Meadow Creek. See you there!

When selling your home, which room should you remodel to get the most bang for your buck?Did you say kitchen? Well, you ...
09/20/2017

When selling your home, which room should you remodel to get the most bang for your buck?
Did you say kitchen? Well, you may be surprised.
According to 2015 statistics, the answer is the bathroom.
For a mid-range bathroom remodel (about $3000), every dollar you spend will return $1.71. For an upscale bathroom remodel ($12,000), one dollar will return only $.87.
A mid-range kitchen remodel ($5400) will only net you $.52 for every dollar and an upscale remodel ($22,000) will bring in $.51.
After bathrooms, the next best things to fix are windows, with a mid-range replacement ($5000) returning $1.15 on the dollar and an upscale replacement ($8000) breaking even at $1.01.
Of course, these are national averages and results change according to the market area and price point.

Who needs to improve their credit? Who doesn’t?Credit issues can happen to any of us, especially those facing an illness...
09/17/2017

Who needs to improve their credit? Who doesn’t?
Credit issues can happen to any of us, especially those facing an illness, a divorce, or unexpected expenses. A number of financial gurus advocate avoiding credit cards altogether, and that may be a way to go for some people. But since very few of us can save enough money upfront to buy a home or even a car, good credit is a necessity of modern life. Here are some tips to help you fix your credit. First, you actually have to use your credit, responsibly. That means buying things on credit and paying that bill in full and on time every month. More recent transactions impact your score more than older ones, so if you need to pay a card off, start with your most recent account. If you are having trouble getting approved for a card, you may be able to open a secured credit card at a local bank, backed by your savings account, since there is virtually no risk to the lender. Finally, you may want to use a credit repair service, but you don’t want to begin until your outstanding debts are settled.

How many investors out there want to pay taxes on their profits? Nobody, right? Well, eventually the tax man will get hi...
09/03/2017

How many investors out there want to pay taxes on their profits?
Nobody, right? Well, eventually the tax man will get his due, but it is possible use the profits of one investment property to buy another with a 1031 exchange. The capital gains can be deferred until such time as you cash out. There are some strict rules you should be aware of with a 1031. The money has to be held in a special account by a third party, the new property has to be identified within 45 days of the sale of the original property, and the new property must be purchased within 180 days of the first sale. You should seek expert advice from an accountant or tax attorney to ensure you meet all of the requirements and time line.

What is the most devastating real estate mistake that divorcing couples make? Here's the scenario: One party to a divorc...
09/03/2017

What is the most devastating real estate mistake that divorcing couples make?
Here's the scenario: One party to a divorce gives up their share of the home, either voluntarily or because of a court order, and they surrender ownership rights to their partner. They are now free of financial responsibility for that home, right? WRONG.
They have signed over the title to their partner, but their name is still on the mortgage, so they are still on the hook. The mortgage or note is a private financial obligation that the court has no power over. If your former partner goes into foreclosure, guess what? You go into foreclosure too. No fun at all! The only way to get free from the loan is by refinancing it or selling the house.

BCS Housing Report for the Summer. Enjoy!
08/24/2017

BCS Housing Report for the Summer. Enjoy!

Who is tired of telemarketers?Everyone, right? I got a new phone number about 6 months ago and started getting calls fro...
08/18/2017

Who is tired of telemarketers?
Everyone, right? I got a new phone number about 6 months ago and started getting calls from companies and services that the former owner signed up for. When I told them I wasn't that person, they immediately hung up. But that didn't stop them from calling again and again.
I finally took steps to end the harassment by going to the "Do Not Call Registry" online. It was so easy! And its FREE! I entered my phone number and email and then they sent me a link via email that I clicked on. That was it. It took about 3 minutes. Now all I have to do is wait 31 days for the information to enter the system. Bliss!

Should you rent or should you buy?Costs that go along with buying a home include transfer fees, recording fees, appraisa...
08/13/2017

Should you rent or should you buy?
Costs that go along with buying a home include transfer fees, recording fees, appraisal fee, loan origination fees, and home inspection fees, to name a few. You may also pay for the survey and title insurance. Assuming your monthly payment (mortgage, interest, taxes, and insurance) is less than you'd pay in rent, how long does it take to pay off closing costs? The national average is 2.3 years and Texas real estate follows that trend. So if you plan to live in a home for around 3 years, you will have gotten back the fees you spent to purchase it. Past that point, you should be saving money over those who rent and hopefully your property will also be increasing in value!

Is the FHA loan the least expensive loan on the market?I often encounter clients who think this, but it isn't exactly tr...
08/09/2017

Is the FHA loan the least expensive loan on the market?
I often encounter clients who think this, but it isn't exactly true.
First, FHA stands for Federal Housing Administration, but the government doesn't issue the loan. Instead a lender who deals with FHA loans issues it (not all lenders do) and the government insures it. The goal for the government is to improve home ownership among the middle and working classes.
The reason many people think that FHA loans are cheaper is because they only require a 3.5% down payment, unlike conventional loans that typically require 20%.
Even though the down payment is low, FHA loans themselves aren’t cheap. Since the government is taking a risk, they charge a Mortgage Insurance Premium (MIP) upfront and as a monthly fee added to the loan. The MIP is based on a percentage of the purchase price and results in an extra 1-2% up front and an additional monthly fee of about $100 a month for each $100,000 financed. To qualify for an FHA loan, you need good credit and job stability.

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404H University Drive E
College Station, TX
77845

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