Was There a Death In The House You Are Selling?

When most folks start out to buy a home, the least likely question on their mind is whether there was a death n the house. Most home buyers are more apt to be thinking about where their furniture will look best and whether they can afford the payments, than has anybody ever died in the house. But to some home buyers, a death in the house is a defect that cannot be overcome.

If the Sellers Died In the House Would You Buy it?

 

Many Dallas real estate buyers generally say it depends on how the seller died in the house. Some types of death carry stronger feelings and are hard to comprehend. An elderly seller vs., a murder for example.

 

• Did the seller trip and fall down the stairs, crack open his head and instantly die?
• Did a burglar break in and surprise the seller by shooting him in the middle of the living room?
• Was the seller ill for a long time and died peacefully in her sleep?
• Was the home the scene of a homicide or a suicide?

Buyers of older Plano homes should realize that in the early 1900s, many people were born and died at the same home. It is more likely than not that a death has occurred in the house over the years. Does it matter if it happened 100 years vs. 10 years ago? You can be certain that many 300+ year old homes in France could have been involved at one point to the French Revolution and its occupants murdered.

 

Must Listing Agents Disclose if Sellers Died in the House?

 

Not all states require such a disclosure. For example, in Colorado, neither the agent nor his sellers are required to disclose if a person died in the house. But in Texas, if a "unnatural" death occurred in the house it's considered a material fact and must be disclosed.

 

Sellers should use common sense. If it's a fact that you would want to know when buying a home, then you should probably disclose it. Some classes are protected, however, such as sellers who die from AIDS or AIDS related illness. Find a real estate agent to ask or check with a real estate lawyer to determine the laws that govern in your state.

 

How Does a Death in the House Affect Its Value?

 

Some of these houses end up being sold to one of those We Buy Houses companies that have a network of buyers. We can all agree that there is nothing about a death in the house that will improve its value or marketability. Most home buyers will move forward with a purchase of a house if they find that an elderly person has passed away in it. On the flip side though, if they find that a violent murder or a suicide took place in the house they will probably not move forward with the purchase and it may take a step cut in the sale price to find a buyer.

Use a One-Size-Fits-All Approach to Marketing Real Estate?

We are about three-quarters the way through 2012 already. It has been an extremely busy and successful year for agents working in the DFW real estate market. Looking back from the beginning of the year I took a look at what three marketing ideas that made this year such a success that can be used through the end 2012. We know that not all clients are created equal so you have to come up with a variety of marketing approaches that may reach each perspective client in a way they are receptive to. Don't use a one size fits all approach to marketing.

Here's a great plan of action:

 

Mailing Newsletters:  This approach is great for the prospects in your database. Theses folks want to know what's going on in the DFW real estate market but they generally don't want me calling or stopping in on them. They prefer email or regular mail. Send them a custom newsletter on a regular basis. It should include market reports for the last three months of real estate activity. Make sure to narrow the reports, meaning, if they live in Plano send them a Plano real estate report. The report should also include the activity for their specific neighborhood. This means each newsletter will have to be customized to that particular client's neighborhood so they not only see what is going on in the Metroplex as a whole, but also what is going on in their own neighborhood. Ask your favorite lender, home inspector stager, etc. to contribute articles for your Dallas real estate newsletter. 

 

Stop By for a Visit: This approach is only for those prospects who don't mind being surprised. They are socialable and love to talk. The plan is to stop-by with an item of some value. Christmas will be here before you know it and everyone loves to have a family photo taken for their Christmas cards. You can partner with a local photographer who will agree to provide you with discount certificates for a family photo. This certificate should include the verbiage: Discount Provided by "your name" of "your brokerage companies name".

 

Client Appreciation Party: This is a great approach is for those clients who have closed or helped you close a transaction with you this year, either through buying, selling or referring a client to you.  Make sure to include the buyers and sellers who are currently have a transaction under contract with you. Some of these buyers may be moving into the area from out of state. This gives them a great opportunity to meet other people who are already living and working in the DFW area.  I would also make sure that your preferred lender, home stager and home inspector are also in attendance. This is a great way of thanking them for their support in your business.  

When prospects in your database think of buying or selling a home you want to be their go to agent.  You don't want them to consider any other person for their real estate transaction. The best way to do that is to remain at the top of their mind. Many times, real estate agents don't use enough creativity when it comes to growing their real estate business. When these agents go on a listing appointment or meet for a buyer for consultation, they should continually be able to share with them how their custom approach is going to be different than any other agent they have met. That should be your goal to accomplish with these strategies. Your goal should be for your prospects and sphere of influence to see that you are doing things that other real estate agents are not and that's the reason you should be their go to DFW real estate agent.

Dallas Real Estate and Title Insurance Policies

What is Title Insurance and why do I need it when buying Dallas real estate? To understand title insurance, let's look at what is known as "chain of title" and how title companies search public records. Title searches begin with when the US government claimed the land using a U. S. patent and moving forward from that point. Because people are involved in recording deed transfers and plotting land parcels, a lot of mistakes can happen. You want title insurance because it will protect you against these defects and "people errors".

Public Records and Property Searches

• County records are often maintained at local courthouses or the Clerk of Registrars.
• Property transfers were first recorded alphabetically in separate Grantee and Grantor books.
• Today, most records are stored in computer files.
• Dallas foreclosures will also be shown in the public records.

Land Division

• Early deeds involved large chunks of land known as Townships.
• Townships contain 36 sections and are six miles by six miles.
• Sections measure one mile by one mile and contain 640 acres.
• Half of a section is 320 acres.
• 1/4 of a section is 160 acres.
• 1/4 section of 1/4 section is 40 acres.
• An acre is 43,560 square feet

Basic Title Search

• Title searches start with the most recent deed, searching the grantee's name backwards in time, until the deed when the grantee acquired the property is located.
• That grantor's name is then searched backwards in time in the grantee's book to find when the grantor acquired title as a grantee.
• This process continues and the property description involves larger and larger parcels of land.
• Eventually, the searcher gets to the U. S. Patent.
• You can learn more about Title Searches by visiting popular Dallas real estate blogs.

Factors That Affect Title

As we discussed deeds establish a chain of title, but sometimes these chains get broken. Title searchers also look for reconveyances, easements, rights-of-way and other elements affecting title to the property. Here are more records that are searched to piece title together:

• Tax sales
• Death certificates
• Marriage records

Title Insurance Coverage

Depending on the title company, consumers can choose among a variety of options, but the top three choices are Owners, Lender's and Extended Coverage.

• Lender's Title Policy Coverage:

1. Unrecorded easements and access rights
2. Mechanic's liens and unrecorded liens
3. Defects and other unrecorded documents

• Owner's Title Policy Coverage:

1. Defective recordation
2. Clear title to the property
3. Incorrect signatures on documents
4. Forgery, fraud
5. Restrictive covenants
6. Encumbrances or judgments

• Owner's Coverage - Extended

1. Structure damage from mineral extractions
2. Building permit violations from previous owners
3. Subdivision maps
4. Covenant violations from previous owners
5. Variety of encroachments and forgeries after title insurance is issued

Who Pays For the Title Policy Insurance Policy?

• This can differ from county to county, but it is negotiable in the offer to purchase.
• Sellers and buyers split the fee for the owner's policy.
• Generally, the buyer pays for the lender's coverage.

How Long Are Title Insurance Policies Good For?

The simple answer is, forever. If you are planning to resell the property within a few years, ask your title company about what is known as "binder" coverage. Most title companies will sell you a binder policy for an additional 10% premium. Binder coverage is good for two years, often can be extended beyond that time, and the fee charged for the new buyer's policy will be the difference between what you bought the property for and the price at which it sold. You will get a credit for the amount of coverage you purchased under your own Owner's Title policy.

 

How Often Are Title Policy Insurance Premiums Paid?

This is a onetime premium due when you buy. You will never have to pay an additional premium on this policy. Title policy insurance is the best insurance policy a Dallas real estate owner can ever buy.

Tips for Winning Over Springtime Dallas Home Buyers

 The season of Spring is generally the best time to sell Dallas Real Estate. Regardless of whether it is a seller’s market or buyer’s market sales activity generally rises in the Spring.  This happens because the largest number of buyers are actively searching for a new home during the months of April, May and June. If your home has been sitting on the market since the holidays, or longer, take it off the market for a little while.  Wait at least a few weeks before putting your house back on the market.  Few buyers are going to look at your home in the Spring if the Days on Market (DOM) show that it has been on the market for several months. Buyers will generally gravitate toward new listings. Blow are several things you can do to improve your odds that your home will stand out among the many new listings that flood the spring real estate market. These tips apply to all homes including Tarrant County homes and Denton County Homes.

2) Rake Your Yard, Pull Your Weed and Trim Your Bushes

Put down fresh mulch, rake out the leaves and debris from your lawn. Don't let overgrown bushes block the windows or path to the entrance. Cutting bushes and tree limbs will let the sun inside and showcase the exterior of your home.

2) Clean Windows and Polish Mirrors

Clean and sparkle sells homes. Potential buyers may not realize why your home seems so inviting to them but they will feel drawn to it if the windows are mirrors are spotless. Cleaning your house is the first step to preparing it for sale..

3) Cut Your Lawn Diagonally and Edge the Lawn

Manicured lawns that are edged tells potential buyers that you pay attention to the details and upkeep of the property.

4) Plant Flowers with Plenty of Color

Colored flowers and plants stimulate home buying urges. After the winter season, everyone is anxious to see the signs of spring.  Tulips and daffodils generate feelings of happiness and contentment. Take extra care and plant extra flowers and plants near the entrance of the home.

5) Clean the Curtains and Blinds and Let the Light in

Send your window coverings to the dry cleaners or wash, dry and press. Toss blinds into a soapy bathtub for a quick wash. Get rid of all accumulated dust and spider webs. Crisp linens and a spring-time breeze through the windows invites the season inside.

6) Polish Floors and Clean Carpets

Your hardwood floors should be cleaned and refinished, if necessary. Make your ceramic and linoleum floors shine. Get all carpets and rugs professionally cleaned.

7) Put Fresh Smelling Flowers in the House

Natural flower scents are more appealing than artificial and trigger fewer allergies.  Professional home stagers bring color and fragrance into the home.

8) Utilize Accessories Like Towels, Throws, Pillows in Light Colors

Even if it means buying replacement items, towels, linens, throws and sofa pillows are inexpensive accents you can buy. In soft spring colors, they will light up a room. Layer towels on bathroom towel racks and place rolled wash cloths on the counters.

9) Use a Welcome Matt at the Homes Entrance

Wherever you live, spring weather is often unpredictable. In some states, it can be 80 degrees one day and snowing the next. If it's raining, give buyers a place to place their umbrellas and wipe their feet before entering your home. Some sellers will install plastic runners across carpets to protect it.

10) Put Out Color Fliers That Show Financing Options

Don't be a cheapskate when it comes to your marketing materials. You want potential home buyers to select your flyer among the dozens of others they pick up. Show home buyers how easily they can afford to buy your home by showing them two or three financing options. The first thing on buyer's minds when considering a home purchase is the monthly mortgage payment. Don't make them guess, put it in front of them

11) Use Color Photos for Print Advertising

Spend a little more money on newspaper and online advertising by using color photographs in your advertising.  It’s like they say, a picture is worth a 1,000 words. Look through your photo galleries for a seasonal photograph that shows your home as it looks in different seasons.

12) Put Out Refreshments for Buyers Looking at Your Home

Touring lots of homes tends to make buyers hungry. Give them a little snack.  It will give buyers an opportunity to linger in your kitchen and get a better feel for the home. You want them to get the feeling it is their home

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.

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.

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. .

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.

Dallas Foreclosure Tips

I want to share with you the top five things you need to know before you buy a Dallas Foreclosure Home.

The Dallas foreclosure market is HOT and there are great values to be had. But don’t venture out there before you develop a plan. Here are the top five tips.

1) Document your financial readiness:

If you are using cash for the purchase of a DFW real estate foreclosure, get a bank statement ready for proof of funds. If you will be using financing get a pre-approval letter from the lender that will give you the best terms and service.

2) Retain a professional Dallas Real Estate Agent who has experience in buying foreclosed homes. This person will be your best ali.

3) When you find a Dallas foreclosure home that you like have your Realtor complete a Comparative Market Analysis, commonly referred to as a CMA, to determine the value of the home.

4) Have the home professionally inspected and calculate the cost of repairs and upgrades.

5) It is a misnomer that you can steal a foreclosure home. If you really want the home take a look at your CMA and your cost of repairs and decide what sales price makes sense to you.

Go with your best offer and you will have no regrets.

Dallas Relocation – Dallas Real Estate Market

The Dallas / Ft. Worth Metropolitan area, commonly referred to as the DFW Metroplex and has a population of more than 4 million, making the DFW Metroplex the 4th largest metropolitan area in the country. Dallas is centrally located and is within a four-hour flight from most North American destinations. DFW International Airport is the world’s third busiest airport. Throughout Dallas one will enjoy the best shopping in the southwest, four-and five star hotels and restaurants, the largest urban arts district in the nation, 13 entertainment districts and much, much more.

Dallas is also known for moderate weather, year-round sports and true Southern hospitality. Dallas is also a leading business and meeting city. In 2008, 24 area businesses were named Fortune 500 companies. During the most recent economic crisis while real estate markets in many other areas of the country have crumbled, the Dallas real estate market has proven to be resilient. Strong job growth and affordable housing are attracting more and more people to the DFW area from around the nation keeping the values of Dallas real estate strong. Planning to move to the Dallas area? Our website will be of much benefit to you. Search the “Real” MLS for a home that is just right for you. You will surely be pleasantly surprised to learn how much home you can get for your money in the Dallas home market. Take your first step toward your Dallas relocation and your first step towards a whole new lifestyle.

We have a team of knowledgeable, professional Dallas Realtors that can assist you with your relocation needs. Go to VIP Realty Platinum.com and get started Now!

How to Buy Dallas Foreclosures

Dallas Foreclosures and Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a home. It’s not easy for the average homeowner to find these deals, because you have to keep scouring the papers and the internet to see when one comes up. Some people go as far as spending their hard earned money on "foreclosure lists". Why pay for a list when you can get foreclosure information for free from a few prominent Dallas real estate brokerage firms?

If you’re the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know that the rising foreclosure rate in the city of Dallas has made several foreclosure homes available for interested buyers, and buying such foreclosure homes can be a good deal. Different types of homes such as single family, multi-family homes, condos, townhouse or village, duplex or triplex homes and various other types of residential foreclosure properties are available in the city and are becoming a part of our data base. From the simple to the stylish ones all types of Dallas foreclosure homes are available.

Find a professional Dallas Realtor that specialize in foreclosure and put them on your side. Tour the property and look it as closely as possible. Some foreclosures, unlike fixer uppers, are in fairly good shape. Others may be behind in maintenance. Have your Realtor check nearby or comparable homes to see if the asking price for a foreclosed home is, in fact, a bargain. Have the home inspected if the seller allows. Be prepared to deal with more paperwork with a foreclosure than you would with a conventional purchase, particularly when a government agency is involved. And then you will be on your way to closing.

Tips For Buying a Dallas Foreclosure Home

There are lots of savvy Dallas homebuyers who want to hit the jackpot by buying a Dallas Foreclosure because they believe that many of these homes are under priced. When banks price their foreclosed and REOs (real estate owned) homes under the comparable home sales they often receive multiple offers. This means that you could be up against some strong competition for that Dallas home that you really want. Sometimes the bank will take the top two or three top offers and then ask theses selected buyers to resubmit, what is known as their "Highest and Best" final offer. Other times the bank simply accepts the best offer upfront. Here are a few tips to help you select the right price and terms so your offer will be Highest and Best:

1) Get the Property History

Ask your Dallas Realtor to find out the bank's purchase price, the amount the bank took the property back at. Typically, this amount can be obtained from the state tax rolls or a local title company. Compare that price to the price the bank has the home listed for and then look at the amount of loans that were once secured against the property. Somewhere between the original mortgage balance and the amount the bank took the property back will be the amount the bank will accept from a buyer.

2) Determine Comparable Sales

In most cases, the list price has little to do with the value of the home. The area market value carries the most weight. If you are up against competing offers, other buyers will offer more than list price.

•• Take a look at the last three months of comparable sales for that neighborhood to determine how much this home is worth. Only use those homes that most closely match the REO/Foreclosure home regarding square footage, number of bedrooms, baths, amenities and condition.

•• Also, look at pending sales. Ask your Dallas Realtor to call the listing agents for these pending sales to try to find out the accepted contract price. Some Realtors will share that information and others will not.

•• Look at the active listings as well. These listing are the competition for the REO/Foreclosure home you want to buy. Also, these homes are most likely the listings other buyers will use to formulate a price because they are the only homes those buyers actually tour.

3) Analyze Listing REO Sold Listings

Most REO agents work for only one bank, sometimes, two banks. Some of these listing agents are exclusive listing agents for the banks that own these REOs, and they do not list any other types of real estate. Since REO agents deal in high volume, they typically apply the same pricing principles to all their REO listings ie. price per sq. ft..

•• Ask your Realtor to look up the listing agent in the Dallas MLS.

•• Get your Realtor to run a search using that listing agent's name to find the last three to six months of that agent's listings.

•• Also, have your Realtor pull the sales and listing history of those properties to determine the listing price to sales price ratio. If many of those listings are selling for, say, 4% over list price, then you may need to offer 5% over list price, and vice versa.

4) Ask About Number of Offers

If there are no offers on the REO/Foreclosure home you are interested in, you can probably offer less than list price and still get your offer accepted. If there is more than just your offer in on the property, you will likely have to offer a price higher than the list price. Keep in mind that some of those offers might be all cash and banks like all cash offers. If you are obtaining financing, then you may need to increase the price on your offer to even be considered.

5) Submit Preapproval Letter

Just like with any other home purchase you want to submit a mortgage prequalification letter to the REO Bank along with your offer. Generally, it is an advantage to get pre-approved for mortgage financing through the bank that is selling the REO/Foreclosure home because banks don't trust other lender preapprovals but trust their own departments.

There are great values to be found in the Dallas real estate market for Dallas foreclosure homes. Make a list of your need, wants and desires like neighborhoods, style of home, beds and baths, special amenities, square footage, etc. Once you complete your list search Google to find the best Dallas Realtor to represent you and walk you through, step-by-step, the Dallas foreclosed home buying process.

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.

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.

Don't Expect too Much from your Dallas Open House

So you want your Dallas Realtor to hold you house open so that potential buyers can see your house? Conventional wisdom says yes, hold your house open, clean the house spotless, bake the cookies, and plant your Realtor by the front door. Not so fast. Recent surveys of real estate agents reveal that holding an open house is the very least effective tool they have for selling your home. Then why do they do it? One reason is to appease you or because they promised they would in order for you to sign the listing agreement. The other reason is, not to sell your home, but to pick up additional buyer clients, everyone that walks through your door.

How ineffective is an open house? A nationwide Realtor survey by the National Association of Realtors found that only 7 percent of all home sales were through open houses. So is it worth it to hold your house open at all? Sometimes, yes, in certain situations, A "targeted" open house is for other real estate agents is a good idea if you live in a small town or an area that has very little housing inventory available for sale. This approach works best if the house is held open when the house first goes on the market.

If holding a open house is a poor sales technique, then what will really work? The Realtors in the Texas study listed yard signs, the multiple-listing service, and referrals as the top ways to attract buyers. Number four on the list was the Internet. The internet listed as number four, Really? Dallas Real Estate Brokerage Firms, agents, and the National Association of Realtors all have web sites. All of the studies and survey that I have read show that an astounding 92% of all people begin their Dallas real estate search on the web. The internet is used for all facets of a real estate transaction. Dallas Realtors armed with this knowledge will position their website to rank high on search engines. They will include a page for popular Dallas foreclosure properties and a page for the astute Dallas FSBO.

Other factors that will affect the sale of your home are: 1 - Pricing your home competitively. 2 - Decorate so your house shows well: consider hiring a home stager who specializes in low-cost home "primping" for real estate sales. 3 - Include as much detail information as possible about your home's features, and neighborhood information on schools and community services.

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.

DFW Real Estate – Staging Tips

It is time to sell your DFW home and you know you have a better chance of selling your home faster and at a higher price when it is staged but you don't want to spend the money. Staging your DFW home is a bit more than just cleaning the carpet, making minor repairs, cleaning and decorating. It is about creating an illusion of a home space that involves all the five senses. It is about making a potential buyer fall in love with and want to buy your home. Here is how you can make your home more attractive to the buyer.

Furniture - Remove most of it.

You will want to remove all the excess furniture from a furnished home. In a vacant home add only enough furniture to let buyers visualize the space for themselves. Arrange the furniture in groups. For example; in the living room, break up the space by adding a vignette as a reading area, plus a sofa and coffee table; and in the dining room set the stage with a set table and chairs.

Using Soft Fabrics Where Possible

Use soft fabrics such as silk, lamb's wool or satin around the house. Drape windows with simple lines.

Decorate The Home With Subtle Decoration

If you have some knickknacks, arrange them in groupings of 1, 3 or 5 pieces. Add things that will warm up the space. A large flower arrangement adds beautiful colors to the area. Add canned goods to the panty and arrange cookbooks on kitchen shelves and counters.

Create a Luxury Feeling in the Bathrooms

Spruce up your bathroom with a spa feel by arranging lotions, scented soaps and moisturizing jars in basket and by hanging towels on all towel bars.

Arrange a Few Decorative Pieces Throughout

Add decorative elements to your shelving, mantel and bookcases in small group scattered throughout. Add a few large decorative pieces: rugs, floor and table lamps, silk flowers, and a few plants.

Staging a DFW homes for sale is more of an art form than anything else. If you have prepare your home properly, it will invite warm feelings from many potential buyers which may turn into offers. The Dallas real estate market remains strong but that doesn't mean you should look past this very important marking technique of home staging. Even DFW foreclosure properties would benefit from these same staging tips.