10 Mistakes Sellers Make When Selling a House

10 Mistakes Sellers Make When Selling a house

Mistake #1 – Signing a standard agency Agreement

10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes. The most dangerous thing you can sign is a standard selling agreement. Thousands of sellers make this mistake – they signup with a real estate agent without realizing what  they are doing. Once you sign, you are at the mercy of the agent/ You have lost control. Many agents describe sellers as being controlled – it means the agent has control.

Agents may say their agreement is ‘standard’.  But it is designed to the agent’s standard, not to your standards. It totally protects the agent. it barely protects you. Seriously, be careful. An agent’s selling agreement is a legal contract. Treat it seriously!

Don’t sign any contract unless you are guaranteed that your basic rights are protected. Seek independent legal advice or use the Consumer Protection Notice for home-sellers, which has been designed in consultation with legal experts and consumer advocates.

This guarantee is available to all home-sellers at no charge and with no obligation. Despite what some agents may say, you can use it with any agent in any area. This guarantee has huge support from consumers, lawyers and consumer advocates. The guarantee prevents the agent from hurting you. If an agent does not want to sign it,do not hire that agent, no matter what you are told.

10_Mistakes_Seller_Make_When_Selling a_House

Call me – I Pay Top Dollar for Houses (214) 723-1304.

Mistake #2 – Not Trusting the Agent

If you do not trust the agent, don’t hire the agent. The most important ingredient in any relationship, business or personal, is trust. Before you choose your agent, ask many questions, check references. insist on a Guarantee, test their negotiating skills and ask yourself a Big question: “Do I feel comfortable with this person handling the sale of my home”? If your answer is No, do not hire the agent. 80% of Home-Seller’s Make These 10 Mistakes.

Feeling good is not a good enough reason to trust the agent. you need proof that the agent deserves your trust. And that’s easy – just make sure that anything you are told verbally is Guaranteed in writing. When the agent says something that sounds good, you should say, “that sounds good, would you give me that in writing”? This will really test whether or not the agent deserves to be trusted.

10 Mistakes Sellers Make When Selling a House. Call me – I Pay Top Dollar for Houses in DFW

(214) 723-1304.

Mistake #3 – The Quote Trap

One of the most common mistakes made by sellers is believing the price the agent quotes for the sale of your home. Once you sign-up with an agent, if the selling price is less than the price you were quoted, too bad. there is nothing in the ‘standard’ real estate agreement that compels agents to honor their quotes.

The ‘Quote Trap‘ catches thousands of sellers who are told one price before they sign-up and another price after they have signed-up. As absurd as it seem, if a home sells for any price, the agent still gets paid. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.

Insist on a written guarantee, just as you would with any business. You should only pay the agent if you get  the price you were quoted-or more. Do not accept any excuses about ‘the market’. An agent who is telling you the truth about pricing your home will have no qualms about giving you a written commitment, that the words you hear are the truth.

Mistake #4 – Failing to Check out the Agent

Choosing an agent based solely on a high quoted price and a low commission rate can be a dreadful mistake. Agents who offer low commissions can be poor negotiators. you are hiring an agent to negotiate the best market price for your home. take the time to ‘check out’ the agent. A little research can mean BIG savings for you.

Once you have signed-up with an agent you may be horrified at the things the agent says and does when handling the sale of your home. Many agents openly encourage buyers to offer lower prices. Many agents reveal confidential information about sellers, such as ‘These people are in trouble’. if you have a pressing reason for selling -illness, divorce, financial commitments, ect…the agent may tell buyers about your reason for selling. This really weakens your position.

Treat hiring an agent like a job application. Ignore written references because you may only be shown the good ones. you must discover of the agent is honest and competent. There are two ways to do this. First, ask the agent for details of all their current home-sellers. Call some of these people and see if they recommend the agent. And second, you should ‘Mystery Shop’ the agent to make sure the agent is not going to say one thing to you and another thing to buyers.

Call the agents office and make inquiries about one or more of the homes they have for sale. Ask questions such as ‘Why is the home being sold’? and ‘what is the correct price the owners will take for this home’?

Mistake #5 – Signing Up For Too Long

Thousands of home sellers get caught with the wrong agent. If you sign a standard real estate agreement, and later, you are not happy with the agent, it is very hard to get out of the agreement. Once you sign-up, you’re locked-in for the time period you signed-up for. This is one of the most frustrating mistakes made by home-sellers. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.

Don’t sign anything which locks you into an agreement for a long time. Consumer advocates recommend short time periods. In Dallas, 60 days is the maximum time allowed by law. But, even that may be too long, because the longer the agent has your home, the more chance that you will be pressed to lower your price.

The maximum time should be 7 weeks (49) days. Many sellers only give an agent 30 days to start with. If you are happy, you can extend the time later. Be careful. Keep control. Insist on a short selling agreement. I Pay Top Dollar for houses in Dallas/Fort Worth (214) 723-1304.

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Mistake #6 – The Advance Fee Scam

It’s a BIG mistake to pay any money in advance. Many sellers hand over thousands of dollars and lose their money. Consumer advocates call this the’Advance Fee Scam’. In real estate, it is called ‘up-front money’. The excuse is advertising, which involves some of the worst traps for sellers. It is a very easy mistake to make. It is also very easy to avoid.

Do Not pay any money in advance for any reason. Many home-sellers are now waking up to this mistake. They say to agents, ‘We will only pay you if our home is sold and we are satisfied. If not, we pay nothing. Also, don’t sign anything which requires you to pay any money if your home is not sold. You should only pay the agent after your home has been sold and you received the price and service you were promised.

Mistake #7 – Becoming a Victim of Conditioning

Conditioning is one the cruelest real estate tricks. It has one purpose. to convince sellers to lower their prices so that their homes can be easily sold, thus ensuring that the agents get paid. 10 Mistakes Sellers Make When Selling a House.

There are two classic symptoms of conditioning. First, is when the agent praises your home before you sign and then criticizes your home after you signed. Second, is when the price the agent quotes you becomes much less after you sign.

Conditioning works in two stages. First stage is the ‘Activity’ Stage. this is when the agent creates lots of activity – which causes your home to be sold for a lower price. Second stage, is the ‘Crunch. This is when pressure is applied to you to reduce your price.

Conditioning is a common and real trick in real estate. It is taught in several real estate courses. Most sellers are no match for trained agents. If you are being pressured to lower your price, or the agent is using methods which can cause you to get a lower price, you should have the right to dismiss the agent. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.

Call (214) 723-1304 to get Top Dollar for your home.

Mistake #8 – Advertising & Lower Prices

Thousands of home sellers do not realize how agents  use advertising to promote themselves. And very few sellers realize how advertising damages the value of their homes. Typically, real estate advertising often gets lower prices. It is a ‘conditioning weapon’ to convince you to lower your price.

The more a home is advertised and the longer it remains unsold, the easier it is to persuade you to lower your price. When buyers see a home advertised week after week, they wonder what is wrong with the house. It can easily become known as a lemon.  And lemons get lower prices.

If advertising really was the cause of selling your home, why would you need an agent? You could put ads in the paper yourself and save thousands of dollars in commissions. 10 Mistakes Sellers Make When Selling a House.

Agents will tell a home seller that their home needs lots of exposure. But exposure is like sunburn. The more you expose your home with typical real estate ads, the more you burn your price. You are selling your home, not the buyer of ads.

Mistake #9 – An Agent Who Treats Buyers Badly

Agents who treat buyers badly will also treat sellers badly. If you have ever tried to buy a home you will know exactly what this means. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.

Buyers like to deal with agents who will listen to them. but thousands of buyers at the lack of courtesy from agents – especially when it comes to returning phone calls or keeping in touch. Many agents advertise constantly rather than keeping in touch with buyers who inquire to the offices. This is inefficient, incompetent and lazy.

Agents who tell sellers that they have to “find a buyer”. But this makes almost no sense. If the agent is efficient the agent should already know who is looking to buy because all buyers come into an area before they buy.

Mistake #10 – Poor Negotiator

The main reason home – sellers lose money is because so many agents are poor negotiators. There is a BIG difference between what a buyer pays for your home and what that buyer would have paid. Most agents do not know how to obtain the best market price.

Just ask anyone who has bought a home what was the price they paid for the house, and what would they have paid for that house. Thousands of buyers are able to buy a house below their maximum price because so many agents are such poor negotiators. It is astounding.

You don’t need a slick sales person, you need a good negotiator. A good negotiator can easily mean an extra ten percent on your selling price. To discover if an agent is a skilled negotiator, ask the agent to teach you something about negotiations. If you are not impressed with what you hear, if yo do not learn something worthwhile, do not hire that agent. Insist on an agent who is a skilled negotiator.    10 Mistakes Sellers Make When Selling a House.

Article Topic. 10 Mistakes Sellers Make When Selling a House

Are you the Executor of a Will? Now what?

Real Estate Professionals, You Probably Know One

Sell Your House Fast Dallas

Selling Your House? Make The Market Work For You

Selling Your House? Make The Market Work For You

Selling your house? Make the market work for you. Whether the local real estate market is hot or still making the comeback, there are steps you can take to reach the right buyers, pick the best offers and get top dollar for your home.

Selling Your House from start to finish, you will learn to do it all in the shortest possible time. The Dallas housing market offers solid possibilities for selling your home at a profit. But what should you do first, renovate, call an investor or an agent?

  • Making your property look it best
  • determining the right sale price and time
  • working with an investor
  • choosing offers and negotiating the contract

Real estate experts all say the same thing.

  • get to know your local market
  • set a price that will attract buyers to make offers
  • working with investors
  • find the right real estate agent for you
  • determining which repairs and upgrades pay off best
  • make the legally required disclosures to buyers
  • selling the house without an agent (FSBO)
  • negotiating repairs and contingencies
  • closing successfully

Selling Your House? Make The Market Work For You

How soon are you wanting to sell your house? Depending on your own readiness to move and what shape your house is in, is all up to you. Start planning this as a major life event months in advance. Once you start working with an investor or an agent, there will be a lot to do to get your home ready for sale. Evaluate your home’s condition and identify issues that you might want to address right away. Becoming aware of your house’s strong points for marketing purposes.

Selling_Your_House?_Make_The_Real_Estate_Market_Work_For_YouWhen is the best  time to put your house on the market in your area? Start looking at other homes in your area. House’s that are listed in your area are the best to view first.Make a comparison of what the updates and repairs made to those other house’s.

Do a budget for the repairs needed in your house. No need to wait, start fixing and decluttering now! So you say your house is beautiful, maybe so, as long as you don’y see that crack in the wall or stains on the carpet. Are there marks or scratches on the doors through out the house?

Prepare Your House to Sell

No matter how clean or tidy you are, your house is probably not ready to market as you might think it is. As with most all home sellers, you have been in the home for years. A lot can happen and a lot of stuff has piled up over the years. The longer you put off dealing with it, the sooner you should busy cleaning it out. Selling Your House? Make The Market Work For You.

Two months of constantly cleaning and making repairs is the ideal time frame for major project like this. Some houses don’t need this amount of time. But most do. I have worked with owner/sellers that need more time, and I have worked with some that only need a couple of weeks.  The houses that need the most prep time are those that the owner/seller has lived in longer. The problems add up and are normally not attended to in a timely manner.

Given the work involved in getting your home ready for market,you might want to dive in before you’ve chosen an investor to vie it. But don’t worry much there, as most investors will buy your house in it’s as-is-condition.

When prospective buyers come along, they will likely be scrutinizing your home condition. Not with an investor. Obvious issues that a nonprofessional could pick out, such as the stains on the carpets and scratches on the doors will make a house harder to sell and lower it’s value.

Other issues that may tend to be noticed right away include doors that do not close properly, linoleum tile, cracks on the walls and ceilings, old out dated counter tops, interior & exterior paint. Some things that you may never have considered.

Article Topic: Selling Your House? Make The Market Work For You

Why do some houses sit on the market for sale, longer than others?

Why do some houses sit on the market for sale, longer than others?

Why do some houses sit on the market for sale, longer than others? One of the most fundamental changes the Dallas Real Estate Market has seen since the last recession, is the rapid disappearance of new and existing houses priced below $200,000. Houses at or below $200,00 price point made up 66 percent of all home sales here in 2011.

Today, just 39 percent of all houses sold here are below that price point. Houses above that price point have proven to need a lot of work. This is also the case outside of central Dallas. Suburbs that have the most existing sub-$200,000 houses are Richardson, Garland, Mesquite and The Colony have the fewest properties for sale. And most of those houses are not for sale.

Even so, the local construction market, which employs  81,000 workers in the Dallas area, has found that it lacks 10,00to 20,000 skilled workers. So, to the point, if you want or need to remodel or make small repairs to your home, you need to make appointments as far out as 3 to 4 months.

Last year, 73 percent of all new construction was for houses priced at $300,000 and above. And just 8 percent was for houses priced below $200,000 has helped the city’s median home prices rise to $236,000, which for the first time puts Dallas higher than the National median of ($232,00)

While the increased supply is a nice change for buyers, for sellers it’s not yet working out. This spring, sales were down 27 percent on the year for the whole area, across all prices. Supply was up. Demand was down.

Why_do_some_houses_sit_on_the_market_for_sale_longer_than_others?And yet, that’s the scenario playing out in any number of neighborhoods and suburban cities across the area. And the number of days that properties sit on the market has in creased as a result in selected spots.

Why do some houses sit on the market for sale, longer than others?

Some are relived that the pace of sales has let up, if only a little. you can ‘t expect your house to sell in three days anymore. That’s still happening, but we have more inventory now, and that’s not been great for many sellers. But is has been good for many buyers. And after these past few years, any sense of balance in this market is really appreciated.

Higher interest rates or higher level of political volatility in Washington could weigh prices down faster than expected. Of course, any number of other factors could throw off that balance. Or, another big corporate relocation announcement could push prices up to create another hot market. Either way, while it seems closer, this market’s peak is not yet in clear sight.

When you look at listings for homes online, they usually have a part of the listing that shows how long the house has been on the market or (DOM) days on market. After 90 days, most real estate agents deem that property as stale. This stale property may get less money when it finally does sell. Why? Many buyers see a longer time on the market and make an assumption that there’s something wrong with the home.

Many home buyers see a longer time on the market and assume that the other home buyers who have viewed the house know something that they don’t. Then they just ignore the house all together. However, most real estate agents will tell you that it’s less likely that the home has major problems. Here are some of the reasons why do some houses sit on the market for sale, longer than others?

Priced too high – What’s the main cause of a home sitting on the market forever. The listing price is too high. Every home will sell at the right listing price. And if it’s the wrong price, then it will just sit on the market. Buyers most likely jumped when the home was put on the market, And after seeing the property, decided to buy something that was a better value.

Stubborn Seller – Along with this high listing price, the seller may be stubbornly refusing to lower the listing price. Sellers should be willing to negotiate their prices in order to get their home off the market.

Hard To Show – Sometimes the home just doesn’t show well. The seller may need a professional designer or staging help. Other sellers need to open their schedules to let potential buyers view the property.

It was FSBO and a Realtor took it over – As I have seen many times. Sometimes home sellers try to sell their home themselves as a FSBO. Many times these houses stay on the market for months. Simply because home sellers can’t make time to show the house, because they’re at work. A realtor may have taken over the listing when the FSBO gave up on selling the home.

The Home is i Bad Condition – If worse comes to worse, the home may actually be in condition. Sometimes sellers want to offer buyers credit for repairs that they don’t want to do themselves. This usually keeps buyers away from the home. They don’t want to have to fix up the home (unless they’re looking for a fixer-upper). The best way to see if the home is in bad condition is to make an offer and then inspect the home. If the home inspector see major problems with the home’s systems and appliances, and the seller refuses to budge on the price and won’t fix the systems or appliances. Decide if you’re OK with fixing up the place yourself. Or if you should find a better home elsewhere.

If you are worried about why a home is on the market too long, ask your realtor. They should be able to tell you what’s going on with the home.

Article Topic: Why do some houses sit on the market for sale, longer than others?

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Listings under $300,000 in North Texas – cashforhousesrh.com

Listings under $300,000 in North Texas – cashforhousesrh.com, they will usually be off market and sold in a matter of days, or weeks, not months. You got your starter homes, your first-time-home buyers and select investors are still picking up these properties in that price range fast. These house nuder $300,000 sell very fast.

Millennials and Empty Nesters

We still prefer to buy these type of houses for that one reason alone. Very low days on the market! And it’s not just the millennials craving the urban lifestyle. Many empty nesters are looking to more near downtown Dallas.

All of North Texas is seeing these same houses under $.300,000, being sold very fast. We as local real estate investment company must keep 14 to 16 rehab house projects lined up waiting to be rehabbed, in order to stay ahead of the game.

We have been in the real estate investment business since 2001 in North Texas. For the last five years, prices have shot up. Most of the properties we buy are through the Foreclosure process or Probate properties or inheritance. With houses staying on the market a few days longer now, we see the slowing market coming.

Oak Cliff, Texas

Take Oak Cliff, Texas for instance. Houses in that area were probably undervalued in the past, so when home prices increased 25 percent in that area, it was more of a market correction in itself. Listings under $300,000 in North Texas – cashforhousesrh.com

Houses we could have bought a year ago, are now $60,000 more today on average. There is a struggle to find a great house under $300,000. Where maybe two or three years ago you could maybe get a house around or under the $300,000 price point. When a house does come available at that price point, it always becomes a bidding war.

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Approximately 96 percent of first time home buyers use a mortgage to finance their home purchase. That makes the share of first time home buyers in the market closely connected with increases and decreases in the mortgage rates. Listings under $300,000 in North Texas – cashforhousesrh.com

That’s part of the reason why when mortgage rates rose in late 2016, the share of first-time home buyers dropped and is expected to stay below average.

Dallas has been racking a little bit lower than the rest of the country. The County of Dallas is relatively expensive compared to many markets where we’re seeing them have more success. About 44 percent of people buying a home in the U.S.A. are first time home buyers. While that’s above average, it’s down from 55 percent for the industry.

Another factor contributing to the drop in first time home buyers and the national rise in housing prices and low inventory. that holds true for North Texas. People are pouring into the North Texas area from other cities and other countries. Causing home prices to rise by 43 percent in the last five years.

Listings under $300,000 in North Texas – cashforhousesrh.com

The National Association of Realtors said that while 2016 was a great year for existing home sales, December saw a 2.8 percent drop because of high cost caused by record low inventory.

Home affordability, for both buying and renting remains a pressing concern because of another year of insufficient home construction. After beating expectations in September, October and December last year. Reality finally caught up with existing homes sales in December last year. At  this point, lackluster inventory remains the number one driver of sales and prices. Listings under $300,000 in North Texas – cashforhousesrh.com

The industry is trying its best to keep up with demand in DFW. In 2017, residential strategies projected 32,000 new homes will be built. That would be the first time since before the housing crash DFW will eclipse the 30,000 mark.

Industry experts say mortgage rates are expected to grow even more this year. So will the trend of decreased number of first time home buyers. After all, mortgage rates started rising in October 2016 and there was still a healthy number of first timers in the market.

Since the recession, when an all time high of 50 percent of home buyers were first timers. The number has steadily gone down until it bottomed out at 32 percent in 2015. Despite ending in a frenzy, it recovered only slightly in 2016 to 35 percent, which is still below average.

Article Topic: Listings under $300,000 in North Texas – cashforhousesrh.com

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Buy My House Fast in Dallas, Texas

Buy My House Fast in Dallas, Texas

These guys are life savers. I called and asked them to Buy My House Fast in Dallas, Texas. They helped me in a pinch. I went through another local house buyer in the Dallas, Texas area. I had everything lined up with my new house.

The day before I was scheduled to move in my new house, the other house buyers canceled our contract. Saying, their lender would only provide so much money to buy a fix up the house. Which in turn made the other house buyers short on closing on my house, our contract.

I found cashforhousesrh.com on the internet and called them. They came out, looked at my house and gave me a fair cash offer to buy it. I then explained my situation to Robert who was very easy to work with. He gave me a (3) day closing, he paid the closing cost and then made sure that I had money in hand to move into my new home.

How’s that for Great Service? I have already recommended Robert and his team to all my family and friends and I would definitely use them again if need be. Should you need to sell your house fast call (214) 723-1304 or email robert@cashforhousesrh.com He and his team are very nice people and very easy to work with. They do what they say they will do.

Seller Conned or No Due Diligence

How many times does this scenario happen you ask? You would be totally surprised, is the answer. With so many newbies and wannabies out there, with no education or experience in buying and selling Single Family Homes. It’s a wonder why the sellers fall into these scenario’s. Buy My House Fast in Dallas, Texas.

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With so many different exit strategies to use when buying or selling real estate. These newbies can’t learn everything overnight. Understandably so, but why do sellers contact these newbies, sign their Contract for Sale of Real Estate? Is it desperation or simply being ‘sold a bill of goods’ and not knowing any better?

Good questions, simple answer is, experienced house buyers must do a better job of marketing their services. Homeowners must do a better job of qualifying the buyer. Such as, ask for a (POF) Proof of Funds from the buyer.

Buyer Needs to Honest

If the buyer cannot provide the seller a POF, it is time to walk away. Should the buyer provide a POF, be certain that it is verifiable. In other words, the seller must be able to contact the lending institution so as to verify the funds are available. The seller must contact the lender to verify they have worked with the house buyers before.

These are simple task that the home seller should anticipate, prior to asking any buyer to buy my house fast. There are also other things the seller should look for. Simply things as, did the buyer ask about the location of the under ground gas line, or the water line. Simple yes, but very important to an experienced fix-n-flip buyer. Buy My House Fast in Dallas, Texas.

Reason, the buyer will be thinking about repairs and the water and gas lines are extra expenses when a buyer has to get a permit from the city, in order to repair or replace a pipe line. Did the buyer look at the driveway, fencing, trees to be trimmed or removed. Yes these are simple items, but real buyers or fix-n-flippers do look at all expenses to a rehab project.

Article Topic; Buy My House Fast in Dallas, Texas

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Dallas-Fort Worth, Texas Housing Looks Great In 2017

Dallas-Fort Worth, Texas Housing Looks Great In 2017

The State of Texas has set some record highs in 2016 as Dallas/Fort Worth sales and prices continues to climb. Dallas-Fort Worth, Texas Housing Looks Great In 2017. As one analyst says he expects the housing market to continue to boom for the foreseeable future.

We will continue to see a lot of activity with many companies moving into the Dallas-Fort Worth and strong job growth.

In today’s world, the lower price points are found on the existing home side and there’s been a huge demand for affordable housing.

Dallas_Fort Worth_Texas_Housing_Looks_Great_In_2017Association Numbers Look Good

The Texas Association of Realtors released its year-end report Tuesday, which showed Dallas-Fort Worth-Arlington home sales grew 4.8 percent in 2016. with 98,625 existing single family home sales. In that time, home prices rose 9.4 percent to $232,000, according to the data.

In Texas, home sales increased 4.6 percent to 324,924 single family homes. with the median price rising 7.7 percent to $210,000.

Jim Gaines, the chief economist at the Real Estate Center at Texas A&M University, said he expects this year’s housing market to keep pace with last year’s strong levels of housing sales. However, home prices are outpacing household incomes, which is a concern to Gaines & Wilson who see this potentially being a stumbling block to future home sales growth.

Household incomes are rising at a dis-proportionally low rate than home prices, creating housing affordability  challenges across the state. In housing  development, labor shortages and regulatory barriers are slowing construction and, in turn, driving up new home sales.

Median income -vs- Median Prices

Wilson said existing homes on the market are helping fulfill the demand for affordable homes. Only 16.2 percent of the new homes sold are affordable to a household in Dallas making the median income. This means if you are making under $70,000 a year, you have to look at the existing home market because there’s not many new home in that price point.

The median price of a new home is about $345,000. That is far more than the maximum amount the median household in Dallas can afford, which is about $240,000.

As far as we can see inventories are remaining tight and, in all likelihood. there will continue to be a lot of growth in Dallas-Fort Worth in the next few years.

As rates  go higher, housing will remain expensive. There’s no bubble here and we have told people if you are in the market for a house and qualify, it’s as good a time as any to buy.

Dallas-Fort Worth, Texas Housing Looks Great In 2017, :Article Topic

Foreclosure Options for Homeowners and Lenders

Foreclosure Options for Homeowners & Lenders

Foreclosure options for  homeowners and lenders, they actually have a lot of options when it comes to foreclosures. Lenders do not have to foreclosure and, many times, the homeowners don’t know about all the options they have to avoid foreclosure. Often times, the homeowners have the ability to stop the foreclosure before it happens, by working with their particular lender, or with an investor.

Typically, once a homeowner misses(3) payments, the lender will start the foreclosure process. Depending on the State and County, it can take anywhere from (21) days to a year for a property to be foreclosed on. Yes, a Year! In Dallas, Texas, I have seen foreclosures take up to (18) months. That is from the time of missed payments, Notice of Default to the foreclosure auction. So there is plenty of time to find a solution.

In some states, once the lawsuit is filed, it can take anywhere from 21-45 days for the house to be sold at foreclosure auction. These days, the lender might actually stall and wait a few months before they file the lawsuit. Giving the homeowners more time to make other arrangements current, this includes Texas. The homeowner can stay in the house until that time.

Foreclosure_Options_for_Homeowners_and_Lenders

Selling Your House Fast

Other arrangements include selling the house or working with a real estate investor like me. Even though the homeowner is in default, they still own the property and have the right to sell it. Homeowners have a couple of different options for trying to sell their house, depending on how much they owe on it. In many foreclosures, there is no equity in the house, but if there is some equity in the house, or if what’s owed is equal to or below the market value of the house, then it is a good option to sell your house fast.

Two options for selling the property are For Sale by Owner (also known as FSBO) or through a realtor. There are Pros & Cons to each. Selling your house For Sale by Owner can be very stressful on the homeowner, who is probably already under a great deal of stress. It takes time for the homeowner to put ads in the newspapers and online. Now the homeowner has to be there ever time a buyer wants to see the property. They are also responsible for any marketing expenses for ads and signs that they want to put out. If they are already under financial distress, having more marketing expenses is probably not going to help.

Foreclosure Options for Homeowners and Lenders

Selling through a realtor can be less stressful as far as expenses go and having to do their own marketing. However, those things aren’t free. That’s where the realtor commissions comes in. When the house is sold,a certain percentage is taken from the seller’s proceeds in order to pay the realtor. If house doesn’t sell for a high enough price, once the realtor commission is paid, the homeowner (who is already unable to make their mortgage payment) then has to to bring cash (which they may not have) to the closing table in order to satisfy what’s owed to their lender.

Now, there are (2) types of repayment plans. They are Loan Modification and Forbearance.

The Loan Modification permanently changes one or more terms of the homeowners loan. For example, the interest rate may be lowered and permanently changed so that the homeowner has a lower payment and a better chance to make the payments. There could also be an extension on the payoff terms of the loan. A re-amortization of the loan takes place and the new payoff schedule is put into place. When this happens, the loan is reinstate and the payment is one that  the homeowner can afford. This gives the homeowner a better chance of being able to make their mortgage payments and keep their house.

The Forbearance agreement is beneficial for borrowers who have had a temporary financial difficulty rather than long term financial difficulty. The reason this is true is because a forbearance agreement has the borrower bring the loan current by rolling missed payments and late fees on top of their current mortgage payment, typically increasing their payments to an even higher amount than before.

Does this make sense? NO! For someone who is already having trouble paying their mortgage, this is a near impossible solution because it is increasing the monthly payment that they are already behind on. Most homeowners who are in foreclosure don’t have any extra money to make a higher payment, or even their current (lower) payment, so this isn’t a good option for most people.

Article Topic:

Foreclosure Options for Homeowners and Lenders

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Sell Your House Fast Dallas

Sell Your House Fast Dallas, using simple effective and inexpensive tips. You can expect an offer quick. Whether you are selling in Dallas, Texas or Fort Worth, Texas, you can sell your house fast, but putting your house on the market can be stressful. Having to keep it presentable and showing the house every week and weekend. Now, if you have kids and pets, double the stress.

Know this, buyers will most interested in your property in the first few weeks on the market. So things you need to do well are here…

Steps to Selling Your House Fast

  1. Get that storage unit: Do you really think the easiest way to declutter a home is to shove everything into the closets? Wrong, Buyers who tour your house will check out the storage space available. Don’t get caught unorganized with overstuffed closet space. Go get that storage unit instead, to house all the items. This will also make for a quick move out, once the your house sells. You can also call the Salvation Army to pick up any furniture you will not use again.
  2. Promote your house yourself- don’t leave all the market to somebody else. Do your part to get the word out about selling your house by using your own personal social media accounts. Send  the a promo to all of your family and friends and ask everyone to pass it forward. You never know who is in the market to buy a house. Tell your neighbors, they may have family or friends who are looking to move into the area.
  3. Find the Right Real Estate Agent, not all real estate agents are the same. What really matters? The agents track record of sales in your area is what proves who should get the job. An agent must be familiar with the neighborhood, be able to walk into your home and be able to tell the story of exactly what buyers want to hear. Be sure to check the online reviews the agent should have. If not, you may get stuck with a house you no longer want. Will the agent promote the property online and post the photos on their website and other websites?

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Should You Make Upgrades to Get A Better Price

Making small upgrades may help. Don’t go overboard with it though. Chances are that you will not get your money back from upgrades. Let’s focus on the smaller upgrades, particularly the kitchen and bathroom(s). These are the areas where you will get a return on your investment. New sinks, and cabinet hardware for the kitchen. Light fixtures, and maybe appliances. Shower curtains, hand towel hangars can easily transform these areas. Do this you can spend around $3,000-$4,000 and should not spend more than that.

Selling Your House at The Right Time

This is a must, if possible. Spring and summer are typically the best times to sell a home. If you can wait until then,you would be better off. Inventory may be higher in these seasons, but if you did your work correctly, no problem. Be sure your home is looking good, and price the property correctly. Just because you want or need a certain amount does not mean the neighborhood or area calls for that price. Do your research on the CMA (Comps) and get listing prices suggestions from a couple of agents. Taking one agents price quote may not be the correct one. Sell Your House Fast Dallas, but sell it with the correct asking price.

Here are several online sources where you can get free CMA’s. Visit redfin.com I have found gives the closest to what an agent will get as for comps in the area. Don’t go beyond 1/2 mile radius, and be sure to describe your property correctly. Stay away from zillow.com  they have whacked out comps and are never what should be used.

Article Subject: Sell Your House Fast Dallas

Are you the Executor of a Will? Now what?

Are you the Executor of a Will? Now what?

Are you the Executor of a Will? Now what? Now that you are the Executor of a Will or (Personal Representative) it doesn’t have to be overwhelming. Get organized to make things a bit easier. First, did the decedent have a Will?

If no Will, then in Texas, yo do not have to Probate the Estate. In Texas, you can legally sell and divide all property owned by the decedent and you can gain access to any bank accounts , as agreed to by all family members. Simply give ma call at (214) 723-1304, and I will walk you through the process of ‘No Will’.

It is much easier than people think, to work with a Title company who can handle the sale of real estate owned by the decedent, when there is no will.

You can ask yourself, are you willing to be the executor, and possibly have to work with a co-executor? if yes, then find out if there…

  1. Are co-executors? If so, can you and are you , willing to work with the other(s)?
  2. Is there property owned or real estate to be sold?
  3. Are there banking accounts or investment accounts to be handled and divided?

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Once Determined the Executor of a Will, Now What?

Among all of this, are you ready to take on the financial responsibility that goes with the position? Not to mention the time and work involved, because it will be a journey. Are you the executor of a will? Now what?

The executor of a will and /or the estate is responsible for the funeral and burial arrangements. An executor will pay for the cost involved with the estate and probate. Which includes Attorney fees and Court cost.

Get all important documents together-life insurance policies, titles-deeds to all properties owned by the decedent. All tax returns, and documents relating to any benefits such as Social Security, Medicare or Medicaid, investment certificates, and burial plots. Put everything in a file folder. on a spread, add all items that are in that folder.

Keep it as simple as possible, keep it current, keep it in a safe place.

We Buy Houses Inherited by Heir’s

Since 2001, we have been buying houses from heirs of decedents and have seen many easy a process go bad fast, when the heirs do not agree on the most simple issues. A consideration would have been to look into a Revocable Living Trust. Problems solved, or could have been.

Are you the Executor of a Will? Now what? Or is there no Will? Give us a call at (214) 723-1304 to find out more about how the process can work when there is No Will. There is no need for family disputes and most times an outsider can help resolve the mater quicker.

Article Topic: Are you the Executor of a Will? Now what?

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So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas. What paperwork is needed when selling your home on your own. You don’t want to pay a realtor’s commission. You can take an offer from investors, but need the most money. There is certain paperwork you need before you can sell. You also need to clean up the house inside and outside, before showing the place.

State Regulations

So, know this, different States have different regulations when it comes to selling residential real estate. So, in Texas, do some research before getting started. Look at websites for the State of Texas and Dallas County for which your property is located. You will also need to find a friendly Title company or Real Estate Attorney to complete your transaction and transfer title to the buyer.

A Real Estate Attorney can provide the documents needed for you and close the deal. Or at least guide you in the correct direction and watch to make sure no State Laws are broken. Get all documents together and make (2) copies. One copy for you and the other copy for the buyer, as the buyer will need any copies of the transaction. You will want to make all copies of your ownership of the property available for potential buyers.

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So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

Remember to get an appraisal and inspection done, so all copies are provided to buyers as well. Should you need to make minor repairs to the house, keep all receipts and be sure they are transferable to the buyer.

The property survey should be made available

Property Title showing your ownership

Again, all receipts from any work competed

Warranties for all appliances, finishes and upgrades

Any plans for additions and upgrades

Get a Home Equity Line of Credit which shows value of the property

Any utility bills to show energy conservation

Property Tax bill

Home Insurance Documents

Any Homeowner’s Association agreements and covenants

Floor plans and blueprints

You Must Disclose All Problems

You will need a full disclosure statement and plan available with copies to share with each potential buyer as you show your home. In Texas, the disclosure needs to outline any and all defects and dangers on or within the property. The disclosure will need to include, any mold, lead paint, radon, structural issues, flooding, asbestos, and other potential problems.

Your local Realtor Association can provide you with the disclosure documents. There is a series of yes-no questions to answer detailing the property and your experience living therein.  Before your buyer(s) start making offers to purchase your home, it’s only fair they are aware of any problems or issues with the property.

Time for the Real Estate Contract

Now the agreement between buyer and seller, preparing and executing the proper legal agreement is critical. This contract should outline all the terms and agreement(s) for both buyer and seller, and should include:

Identity of the buyer and seller

Property characteristics (type of property whether a condo, single family home, multi-unit, address, lot size, parking sites, legal description)

Purchase price

Amount of Earnest funds and the terms of the borrower’s financing

Any contingencies (an attorney and inspection provisions)

Closing date

Tax prorations, assessments & utilities

The particulars of what type of Title clearance the seller is obligated to provide

Particulars as to which party pays for what closing cost.

Legalese regarding Notice of Default, etc.

Any miscellaneous provisions the parties agree on

You can find all the contracts and addendums needed when selling your home FSBO at the Texas Real Estate Commission and get moving selling your home FSBO.

So You Are Selling Your Home Yourself? FSBO in Dallas, Texas

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