UTSA Intern Found His Niche

Real Estate Finance and Development Degree at UTSA: My Thoughts

Tim Ellis

After I graduated from high school, I took a year sabbatical and shadowed professionals in different industries to figure out what I wanted to study in college. During that time, I met with a couple of my parent’s friends who have had decades of experience in the local real estate industry. I was fascinated with what they had to say about their day to days and how they ended up in their field. Shortly thereafter, I knew that I wanted to go into real estate and work in my hometown, San Antonio.

Although there are many reasons why I chose to attend The University of Texas at San Antonio (UTSA), the main factor was that they had a burgeoning Real Estate Finance and Development (REFD) program within the College of Business.

The classes they offered, I feel, have emboldened my desire to become a real estate professional in San Antonio. The introductory class, Principles of Real Estate taught by Professor Thomas Thomson, as well as the class Real Estate Law, taught by Professor Ray Teske, had me hooked. Learning the principles and concepts as well as going over case studies was extremely interesting and gratifying. Both of these professors have been helpful in cultivating a friendly learning environment because they are truly passionate about educating. The REFD program is comprised of highly qualified instructors backed by many notable professionals who help guide and shape the program.

I’m very excited to be graduating in December 2016 with a degree in Real Estate Finance and Development from UTSA. But what I am most looking forward to in December is that I will be finishing my classes to become a licensed sales agent and start off my career with the wonderful team at River Valley Real Estate!

River Valley Real Estate

19202 Huebner Rd. Ste 100

San Antonio, TX 78258

(210) 853-5327

www.rivervalleyre.com

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Sellers – Protect your interests and your money!

 I am starting to notice an alarming new trend happening during real estate transactions.  Sales not closing as per the signed and agreed to contractual closing date.  This is a violation of the terms of the sale, and grounds for termination of the contract by the seller. 

 Whether the delay is caused by the buyer, the lender, the association management company, the surveyor or the appraiser, is not the issue.  The issue is that the delay is costing you, the seller, money.  Real estate taxes, homeowner association fees and interest accrue every day the property is in your name, and these unexpected increasing expenses were not incorporated into the agreed upon sales price and contractual terms.

 Do you have recourse? Of course, you can terminate the contract and start over, or you can try to negotiate that the buyer be responsible for the increasing costs when they present you with an Amendment to extend the closing date.  Both options are unfavorable with the second adding risk to the negotiation and finalization of the deal.

 So, what do I suggest?  I’m working with an attorney to provide the appropriate legal verbiage to add to the Special Provisions section of the contract stating from the onset of the contract that the buyer will be responsible for any added expenses to the seller for any and all delays extending the closing beyond the original closing date as specified in the contract not caused by the seller.

 For you potential sellers out there, I just wanted to alert you to a potential issue, and provide you with ideas to advert loss of your hard earned money.

Written by, 

Bill Barkley, Owner & Broker for River Valley Real Estate

River Valley Real Estate

19202 Huebner Rd, Suite 100

San Antonio, TX. 78258

210-853-5327

www.rivervalleyre.com