Your DFW Home Offer & VA or FHA Financing

If you are looking to buy a DFW Home and you will be obtaining VA or FHA financing then you must include that information in your offer. This is necessary because these government loans place additional financial and performance obligations on the seller that are not typical with cash or conventional loan purchases.
VA and FHA loans prohibit buyers from paying certain types of fees that are often charged by their lenders and title companies. They are called non-allowable fees. They will still be charged, but as the buyer, you are not allowed to pay them. This means that the seller will end up paying them instead of you.

Most of these non-allowable fees are fees payable to your lender. Prior to submitting an offer on the home of your choice you should have already been pre-qualified by a loan officer and that loan officer should have told you what the non-allowable fees will be. Experienced DFW Realtors should also have an idea of what non-allowable fees will be charged by the escrow agent and title insurance company. Since these are fees the seller would not pay on a cash offer or an offer with conventional financing, this information must be included in your offer. You should realize that since the seller will be paying these additional fees, they may be a little less negotiable on the sales price.

Appraisals on VA and FHA loans are a little more involved than on conventional loans because they include an inspection element and they are also more expensive. These appraisers are required to perform certain minimum inspections, which are generally safety items, as well as evaluate the value of the home. Although these inspection reports are not as detailed as a typical professional home inspection report they can uncover items that need repaired prior to closing. These additional repair costs are cost the seller would not be obligated to pay for someone paying cash or obtaining conventional financing. Because of this your offer should include a maximum figure, or cap, for these repairs. Whatever figure you put in will likely affect the seller’s willingness to negotiate on their sales price. If you put $1,100 as an estimate, the seller may be $1,100 less negotiable on their sales price. If no repairs are necessary, you may have been able to get the home for $1,100 less than what you and the seller originally agreed on as the sales price.

When searching for DFW Homes For Sale it is best to retain the services of a professional DFW Realtor. Your Realtor can discuss with you the possibility of buy a DFW Foreclosure to locate a good deal for you. Some of these foreclosures, however, may not be good candidates for VA or FHA financing programs as many times they need a lot of work, work a bank is unlikely to do. If you are not using a Realtor in your search of DFW homes you may consider a DFW FSBO understanding that these FSBO sellers probably have no idea if their home can be financed under one of these programs.

Plano Home Buyers & Sellers Must Agree

When buying a Plano home there are all kinds of people and services that are involved to make it all come together for closing. Because many of these services affect both the buyer and the seller, there needs to be agreement about which vendors the parties will use for these servicers. When the buyer is putting an offer together their Plano Realtor should request the buyers choices for these necessary services. If they are unfamiliar with these service providers, they can get recommendations from their agent and sometimes even the seller.

Escrow and Closing
A settlement company is necessary to act as an independent third party between the buyer and the seller. Example, how would one know when they fork over their money that they are going to get the deed? This is the type of service provided by the settlement company. They will hold the earnest money deposit and coordinate much of the activity that goes on during the escrow period. Since the settlement company is so important to both parties and both parties will pay fees to this company, it is important to agree on which services to use. The choices should be part of the written offer. Since the buyer is probably unfamiliar with companies that provide these services. Your Plano Realtor can make these recommendations. The seller will also have a preference in these service companies and this may be a point of negotiation in a counter-offer. It has become customary that one side will choose the settlement company and one side chooses the title insurance company.

Title Insurance
Title insurance is very important when you buy Plano Real Estate, by providing an Owner’s Policy, they insure that the buyers have clear title to the property. If there are any problems later, they can go to the title insurance company and have them take care of it. Since it is customary for the seller to pay for the owner’s policy, they have an interest in which company is selected. Title insurance is a good idea anytime a home is purchased and it is particularly important when you buy a Plano Foreclosure because one can never be certain that all the appropriate actions have been taken to clear title to the home.

Determining Your Plano Home Offering Price

Before you prepare a written offer to purchase a Plano home you already know what the asking price is. But how do you determine what a fair price you should offer for the home and how do you come up with that amount? Determining the amount of your initial offer can be done in an organized three step process.

The first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called "comparable sales" or “comps”. Comparable sales are recent sales of homes that are similar to the one you are looking to write an offer on. Make sure you pay special attention and compare prices of homes that are similar in lot size, square footage, number of bedrooms and bathrooms, garages, type and quality of construction.

Study recent sales of similar homes in your community to determine a price range. Then analyze additional information like current market conditions, the condition of the home, improvements and upgrades made to the home and the circumstances of the seller. If seller is distressed they may take a lower price that the average seller. This will help you evaluate a fair price that you would be willing to pay for the home. Depending on your negotiating ability, adjust your fair price down a little and then determine what you want to put in your initial offer to the Seller.
The best source of this valuable information is through a professional Plano Realtor. Theses Realtors have access to the comprehensive Plano MLS and have access to Active, Pending and Sold homes. All Plano realty listings that have ever been in the MLS will be accessible you your Realtor. It is more difficult to access Plano FSBO Property because, generally, they are not listed in the MLS. Using the MLS your Realtor can create a Comparative Market Analysis “CMA” to show you the averages on the comparable homes in your market area. This is the best tool you can use to help you deterring what the value of the home is.

DFW Home Appraisals VA & FHA

Appraisals for DFW home sales include inspections and are more comprehensive than appraisals with conventional financing and they are also more expensive. These appraisers are required to perform certain minimum inspections as well as evaluate the market value of the subject property. These inspections are not as comprehensive or detailed as a professional home inspection report. These “Appraisal Inspections” should not be considered a substitute for a professional home inspection and sometimes additional repairs are needed.
These repair costs are additional costs the seller that the seller would not usually be obligated to pay for a buyer obtaining conventional financing. If you are using FHA or VA Insured financing for your purchase your offer should include a maximum figure to cover these repair cost. If this figure in not included, in essence, the seller is signing the equivalent of a blank check and it could cost them substantially more that they expected. Have your Realtor search the MLS for the rare DFW listings that show that the sellers are open to selling to buyers using FHA and VA insured financing.
The figure that you put your offer will more than likely affect the seller’s willingness to negotiate on terms and on the price of their DFW realty for sale. If you put $750 as a repair estimate, the seller may be $750 less negotiable on their sales price. If no repairs are necessary, you could have been able to get that home for $750 less than what you and the seller originally agreed on for the price. A good solution would be to add a clause to your offer that states that if the required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer’s down payment or closing costs. If you are purchasing a DFW FSBO home then the onus is on you to make sure that your offer is written correctly to handle these details.

Richardson Real Estate - Economy & Development

Despite declining economies in other parts of the US, from 2005 through 2009, Richardson has had substantial increases in its economy. Sales tax collection went up from $21 million in 2005 to an estimated $24.7 million in 2008. The city's total assessed property value went up from $8.3 billion in 2005 to $9.5 billion 2008. The city has also achieved a considerable amount of corporate recruitment and retention.

In 2008 Standard & Poor's upgraded Richardson's credit rating to "AAA" from the previous rating of "AA+". Richardson is one of only four cities in the state of Texas and one of 88 cities in the nation with an "AAA" rating from Standard & Poor's. Richardson is the metropolitan statistical area's second largest employment center with daytime population increasing to more than 140,000 making Commercial Real Estate highly desirable in the City. The economy remains rooted in the telecommunications industry. The tax base is very diverse with the 10 leading taxpayers accounting for 10 percent of total assessed value. Richardson's property tax base is deep and extends beyond its Telecom Corridor area with other sectors including health care, technology, and finance. The City's per capita sales are 200 percent of the national average as well as the second highest sales tax per capita in the DFW Metroplex.

Richardson has won many economic awards including DBJ's 2006 "Best Real Estate Deal of the Year", making Richardson Real Estate very desirable, International Economic Development Council's 2006 "Technology-Based Economic Development Award", and Texas Economic Development Council's 2007 "Texas Economic Excellence Award". As the City developed, the Richardson Home market became popular as the City provided several schools, several entertaining venues like skating, hiking, swimming, and also provided for all the basic needs required by the Residents. There are several parks and picnic areas that are enjoyed by people of all ages and people love to live here. Richardson is beautiful, clean and the demand for buying homes in that area has become extremely popular.

We can view the Richardson Neighborhood Profile, view photos and videos of the homes, find out the number of bed rooms, bath rooms and the basic amenities of the homes and neighborhoods from website like VIP Realty Platinum! The dream home you desire is out there and is different for every individual.

Comprehensive Dallas Flat Fee MLS Programs

VIP Realty Platinum’s Flat Fee MLS Programs

Why pay 6%? - Save thousands in Real Estate Commissions

Paying 6% Commission Will NOT Sell Your Home Any Faster!

Our comprehensive DFW Flat Fee MLS programs works because there are typically two real estate agents involved in the sale of a house: the buyer's agent, who represents the buyer and the listing agent who represents the seller.

A seller would typically pays a 6% commission. A home is listed at $235,000 which is split evenly ($14,100), with the "listing agent" getting $7,050 and the "buyer agent" getting the other $7,050.

With our DFW Flat Fee MLS, Dallas Flat Fee MLS and Plano Flat Fee MLS Programs, instead of paying the "listing side" of the commission (typically 3% of the sales price of your home) you would only pay a nominal flat fee at the time of listing and you would pay the "buyer agent" fee of 3% ONLY IF a buyer’s agent finds a buyer for your home. If you find a buyer on your own, you pay 0% commission! VIP Realty Platinum will act as your listing agent, representing your interest, but we will not collect a listing commission at closing.

Why the DFW Flat Fee MLS Program Works

Realtor Marketing Myths

When most Realtors come to you to list your property, they will show you a great presentation telling you all about their wonderful "marketing plan" and how wonderful and great they are and how quickly they will sell your house. However, did you know that the majority of properties, approx. 80-90%, are sold by another MLS agent, and are NOT by the listing agent? If their marketing plan is so great, why doesn't the listing agent sell the listing themselves? Most agents know they won’t sell the property themselves so they let the MLS and buyer agents do all the work. With that in mind, why give your hard earned equity away to someone with only a sign, a couple of print ads and access to the MLS?

Newspaper, Home Buying Magazine & Other Print Media

Do you think print ads still work in this day and age? If you really believe that Agents and Brokers advertise your home in home buying magazines and newspapers only to sell your home, then I have some disturbing news for you!

The main reason agents or brokers would pay big money every month just to place your property in a home buying magazine or other print media is to generate buyer leads for themselves and to brand their companies. In the past we spent big money every month for ads in real estate magazines and newspaper classified ads. Did we sell our listed properties as a direct result of a phone call? No! Most people end up buying another home after they comparison shopped. I can assure you that home buyers won’t just look at one home, your home, before buying. We ran these ads to get the phone calls coming in so we could assist other people who wanted to Buy or Sell. Have you ever seen homes advertised in the real estate magazines or other print ads with the complete address listed? I wonder why not.

Be aware that agents are trained to use marketing materials and tools to promote themselves, their team or their company NOT to actually find a buyer for your home. When you pay a 5%, 6% or 7% commission you are the one who pays for their marketing campaign.

Buying Tarrant County Bank Owned Properties

So you’re thinking about buying a Tarrant County Bank Owner Property. Bank owned property taken back by the bank through foreclosures are referred to as “Real Estate Owned” more commonly referred to as REO’s. You expect to make a killing" in the process, right? Seems like a great plan and it just may happen, but first you take a look at some facts about REO’s so you will be prepared.
As a purchaser of an REO property, you will receive a title insurance policy and the opportunity to do your due diligence on the property. All REO’s may not be a great bargain, however. Do all of your homework prior to making an offer on the property. Make sure that the price you offer is comparable to similar homes in the neighborhood. Also, Make sure you factor in the costs of repairs to the property. Don’t get caught up in a bidding war and pay more than the market value of the property.
Each bank handles the process a little differently, but they all have the same goal. They want to get the best price possible and don’t want to just give away all their real estate holdings. Most banks have a special department set up to manage their REO inventory.
Once you put in an offer to purchase, banks generally don’t accept your original and will present you with a counter-offer. It may be at a higher price than you wanted but they have to demonstrate to their shareholders and auditors that they are attempting to get the highest price possible for their properties. To get at the price point you want to buy at consider making your initial offer about 10% below your target price. Be patient as it can take a couple of weeks or more to respond to your offer.
Banks sell their Tarrant County Real Estate on an as is basis. They will usually, however, allow you to get all the inspections you want (at your expense), but they generally will not agree to make any repairs. To have the right to get an inspection your offer must include an inspection contingency or option period that allows you to terminate the sale if the inspections reveal major damages that the bank will not correct. If major repairs do arise sometimes the banks will re-negotiate the price to save the sale instead of putting the property back on the market. If there are Tarrant County Realtors involved, either representing you or the bank, those agents are required to provide you the proper disclosure statements required by law. Regardless if you are searching for Fort Worth Real Estate or even Keller Real Estate you should always utilize the services or a Professional Tarrant County Realtor to represent your interest.