The Worst DFW Real Estate Selling Mistakes You Can Make

There are a hand full of serious DFW home selling mistakes that I see time and time again.
We Want to List it High, They Can Always Offer Less
When many DFW home sellers interview Realtors it is easy for them to get caught up in the excitement of choosing a listing price. The higher their sell their DFW homes for the more money they make the more financial opportunities they will have. With all this maybe the seller can afford to buy a more expensive home, pay for a child’s college education or take that much overdue vacation. Unfortunately, many uninformed sellers often choose the listing agent who suggests the highest list price, which is the absolute worst mistake a seller can make. If they do this they will ultimately pay for it in money, time and frustration.
Establishing a Homes Value
The cold hard truth is that it doesn't matter how much you think your home is worth. For that matter, it doesn’t matter what your Realtor “thinks” it worth (assuming your home is in Plano). The person whose opinion matters is the buyer who makes an offer. Determining the value of a DFW home is part art and part science. It involves comparing similar properties in the Plano MLS, making adjustments for the differences between them, tracking market changes and accounting for the stock of present inventory. This will help to determine a range of value. This is the same method an appraiser evaluates a home. And no two appraisals ever exactly the same. In most cases however, they are generally close to each other. There is no hard and fast price tag to put on your home. It's only an educated guess; the market will dictate the price.
Is There a Price That is to Low?
All homes sell at the price a buyer is willing to pay and a seller is willing to accept. If a home is priced too low, priced under the competition, the seller should receive multiple offers to drive up the price to fair market value. Because of this there is little danger in pricing a home too low. The danger lies in pricing it too high and selecting your Realtor solely on opinion of value.
How Things Start To Go Wrong
The seller of a DFW Home didn't even interview her Realtors. She picked the first one off the Internet because, "She looked smart." She priced her home at $275,000. This Realtor never heard the local Realtors laughing behind his back because he worked in a different area of the city. After 90 days, the listing expired.
Continues To Go Wrong
The next Realtor, also from another part of the city, listed the home at $265,000. A few more months passed. Eventually the price dropped to just under $250,000. Still no sale. Remember this Realtor was chosen by the seller on a whim.
More Than a Year Later
By the time the last Realtor was hired to list the home, the seller had grown frustrated and exhausted. Together, the seller and her agent priced the home at $225,000. It immediately sold. The sad part is the comparable sales in the neighborhood fully justified a price of $250,000, but the home had been on the market for too long at the wrong price, and now her listing was stale.
Agents Specialize in Expired Listings
I know a Realtors whose real estate business is totally based on contacting sellers of expired listings and relisting them at the correct. Don’t end up in a position where these specialist are contacting you. Worse yet, take action quickly so that you do not become one of those many Dallas foreclosures.
How much money does an expired listings cost a seller? The financial loss often exceeds the extra mortgage payments paid and goes beyond the uncompensated hassle factor of trying to keep a home spotless during showings. It affects the value that a buyer ultimately chooses to pay because it's a stale, dated, a market-worn home that was overpriced for too long. Don't let this happen to you. Higher the right Realtor and list at the right price from the beginning and your house will sell.

Dallas Real Estate – Low Ball Offers

Dallas real estate buyers who are in a position to invest in a home in this buyers market are in the advantageous position of being more likely to get there low ball offer accepted. But whether the market is a buyer’s market, a seller market or some in between, lowball offers can result in big savings to a buyer if they are presented and negotiated properly. Let's take look at what NOT do when making a lowball offer:
Common Mistakes Made by Lowball Buyers
• Unqualified to Pay More. Don't tell the seller your price is fair because that's how much the lender has qualified you to buy. Sellers don't care what you can or cannot afford to buy. If you can't afford to buy the house, that's not the seller's problem; it's yours.
• I’m Paying Cash so my Offer is Better. It's all cash to the seller in the end. Most buyers don't seem to realize that. If a property will appraise at selling price and the buyer's credit is acceptable, a conventional loan transaction will close just the same as a cash deal. Consider it a wash. One of the main advantage to offering cash for a home though, is that it removes the financing contingency, the right for a buyer to walk away if a loan isn't approved. But most loan contingencies follow the same number of days as other contingencies. It's not really a big selling point.
• Walking Away. Some buyers get all bent out of shape and walk away from their Dallas real estate transaction when the seller counters their offer at more than the buyer was prepared to pay. Maybe the counter was the list price. Maybe less. It really doesn't matter that much. The point is the doors of negotiations have opened up.
Strategies for Getting the Lowball Offer Submitted
• Find out the Seller's Motivation. If you don't know why the property is being sold, you will need to find out what the seller’s needs are or won’t close the deal.
• Write a Straight Forward Offer. Dot T's and cross I's. Shorten inspection and option periods, waive reduce or some contingencies and submit proof of funds of a pre-approval letter from a lender. Don't give the listing agent a reason to question your ability to close. Appear decisive, qualified and ready to close.
• Always Counter the Counter Offer. It goes without saying that the first counter is only an invitation for the buyer to offer a second counter offer.
• Take Attention Away From Price. There are many other considerations than the sales price. It's a good move to change tactics and ask for other concessions such as seller paid closing cost, repair credits, longer escrow periods, etc.
• Give a Logical Reason Why Your Lowball Offer is Fair. Don't insult the Realtor by handing over a list of comparable sales from the DFW MLS. Show them that you have done your due diligence. Make notes on each sale that compares it to the property that you are making an offer on. Maybe the higher priced homes had remodeled kitchens or bathrooms. If the home you want to buy is not updated, then knock off a reasonable figure reflecting the remodeling work from the seller's list price.
When Your Lowball Offer is Rejected
Don't pack up and go home with your tail between your legs. Just be patient and wait. Sellers have their reasons for rejecting offers. Maybe you made an offer on a new listing, when the seller thinks that a really great offer is just around the corner. Let them sit out on the market for awhile. After a month or two has gone by, resubmit your same offer. Just cross off the date, but leave enough of it so the seller can see how long it's been since you last made an offer. Then write in the new date and resubmit. Will a low ball tactic work for you? In most cases no but if you have the time and patience you can find a great value in a Dallas home that meets all your needs.

Pending DFW Real Estate Going Back on the Market

When pending DFW real estate sales go back on the market as an active listing, it arouses many people’s suspicions in the area. Everyone wonders what went wrong with the closing? Why did the transaction fall apart? It’s possible it was canceled Because of seller’s remorse, but that's very unlikely. Many DFW home owners keep an eye on the for sale signs in their neighborhoods. It's common to see a pending sign pop up after two or three months on the market if the home is priced properly from the beginning.

Why Pending DFW Home Sales Go Bad
• Buyer's Remorse
Buyers sometimes get cold feet. In many states, standard contracts give buyers 7-10 days to do inspections and their due diligence. During this time, buyers can cancel their contract for any reason, but the most common reason is fear of buying a home. During this period, buyers have a right to get their deposit back for any reason if they decide to cancel. It is the job of the DFW Realtor to manage their buyers fears.
• Home Inspections
To the non-professional home buyer, homes generally look the same: four walls, a floor and a roof. But to a professional home inspector, every crack in the wall and every spot on the ceiling could be the beginning trouble. Damp basements, leaking roofs and malfunctioning HVAC systems are three significant problems that an average buyer can't reasonably inspect without professional assistance. Once a home inspector points out problems in a home, buyers tend to immediately start panicking. All houses have problems, even newly constructed homes. Sometimes buyers demand that sellers replace older appliances or fix pre-existing conditions that make them uncomfortable. Buyers may ask for a credit from the seller as compensation for needed repairs. If the seller refuses to do either of those options, then the pending sale may cancel and the house goes back on the market. If you are buying a DFW foreclosure home it is that much more important that you utilize the service of a professional home inspector.
• Low Appraisals
Most home buyers need to obtain a mortgage to buy a home. To protect the lender's position, the lender will ask a buyer to pay for an appraisal to determine the value of the home. If the appraisal comes in less than the sales price, here are the options:
1. Pay the difference in cash.
2. Order another appraisal from a new appraiser at an additional cost.
3. Supply the underwriter with comparable sales supporting the sales price, hoping to change the appraised value.
4. Ask the seller to reduce the price.
If the parties cannot agree to work out one of these options, the closing will fall apart.
• Mortgage Loan Rejection
Until the public records are searched by a title company or lawyer, buyers might not have knowledge of liens or judgments filed against them. Unless these liens are removed, a lender will not lend, and the buyer's loan can be denied. Buyers who don't know any better sometimes increase their debt ratios by financing large purchases while waiting for their mortgage loan to close. Taking out a loan for a new car or financing the purchase of furniture, taking a vacation can make a buyer ineligible for a mortgage loan. If the loan is rejected because of a buyer's impulse financing, the pending sale will go back to active status.
• Contingent on Buyer's Home Sale
Buyers can lose a home sale if the contract is contingent upon the sale of the buyer's home first and that home has not sold in the time specified. Few buyers can afford to carry two mortgages at the same time. Depending on the contingency agreement clause, sellers might also retain the right to kick out a contingent buyer and cancel the contract if another buyer wants to buy the home without a contingency.

11 Steps Away From Owning a DFW Home (Part 1)

A Step By Step Guide at buying a DFW Home
Progressing through a DFW home buying transaction can be a challenge but there are many home buying steps that once understood will get you to meeting your goal of owning a DFW home. You'll feel more confident about your home buying journey when you understand what is required of you and everyone else who is involved in your home buying transaction. This guide will take you through the steps and show you that you are only 11 steps away from buying the home that is just right for you.

Step 1, Get Your Finances in Order
Your credit report is a mirror as to how you manage your finances. You need to know exactly what is on your credit report and what it says about your financial history. Do this before you apply for a mortgage because your credit report will play an important role in your mortgage approval process and will determine the interest rate and terms that a lender offers you. If you haven't looked at your credit report recently, or at all, you may be surprised at what’s in it and because mistakes are common.

Step 2, Learn About the Mortgage Industry
Finding the right mortgage and mortgage company is paramount to your home buying success. It's up to you to determine which lender is best suited for your needs, and it's always a good idea to have some background information about the loan process before you talk to a lender.

Step 3, Get Pre-Approved for a Mortgage
If you haven’t talked to a lender you probably don’t know how much home you can afford. A mortgage pre-approval helps you in other ways. In this day and age most sellers won’t take your offer to buy their home seriously if you don’t provide them with a mortgage pre-approval letter showing them that you are actually qualified to buy their home.

Step 4, Determine Your Wants and Needs
Before going out to look at homes take a little time to determine your needs, wants and even your dream items. If having the master bedroom on the first level is a need or want, or, if you want to be is a certain school district there is no sense in wasting time looking at homes that don’t meet these criteria. Take some time to learn the DFW real estate market to save you time and frustration.

Step 5, Work with a DFW Realtor
DFW Realtors represent buyers, sellers and sometimes both. It's imperative to understand Realtors duties and loyalties before you make that first phone call. Having a professional Realtor on your side who has experience, knowledge of your local market and access to the MLS is imperative to your goal of buying a home.

Step 6-11 to follow:
It’s always a great time to buy DFW real estate. This is true in most all cases when you know you will be staying in your DFW home for three years or more. It is generally better to buy less home in a nicer area than the other way around. Homes in the nicer areas tend to hole their value and appreciate more. Stay away from areas that have a lot of Dallas foreclosure homes. This will surely have a negative impact on the value of your home. Use a professorial DFW Realtor who has access to the powerful DFW MLS to find you the best values in your chose area.

11 Steps Away From Owning a DFW Home (Part 2)

Step 6, Searching for your Home
Your DFW Realtor will give you a MLS printout of home listings to review. You will probably also find yourself picking up home sales magazines and reading classified ads in your local newspapers. And you know you will be spending a lot of time surfing the Internet for homes. You might even find yourself driving around preview neighborhoods. Those are all excellent ways to see what's available for you to choose from. Here are some great tools to help you narrow your home buying search.

Step 7, Take Care of Pre-Offer Tasks
Deciding whether or not you want to buy a home involves looking at its floor plan and features, but there are many other items that are every bit as important to your home purchase. Here are a few topics you should explore before you make your offer.

Step 8, Make the Offer
There's no one set of instructions or rules that can cover all the differences in real estate laws and customs that exist throughout the country, so they depend greatly on your market place. However, there are some home buying tips that can help you make a clean, straight forward offer.

Step 9, Inspections
In some states, home inspections are completed before the final purchase contract is executed. In other states, inspections don’t take place until after an offer is finalized. No matter when you do them, make sure you do them. This will ensure you are purchasing a sound, safe home.

Step 10, Handling the Last Minute Problems
As your closing date approaches, make sure your Realtor checks with everyone involved in your real estate transaction to check its progress, because staying on top of things means you'll know immediately if there's a challenge that needs to be handled.

Step 11, Closing
With most of your home buying problems behind you you're on your way to the closing table. At closing ownership or the property will transfers from the old owners to you. Congratulations!
The DFW real estate buying steps outlined in this article are general home buying tips. You will encounter issues specific to your Dallas Real Estate transaction. These issues can best be explained by your local real estate agent, your lender, your attorney, and your closing agent. If you are buying a Dallas foreclosure home the steps to closing are substantially the same. Don’t hesitate to ask a lot of questions. Ask as many questions as necessary to help you understand the entire home buying process.

Should You Buy or Rent a Plano Home

Here are some ways to tell if renting or buying may be best for you.

Bad Credit – Good Credit
How does your credit score look? If your FICO score is below 620, you're not going to get the best interest rates for a mortgage, in fact, a low score could put you into the hands of a sub-prime lender with higher rates and fees.
• You can order your free credit report from all three major credit bureaus.
• If you want to buy a home and you have bad credit, you should work on repairing it before applying for a mortgage.
• Four late payments may be enough to disqualify you from obtaining a home mortgage.

High Debt Ratios
Lenders consider two types of ratios: front end and back end ratios. Your front end ratio is your mortgage payment, plus taxes and insurance divided by your monthly salary. Your back end ratios add your monthly debt payments to your PITI payment before dividing that total figure by your salary. A 50% debt ratio is a high ratio. A high debt ratio means you may not qualify for a mortgage.
Relocation - Job Instability
Is your job secure, how secure?
• Is Your Job in Jeopardy?
Is your company laying people off? Could you be let go and, if so, how hard would it be for you to get another job, making the same money, quickly?
• Relocation.
Are you likely to be transferred to another area within the next couple of years? If you had to sell your home due to a job transfer will your home appreciate at least 10% to cover the cost of selling; if not, you would lose money on the sale.

Maintenance
Homes require maintenance and upkeep. Not everybody has the where-with-all, much less the desire, to tackle home repair projects. In addition, many first-time home buyers cannot afford to hire a professional to fix things that break. Experts suggest you set aside 5% of the purchase price to cover maintenance and repairs when you buy a home.

When Renting Costs Considerably Less
Does it make sense to buy Plano real estate or rent? If your mortgage payment would be three times the amount than you would pay for rent, it may not make financial sense for you to buy a home right now. Example, if it would cost you $2,500 a month to rent what would cost you $7,500 per month to own, does it make sense to pay than much more each year more to home? If you are in a 35% tax bracket, you might not be able to recouping the difference you pay towards your home. If your deductible expenses are $4,000 a month; 35% of that is only $1,400, which would be your true tax savings per month. Would you spend $4,000 to save $1,400? Retain the services of a professional DFW Realtor to guide you through the process. It may be a good idea to look at some Dallas foreclosure homes to find a great value in a home.

New Housing Survey and Dallas Real Estate

Fannie Mae has posted results of its second survey this year on people’s attitudes and views towards housing. The wide-ranging survey polled renters and homeowners between June 2010 and July 2010 to evaluate their assurance in homeownership as an investment, views on the U.S. housing finance system, overall confidence in the economy, and the current state of their household finances.

The results are compared to a similar survey conducted by Fannie Mae from December 2009 to January 2010 and posted in April 2010, and a similar survey conducted in 2003.

The survey found that Americans have a mixed outlook for housing; they believe that the housing market is declining, but they are more wary about owning a home.

• Nearly half (47 percent) think that home prices will remain steady over the next year while nearly one-third (31 percent) think prices will go up.

• 70 percent think this is a good time to buy a house, compared with 64 percent in a similar survey that Fannie Mae conducted last January. But 33 percent said they would be more likely to rent their next home if they were to move -- up from 30 percent in the January survey.

• A great part of those surveyed (67 percent) continue to believe that housing is a safe investment. That number, however, is down by 16 percentage points from a similar survey that Fannie Mae conducted seven years ago. The current survey finds that more than 70 percent believe it will be harder for their children to buy a home, up three points since January.

These findings indicate the return of a more balanced and realistic approach to housing. This approach may weigh on the housing recovery in the near-term, but over time, it should help to build a stronger and healthier market focused on sustainable homeownership.

With this survey, I do want to point out that the DFW real estate market has remained strong even when you factor in the Dallas Foreclosure rates.

How to Buy a DFW Home with Good Resale Value

Do you really need to consider selling a home even before you buy it? Well, what if you decide to move or have to move? Wouldn't you want a house that has increased in value and will sell quickly? Of course you do. Most of us won't live in the same house for the rest of our lives. So then, it makes sense to analyzing a home's resale values before you buy it. Buying a home with good resale value may take a bit longer, and it may take more work on your part, but it will be well worth it when it comes time to sell and your home sells quickly and you put extra money in your pocket. Take a look at these tips to help you find a home with good resale value:

Location is the Number One Factor

•• Are there areas in town that are increasing in desirability.

•• Why are these neighborhoods in demands?

•• Does new growth in town seem to be headed towards a certain area? Will there be plenty of services (shopping, schools) in that area?

•• Is the community changing for the better-with residence being rehabbed and additions added.

Buying Tip: Always choose a home that meets your needs, but generally it is better to buy less house in a better area vs the other way around.

Who's Buying?

Who are the primary home buyers in your area, professional singles, young families, seniors? Example: In a senior area your best resale potential might be a one level home, because seniors don't like to do steps. If the majority of buyers in your area are young families with children, consider buying a home with a nice yard that's not near by a busy street.

Buying Tip: Browse the internet for DFW real estate ads. A feature that's mentioned in numerous ads is likely one that's in demand.

Avoid Outdated Features

•• Electric baseboard heat is not as desirable as central heating systems.

•• One bathroom homes sell for much less than homes with at least two baths.

•• Tubs and showers in outdated colors, or scratched from years of improper cleaning, will deter many potential buyers.

•• Popcorn ceilings date a house back to the 70's

Buying Tip: Outdated features are usually a negative, but you can turn them into a positive if you buy a home at a great price and make updates. Before you make a decision to buy a home, analyze the update costs and determine how much value they will add to the home

Don't Sweat Cosmetic Updates

•• New appliances and cabinet hardware will freshen up a kitchen and make it look more modern.

•• Fresh paint inside and out is a quick and relatively inexpensive fix..

•• Skylights will brighten a dark home. Be sure to buy top-quality products and have a professional install them.

•• New light fixtures go far to lighten rooms and enhance a home's character.

•• New switch plates and electric plugs are an inexpensive way to make a room look nicer.

Buying Tip: Watch for homes in need of cosmetic updates, because they're often priced under market value.

What Are Home Buyers Looking For?

•• Split bedroom plans, with bedrooms on each end of the home, are becoming more and more popular.

•• Closets--lots of closets, preferably walk-in, and with as much additional storage space as possible.

•• Homes with lots of natural lighting are very popular.

Buying Tip: Popular features differ from region to region. Do your best to determine what's in demand in your area. Ask your DFW real estate agent which features are always on their buyers want lists.

The Bottom Line

Your first objective should be to buy a DFW home, even a DFW foreclosure home, that's right for you. You also need to consider its resale value before you make your final decision. You will be happy you did so when it comes time to sell. Have your Realtor show you a few Dallas foreclosures. You never know, you may find the proverbial "diamond in the rough".

Raising a Down Payment for DFW Real Estate

Home ownership rates have increased from 25% in the early 1900s to 67% in 1999. During all these years, many home buyers struggled to come up with a down payment. Years ago, in some cases, the banks required as much as a 50% down payment before they would give them a mortgage. Today, generally, the down payment is 20%; however, few people have that much cash available to them. With the popular FHA loans they require only 3.5% down. But the fact remains that the more a buyer puts down, the lower the mortgage. Low mortgage balances will carry low mortgage payments.

Here are nine ways to find that down payment.

1) Save Your Tax Refund

If you are having a challenge saving money, you can change your withholding exemptions to zero. This will force your employer to pay more to the IRS which will reduce your paycheck by that amount. This method assures a larger income tax refund.

2) Borrow From Your Parents

Many first time homebuyers ask their parents for funds to put towards a down payment on a home. Favorable tax laws allow for parent to gift a certain amount of money without tax consequences (check with your CPA).

3) Save Money on Schedule

The way to make your savings account grow is to make scheduled deposits at the same time every month. Example, if you get paid every two weeks and you save $300 from every paycheck, at the end of 12 months, you will have saved more than $3,600.

4) Sell Stuff on eBay

Like everybody else you probably have too much stuff. Some people spend a ton of money each year on storage units where this stuff is stashed. Look all around your home, in your attic, your basement, under your bed and in your closets. If you haven't used it in a year, sell it!

5) Ask Seller

In this buyers market if you pay the seller's asking price, you should ask the seller to pay money towards your closing cost/down payment. Make sure you check with your lender before asking for the credit because they have strict requirements as to if and how much money you can receive from the seller.

6) Government Programs

If you have ever been in the military, you may qualify for a Veterans Administration (VA) loan. The government also has a slew of down payment assistance programs for first-time home buyers. You can also check with your county or city to see if they offer special programs to induce home ownership in certain neighborhoods.

7) Take a Second Job

Some would be homeowners will sacrifice their evenings and weekends to work part-time at a second job. If it's a short-term situation, it might not be that hard to do. It could also be seasonal work such as from Thanksgiving to Christmas or specialty work around tax time in the spring.

8) Tap Your Retirement Funds

Certain types of retirement accounts will allow you borrow from them in order to purchase a home. Check with your CPA or Retirement Plan Administrator for current regulations. Some types of requirement accounts will even allow you take out some of the principal without a penalty.

9) 100% Financing

If you have excellent credit, you may qualify for a 100% financing. This could be a single mortgage with mortgage insurance, or you may qualify for a second mortgage commonly referred to as am 80/20 loan. Talk to your mortgage broker to see which programs may be available for you. The bottom line is that owning DFW real estate is obtainable if you work hard, save money and work with a professional DFW Realtor and Lender. Tip: Get you Realtor to search the DFW MLS for a great deal on a Dallas foreclosure home generally this is where you will find the best values.

How to do a Plano Real Estate Search

Doing a Plano real estate search means doing some homework, but you can find out much about a property this way. A property search can turn up valuable data that you can use when writing an offer to buy. Example, I will not write a purchase contract without looking into the history of the property by conducting a variety of searches. I do not rely on the Plano MLS information alone, and you shouldn't either, because it could affect how much you will pay for the home.

Matters of Public Record

What kinds of information can you find from a property search? Example, if you knew the sellers were getting a divorce, you may decide not offer full price. Generally, in a divorce situation is a red flag that the sellers might take less because they want to get the property sold so they can get apart from each other. You can find out how long the seller has owned the home, how much they still owe on their mortgage, whether improvements or additions have been made without a permit among other important facts.

Every city has a place where its' citizens can go to search for information on any given property. Property records, sometimes referred to as Land Records, are maintained at either the county courthouse, city hall or another city or county department. You can also check the federal court records to find out if a seller has filed for bankruptcy or go through county court records to see if a seller is involved in a law suit.

These days there are easier ways to find this information. Once you find the owner of record, if you don't have an address or the person has moved, you can order reports online that can find a missing person. These companies charge a nominal fee.

Property Search on the Internet

Many counties and cities maintain records online. Search for property tax records to find:

•• Name of the owner

•• Tax ID number or parcel number

•• Amount of present taxes and whether the taxes are paid.

There are dozens of web sites that offer consumer information for free. Many Web sites let you search for property by area or sip code. Here are a few:

Title Company Property Search

Call a local title company. Many title companies will give you a free property profile in hope that you will use them when you close on your home. Some title companies will do a search for the seller's name to find out if there are liens or judgments filed against the seller.

Property Search Data Realtors Can Find

If you are working with a Realtor, you can ask them to find out more information about a property. Almost all Plano Realtors subscribe to services that provide property search information in variable formats.

•• Plano MLS data. It's not enough to just get a copy of a listing for the home you are interested in. Get your Realtor to search the history of the property in the MLS. You can find out if the property has been withdrawn from the market and relisted or if it has recently sold and may be a home being flipped. Your Plano Realtor can find out how long the property has been on the market. The amount of days on the market has an effect on pricing. Generally, if the home has been on the market for a long time you can get the home for less.

•• Online Title Company Database. I have an access code for my favorite title company's Web site. I can download deeds and search the sales and mortgage history of a property going back 20 years.

•• Tax Assessor's Data. Many Realtors have access to a tax record data base search that sjows the complete records on file at the tax assessor's office for any given property. This information can include the age of the home, square feet, type of roof, number of rooms, among other data. If the tax assessor records show different square footage than noted in the listing, either the tax assessor is wrong, the seller is wrong or the property has improvements for which a permit was not obtained. Buyers should then check with their city planning department to find out if a permit was obtained for the addition.

Buying Plano real estate can be challenging but if you do your due diligence and check all the information available, you should do just fine. Next time around you will learn about Dallas foreclosures. See you then.

Should You Buy or Rent a Plano Home

Here are some ways to tell if renting or buying may be best for you.
Bad Credit – Good Credit
How does your credit score look? If your FICO score is below 620, you're not going to get the best interest rates for a mortgage, in fact, a low score could put you into the hands of a sub-prime lender with higher rates and fees.
• You can order your free credit report from all three major credit bureaus.
• If you want to buy a home and you have bad credit, you should work on repairing it before applying for a mortgage.
• Four late payments may be enough to disqualify you from obtaining a home mortgage.
High Debt Ratios
Lenders consider two types of ratios: front end and back end ratios. Your front end ratio is your mortgage payment, plus taxes and insurance divided by your monthly salary. Your back end ratios add your monthly debt payments to your PITI payment before dividing that total figure by your salary. A 50% debt ratio is a high ratio. A high debt ratio means you may not qualify for a mortgage.
Relocation - Job Instability

Is your job secure, how secure?
• Is Your Job in Jeopardy?
Is your company laying people off? Could you be let go and, if so, how hard would it be for you to get another job, making the same money, quickly?
• Relocation.
Are you likely to be transferred to another area within the next couple of years? If you had to sell your home due to a job transfer will your home appreciate at least 10% to cover the cost of selling; if not, you would lose money on the sale.

Maintenance
Homes require maintenance and upkeep. Not everybody has the where-with-all, much less the desire, to tackle home repair projects. In addition, many first-time home buyers cannot afford to hire a professional to fix things that break. Experts suggest you set aside 5% of the purchase price to cover maintenance and repairs when you buy a home.

When Renting Costs Considerably Less
Does it make sense to buy Plano real estate or rent? If your mortgage payment would be three times the amount than you would pay for rent, it may not make financial sense for you to buy a home right now. Example, if it would cost you $2,500 a month to rent what would cost you $7,500 per month to own, does it make sense to pay than much more each year more to home? If you are in a 35% tax bracket, you might not be able to recouping the difference you pay towards your home. If your deductible expenses are $4,000 a month; 35% of that is only $1,400, which would be your true tax savings per month. Would you spend $4,000 to save $1,400? Retain the services of a professional DFW Realtor to guide you through the process. It may be a good idea to look at some Dallas foreclosure homes to find a great value in a home.

11 Steps Away From Owning a DFW Home (Part 1)

A Step By Step Guide at buying a DFW Home
Progressing through a DFW home buying transaction can be a challenge but there are many home buying steps that once understood will get you to meeting your goal of owning a DFW home. You'll feel more confident about your home buying journey when you understand what is required of you and everyone else who is involved in your home buying transaction. This guide will take you through the steps and show you that you are only 11 steps away from buying the home that is just right for you.

Step 1, Get Your Finances in Order
Your credit report is a mirror as to how you manage your finances. You need to know exactly what is on your credit report and what it says about your financial history. Do this before you apply for a mortgage because your credit report will play an important role in your mortgage approval process and will determine the interest rate and terms that a lender offers you. If you haven't looked at your credit report recently, or at all, you may be surprised at what’s in it and because mistakes are common.

Step 2, Learn About the Mortgage Industry
Finding the right mortgage and mortgage company is paramount to your home buying success. It's up to you to determine which lender is best suited for your needs, and it's always a good idea to have some background information about the loan process before you talk to a lender.

Step 3, Get Pre-Approved for a Mortgage
If you haven’t talked to a lender you probably don’t know how much home you can afford. A mortgage pre-approval helps you in other ways. In this day and age most sellers won’t take your offer to buy their home seriously if you don’t provide them with a mortgage pre-approval letter showing them that you are actually qualified to buy their home.

Step 4, Determine Your Wants and Needs
Before going out to look at homes take a little time to determine your needs, wants and even your dream items. If having the master bedroom on the first level is a need or want, or, if you want to be is a certain school district there is no sense in wasting time looking at homes that don’t meet these criteria. Take some time to learn the DFW real estate market to save you time and frustration.

Step 5, Work with a DFW Realtor
DFW Realtors represent buyers, sellers and sometimes both. It's imperative to understand Realtors duties and loyalties before you make that first phone call. Having a professional Realtor on your side who has experience, knowledge of your local market and access to the MLS is imperative to your goal of buying a home.
Step 6-11 to follow:

It’s always a great time to buy DFW real estate. This is true in most all cases when you know you will be staying in your DFW home for three years or more. It is generally better to buy less home in a nicer area than the other way around. Homes in the nicer areas tend to hole their value and appreciate more. Stay away from areas that have a lot of Dallas foreclosure homes. This will surely have a negative impact on the value of your home. Use a professorial DFW Realtor who has access to the powerful DFW MLS to find you the best values in your chose area.

11 Steps Away From Owning a DFW Home (Part 2)

Step 6, Searching for your Home
Your DFW Realtor will give you a MLS printout of home listings to review. You will probably also find yourself picking up home sales magazines and reading classified ads in your local newspapers. And you know you will be spending a lot of time surfing the Internet for homes. You might even find yourself driving around preview neighborhoods. Those are all excellent ways to see what's available for you to choose from. Here are some great tools to help you narrow your home buying search.

Step 7, Take Care of Pre-Offer Tasks
Deciding whether or not you want to buy a home involves looking at its floor plan and features, but there are many other items that are every bit as important to your home purchase. Here are a few topics you should explore before you make your offer.

Step 8, Make the Offer
There's no one set of instructions or rules that can cover all the differences in real estate laws and customs that exist throughout the country, so they depend greatly on your market place. However, there are some home buying tips that can help you make a clean, straight forward offer.

Step 9, Inspections
In some states, home inspections are completed before the final purchase contract is executed. In other states, inspections don’t take place until after an offer is finalized. No matter when you do them, make sure you do them. This will ensure you are purchasing a sound, safe home.

Step 10, Handling the Last Minute Problems
As your closing date approaches, make sure your Realtor checks with everyone involved in your real estate transaction to check its progress, because staying on top of things means you'll know immediately if there's a challenge that needs to be handled.

Step 11, Closing
With most of your home buying problems behind you you're on your way to the closing table. At closing ownership or the property will transfers from the old owners to you. Congratulations!

The DFW real estate buying steps outlined in this article are general home buying tips. You will encounter issues specific to your Dallas Real Estate transaction. These issues can best be explained by your local real estate agent, your lender, your attorney, and your closing agent. If you are buying a Dallas foreclosure home the steps to closing are substantially the same. Don’t hesitate to ask a lot of questions. Ask as many questions as necessary to help you understand the entire home buying process.

Plano Home Seller Tips

Many Plano home sellers have unrealistic expectations about their property value. Many Plano home owners think they set the selling price when in fact it’s the buyers and the market who set the price. Some sellers get the idea in their head that their house should sell for say $225,000 because they bought it a few years ago for $180,000. They may have bought the house when the market was stronger, and in a softer market, their house may not be worth what they expect. If you don't price your home correctly to the market condition, you simply won't sell it.
How do you set the price of your home?
There are three tools you should use, an appraiser, a Plano Realtor, and a list of recent home selling prices in your neighborhood commonly referred to a home market analysis. If you wisely chose your Plano Realtor and they have experience in your neighborhood, they can guide you to a probable selling price and you can use a list of recent selling prices from the Plano MLS as a guide.

Nice it up before you list.
Before you turn your put your home on the market, make sure it’s in its best condition. First impressions count and the first thing buyers see is your front lawn and garden. Make sure that your lawn is in good shape, and the edging is perfect edge along the perimeter. Repair any cosmetic damage to the house that can be seen from the outside. All of this makes a world of difference. You don’t want any disappointments when the buyers drive up to look at the house. Put yourself in the buyers shoes and list the items that make a house undesirable. Think curb appeal. Spending a few dollars on some flowers can go a long way.

How To Interview And Hire A Real Estate Agent
Ask to see the Real Estate Agent’s marketing plan. By using popular Plano TX Real Estate web sites you are pitting local real estate agents against one another to compete for your business. You should ask your seller's agent specifically to outline their Internet strategy so that the largest number of potential buyers sees your house. Increasingly savvy home buyers are using online real estate web sites to search for houses and real estate agents. The big name Real estate agents tend to draw more buyers than independent agencies, although you can still get excellent service from an independent real estate agent.

Have a good Internet marketing plan to sell your home
Many people don't realize that just by adding your home listing to a regional online classifieds, it could get picked up by the major real estate portals sites like Realtor.com. Many real estate portals are constantly signing deals with MLSs and regional home listings to display their listings when users of the portals search for a house. If your house is not on any of these internet sites, you'll lose out. This is why it's very crucial to see your Plano real estate agent's internet marketing plan, and to know what sites your listing will appear on. Internet listings are crucial to get your house sold, especially to out of town buyers who are unfamiliar with your area, and your listing is the only one they know.

Choose a Plano TX Home for Your Lifestyle

Choose a Plano Home for Your Lifestyle

There’s a variety of homes for a variety of lifestyles. You will probably have different needs if you are retired than if you are raising a family of four.

Single-family homes: Single Family Homes are free-standing structures that don’t share walls with any other homes.
Duplexes: Duplexes are residential complexes consisting of two separate residential units that are attached.
Condominiums: Also known as condos are typically apartment-style properties within a building or complex. The units are owned individually and the common parts of the property, such as the grounds and building structure, which are owned jointly by the unit owners.
Housing co-operatives: Co-op owners own shares in a legal entity, typically a corporation that owns a group of homes, usually one or more apartment buildings. Each shareholder usually has a lease agreement with the co-op, and the co-op's rules provide tenure for its residents.

Due diligence
As with all major buying decisions, in buying your first home, relocating or up sizing or downsizing, you want to make sure you get all the information you can about a specific home and the community in which it is located and get the best advice possible. You will want to consider using the services of an experienced Plano Realtor who can help you with your due diligence, negotiations, and Hansel all the details through closing. Depending on your personal circumstances may also want to consult an attorney and/or a tax advisor.

Consider these home purchase items before moving forward with any Plano home purchase.

Price: Research comparable home sales to insure that you are not over paying for your Plano home. Access to the Plano MLS is the best way to do this research.

Title: Have a local Title Company research the title to make sure it is clear; that is, free of liens, easements, and other encumbrances?

CCRs: Are there any covenants, codes, and restrictions on the property? Is the property fall under a Home Owners Association?
Insurance: Can I get the proper insurance at an affordable rate? Is the property located in a designated flood zone. Deed: What type of deed will I be getting? This item is often overlook but is of the utmost importance. Check with the title company for your options.

It is a great time to buy Plano TX Real Estate. Due diligence, careful thought and a little faith will go a long way in finding that perfect Plano home that you will enjoy for many years to come. You may find out that it will turn out to be a great investment as well.

Bottom of the Dallas Real Estate Market?

Many Dallas homeowners believe their home's value has declined over the past year. A majority of these homeowners also believe a bottom has been reached in the Dallas Real Estate Market. According to a Zillow Home Confidence Survey, a majority or homeowners across the country, or 60 percent, believe their home lost value during the past 12 months. When in reality, 80 percent of homes across the country lost value during the past 12 months according to the same market reports. Furthermore, 18 percent believe their home gained value in the past 12 months, and 22 percent believe its value remained the same, according to the survey.

The perception of homeowners is finally catching up to reality, which is that 80 percent of all homes in the country lost value during this past year. While homeowners are now more realistic they are still pretty starry-eyed when looking forward, with three out of four homeowners believing that their own homes prices will increase or be flat over the next six months. Most homeowners believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home's housing downturn.

The survey showed specifically, one in four homeowners think their home's value will increase in the next six months, while nearly half of them believe its value will remain the same. Homeowners were also optimistic when it comes to predicting home values in their local markets. About two-thirds of homeowners believe home values in their local markets will increase or stay the same over the next six months. Thirty-seven percent believe home values will decrease. It also showed a significant number of potential sellers are holding off because of current market conditions. When asked about future plans to sell, 31 percent of homeowners said they would be at least somewhat likely to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround.

What does all this mean to the Dallas Real Estate Market? The Dallas Real Estate Market like any other market is local and the national numbers do not reflect the DFW Home Market. The DFW Home Market has remained resilient due to job growth and the xxx of people want to move to the area. To get a true perspective of the market conditions in your area you may want to consult a Dallas Realtor. A Dallas Realtor has access to the Dallas MLS and can give you accurate date

How to Protect Yourself from “We Buy Houses” Scams

There are plenty of “We Buy Houses” companies that are professional and reputable and can help get you out of a jam if you need to sell a house quickly. But beware, there are just as many companies, would be investors, that will steal your house and run. If you need to sell a house fast, here are a few rules for protecting yourself from these scammers.
Work with Professionals, Only:
The best way to protect yourself from scammers is to only work with professionals who have an established history of buying homes. Now days, anyone can order a book from the internet or an infomercial and become a "investor," The real professionals have been in business for many years and have closed dozens of real estate transactions. Their primary focus is the growth of their business, and they will not risk their business by cheating you or treating you unfairly.
Check the Buyer Out:
If you have any concerns about the buyer, check them out. Contact your states Real Estate Commission, Attorney General's office or your District Attorney's Consumer Office. If they are an established business, check them out with the Better Business Bureau.
Always Read the Paperwork and Understand What You're Signing:
Not asking questions because you are afraid of looking stupid could end up costing you tens of thousands of dollars or maybe even your home. You don’t want to end up in a deal that wasn't what you thought it was. A lawyer, Realtor or even your mortgage company can help give you some advice. Never sign a contract that you don't understand.
Get Everything in Writing:
If a disagreement arises about a verbal agreement, the issue becomes your word against theirs and often must go to a court of law to be settled. All real estate contract must be in writing to be enforceable.
Be Willing to Walk Away from the Deal:
If you have any doubts about the buyer or the contract just walk away. It's never worth the months of future headaches to sell your house a little bit sooner. There are several professional real estate buyers serving the Dallas Real Estate and Plano Real Estate markets.

Tenants in Common - Plano

Tenants in Common may be one of the ways to hold title to your property, by two or more individuals. This is sometimes referred to as Tenancy in Common. There is no limit to the number of individuals who can hold title to one piece of real estate.

Are Tenants in Common and Joint Tenants Similar?

No. Except that Tenants in common hold one similarity or requirement that is similar to joint tenancy. That similarity is the right of possession.

· Ownership or Plano Real Estate can be held in equal shares or unequal shares. Example, Sam could hold 25% ownership, Jill 25% and Larry 50%.

· Tenants in common can be between two or more persons who are related or who are unrelated. Husbands and wives can hold title as tenants in common. Co-tenants have the right to possess the property by one tenant or by all the tenants. Tallulah can live in the property by herself or share the property with John and Mary. Neither tenant can exclude the other.

· Upon death, the interest of the deceased co-tenant will pass to the co-tenant's heirs. If Sam died, Larry would still hold 50%, Jill would own 25%, but Sam 25% would pass to whomever he designated in his will.

How Can Joint Tenants Become Tenants in Common?

Joint tenancy requires four unities. Unlike tenants in common, joint tenancy involves right of survivorship, meaning the interest held by each tenant will pass to the other upon death. The four unities necessary to create joint tenancy are:

· Time. Each owner must receive title at the same time.

· Title. Each owner must receive title on the same deed or document evidencing title.

· Interest. Each owner receives the same proportionate and equal share of ownership.

· Possession. Each owner has the identical right of possession.

If one of the joint tenants sells or conveys the interest created in a joint tenancy to another person, the joint tenancy is broken, and a tenancy in common is created. Joint tenants cannot stop another tenant from breaking the joint tenancy.

Dissolving Tenants in Common

To dissolve the tenancy in common, one or more co-tenants can always buy out the other(s) or the property can be sold and the proceeds split per percentage of ownership. A partition action can filed. This involves going to court and asking to sell the property under court order and distribute the proceeds among the owners. When a co-tenant dies, you may see a partition action filed when an heir may want to sell and the other co-tenants do not. If the property is to be sold it may be wise to hire a Plano Realtor. A professional Realtor has access to the powerful Plano MLS system which is a great tool to help you get your home sold.

Other Uses for Tenants in Common

Increasingly, many properties are being sold under a tenants in common arrangement instead of a limited or general partnership. A builder, for example, may sell portions of a new project to a number of investors, who will all share an undivided interest in the property. If you are considering a venture of this nature, it is wise to seek the advice of legal counsel to thoroughly understand your rights and liabilities. The information contained in this article is not meant to be construed as legal advice and cannot be relied upon as such. It is a good idea to get the advice of a real estate lawyer any time you buy property to help determine the best way to hold title in your particular situation.

Dallas Real Estate Selling Tips

When putting your Dallas home on the market for sale it is of utmost importance to get as much information as you can about your local market conditions. Buyers are interested in more than the features of your home they also want to know about the community you live in and what it has to offer. This is a useful selling tool you can provide them about your community, shopping, school, churches etc. Landscape is most important for that first impression. The outside of your Dallas house is just as important as its inside as far as first impressions go. To get top dollar for your house you need to sell more than the house itself. Clean the house, the yard, trim shrubs, water, plant flowers whatever you think you can do to make it look its best. The goal is to get buyers through the front door.

Get rid of clutter, pack it away and put it in storage, or in an unfinished basement, not in the garage. You want your home to look as spacious and open as possible. . Give your home a clean, organized, clutter free look. Hide or get rid of torn/broken furniture and try to get everything cleaned. Add color and a fresh sent to your home with freshly cut flowers. These steps are simple but taking these steps can go a long way in getting sell your home for most amount of money. Little changes can make a huge difference when it comes to selling Dallas Real Estate.

You have to set the right price for your home by studying the local housing market. A Dallas Realtor can help you do this by accessing the Dallas MLS. Easy step is to compare similar homes that are for sale and that have sold. Each home has something different to offer so take into account what yours has to offer and what it doesn't. Buyers these days are well informed and if your home is priced too high then you may not get the traffic you expected and your home will sit on the market for months, many months.

A few Dallas Foreclosures on your street may bring you value down a little.

Home staging is another critical step for selling your Dallas home. Taking great photos for internet advertising is a must. You need to get people to drive out and look at your house. The other homes that you are competing with might not be as nice, but if they look great on the Internet people are going to tour them before they tour yours. Most Dallas home buyers shop for homes on the Internet. Many real estate listings on the Internet have poor quality photos and poor descriptions. When people are buying a new home can become an obsession to them. They spend most of their free time in front of their computer looking for the perfect home. You need to have good Internet exposure and include your professional photos and information about your home. Sellers want to get the most money out of the sale of their home as possible. Don't miss out on thousands of dollars simply because your home was not prepared in advance. .

Plano TX Real Estate Agents

Plano Real Estate Agents are always ready when a buyer is ready to look at homes. Many times the buyer will select a handful of homes to look at and the agent will pull up the MLS listings of similarly priced homes to show. But price isn't always the buyers main concern. The challenge is that the buyer might not like any of the homes on the agent's list. Consider these two factors prior to meeting with your agent:

• Has the real estate agent previewed any of the homes you are going to view?
• Has the agent had a thorough discussion with you to find out exactly what you are looking for?
If the answer to both of those questions is no, you might be wasting your valuable time. Serious home buyers do not have unlimited amounts of time to spend looking at homes that don’t meet their wants and need. Furthermore, in a buyer’s market, because of high amount of excess inventory, it is virtually impossible to look at every home for sale.

Why Should Agents Look at Home
Professional Plano Realtors preview homes, either through the Plano MLS or broker tours or by making an appointment to preview homes on the buyer's behalf. Top agents spend some time every week previewing new listings. It's the best way for agents to stay informed about current market conditions. Agents can't effectively sell a product or inform you if it meets your criteria they haven't seen.

Before you hire a buyer’s agent ask them how many homes they tours each week. Try to determine if the agent has intimate knowledge of the neighborhood inventory and current market conditions by asking the agent to describe the current active listing inventory and recently sold inventory. If the agent doesn't know which homes have recently sold or what the new listings look like, you might want to consider hiring a more experienced buyers agent to work for you.
Using Your Buyers Agent to View Homes

There are very few reasons for your buyer’s agent to show you a home that the agent has not looked at beforehand. It will save you much time if you can get your agent to take photographs of the home and e-mail them to you. That way you can eliminate this home from your search after looking at the pictures and asking your agent questions about the homes. It makes sense that the agent should show you homes that you actually meet your needs. By passing on homes that don't fit your search criteria, you have more time to look at homes that fit your wants and needs. Isn’t it better for you to look at 10 homes that meet your needs instead of 50 homes that you can't even remember? When looking to buy Plano TX Real Estate remember that it's your agent's job to help you find the right home.

DFW Home Buyers Returning to Market?

“There has never been a better time to buy,” said National Association of Realtors® Chief Economist Lawrence Yun. Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales and foreclosure markets, have increased DFW home sales. “Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they’ve been since the days of Eisenhower,” said Yun.Shaun Donovan, U.S. Secretary of the Department of Housing and Urban Development, announced that the Federal Housing Administration is going to permit its lenders to allow qualified home buyers to use the $8,000 tax credit as a down payment.

“Now that buyers will be able to use the $8,000 tax credit as a down payment, we should see additional buyers enter the market,” said Yun. The DFW Real Estate Market has remained one of the strongest real estate markets in the nation. With these new government incentives we should see the DFW Real Estate market continue to strengthen.
The summer market will gauge the success of the first-time home buyer tax credit as many buyers who may have been sitting on the fence but are now taking advantage of the great opportunities for fear of being left out of current deals in the market. Many first-time buyers are attracted to discounted and distressed home prices. You may want to consider taking a look at buying a DFW Foreclosure to find a great bargain. Any professional DFW Realtor can help you located these DFW Foreclosure deals using the DFW MLS system. It’s a great time to buy a DFW home!

How To Hire A Plano TX Buyers Agent

If you are considering investing in your own Plano home it is imperative that you hire a Buyer’s Agent to represent your interest. Most prospective buyers don’t realize that the listing agent, the mane on the sign, represents the seller’s interest not theirs. In most markets around the country the Buyers Agent, although representing the buyer, is actually paid by the seller. Now, there are no excuses to not hiring a buyer’s agent.

You will be required to sign a Buyer Broker Agreement with your agent. This agreement is usually provided by the State Real Estate Commission or the Local Board of Realtors and spells out the terms and conditions between you and your agent. If your agent does not perform his duties as describe in the agreement then you may have the right to fire that agent.

Finding a Buyer's Agent
• Internet Searches
By finding listings online of homes for sale, you can quickly figure out which agents in certain areas are listing most of the homes. Be careful, that would mean those agents are likely to specialize in seller representation and not buyer representation. Try running keyword searches such as "Dallas Buyer's Agent" in a search engine. You can also search Web sites where agents maintain public profiles such as ActiveRain, Realtor.com or VIPRealtyPlatinum.com to find Plano agents that specialize solely in buyer representation and do not take any listings.
• Referrals
Many Buyers Agents are referred by family, friends or co-workers. A referral is usually the best way to find a buyer’s agent that has a good reputation and strong work ethics. Alternatives buyers can use to find an agent are:
Signing an Exclusive Buyers Agreement:
Nothing, turns off a buyer faster than an agent from the Internet who e-mails a buyer's broker agreement before meeting in person. It's common for agents to expect a buyer to sign a buyer's broker, but most buyers should be comfortable with an agent before signing.
Take the time to interview three Plano Realtors to help to ease your uncertainty and find the agent that will serve your needs. Many buyers are leery of signing agreements because they are concerned that the relationship might not work out. They don't want to be stuck with a crummy agent, and that's understandable. Here are a few things you can do to relieve those concerns:
• Ask For a Short-Term Agreement
The term of a buyer’s broker agreement is negotiable. Although many agents might request a 90-day commitment, or longer, you can request a shorter term, it's whatever you can negotiate with the agent.
• Compromise
You can tell the agent that you want to spend a little time getting to know them before signing an exclusive buyer's broker agreement. It's reasonable to say, "Let's spend an afternoon looking at homes, and if I think we can work together, I will sign an agreement with you before we go out again." Cautions should be used with an agent who is too eager to work with you before she has interviewed you, as well. In many areas agents are required to have you sign a form that explains agency, who that represent. This is not a contract, only a disclosure and the agent is required by law to have you sign this disclosure.
• Specify Areas and Terms
Most buyer broker contracts contain a description of the areas you are looking in. For example, you can specify that you only want to look at Plano Foreclosures. If you are undecided about areas, you might want to specify the terms and area in the contract, which will allow you to work with other agents in other areas or at different terms. For example, you might specify a price range or a specific area. If you later decide you do not want to buy a home in that price range or in that area, you can choose a different agent to show you homes in another price range or new area.
• Ask For a Guarantee

Many agents will give you a written guarantee if you request it. A guarantee may state that if either the agent or the buyers decide that the relationship is not working out or our personalities clash, the agreement will be released. That way you're not joined at the hip with a business arrangement. Navigating the Plano TX Real Estate market will not be so intimidating when you have a buyers agent on your side.

Plano TX Real Estate – Amenities and Value

Among the many Cities near Dallas, the City of Plano offers much for its residents at a great value. Plano Real Estate offers several homes with beautiful lake and golf course views at good market values for the potential home buyer who wants to live in a highly desirable area. Plano Homes are in high demand and with interest rates are near historic lows it is a great time to buy a first time home or to "trade up".

Plano Real Estate has character, is very clean, has an easy commute to Dallas and is admired by many. The City provides everything necessary for its residents daily needs. It has several schools, medical facilities and shopping centers. Plano is the 9th largest city in Texas has gained immense popularity and is liked by all the residents living there. Plano provides several employment opportunities and diversity of employees including establishment of many corporate headquarters.

Plano offers several diversions for families. There are many parks and adventurer places like skating, swimming, hiking, playground and picnics areas. It provides a variety of entertainment for people of all ages such as ball fields, golf courses. tennis courts, fine dining & restaurants keeping the values of Plano Real Estate strong.

In Plano there are many real estate agents who can help buyers to find and invest in their own homes. Several websites provide information, through the MLS and other sources, about homes for sale in Plano and their current market values. VIP Realty Platinum helps Buyers to search for homes in Plano and keeps them well informed of market conditions.

Dallas Investment Properties - Intro

The market is ripe. Are you ready to buy your first investment property? Maybe an apartment building, house, or condo? Buying an investment property may appear daunting at first but with some education and patience success may be just around the corner. Whenever you begin a new projects or a new experience, you may feel apprehensive because you don’t have enough information and experience to give you certainty about what you are doing. To make a sound decision you need information, such as:

• how to choose property
• how to improve your credit profile
• loan and tax advice
• things to look for in property
• facts about market conditions
• hot spots and no-buy zones (dead zones), and more.

It’s important to think about the long term benefits of owning and investment property. When you approach it with the right frame of mind, you not only can succeed at property ownership you can also get much more out of it than what you put into it. Real estate ownership gives you a lot of power and freedom because you become your own boss, and are limited only by your imagination and motivation. Real estate ownership will generate a great amount of confidence from things like big sales and proficiency at a new task, rtc. With confidence comes experience and the ability to apply it to the future.

Anybody can succeed with investment property ownership, but most people never try because they fear failure. The most important thing is to never lose sight of your main goal of ownership: making money and securing your future. In the long run, you want the property to pay for itself, as well as generate a good profit that you can enjoy for years to come.

Here are a few fundamentals you should know prior to ownership:
• Get your credit score
• Research the market
• Talk to agents, brokers and sellers
• Have a plan (what type of property do you want to buy and where?)

One of the most important people you will need on your team is a professional Realtor. They have access to the all powerful Dallas MLS and Plano MLS to get you the information you need to make an investment decision. You may find a great deal with a Dallas Foreclosure. All types of Dallas real estate gets foreclosed on even apartments buildings and shopping centers.

Dallas Short Sale -How is the Seller's Credit Affected?

Sellers going through a Dallas short sale will take as big a hit on their credit score as when going through foreclosure. See the correlation below:

• Foreclosure Sellers will take a hit of between 200 to 300 points, depending on the overall condition of credit of their credit.

• Short SaleThe effect of a short sale (assuming that the sellers are more than 60 days late) on a seller's credit report is the same as that of a foreclosure.

Waiting Before Buying Another Home

• Foreclosure or Deed-in-Lieu of ForeclosureA seller who wants to buy another home after a foreclosure will need to wait 24 to 72 months before a lender will consider making another loan o them.

• Short SaleSome agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement.

Short Sale / Foreclosure Deficiency Judgments

The bad news is that a Dallas Real Estate seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a foreclosure sale wipes out the right to a deficiency. Some states have laws regarding personal guarantees, which could also result in a deficiency judgment, if the home owner is held personally liable for loan repayment.

If you're a seller trying to decide whether to let a home go through a Dallas Foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, if you've fallen behind in your payments. There is no credit score advantage for a delinquent borrower on a short sale over a foreclosure." The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. You may want to consult a Dallas Realtor or seek legal and tax advice before making that decision.

DFW Home Selling Mistakes

Sellers have a strong relationship with their DFW homes. Homes hold precious memories for families and it's common for sellers to be very emotional about selling their homes. Some DFW home sellers are emotional for a different reason; they are upset because they can't sell their home. Here are some of the top selling mistakes.

Asking is Priced Too High
• The single worst home selling mistake that a seller can make is asking too much for the home. If the home is priced too high, buyers won't look at it. You won’t “get lucky” and sell your home for an over inflated price.
• “I can list the price of my home high now. I can always lower it later”. This strategy will surely backfire as well. Your house can only be a new listing once. There is an energy, an excitement and there is interest in a new listing. This cannot be re-created by lowering the price later. Your competitive edge will be lost. The bottom line is sellers who "test the market" will “pay the price”.

Home is in Bad Condition
• Any professional DFW Realtor will tell you that getting your DFW house ready for market is more than tidying up the place. The house must not only be spotless and fresh, the home must be in good repair and have good curb appeal.
• Cleaning and repairing the house can boost chances of quickly selling and at a higher price. If items are broken or buyers see deferred maintenance, they wonder what else is wrong. It will cost you more, via lower sales price, to fix and prepare the house.
• If your house is vacant you may want to consider hiring a professional home stager to make the house look and feel like a home.
Home is Marketed Wrong
• When there is a bad photograph in the DFW MLS or only one photo a critical marketing mistake has been made. The photos are the most important marketing tool. If a potential buyer is scanning the internet for DFW Real Estate it is initially the photo that will grab their attention and get them to via your house information.
• Talking about the internet; almost everyone starting their DFW Home search start their search on the internet. Your house must have a good internet presence to have any chance of selling. Seek real estate firms that have high rankings on search engines so that more people will see your house for sale.

Hiring an Inexperienced Agent
• Hiring a good mediocre listing agent certainly will not help sell your home but it will cost about the same as hiring an excellent agent. Hire an agent that has experience in your area. They know more about and have more contacts in your area.
• If you want full-service, then hire a full service agent. If you are fairly confident your home will sell without a full-service agent, then talk to a discount or flat fee broker.

• Carefully read your listing agreement and make sure the agent who brings a buyer is compensated fairly because one surefire way to make sure an agent won't show your home is to offer a low commission percentage.

Dallas For Sale By Owner Tips

Are you considering selling your Dallas home yourself without working with a real estate brokerage company? If so, there are some important things you need to know before placing your first For Sale by Owner (FSBO) home on the market. First, you need to do your own marketing analysis to help you determine a reasonable asking price for your house. This is not an easy task for the do-it-yourselfers because sold home information is not easy to come by without the Dallas Realtor MLS.

You will also have to work on the home’s interior and curb appeal, and make any necessary repairs. When selling your home, the property’s exterior, or curb appeal can greatly affect the buyer’s decision to look at the inside of your house, or not. If a buyer see a unkept yard, they are may assume that the inside of the house will be in the same condition as the outside and you may lose a potential buyer. You want to get the Highest possible offer on your DFW house and it will require you to take a look around and clean up your house.

Curb Appeal not only includes your front yard, but also applies to your back yard as well. Buyers will eventually want to view the back yard as they are shown the rest of your house. In order to have an attractive curb appeal, don’t forget the following:
1. Rake leaves and grass.
2. Mow the lawn, and pull out all the weeds and trim the edges of the grass.
3. Pick up any trash & debris.
4. Trim bushes, shrubs or trees. Trees’ with branches extending toward your roof should be trimmed as well.
5. Store your lawn mower and other yard and garden.
6. Clean all windows, siding and decks with a pressure washer to brighten the appearance of the house.
7. Clean all gutters and make sure they are all attached and working properly.
8. Clean up any animal waste on the lawn.
9. If you have children, pick up the toys and wash away any chalk marks on the sidewalk or concrete.

Once your home has curb appeal that is attractive enough to entice potential buyers, you must apply the same care and attention to the inside of your home to make it just as appealing. Making the inside of your home appealing to buyers can be done by simply maintaining a clean and clutter free appearance, getting rid any odors and make all necessary repairs.

What is the best way to make sure potential buyers know that your home is for sale. In this day and age it is imperative that you get your home into the MLS and on the internet. Many Dallas real estate companies offer Dallas For Sale By Owner and DFW For Sale By Owner programs that will do just that. If you have Plano real estate for sale there are brokerages that offer Plano For Sale By Owner programs that will fit you needs. These programs are inexpensive are the best way to let potential buyers and real estate agents know that your home is for sale.

Now it’s time to show your home to potential buyers. Although showing your home isn’t difficult, it can be time consuming and inconvenient. As the seller, you will need to be flexible. You will have to be prepared for same day requests to show your home and for those last minute requests, when a buyer is calling you from your front porch. Granting these requests can make a huge difference between the buying and selling of your home. If you are showing the house yourself, be prepared to answer all questions as politely, truthfully and accurately as possible. What is most important, never get too personal or let your emotions take over when showing your house. The buyers are there to look at your house as a possible purchase.

Plano Texas Census Statistics

 

As of the 2000 Census, there were 222,030 people, 80,875 households, and 60,575 families residing in Plano. The population density was 3,102.4 people per square mile. There were 86,078 housing units at an average density of 1,202.8/sq mi. The racial makeup of Plano was 78.26% White, 5.02% Black, 0.36% Native American, 10.18% Asian 0.04% Pacific Islander, 3.86% from other races, and 2.28% from two or more races. Hispanic or Latino of any race were 10.07% of the population. People from many different backgrounds and cultures seek to reside in Plano Houses.

In Plano the population was spread out with 28.7% under the age of 18, 7.0% from 18 to 24, 36.5% from 25 to 44, 22.9% from 45 to 64, and 4.9% who were 65 years of age or older. The median age was 34 years. For every 100 females there were 99.3 males. For every 100 females age 18 and over, there were 97.2 males.

There were 80,875 households out of which 42.0% had children under the age of 18 living with them, 64.3% were married couples living together, 7.5% had a female householder with no husband present, and 25.1% were non-families. 20.2% of all households were made up of individuals and 2.9% had someone living alone who was 65 years of age or older. The average household size was 2.73 and the average family size was 3.18. So far the demand for Plano Real Estate has kept up with demand.

According to a 2008 estimate, the median income for a household in the city was $84,942, and the median income for a family was $115,372. About 3.0% of families and 4.3% of the population were below the poverty line, including 4.6% of those under age 18 and 7.8% of those age 65 or over making less than $59,873.

With Plano Homes being a great value, more and more people want to live in this City. Plano ranked as the highest income City with a population of 130,000 or more in the year 2000. Plano was ranked the most affluent city in the United States with the lowest poverty rate of 6.3% for a city with a population exceeding 250,000. Its neighbor, Frisco, was ranked the richest city for the population of under 250,000 in the United States with a 2.7% poverty rate. Plano also has the highest median income in the nation at $84,942. Many real estate companies websites allow you to search for information about Plano Homes and some even contain information about the City of Plano. One of those companies is VIP Realty Platinum.

Reasons to Sell First and Then Buy

Dallas Real Estate homeowners who are planning to move up often have a tough decision to make: "Should we sell first or buy first?" Many Dallas Real Estate agents will advise you to buy before you sell, but that's rarely in your best interest. It's in that agent's best interest because if you buy, you must sell, and the agent will be guaranteed two sales and two commissions, regardless of how much money and stress it costs you to do it this way. For most sellers, the smart thing to do is to sell before you buy.

Reasons to Sell First and Then Buy
• Higher Sales Price.
If you aren't under pressure to sell quickly you will be able to get a higher sales prices because buyers will realize that you aren’t desperate to sell.
• Ability to Negotiate.
By selling first, you have time on your side. You don't have to take the first offer that you receive because you already have a place to live, your home.
• Contingent on Simultaneous Closing.
By making the sale of your home contingent on closing concurrently with your new purchase, you have basically said to the buyer, I can stay or I can go. I’m not selling my home at a cut rate price.
• Contingency Period.
What if the buyer's agent is smart enough to strike a simultaneous closing clause from the contract. The next best thing to ask for is a time period during which you are free to find a replacement home. A contingency period will give you the right to cancel the contract during that time period if you so choose, which can range, on average, from 10 to 30 days.
• Renting After Closing.
Some sellers who want to take their time to find the perfect home will often opt to rent back their home after closing. If the buyer doesn't require immediate occupancy, the seller might rent back their own home for the amount of the buyer's new mortgage payment.

Considering selling your home as a Dallas For Sale By Owner? The added stress to save some commission probably will not be worth it. Leave the job to a professional Dallas Realtor. You don’t want to get yourself in a position where you have to sell your home to a DFW We Buy Houses company and receive a fraction of what it is worth. The same goes if you are selling DFW Real Estate. Take a deep breath and thing all of this through before you make the decision that is best for you.

Popular Mortgage Programs

There are many types of mortgages available to Dallas home buyers. Although the mortgage industry has changed there are still an array of mortgage programs available. Many of these mortgage programs are listed below with an explanation or description of each one.
Popular Types of Mortgage Programs
• Fixed Rate Mortgages
The fixed rate mortgage is one of the most sought after loans of them all. You can choose from 10-year, 15-year, 20-year-, 30-year and even 40-year fixed rate mortgages. All of which have a interest rate that stays fixed through the term of the loan and are fully amortized.
• FHA Mortgages
FHA mortgages are insured by the government. First-time home buyers are ideal candidates for an FHA loan because the down payment requirements are minimal and FICO scores can be lower than with other loan. In fact, many are calling FHA the new sub-prime lender.
• VA Mortgages
VA mortgages are also insured by the government and is available to veterans who have served in the US Military. The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The main benefit to a VA loan is the borrower does not have to have a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.
• Interest Only Mortgages
These mortgages are not really interest only, meaning the borrower pays only interest on the loan. Interest-only loans contain an option to make an interest-only payment. The option is available only for a certain period of time. These types of mortgages give you some flexibility with your payments. If you are very disciplined this type of mortgage may work well for you. If not, stick with the fixed rate mortgage.
Hybrid Mortgages
• Adjustable Rate Mortgages
Adjustable-rate mortgages (ARM’s) have interest rates that fluctuate. It can move up or down monthly, semi-annually, annually or remain fixed for a period of time before it adjusts.
Combo / Piggyback Mortgages
This type of mortgage consists of two loans: a first mortgage and a second mortgage. The mortgages can be adjustable-rate mortgages or fixed-rate or a combination of the two. Borrowers take out two loans when the down payment is less than 20% to avoid paying private mortgage insurance.
• Mortgage Buy Downs
Borrowers who want to pay a lower interest rate initially can get a mortgage with a buydown feature. The interest rate is reduced because fees are paid to lower the rate. Buyers, sellers or lenders can buy down the interest rate for the borrower. These loans are great for people who know they will be earning more money in the next one to three years.
Specialty Mortgages
• Streamline Mortgages
Like the 203K loan program, FHA has another program that provides funds to a borrower to fix-up a home by rolling the repair cost into one loan. The dollar limits for repair work are lower on a Streamlined-K loan, but it requires less paperwork and is easier to obtain than a 203K.
• Reverse Mortgages
Reverse mortgage are available to any person over the age of 62 who has enough equity. Instead of making monthly payments to the lender, the lender makes monthly payments to the borrower for as long as the borrower resides in the home. The interest rate can be fixed or adjustable. This may be a great way for seniors to support themselves for many years.
• Equity Mortgages
Equity loans are second in position and junior to the existing first mortgage. Borrowers take out equity loans to receive cash. The loans can be adjustable, fixed or a line of credit from which the borrower can draw funds as needed.
For most Dallas Real Estate buyers, unless they are in a position to pay all cash for a Dallas Home, mortgage financing is a necessity. Choose the mortgage program that you are comfortable with, a payment you know you can comfortably afford so you Dallas Home doesn’t become a Dallas Foreclosure. You also do not want to end up in a position where you have to sell your Dallas Home to one of those We Buy Houses Dallas companies that can only offer you 50 to 60 cents on the dollar.