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Home Buying in 75206 : Real Estate Advice

  • All38
  • Local Info0
  • Home Buying16
  • Home Selling5
  • Market Conditions5

Activity 13
Patty.caks, Home Buyer in Dallas, TX
Tue Aug 9, 2016
Patty.caks asked:
Lidialia, Both Buyer and Seller in New York, NY
Mon May 30, 2016
Lidialia answered:
HomeSteps maintains a zero tolerance policy regarding fraudulent, dishonest and/or illegal acts performed, facilitated or known by any vendors on the Freddie Mac/HomeSteps network. You play an important role in helping us manage to this policy and it is essential that you maintain the highest ethical standards.

All vendors representing Freddie Mac/HomeSteps are required to follow these guidelines:
- Be fair and honest in all dealings on our behalf.
- Comply with all federal and state laws and regulations regarding the sale, management and maintenance of our residential real estate.
- Do not give or take bribes/kickbacks. The giving or receiving of a bribe or kickback is illegal. - HomeSteps vendors involved in the giving or receiving of a bribe, kickback, padding and/or otherwise falsifying invoices are subject to immediate termination from our network as well as prosecution.

Learn more about buying REO properties - http://ForeclosureProcess.net
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2 votes 15 answers Share Flag
Amy Arey, Real Estate Pro in Allen, TX
Tue Nov 17, 2015
Amy Arey answered:
This would depend upon a number of factors, including your score and what is actually "on" your credit. Even if you are buying from a friend, you will still need to qualify for a home-loan if not paying cash.

FYI...the seller pays commission in the state of TX and doesn't cost you anything for buyer-representation. ESPECIALLY if you are buying "from a friend" you will want to make sure you have someone in your corner to protect your rights and negotiate for you.

I hope you have since purchased the home that you want and it was a good experience for you. If anyone else finds themselves in this situation PLEASE contact me! :) I would love to help guide you through the process (it won't cost you a dime ((for representation)). Regardless of whether you are buying from a friend or a stranger, this is the biggest investment most people make in a lifetime. Better safe than sorry.

-Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
www.MckinneyRealEstateInfo.com
AmyAreyRealtor@Gmail.com
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0 votes 14 answers Share Flag
Penneloppy, Home Buyer in New York, NY
Mon May 4, 2015
Penneloppy answered:
Chris Boying…, Real Estate Pro in Allen, TX
Thu Oct 9, 2014
Chris Boyington answered:
Julie Boyd, Real Estate Pro in San Juan Capistrano,...
Thu Oct 2, 2014
Julie Boyd answered:
How to write a successful Short Sale offer:

In a short sale, the short sale lender is approving the short sale for both the buyer and the seller. The approval would come with your name on it and is not transferable.

So, the short sale lenders ask that the buyer identify themselves as a real person who has the money and qualifications to close, before committing the Banks considerable time and resources to approve the short sale for you.

It is a short sale requirement that you as the potential buyer prove that you have to capacity to close.

I am a frequent keynote speaker on the subject of short sales, for Chase, Wells Fargo, AAREA, NAHREB, CDPE. I am also published on the subject of short sales through ezinearticles.com. I actively sell short sales throughout Southern California and have never lost a home to Foreclosure.

When representing a buyer on a short sale, I know the documents that a short sale lender will require in order to approve the sale, and I include a really nice package for the listing agent to submit to the Seller as part of the offer. This strategy results in a higher success rate on getting the offer approved for short sale submittal, and saves valuable time in getting the short sale submitted and approved. Most short sale lenders will ask that this information be updated throughout the course of the short sale.

If I might ask, what is your concern?

Most of my clients line through a few of the account numbers to protect themselves.

Generally, and experienced agent will write the offer as clean as possible, and a really good agent will counter the offer before submitting it to the Bank.

This simple strategy can save you tens of thousands of dollars in the purchase of your new home!

Now more than ever, who you work with in Real Estate Matters!

1(714)342-1978 Julie Boyd, CDPE, SFR,CIPS
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0 votes 10 answers Share Flag
Amy Arey, Real Estate Pro in Allen, TX
Wed Sep 24, 2014
Amy Arey answered:
Here is a handy link on my website that will allow you to look directly at school ratings, community information and parent-input. Many parents opt for private school in Dallas, if not in the award-winning, exemplary-rated HIghland Park ISD.

http://www.mckinneyrealestateinfo.com/mischool/zip/75206/

Let me know if I can be of further assistance; I am a parent of two and can definitely understand wanting an exemplary-rated school.

Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
AmyAreyRealtor@Gmail.com
www.Aarey.HaloAgent.com
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0 votes 8 answers Share Flag
Kurt Carlton, Other/Just Looking in Dallas, TX
Wed Jul 11, 2012
Kurt Carlton answered:
Investment properties www.NewWestern.com
The only choice in DFW for cash buyers. Might as well get something with some equity.
0 votes 14 answers Share Flag
Sandy Setliff, Real Estate Pro in Anna, TX
Mon May 14, 2012
Sandy Setliff answered:
Hey Steve...welcome to Dallas!

The M Streets, also known as Greenland Hills, is a classic area of Dallas known for many things, not the least of them being the predominantly Tudor style of homes. It's a great location with easy access to Downtown and major freeways that will connect you with any part of the metroplex. But you probably already knew that.

According to the Greenland Hills Neighborhood Association, there are 916 properties in the M Streets. As of this writing 29 of the M Street homes are listed for sale in the Multiple Listing Service that Realtors use. Listing prices range from $319K to $795K. If you're planning on rehabbing a home it's important for you to know that the M Streets are a Conservation District meaning there are specific guidelines and building codes you will need to adhere to when doing any renovations.

With the price range of $319K to $795K it's not likely that you'll find something for $160K but anything is possible. Looking at the sales in the M Streets for the last 6 months the average sales price is around $409K and average sq ft of homes sold is 2171. However, one home did sell at $135K...it was a 2 bedroom/1 bath home with 997 sq ft which is considerably smaller than anything else that sold. The next highest price was $210.5K, also a 2bed/2bath with 1468 sq ft.

There are several areas of Dallas that could accommodate your $160K price range if your heart is not dead set on the M Streets. The L Streets (also known as Old Lake Highlands) is a popular area for renovating where you can find a fair number of reasonably priced homes, some ready for rehab and others already rehabbed in move-in condition. The L Streets are close to White Rock Lake and have good proximity to downtown and major freeways as well. They are also part of Lake Highlands School District which is a plus for many and quite possibly contributes to the market values in the area holding fairly firm. Currently there are 20 homes listed for sale in the L Streets ranging in price from $154.9K to $349.9K.

Hope this is helpful to you. If I can assist with other information or in finding a home please give me a call, my contact information is below.

Wishing you the best on your home search whether it's in the M Streets, L Streets or any other Dallas area streets!

Sandy

Sandy Setliff
REALTOR
JP & Associates REALTORS
Exceeding Expectations http://www.sandysetliffhomes.com
Direct 214-620-1615
sandysetliffhomes@gmail.com
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0 votes 12 answers Share Flag
ajwatson2004, Home Buyer in 80538
Mon Mar 5, 2012
ajwatson2004 answered:
In relation to this question, why would the seller's realtor or bank request copies of my bank statements? My lender has all required information and has approved my loan. Am I legally obligated to the sellers anything other than my lender's approval letter? The demand seems highly suspect to me. ... more
0 votes 15 answers Share Flag
T.E. & Naima…, Real Estate Pro in Dallas, TX
Sat Jan 8, 2011
T.E. & Naima Sumner answered:
Historically, a 4 year period is not long enough to make a huge return unless the market goes crazy, because of the transaction costs. Whenever you buy or sell a property, the sales price is not the only thing that must be paid for. The buyer pays closing costs and the seller pays closing costs. Typically, these are around 5% of the value, but can be lower or higher.

If the annual return is roughly 5% and you hold it for 4 years, then about half of the return is sucked up into closing costs.

If returns increase dramatically, then it can make sense to invest, or if you're able to buy low and sell high. So, in some respects in a lot like stock market investing. You have to pick the right time to buy and to sell as well as the right thing buy and sell.

While no one can guarantee performance, my suspicions are that the overall market is headed for super inflationionary pricing. The amount of money dumped into the monetary system by the Fed and spent on the fiscal side by the government tends to take about 5 quarters to show up with inflationary pressure on all prices.

The general loss in market prices since Obama took office is being offset by government spending and money supply expansion (QE2) by Bernanke. When people with upside down mortgages are finally back to where they started, the rest of us will already be experiencing rising supermarket, gasoline and general prices. If you're in the market with something you already own at that time, you can expect larger than typical returns (over 5%). If this scenario proes accurate, then short-term (less than 5 years) in real estate not only makes sense but also can make real money.

The area you asked about historically has held its own, but past performance is no guarantee of future profit.
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1 vote 5 answers Share Flag
Dallas Texas, Real Estate Pro in Dallas, TN
Thu Jun 11, 2009
Dallas Texas answered:
All other agents are correct, lender for loans, need confirm you have ability purchase that home.

620 credit score + , 3.5% down payment, debt ratio, employment history, 2 years financial statements

THAT IS NORM, however I do not have required info. make any further detailed information.

Your buyers agent should be able review all with you.

RULE of thumb: Never purchase a home direct from a bank, builder, for sale by owner, listing agent UNLESS you have your OWN agent who represents you.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911
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0 votes 3 answers Share Flag
Bruce Lynn, Real Estate Pro in Coppell, TX
Tue Jan 6, 2009
Bruce Lynn answered:
Jonathan,

TE has a great answer with lots of details.

With the banks or lenders I have typically worked with in the past, your offer is too agressive. It might be fair market value, but they can rarely take such a hit for so many different reasons. They won't tell you why or sometimes even respond to the offer if it is that low. If it is appraised for $315K, they'll want much closer to the $315K....I'd guess even when it goes to foreclosure they'll want more than $250K, but it depends if there were two loans, what the loans were, what the balances were, what the BPOs are, what the appraisals are, if they owe taxes for 1-2-3 years on $450K, and many many other factors. The numbers seem a little out of whack here, but could be possible. What appraisal have you seen for $315K? Is this the tax appraisal or the appraisal done by the lender? If it is the tax appraisal, this number can be WAY WAY off and is not a good number to use when bidding. I'm not sure if they will give it to you or even provide you with a number, but what is more reliable is an appraisal done by the lien holder's appraiser. Sometimes they'll share this number sometimes they won't.
If it goes to foreclosure it can take anywhere from 30 days to a year to come back on the market. I'd guess they would come back around $315K if that is a bank appraisal number and not the tax number.
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0 votes 5 answers Share Flag
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