viprealtyplatinum's Blog

VIP Realty Platinum implements another “Value Added Service” for our seller clients. VIP Realty Platinum allows our seller clients to view their home showings and their home showing report right from the Dallas Home Seller Page on our website and at no cost. Our clients get their own log on ID and password so they can log on any time to see upcoming scheduled showings on their homes, the time of the schedule showings and the name of the showing agent.  One of the best features of this program is that our sellers can view any comments the prospective buyers or the showing agent have about their home! This is valuable information for any seller. If there is an overlooked repair, a bad smell, or if the price is to high then the seller will get the information directly and can make the appropriate adjustments adjustment to help their home sell faster at a higher price.

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.  

How can you buy Tarrant County real estate at the lowest possible price? You’ve been out house hunting for some time now. You’ve done all your due diligence and now it’s time to put in a written offer to purchase the home that is just right for you. How do you know much to offer the seller?  Is it really how much your offer is or is it how you present your offer? Determining the Market Price Before writing your offer you need to determine what the market price is for the home you want to buy. Have your professional Tarrant County Realtor run a Comparable Market Analysis for you on similar homes that have sold recently in your target neighborhood. To arrive at a reasonable offer price you and your agent will be comparing the location, condition and amenities of similar homes that have already sold and the current competition of other homes for sale in the area. Your Offer Price Now you must figure out how much to write your offer for and also what is the most you are willing to pay for your Tarrant County home. If you are willing to pay market value or more for this home because you don’t want to risk losing it let your agent know that up front! Most good agents will do their best to negotiate a sales price that is below market for you because they want to make you happy and retain you as a future client. More importantly, they want and need your referrals. Only you can determine how you may feel if you lose this home to another buyer for only a few thousand dollars. If you want a good deal in Tarrant County real estate whether it be Arlington real estate, Southlake real estate or even Colleyville real estate make sure you tell your agent so, but if you must have this home in particular, tell your agent that too! His or her negotiating tactics will depend heavily on your desired outcome.

If you purchasing a home and you are obtaining a VA or FHA loan to do so, that information must be included in your written offer. This is necessary on these government insured mortgages because these mortgages place additional financial cost and performance obligations on the seller.

FHA and VA insured mortgages prohibit buyers from paying certain types of fees that are often charged by escrow companies, lenders, settlement agents, etc,.  These fees are called non-allowable fees. The fees still get charged but as the buyer, you are not allowed to pay for them. What results is that the seller ends up paying the fees instead of you. Most of these non-allowable fees are charged by your lender.  Before you make an offer you should have already been pre-qualified for financing by a loan officer. If you are buying a DFW For Sale By Owner Property or your DFW Realtor can ask how much the lender’s non-allowable fees will be. Experienced Realtors should also have an idea of what non-allowable fees will be charged by their preferred escrow company and title insurance company.  Since these are fees the seller would not usually pay on a sale with a conventional mortgage this information must be included in your written offer. Realize that since the seller will be paying these additional fees, they may be less negotiable on their price of their DFW Home for sale. You can have your Realtor search the powerful DFW MLS for property listings that advertize that the seller is willing to pay a certain amount of closing cost on the buyer’s behalf.

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.

 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.

While in the process of purchasing a Plano Home for Sale make sure you do not make any major purchases of any kind. I have had clients get a home under contract and the next thing I know they are pulling up to the home for their home inspection in a brand new car! What could they have possibly been thinking? You may be enticed to purchase new appliance and furniture for your new home prior to closing. You may also want to take a vacation to get a break from all this home buying stuff. Don’t do it! If you do you will be severely damage your chances of obtaining the mortgage you will need to by the home. Don’t move your money around. When your lender reviews your loan package prior to closing for loan approval they will be seriously concerned if the money you are going to use, the source of your funds, for your down payment and closing costs is not in the same place or in the same amount as it was when you initially applied for the loan. More than likely, you will be asked to provide statements for the last two or three months on all of your liquid assets. This includes savings accounts, money market funds, CD’s, stock statements, mutual funds, 401k and retirement accounts.  The loan underwriter, the person that give final approval on your loan, will most likely require a complete paper trail of all your larger withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, statement and other documents. You may find yourself becoming frustrated with your lender but they are only doing their job correctly per all the mortgage rules and regulations. This is necessary to ensure quality control and eliminate potential fraud.  It is a requirement for obtaining financing to document the source of all your funds and assets. Moving your money around, even if to consolidate your funds to make it closing easier, could make it more difficult for the lender to verify properly.  Don’t change banks, move funds or make purchases without first speaking with your loan officer.  If you want to buy Plano realty and you are using a professional Realtor they will be able to give you additional advice to keep you on track during your home buying process. If you are buying a Plano for sale by owner property then the onus is on you to stay out of trouble.  If you are just beginning searching for a home get you Realtor to search Plano Listings to find sellers who are offering to pay some or all of your closing cost. This can reduces the amount of money you will need to bring to closing.

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.

It is common that many first-time homebuyers get nervous about making the commitment to purchase a home.  After all, your are committing to pay a large sum of money for up to 30 years. This is a big decision that leaves many first-time homebuyers wondering if they should take that leap of faith or not.  I assure you it is normal to be nervous about purchasing your first home. To ease your nerves, Plano Realtors have provided a list of the benefits of homeownership. Whenever you feel nervous searching for your first home, on the Plano MLS , make sure to keep in mind the many benefits of home ownership: 1. Appreciation – Real estate, even going through a down cycle, consistently appreciates. A home is also an investment, a investment in your future. 2. Pride of Home Ownership – The main reason that first-time home buyers purchase a home is because they want to experience the pride of being homeowners. When you own your own home you have the freedom to paint the rooms any color, increase the volume of your radio without worrying, decorate any way you want and so much more. Home ownership means freedom from landlords and all their restrictive rules. 3. Deduct the Interest on your Mortgage – There are several tax benefits to home ownership that includes deducting the interest you pay on your mortgage. This is great news since interest is the biggest part of a mortgage payment. 4. As you pay on your home loan, you are building the equity in your home, which you can tap into at any time. If you ever need a loan to pay for college, expenses, credit card debt, or for other various reasons, then equity is a great financial resource to have. 5. The $8,000 tax credit is another reason to invest in your own home now.  This credit is a true credit and does not have to be paid back.  But hurry, this program ends November 30, 2009! Home ownership is an incredible feeling. If you are a first-time home buyer do not be nervous about taking the invigorating plunge into home ownership.  The benefits will far outweigh the risk.  

Are you thinking about buying a home?  ACT FAST!  The $8,000 first time home buyer federal tax credit expires December.1st, 2009. This program is available to residents who have not owned a home as a primary residence in the last three years. This program allows for a tax credit of up to 10% of the purchase price of a home for a maximum benefit of $8,000. The income qualifications for this program are as follows: Individuals with a modified adjusted gross income (MAGI) of up to $75,000 per year qualify for the full tax credit. The benefit for individuals begins phasing out at $75,001 and is not available to those whose annual  modified adjusted gross income exceeds $95,000. Couples can receive a full credit if their MAGI is less than $150,000, with the phase-out beginning at $150,001 and ending at $170,000. The tax credit does not have to be repaid unless you sell the house within 36 months of the purchase date.  If you are considering buying DFW Real Estate contact one of of our Professional DFW Realtors today.

It is a good idea, and required by your lender, to carry at least a basic homeowner’s insurance policy on your Plano home. A basic policy protects the owner against property damage that may result from lighting, fire, wind or hail. It will also cover cost for motel and food if you are forced out of your home while such damages are repaired. A basic home owner’s insurance policy will also cover against loss from vandalism or theft and will usually allow for reimbursement for personal property destroyed in many natural disasters. One of the most important parts of a home owner’s policy is that it will provide for liability coverage for lawsuits brought against the owner by others who were injured on the property. This coverage includes the cost of legal defense up to the pre-set policy limit. Most policies will have a provision that will cover the basic medical expenses for the parties as well. Homeowners insurance is always required by mortgage companies with the purchase of a home. It is required because the mortgage companies’ investment is almost as big for them as it is for the Plano real estate owner. They need to make sure the property is protected from major damage so that if they become the owner of the property through an unfortunate Plano foreclosure the property will be of sufficient value that they can re-sell the property through an aggressive Plano Realtor and re-coupe their money. Even if you own your home outright, a good insurance policy is still the best way to protect the value of your home.

 What is Escrow? The simple explanation of Escrow is a deposit of money, a deed or other written document by one party of a transaction, for the delivery to another party, in the same transaction upon completion of a particular event or condition. The Texas Escrow Law provides the legal definition. Do you need an Escrow when buying DFW Real Estate? No matter if you are the seller, buyer, or lender you will want the assurance that no property or funds will change hands until All of the instructions in the transaction have been followed and completed. The escrow company has the obligation, to all the parties, to safeguard the funds and/or documents while they are in their possession and to disburse funds and/or convey title to Dallas Real Estate only when all provisions of the escrow have been complied with. The way Escrow works: The principals to the escrow transaction, the buyer, seller, and lender create the escrow instructions, usually in writing, to be created, executed and delivered to the escrow officer. If a Professional DFW Realtor is involved, he or she will normally provide the escrow officer with the information necessary for the preparation of the escrow instructions and documents. The escrow officer will process the escrow, in accordance with the instructions and when all of the conditions required in the escrow are met the escrow will be "closed." Each escrow, although similar in many ways, will be different in some respects, as it deals with your DFW property and the specific transaction. If you are purchasing a DFW Foreclosure Home it is especially important to have the title work securitized by a seasoned escrow agent. It is the right of the principals to use an escrow company who is experienced and competent in handling the type of escrow transaction in which you are involved. In this ever changing real estate environment you can rest assured, be confident and move forward with a DFW home purchase if you study the market in your area, understand your financing options and get sound advice from real estate professionals. 

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