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Home Buying in Wylie : Real Estate Advice

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  • Local Info5
  • Home Buying22
  • Home Selling3
  • Market Conditions2

Activity 21
Wed May 24, 2017
Matthew J asked:
Since I was medically retired in 2013, I have been working full time and paying 1700 a month rent for a home that is estimated at 156k. Imagine what kind if home i could provide my family…
0 votes 0 Answers Share Flag
Wed Aug 12, 2015
Dr. Stephen Spies answered:
I am not certain that this question can be properly answered with the information available. First of all, what is written and agreed to in your contract that resulted from the acceptance of your offer? Is the phrase ""all closing costs" defined, and if so, what is the definition of said phrase. If it is as open ended as it might possibly be, would you expect the buyer to pay additional points to buy down your mortgage interest, just to save you some money? What about taxes and fees? Are they to be pro-rated, or simply a line item on a closing schedule. And these are simply the first of many, and more complex issues that could possibly result in the deal falling through at a critical juncture in the process, or protracted litigation, liens and attachments, judgments, etc. having been filed prior to closing which could cause the lender to simply refuse to fund the loan. A good starting point might be to find out who selected, & retained the specific appraiser, and what the agreement between the parties. If nothing else works, and you really do want to close on the house you really only have three (3) functional means of resolving this dispute, by agreement (with or without the assistance of a mediator, while I no longer practice in TX, or at all for that matter, at least for now as I enjoy being retired), Arbitration, or simply paying for the appraisal fee yourself, and consider it to be "Tuition" in the University of Life. Of course, depending upon the relationship between the appraiser and the lender, there may be an additional resolution to your issues, these two (2) parties may have a long-standing, and profitable business relationship that makes it more important for them to reach a resolution that is mutually satisfactory, and relieves you of any such liabilities. There are probably many others, however, since you have not retained my services, nor has any fiduciary responsibility, or client relationship implied, or to be inferred, so I shall just give you the generalities and broad descriptions of what might occur. Good luck. ... more
0 votes 7 answers Share Flag
Thu Feb 12, 2015
Susie Kay answered:
If you still need help in finding a lender, let me know and I'd be happy to connect you.

Susie Kay
Realtor & Certified Home Stager
United Real Estate
469-371-2899
www.dfwdreamhomes.net ... more
0 votes 13 answers Share Flag
Sun Sep 28, 2014
Susie Kay answered:
Hi Sue,

Have you found your home? I just recently sold a home in Wylie and my client couldn't be happier living there. They came from a different country so I educate them about the area and share my knowledge with them. Wylie is a growing city and Bozman Farms is a wonderful community to live so you have no worry there.

If you are still looking for properties available on the market then check my website at www.dfwdreamhomes.net, and if you are still looking for a property to live I'd be happy to assist you. My references are available upon request.

Take care,

Susie Kay
Realtor & Certified Stager
United Real Estate
469-371-2899
www.dfwdreamhomes.net
... more
0 votes 9 answers Share Flag
Thu Jun 26, 2014
Susie Kay answered:
If you are still looking for a property to purchase, check my website at www.dfwdreamhomes.net for the most updated info on homes available on the market.

Susie Kay, Realtor® & Certified Stager
Residential, Commercial, Investment
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net
www.dfwdreamhomes.net

Servicing your real estate need is my priority!
... more
0 votes 4 answers Share Flag
Sat Dec 28, 2013
Kenneth "Kenny" Bebensee answered:
Pick any 1 Realtor and work with them only on finding what you need and can afford.
www.tcrdallas.com
0 votes 6 answers Share Flag
Fri Mar 8, 2013
Linda Lorenzo answered:
I just talked to an agent who has been waiting since November 2011 on a short sale!!!! I see them all the time where they are still waiting after 5 or 6 months - do you really want to wait that long. I hear the latest problem with short sales is that the bank does not want to pay the back HOA dues and expects the buyer to do so. Good luck to you. ... more
0 votes 13 answers Share Flag
Sat Feb 23, 2013
T.E. & Naima Sumner answered:
I like Rowlett. Of course I do live here, so I may be slightly biased.

The DART train station is the most notable addition in the last couple of months. DART extended the Blue Line out to Rowlett to the old Park n Ride. Now, you can get to downtown Dallas or points in between easily and without having to find parking.

Blue Line also continues on down to Lancaster Road near the VA Hospital. You can also connect to the other parts of the train system, which is the largest in America, including the TRE, DFW airport and The T in Fort Worth.

The Bush Turnpike was completed through Rowlett from the Firewheel area down to I-30. This does improve connectivity and getting to Plano and the far far north is now pretty fast and easy, albeit pricey.

Wylie is just north and east from Rowlett, which makes Bush attractive but the DART would be less convenient. Sachse also is north from Rowlett and enjoys the same school system as Rowlett.

The schools here and in Sachse are quite good. Life is good in the suburbs, with shopping and things to do. Rockwall's Harbor is just over the bridge from Rowlett and we like it a lot.
... more
0 votes 5 answers Share Flag
Sun Nov 11, 2012
Melissa Hailey answered:
Edgard,
Are you looking at land that is part of an acreage subdivision? Or are you looking for land that is outside of a "subdivision"? Do you plan to have horses or other larger animals? All of these answers will make a big difference on how you will be able to proceed. Please know that if you are inside a subdivision you will have more restrictions (either deed restrictions or HOA restrictions). However, if you are buying land that is not part of a subdivision (or maybe not even within city/town limits) you will have much more flexibility. With the amount of acreage you at considering, it should be able to be accomplished either way...and you have some good ideas on how to move forward listed in the answers below.

Our office is located in Wylie and we work specifically in the areas that you have mentioned. We would love to help you locate the perfect piece of land, research the specific restrictions, ensure that utitlities are present, and facilitate with a builder for you. Additionally, if you do not already have a builder in mind, we can recommend some reputable companies that you may want to consider.

Another item to consider is financing. We work with professionals in the mortgage industry that can give you some great options/terms on land with intent to build. Some of these include single-close loans that save you money on closing fees.

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com

http://www.linkedin.com/in/melissahaileyrealtor
http://twitter.com/#!/melissahailey
http://activerain.com/blogs/mlshailey
... more
0 votes 4 answers Share Flag
Sat Nov 10, 2012
David Hock answered:
You are gamefully employeed with a contract and that's the good thing. The big hurtle as a first time buyer is a good banker. I can give you Three because that's the minimum I would talk to in your position. I live in Sachse it's a great place lot's of new housing hear and in Wylie that is affordable. Email me and I will be happy to send you the three lenders and maybe I'll earn the position of helping you find that home. Congradulation Lauren. ... more
0 votes 12 answers Share Flag
Sun Sep 6, 2009
T.E. & Naima Sumner answered:
Because the appraisal must be done prior to final loan approval and normally the lender (whom the appraisal is actually for) requires it to be paid for prior to the appraisal, the seller does not have a way to pay for it.
The appraisal itself belongs to the lender. In this case this is your lender. If you move lenders, you will need either a new appraisal or to have the existing appraisal transferred to the new lender at nominal cost. While you are entitled to receive a copy of the appraisal, you can't pay for one and take it to other lenders (without paying another fee). FHA is an exception. An FHA appraisal is valid for up to 6 months and has a file number attached to it so that it is portable, sort of. Ask your loan officer.
Bottom line is that you, the buyer, pay for the appraisal.
... more
0 votes 3 answers Share Flag
Fri Aug 21, 2009
Wking answered:
Yes but you should build something that will be worth the money even at $75.
Why not build a house with a basement like I did near you.
My property value increased, my energy cost is less and my tax bill is less.
Wylie has some of the best soil in the state and I personally check.
I almost purchased a lot their.
check out the basement builder. thebasementkings.net
... more
0 votes 5 answers Share Flag
Mon Jun 15, 2009
T.E. & Naima Sumner answered:
Tom's right. Referrals from others that you trust are your best source to find people you can rely on.

For loans, the answer is not always obvious. Wylie is USDA-elgibile, which means your best bet on the mortgage company would not be your typical Dallas/Plano loan officer.

For Realtors, there are several criteria that you'll need to check into, but nobody rates them. During your initial phase you have to establish a budget for your purchase (it's usually best to consult a loan officer first) to figure out how much you have to put down and how much to spend each month.

Your Realtor actually starts helping you in the next phase where you give her a set of things you want or need in the property, such as location, price, schools, features and so on. The Realtor's ability to find candidates is crucial during this stage.

The next phase is to negotiate with the seller. Often Realtors can find you something, but negotiating is not the same skill set.

Once you have a contract, your Realtor should be guiding you through the maze of inspections, loan processing, and other paperwork, plus some additional negotiating may be needed.

In the last phase you will be closing, where the mortgage company again comes into play. Today, loans are taking longer to process and close and often special obstacles arise that your Realtor and your loan officer can help you prepare for.

If someone rates loan officers on finding the right type of loan, processing your paperwork reliably and accurately and in time for closing, I don't know who that would be.
If someone rates Realtors on locating properties, negotiating, dealing with paperwork and closing, I don't know who that is either.
Again, your best bet is to consult people who had positive experiences recently and can suggest someone to interview.
... more
0 votes 3 answers Share Flag
Fri Jun 12, 2009
T.E. & Naima Sumner answered:
Bettyboo,

Houses in Wylie are likely within the geographic area that USDA will guarantee. Their program will allow you to borrow 100% of the value plus the 2% guarantee fee. This would leave only closing costs for you to pay.
For a someone with little down payment, this is the best program, even better than VA.

Your score is relevant if you do not qualify for the direct-lending program from USDA, not because USDA requires you to have a good score, but because lenders do. Anything above 620 is currently acceptable.

If you need help checking that a property address is within the geographic limits USDA will guarantee, contact me through my profile and I will show you how to do that, or you can give me the address and I will advise you.
... more
0 votes 6 answers Share Flag
Sun Jun 7, 2009
Daniel answered:
OMG!

Brand name home?

"Ohh darling, I cant wait to tell the girls at the club that we bought a Bowen"
0 votes 8 answers Share Flag
Tue Jun 2, 2009
Tommy Burris answered:
Very much inacurate!!

Conventional is 5% down and FHA is 3.5% down. These are the minimums.
If you were to utilize USDA or VA for financing, these are still $0 down.

It is not really any more difficult to get a loan these days.... As long as you can verify your income. (the Stated Income programs are gone) ... more
0 votes 5 answers Share Flag
Sat Feb 7, 2009
Phil answered:
Praveena,

Have you looked at other communities in Wylie. Grand Homes in the community of Country Ridge, has a lot to offer. The prices are comparable and they are Energy star rated and certified builder. Stop on by and take a look around. You will be glad you did!! ... more
0 votes 7 answers Share Flag
Sat Jul 5, 2008
Carol Pease, Broker answered:
The builder is more likely to give you upgrades than to lower the price. I hope that helps. Nothing is set in stone but you could ask for landscaping, appliances, upgrades in carpeting, lighting, fixture, trim. They are more likely to do that than to lower the price. ... more
0 votes 15 answers Share Flag
Wed Jun 11, 2008
Wayne F. Smith answered:
I'm well outside of the area of the country that you are looking at, however there are 3 "values" in Real Estate that are discussed:
1.) Market Value = the value (price) that a unpressured buyer and unpressured agree upon.
2.) Appraised Value = The value of a property in relation to the amount of financing that a lendor is willing to provide. The appraised value needs to be enough to cover the lenders exposure. Something like collatoral but not really. In todays Mortgage Market, I see appraisals that are very conservative in an effort to correct the liberal appraisals of the past and the impact that they have had to the Mortgage Companies that have seen a higher rate of foreclosures.
3.) Asspessed Value = the property value used as the basis for Real Esate or property taxes. This is a local government value and there can be a VERY, VERY wide variance between similar properties. The reason for this is the long period of time between complete (every property) and consistant (short time frame and valuation perspective) re-valuation. There are Counties in NJ that have gone through the re-valuation process within the past 3 years. Appraisor went to nearly every property, entered nearly all and "appraised" each at what was then "100% market value". Appraised value is closer to market value in these instances, HOWEVER, I use appraised value simply and solely as a data point when doing a Market Analysis due to a lack of 100% accuracy on a properties interior amenities.
Again, Market Value is what a ready, willing, unpressured buyer and a ready, willing able and non-pressured seller agree upon.
... more
0 votes 8 answers Share Flag
Mon May 19, 2008
Melissa Hailey answered:
Julie,
The skilled living center that is being built should not affect the property values in Creekside Estates (or Sage Creek, Maxwell Creek, or any of the other surrounding neighborhoods). As you may have noticed, there is a well-maintained mobile home community near this area which doesn't affect the neighborhood values either. Currently the Creekside Estates neighborhood is still building strong (the entire neighborhood is Ryland Homes). Residents there can enjoy the 36 acres of parks, hike/bike trails, and community pool.

If you are planning to purchase a new home in that neighborhood, you will be looking at lots on the far end of the neighborhood from McCreary Road, which is where the skilled living center will be located. The living center has taken measures to ensure that their building blends well with the surrounding areas.

As a buyer, it is in your best interest to hire a Realtor to work on your behalf. There is no cost to you as a buyer for these services, and most realtors can help you with pre-owned homes as well as new construction homes.

I hope this answers your questions, but if you need anything else please feel free to contact me anytime.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
214-418-0180
... more
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