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San Antonio Law Blog

Important considerations before leasing a commercial property

Perhaps you're starting a new business and need an office location for your employees. Perhaps you have an existing business and need to expand into a bigger store location.

Regardless of your circumstances, if leasing a commercial property is necessary for you to run your business, you'll want to consider the following before deciding on a location to lease:

3 strategies to prevent foreclosure

The loss of your family home is one of the worst things that can happen. Not only will you lose your place of shelter, but you may also lose a considerable amount of wealth that you've accumulated as equity in the value of your home. Therefore, if you're facing the threat of foreclosure by your bank due to not be able to pay your home mortgage, you'll want to act as swiftly as possible.

Here are three strategies to help deal with the threat of foreclosure:

The most expensive home ever foreclosed in the United States?

Can you imagine spending over $15 million on a property -- and paying a significant amount on the mortgage of the residence -- only to lose it all as a result of foreclosure? A mansion in Houston, Texas, was named the most expensive foreclosure in the history of the United States. The home, which currently holds a value of $9.75 million was purchased by the previous owner for $15.9 million and has 15,000 square feet of space, nine bathrooms and five bedrooms.

Situated in the River Oaks neighborhood, the massive residence boasts a beautifully maintained property, a five-vehicle garage and even a ballroom.

3 steps to take before closing on a house

Buying a house is an exciting time but it is easy to get overwhelmed during the process. Chances are you are going through mountains of paperwork and financing. It can get complicated and confusing. There are many important actions you need to take when buying a house and you might not be able to keep track of everything you need to do, but do not despair. Keep calm and stay organized and you will be moved into your dream home in no time.

Here are three particularly important elements to keep in mind before closing to make the process as smooth as possible.

How do I prevent a foreclosure eviction before the sale?

The thought of being kicked out of your residence is the unsettling reality you must face if the bank is foreclosing on your home. However, when people whose homes are being foreclosed take swift actions in response to the foreclosure, they may have a chance of delaying, stopping or preventing the worst effects of the foreclosure.

For example, here is what foreclosure defendants can do to prevent being evicted from their properties prior to the actual foreclosure sale:

2 consequences that happen after your home is forclosed

When financial circumstances get rough and a Texas homeowner is no longer able to pay his or her mortgage payments, the lender of the mortgage usually chooses to begin the foreclosure process on the property. This process will result in the consequence of the homeowner losing his or her home, as the bank will repossess it. There are other foreclosure consequences as well that a homeowner may want to keep in mind, such as:

Having the foreclosure on your credit score: Aside from losing your home, one of the worst consequences of foreclosure relates to the way that the foreclosure could negatively impact the homeowner's credit score. This negative impact will involve a note that appears on your credit history and future lenders will be able to see this "red flag" as well as your lowered credit rating. In a lot of cases, a lender may choose to not issue a loan to you on the basis of having a past foreclosure. Fortunately, this "red flag" will disappear after a seven-year period.

Termite prevention tips for Texas homes

A serious termite infestation will ruin the value of your home and require costly treatment and repairs if you ever want to sell the residence. For this reason, every homeowner in Texas should take preventative measures to reduce the threat of a termite infestation.

Here are the most important termite prevention tips in this regard:

  • Seal up any holes or cracks you find along the outside of your residence. Check the openings for pipes and utilities and make sure there are no access points for termites.
  • Make sure your crawl spaces, attic areas and basement regions of your residence are dry and ventilated.
  • Fix all leaking pipes, faucets and AC units found in the outer parts of your home.
  • Never let rotting roof shingles remain unrepaired. Also, fix soffits and fascia that need attention.
  • Keep the weather-stripping around your windows in good condition.
  • Don't store your firewood close to the home. Keep it at least 20 feet from your residence and elevated five inches from the ground.
  • Inspect foundations around your home for mud tubes created by termites to enter your residence. Also look for wood and bubbling paint emits a hollow sound when you thump it.
  • Use splash blocks and calibrated gutters to direct water runoff well away from your home.
  • Never let mulch touch the foundation of your home by providing at least a 15-inch buffer.
  • Keep a close watch on all exterior parts of your home made out of wood, skirting and doorframes.

West Texas and the Hill Country are booming on Airbnb

Airbnb customers are finding temporary lodging in West Texas and the Hill Country and helping to drive up the popularity of real estate in these areas. According to Airbnb, five rural counties in Texas have brought in over $1 million in earnings from August 2017 to July 2018. Equally impressive was the growth rate in the 177 rural county Airbnb's in Texas, which saw an increase of 93 percent. That's double the growth rate in urban counties.

Gillespie County has the highest income generation. The 230 Airbnb's in the county hosted 50,000 visitors during a yearlong period. Gillespie, which is just an hour and a half away from Austin and San Antonio, offers various attractions like the Enchanted Rock State Natural Area, so it's understandable that visitors would be flocking to the county.

Considerations to make when buying commercial property

The decision to enter the real estate market is never easy. There are so many things that can go wrong, especially when you are trying to purchase a piece of commercial property. There are various reasons to purchase a commercial property, including finding space for your business or to rent it to others for some income. Let's look at the considerations you need to make when buying commercial property in Texas.

If you are buying the property for your business, you need to take a long look at the stability of your business. You not only need to examine the financial ability to purchase the property but also if your company will still fit in the building in the near future. You don't want to spend a lot of money now and then outgrow the building in five years.

Local commercial property firm invests in San Antonio apartments

The local real estate investment company, Internacional Realty, recently purchased a massive, 208-unit-sized apartment complex in Universal City. The firm bought the property from Lowe Enterprise Inc., a real estate development firm based out of Los Angeles. The apartment complex in question is named Sunrise Apartment Homes.

As of yet, the price of the complex has not been revealed. The 8.2-acre property, however, was recently appraised with a value of $19.4 million. Also, we know that Freddie Mac contributed a $15.2 million loan to make the purchase possible.