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.

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.

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.

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.

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.

Why Buying a Dallas Home is a Good Idea

Individualism & Freedom in Your Own Domain
When you rent a Dallas home, you are usually limited on what you can do to improve or upgrade your home. You must get permission to make certain types or any type of improvements. Either way it doesn’t make sense to spend good money painting, replacing carpet, tile or window coverings when the only person who will benefit from it in the end is the landlord and not you. Since your landlord wants to keep his expenses as low as possible, they will probably not spend much to improve or upgrade the home either.

When you own your own Dallas home you can do whatever you want to the property, it’s your property. You get all the benefits of any improvements, upgrades and additions you make. One of the biggest benefits you get is that you get to live in an environment you have created, not one created by some cheapskate landlord.
More Space – Your Space
Generally, you will probably have more space if you own your own home, both indoors and outdoors. Even moving to a condominium from an apartment unit, you are likely to find that you have much more room available for all your things. You may also find that you have your own laundry and storage area, and bigger rooms throughout. Most apartment complexes are more interested in creating the maximum number of income producing apartments than they are in creating space for their tenants.

If you are moving to your own home for the first time, you will be very pleased with all the new space you will have available. You may have to even buy more "stuff" to fill all that space. Make sure you hire a professional Dallas Realtor to find you a home that is just right for you. They have access to the powerful Dallas MLS and can find you a great deal on a Dallas Foreclosure. In many circumstance they can help even help you with a Dallas FSBO making sure you use the proper paper work and that you receive the applicable legal notices and disclosures from the seller.

Buying a DFW Home? Consider Resale Value

Homes with a nice view, like a gold course, cityscape, water view, often sell at a premium above similar homes without a view. If a view is important to you be prepared to pay the price for it. You will need to place a considerable dollar value on the view. When it comes time to sell the home you will likely recover the “view premium”. If you are buying a home with a view be careful not to over pay otherwise you might not get all of your investment back when you sell.

Most real estate value is due to its location but the building and the lot are important to. Generally, it should be as level and as open as possible. Assuming the property is in a typical neighborhood, the lot should be rectangular. Try to avoid odd shaped lots or oddly situated lots. Yard sizes are smaller in more modern homes than with the older counter parts, but there should still be a decently sized yard, especially in the rear of the house. You will get your best value if the house is moderately landscaped for the area. You can always jazz up the landscaping during your ownership but don’t over improve and spend too much.

In each community the houses will vary in size and amount of rooms, but they should not too much. If resale value is an important consideration of home ownership, you should not buy the largest house in the community. When determining your market value, the homes that are nearest to yours have the most importance. If many of the houses in your community are smaller than your house, this can lower the appreciation of your house. On the other hand, if you buy a small or medium house for the community, the larger homes can help raise the appreciation of your house.
Three and four bedroom houses are by far the most popular among home buyers. There should always be a minimum of at least two bathrooms in a house, preferably two and a half. Walk-in closets are extremely desirable in any master bedroom. For the rest of the house, be sure there is plenty of closet and storage space.
Garages add to the resale value and you should always make sure to get at least a two-car garage. More and more three car garages have become desirable in many areas. The laundry facilities should be located somewhere convenient on the main floor of the house. These days some homeowners prefer to have the laundry facilities located near the bedrooms no matter what floor they are located on.
Families seem to congregate activity around the kitchen making this the most important room of the house. Larger kitchens are better, and they should have updated modern appliances. The dining room and breakfast area should be located adjacent to the kitchen. It is best if the family room is viewable from the kitchen. A fireplace in the living room may be nice, but you pay extra for it and will probably rarely use it and it does not usually add much in real value.
Swimming pools do not provide as much added value unless you are located in an area where most people have one. Having a pool in a cooler climate area may actually reduce your number of potential homebuyers when you try to resell the home. With DFW property listings you will find about 40% of the houses have pools. Only buy a home with a pool for your own enjoyment, not as an investment.

Pay special attention to determining your "wants" versus your "needs" because it is extremely important. Buying what you need in a more prestigious neighborhood may prove to be more financial rewarding than getting what you want in a less desirable neighborhood. You don’t want to over extend yourself and have your house turn out to be another Dallas foreclosure home. It is always best to get advice from a professional Realtor. If you decided to purchases a Dallas FSBO home, be prepared to make many of the mistakes most rooky home buyers make.

How Does a Dallas Foreclosure Work?

When home buyers want a great deal in Dallas real estate they invariably think about buying a foreclosure first. Buyers usually have a picture in their mind of that perfect little house that was lived in by a little old lady who fell on hard times and, by the way, kept the home in tip top condition, but this scenario is generally far from reality of a foreclosed home.

Why Do Homes Go Into Foreclosure?

Sellers stop making payments on their homes for a many different reasons. It is rare that a homeowner chooses to go into foreclosure voluntarily. Foreclosure is often a result from one of the following reasons:

•• Out of work

•• Medical conditions

•• Excessive debt

•• Divorce

•• Job transfer to another state

•• The death of one of the owners

Buying a Home Directly from Sellers in Foreclosure

Investors specialize in buying foreclosed properties prefer to buy these homes before the foreclosure process is finalized. Before approaching a seller in distress, consider the following:

•1. Foreclosures vary from state to state. In some states, homeowners can end up staying in the property for almost a year. In other states, a seller has less than four months before the foreclosure sale occurs.

•2. Almost every state provides for a redemption period. This means the seller has an the right during a certain length of time to cure the default, including paying all foreclosure costs, legal fees, back interest and missed principal payments, to regain control of the property.

•3. Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Not doing so may result in fines, lawsuits or even revocation of sale.

Buying a Home at the Trustee's Sale

Check with your local county office to find out how foreclosure sales are handled in your area, but common procedures are:

•• No financing contingency

•• Sealed bids

•• Proof of financial qualifications

•• Sizeable earnest money deposits

•• Purchase property "as is"

Sometimes buyers are not allowed to view a Dallas foreclosure home before making an offer. The problem with buying a house sight unseen is that you can't determine how much it will cost to repair the home or bring it up to code. You also don't know if the occupant will retaliate and destroy and steal fixtures from the home. Furthermore, you may need to evict the owner from the property after you receive title, and eviction processes can be time consuming and costly. Foreclosures are a great way to buy Dallas real estate but make sure you do your due diligence and retain the services of a professional Dallas Realtor.

FHA Financing and DFW Real Estate

Are you in the process of, or are you considering, buying a DFW home? If so, you may want to give serious consideration to using FHA financing to purchase the home. There are many excellent reasons to obtain an mortgage instead of using a conventional or sub-prime mortgage. Why not take advantage of the many benefits and protections that only a FHA mortgages offer:

Easier Qualifying Criteria - Because FHA insures your mortgage in case of a default, lenders are willing to issue mortgages with easier qualifying requirements making it easier for you to qualify for the FHA mortgage.

Lower Credit Scores- If you have had credit problems, such as late payments, charge offs or bankruptcy and you have a low credit score its easier for you to qualify for an FHA mortgage than a conventional mortgage because FHA insured mortgages require lower credit scores to qualify.

Lower Down Payment - FHA currently only requires a low 3% down payment. The down payment money can come from a family member, employer or charitable organization. Conventional and sub-prime mortgages don't allow this and they also require more money down.

Less Expensive - Many times, FHA mortgages come with competitively low interest rates because these mortgages are insured by the Federal Government. This is another reason FHA mortgages are so popular.

Help You Keep Your Home - FHA has been in existence since 1934 and it will be around to protect you when the other Lenders won't. Should you run into hard financial times after you buy your FHA financed home, FHA has several options to help keep you in your home and avoid an unfortunate Dallas foreclosure. With all that said, there is more to buying a home than a low down payment and a low monthly house payment. Go straight for an FHA mortgage when you purchase valuable Plano real estate of beautiful DFW real estate that will make it easier for you to buy your home and keep it for the long run? A FHA mortgage is a wise choice.

Walking Away from a DFW Real Estate Closing

Walking away from a DFW real estate closing happens more often during a buyer's market than in a seller's market. In a buyer's market, when inventory is high and prices are soft, some buyers become frightened and are afraid of further price declines and aren't comfortable because none of the people they know are buying homes. Their fear starts begins to seep in immediately after their purchase offer is accepted and their fear increases from there. By the time closing comes around they are in full panic.

Sellers Who Walk Away From Closing

A seller walking away from closing is rare. When sellers feel "seller remorse" is typically right after the offer presentation, when the reality of selling their home sets in. Other than the remorse, if the terms and conditions of the sale are adhered to the seller will rarely walk away from their closing.

Why Home Buyers Walk Away From Closing

Purchase offers typically contain contingencies that must be removed within a prescribed period of time. If I buyer decides to walk away from the purchase and cancel the contract the best time to do so is during one of the contingency periods. If a home buyer walks away prior to closing they often do so for the following reasons:

•• Found another home.
Even though a buyer has signed a contract to buy a certain house, they may continue to look at other homes for sale. If another home they find turns into their dream home, the next thing you know that are backing out of the first contract and signing a contract for their "new" home.

•• They Got Cold feet.
Sometimes, the initial buyer's remorse that confronts a first time home buyer doesn't dissipate but gets stronger the closer they get to closing.

•• Turned down for a mortgage
Even though the buyer has a mortgage pre-approval letter it doesn't necessarily mean the lender will actually give the buyers a mortgage. After the loan contingencies are removed, buyers could face mortgage underwriting stipulations that they cannot perform.

•• Change in their lifestyle.
An unexpected death, job transfers, a sudden pay cut or an unplanned divorce, any of these situations can cause, or force, buyers to change their minds about following through with closing.

•• Repairs. If a buyer negotiated certain repairs to the property and they are not completed or done correctly, prior to closing then many buyers under those circumstances would walk away.

Repercussions - Walking Away From Closing

If a buyer walks away from the purchase and their contingencies have expired their earnest money deposit will be at risk. Many contracts have a liquidated damages clause in the event of default which will direct the deposit to be released to the seller. The amounts of earnest money deposits are negotiable and any amount is legal. The higher the earnest money deposit the less likely the buyer will walk away from a closing. If you are contracted to purchase a Dallas foreclosure home the deposit will either go to the bank or to HUD. When purchasing a home in the DFW real estate market or the Plano real estate market it is always a good idea to retain a profession Realtor to advise you on these types of issues. This also hold true if purchasing a Dallas FSBO home.

Dallas We Buy Houses Foreclosure Article

There are real estate companies that focus on buying houses cheaply from people who are facing foreclosure or are in some other distressed situation. You can see the advertisements out there everywhere, "We Buy Houses" and with the economy the way it is, it's no wonder investors have formed these types of companies to capitalize on these very tough times. If you're facing foreclosure you know that you are in trouble already. Any offer to buy your house fast is going to seem like a welcome one, and in many cases it will be just that. Make sure you know that anyone making an offer on your home is going to be making a profit. They won't be able to buy it if they can't make a profit but at least it will keep you out of foreclosure.

The Dallas real estate market is strong but if you do find yourself in a bad situation, a Dallas We Buy Houses company may be able to help you. Keep these couple of points is mind though. You won't be getting the full market value of your house. They will be able to buy your house quickly in most cases, but they generally can't pay a lot for it. This can get you out of a sticky situation and help to save your credit at the same time. There are people that may call this unethical or un-fair, but in effect you are both helping each other. You save your credit score and they make some money. If you're uncomfortable with dealing with a We Buy Houses type of company, you may have some options through your mortgage company. Just be very careful of what you're getting yourself into and read all the fine print.

Once your mortgage company files a Dallas foreclosure you won't have many options available to you. It is best to try to make a deal with your mortgage company once you start falling behind on payments. Don't wait too long and hope something will work out. Getting anything for a home in foreclosure is an added bonus. Many people believe that their life is over once the foreclosure process begins. They give up and cause years of damage to their credit scores. Sell the house, get out and save your credit. Find out what options are available to you and take action Now! Don't wait!. A Dallas We Buy Houses service may be just what you need.

What Should You Ask Your Plano TX Realtor

Smart consumers will interview two or three potential Plano TX Realtors before deciding on which one to retain. Just as you will size up the potential Realtor you can rest assured that the Realtor will likely be sizing you up too. Stay away from agents who don't ask you questions about your motivation to sell your home. You don't want to work with just any Realtor off the street, and good agents are just as selective about their clients as well. Ask potential Realtors these qualifying questions.

How Long Have You Been in the Real Estate Business?

Their answer much depends on whether they have access to competent brokers who can handle anything that may come up that requires experience that that Realtor may not have. Newer agents tend to have more time to concentrate on your transaction.

What is Your Average List to Sale Price Ratio?

Knowing the agent's average ratio speaks volumes about their ability to perform. A good buyer's agent should be able to negotiate a sales price that is lower than list price for their clients. An experienced listing agent should do well for negotiating sales prices that are very close to the list prices. Listing agents should have higher ratios about 80% or higher.

What is Your Best Marketing Plan or Selling Strategy?

As a Plano home buyer, you will need to know:

•• How will you search for my new home?

•• How many homes will I likely see before I find a home I want to buy?

•• Will I be competing against other buyers?

•• How do we handle a multiple offer situation?

As a seller, you will need to know:

•• Specifically, how will you sell my home?

•• How do you market your listings online?

•• How high does your company's web site rank on the major search engines?

Will You Be Providing References?

•• Ask if any of the individuals providing references are related to the agent.

•• Ask if you can call the references with additional questions.

What Are the Top Three Things That Separate You From The Competition?

A good agent won't hesitate to answer this question and will be ready to tell you why they are best suited for your listing. Most consumers say they are looking for Realtors who are:

•• Assertive

•• Honest and trustworthy

•• Excellent negotiators

•• Available by phone or e-mail

•• Good communicators

•• Friendly

•• Able to maintain a good sense of humor under trying circumstances

May I Review Documents in Advance That I Will Be Required to Sign?

A sign that a Realtor is a professional is a Realtor who makes all the forms available to you for preview before you are required to sign them.

How Will You Help Me Find Other Professional Vendors?

Let the Realtor tell you what professional vendors they work with and why they choose these particular professionals. Your Realtor should be able to supply you with a list of such vendors such as lenders, home inspectors and title companies.

How Much Is The Commission?

All real estate commissions are negotiable. Keep in mind though that some Plano real estate broker firms set a minimum amount that their agents must charge Typically, most Realtors charge a percentage, from 3% to 4% to represent one side of a transaction, a buyer or seller. A listing agent may charge, as an example, 3.5% for themselves and another 3.5% for the buyer's agent, for a total of 7% commission.

Do They Offer a Guarantee?

If you sign a listing or a buyers agency agreement with the Realtor and later find that you are unhappy with their performance, will the Realtor let you out of the agreement? Will the Realtor stand behind their service to you?

Ask all of the Plano Realtors you interview these questions so you can find the one that is the best fit for you. Of course these questions not only apply to buyers and sellers in Plano Texas, these same questions would apply to the near buy Dallas real estate market including the hot Dallas foreclosure market. It is your home and your money on the line make sure you chose the best Realtor you can find to represent you.

Before You Reduce the Price of your DFW Home For Sale

It doesn’t matter what you call it; Price reductions, price adjustments, price improvements, no DFW home owner wants to hear about lowering the price of their Home. In slower markets, buyer's markets, it is not unusual for sellers to have unrealistic expectations for the price of their home.

Before Reducing Your DFW Home Price
• Answer These Questions
1. Does you MLS listing show a lot of pictures of your home?
2. Is your signage in a prominent visible location, contain a phone numbers and a Web site?
3. What feedback have you received from looking agents and buyers?
4. Are you offering a high enough commission to the selling agents?
5. Have you had many, or any, any showings?
• Are You Selling a Slow, Buyers Market
1. Maybe you don't have to sell your DFW home now? When the market is slow inventory is high. Maybe you should take your home off the market for a while.
2. It doesn’t make sense to put an overpriced home on the market that is not going to get any showings, let alone receive an offer.
3. If you don’t have to move, you may want to consider renting out your house or staying put until the market recovers.
Starting at the Right Listing Price
If you price is too high, you'll need to continually reduce the price until you hit the "magic number”, and by then the buyers will be wondering why the home has been on the market so long and you will ultimately end up with less money than if you listed the home at the “right price” from the beginning: Here are some things to consider:
• Realize that your professional DFW Realtor is on your side; enlist their help.
• Have your Realtor pull up pending home sales and examine their history. How many days on market before the price was reduced and how much of a price reduction was made?
• Compare sold prices with active listings. Are sold prices higher or lower?
• Pull the history on active listings to determine how many days on market before the prices were reduced.
• Run side-by-side comparisons with active listings. Price yours so it falls in the bottom two to five listings or, if you're really determined, price it a little less (3-5%) than all of your competition.
Is Your List Price Too Low?
• Even in distressed markets, as home prices continue to trend lower, properties that are priced below what buyers are readily willing and without prodding to pay will usually receive multiple offers.
• It's common to have price wars among buyers who are competing, which will then result in an accepted offer for more than list price.
Every House Will Sell if the Price is Right, No Exceptions!
Every single piece of Dallas real estate for sale will sell at it’s true value. It can be a new home, a renovated home or even a Dallas foreclosure home it will sell if it is priced right. No exceptions!