Dallas houses have a great future ahead of them due to the boom times the Dallas economy is facing at the moment. Some say the crime rate in Dallas is pretty high, but that actually depends on where your home might be. If your home were in one of these suburbs of Dallas - Keller, Colleyville, Coppell, Lewisville, South Lake, Las Colinas, Carrollton, The Colony, Highland Park, University Park, Frisco, Allen, and Plano (among many others) - you will find that the crime rate is actually much lower here than the US-wide average.
You may be doubtful anyway and ask: is my home good enough for other people to buy? Well, the answer to that is: it depends what you are asking for it, for the condition it is in right now. There are realtors who are choosy about the Dallas homes they buy but there are also some who will buy Dallas houses that are in any state or condition (meaning, even the most dilapidated ones can be sold nowadays.) But be reasonable - you cannot expect a dilapidated and ugly home to command the same market price as a well-kept and beautifully-designed home. That would be like saying an ugly and run-down car is sold at the same price as top-of-the-line advanced and new car models. It just isn't realistic.
What would be realistic is if you were to take stock of your Dallas home and look into the following factors that may influence its sale price:
1.What was the original price at which you bought your home, or had it constructed for? This gives you a baseline from which you shouldn't budge when given offers by potential buyers - unless, your home is pretty run-down and has been neglected (in which case, you should factor in the depreciation of the market price so that you come up with a fair price to offer buyers.)
2.How well-kept is your home? And the follow-up question to that is: how neglected has it been? If your home is a well-loved piece of property that you constantly attend to (fixing a door hinge on one weekend, painting the walls of a room the next weekend), then the odds are great that you can get a very good price for your home when you sell it. If however your home has peeling paint on its external and internal walls, door hinges have come loose so that the doors are askew, and the wood is warped on certain floors and walls, then the odds of getting a great price go down considerably naturally.
3.How long have you lived in your home? And how old is it? This is also crucial because the older your home is, the more wear and tear it has probably undergone. Wear and tear on real estate is one reason why some landlords refuse to admit couples with young children who are known to write on walls and be rather harsh with using furnishings (like banging doors so that doorknobs are wrecked for instance.) The age of your home can be mitigated though by how well kept the house is at the time you put it on the market.
Having taken these factors into consideration, you are now ready to start canvassing market prices for the area you are in. You can examine the daily paper for news about real estate in your location, or go online and look through industry newsletters and maybe even online forums for that information. The more well-informed you are, the better is your chance of coming up with a competitive price that buyers will be interested in later on.
Dan Heskett is a Expert Author for We Buy Ugly Houses
For more information Regarding selling your houses visit We Buy Houses Quick
Article Source: http://EzineArticles.com/?expert=Dan_V_Heskett
Saturday, November 10, 2007
How Can A Home Buyer Save Money
Finding the right agent.
Some agents offer a rebate to buyers. You will receive a % of the commission real estate agents are paid by the seller upon a home closing. Rules are different from state to state. But if you can find a good agent willing to share his fortune.
Check out Short Sales
Ask for Closing Costs to by paid.
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:
* Downpayment.
* Loan origination fees.
* Points, or loan discount fees you pay to receive a lower interest rate.
* Appraisal fee.
* Credit report.
* Private mortgage insurance premium.
* Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording fees.
* Title insurance policy premiums.
* Survey.
* Inspection fees-building inspection, termites, etc.
* Notary fees.
* Prorations for your share of costs such as utility bills and property taxes.
A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
What to Keep From Your Closing
* The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need for income tax purposes and when you sell the home.
* The Truth in Lending Statement summarizes the terms of your mortgage loan.
* The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
* The deed transfers ownership of the property to you.
* Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
* Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.
* Insurance policies provide a record and proof of your coverage.
Some agents offer a rebate to buyers. You will receive a % of the commission real estate agents are paid by the seller upon a home closing. Rules are different from state to state. But if you can find a good agent willing to share his fortune.
Check out Short Sales
Ask for Closing Costs to by paid.
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:
* Downpayment.
* Loan origination fees.
* Points, or loan discount fees you pay to receive a lower interest rate.
* Appraisal fee.
* Credit report.
* Private mortgage insurance premium.
* Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
* Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
* Deed recording fees.
* Title insurance policy premiums.
* Survey.
* Inspection fees-building inspection, termites, etc.
* Notary fees.
* Prorations for your share of costs such as utility bills and property taxes.
A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
What to Keep From Your Closing
* The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You'll need for income tax purposes and when you sell the home.
* The Truth in Lending Statement summarizes the terms of your mortgage loan.
* The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
* The deed transfers ownership of the property to you.
* Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
* Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium, you may have a rider outline the condo association's rules and restrictions.
* Insurance policies provide a record and proof of your coverage.
Article Source: http://EzineArticles.com/?expert=Alex_Greben
Buy Your Retirement Home Now And Beat The Rush!
Scottsdale Arizona aah! Who wouldn't want to retire there?
Beautiful weather, all the golfing you can handle and an up market lifestyle with plenty of culture. There are also endless community education courses and an ever increasing realty market.
You are nodding your head and groaning. The property market is increasing and you can't get your foot on the ladder for another few years. Frustrating!
Well, think again - you can buy a home now and it will be ready for you when you are about to retire. However, you do have to move your thinking slightly sideways to achieve this.
When we think of retirement, we think of the perfect home, unique design, maybe all on one floor, with a great view, perhaps on acreage, or with a double garage or whatever your fancy is.
Yes, well put that picture on hold for a few years, because we are talking about a stepping stone here. But, a stepping stone that should get you an even better retirement home at an even lower cost to you.
Okay, well by now I should have your attention, so let's get down to business.
Realty prices in Scottsdale have more than doubled (almost tripled) between the years 2000 to 2006. However with the baby boomers coming to the golden retirement age of 65 in the year 2011, there will probably be a rush on housing.
The laws of supply and demand suggest that this would add even further to the upward price trend, particularly in the choice retirement area of Scottsdale.
Usually in the housing market, we see a rise or a drop right across the board. So, theoretically, if you bought a modest home for $100,000 in 2000, it will be worth between $200,000 and $300,000 by now.
Houses can still be found in Scottsdale in the $200,000 (or less) price range. If you buy a modest one or two bedroom home now, in a few years it will most likely have increased its value. Guaranteed pensions are taken into account by the bank, so no problem there.
But that is only half the story. If you buy a modest home, you can rent it and let it pay for itself for a few years. You can go through a rental agent for this, this way you do not have to fuss with it, or you can take a holiday in your new property and finalize a rental agreement while you are there.
If the market trend continues to rise in the next few years, you will simply smile and rub your hands together! There is one more advantage to this plan. When you are ready to retire, you can stay in your own Scottsdale home and choose your perfect retirement home at your own leisurely pace.
Written on behalf of Melissa O'Connell. Melissa is familiar with all types of properties in the Scottsdale Arizona Real Estate area and has worked for 15 years as a Scottsdale real estate consultant.
Article Source: http://EzineArticles.com/?expert=Melissa_O'Connell
Beautiful weather, all the golfing you can handle and an up market lifestyle with plenty of culture. There are also endless community education courses and an ever increasing realty market.
You are nodding your head and groaning. The property market is increasing and you can't get your foot on the ladder for another few years. Frustrating!
Well, think again - you can buy a home now and it will be ready for you when you are about to retire. However, you do have to move your thinking slightly sideways to achieve this.
When we think of retirement, we think of the perfect home, unique design, maybe all on one floor, with a great view, perhaps on acreage, or with a double garage or whatever your fancy is.
Yes, well put that picture on hold for a few years, because we are talking about a stepping stone here. But, a stepping stone that should get you an even better retirement home at an even lower cost to you.
Okay, well by now I should have your attention, so let's get down to business.
Realty prices in Scottsdale have more than doubled (almost tripled) between the years 2000 to 2006. However with the baby boomers coming to the golden retirement age of 65 in the year 2011, there will probably be a rush on housing.
The laws of supply and demand suggest that this would add even further to the upward price trend, particularly in the choice retirement area of Scottsdale.
Usually in the housing market, we see a rise or a drop right across the board. So, theoretically, if you bought a modest home for $100,000 in 2000, it will be worth between $200,000 and $300,000 by now.
Houses can still be found in Scottsdale in the $200,000 (or less) price range. If you buy a modest one or two bedroom home now, in a few years it will most likely have increased its value. Guaranteed pensions are taken into account by the bank, so no problem there.
But that is only half the story. If you buy a modest home, you can rent it and let it pay for itself for a few years. You can go through a rental agent for this, this way you do not have to fuss with it, or you can take a holiday in your new property and finalize a rental agreement while you are there.
If the market trend continues to rise in the next few years, you will simply smile and rub your hands together! There is one more advantage to this plan. When you are ready to retire, you can stay in your own Scottsdale home and choose your perfect retirement home at your own leisurely pace.
Written on behalf of Melissa O'Connell. Melissa is familiar with all types of properties in the Scottsdale Arizona Real Estate area and has worked for 15 years as a Scottsdale real estate consultant.
Article Source: http://EzineArticles.com/?expert=Melissa_O'Connell
Now Can Be the Best Time to Buy a New Home
With the housing market crazier than ever, people are wondering if it's the right time to buy a new home. Well, it all depends on what you are looking for and when are you planning on moving into a new home.
Builders are shaving prices to unload inventory. Every time you see an advertisement for a new home or new community opening up, you will see the prices getting lower and lower. What does this mean? Before the market skyrocketed in Arizona 7 years ago, you could find homes for sale as low as $99,000. In today's market you can also find homes that low.
Where are you going to find these homes and builders that are cutting their prices so low? Some still use their local newspaper while most others go to the Internet. With many local newspapers losing the amount of subscribers they have in circulation; advertisers are pulling out. Where are they moving to? I have done some research to find out that most advertising is moving to the Internet. However, Internet advertising is a little different than advertising in the newspaper.
Home builders are advertising with websites that use MLS listings. Many of these websites require you to sign up and then have a Realtor call you about a day later. On these websites you search through homes and communities that meet your needs.
So what about the simple ads that tell you what upgrades builders are offering? Or, what kinds of incentives and deals are these builders willing to offering?
The best time to buy is really anytime. There is always a special offer out in the market every week by one or more home builders. They regularly do seasonal specials such as, Halloween specials or holiday savings.
I have found that you can find these specials at one website that is constantly updating the best deals in the market. There are many online real estate sites but only a select few online really show weekly and monthly specials. On this website I have found newspaper-style ads, showing homes as low as $100,000.
As I said before now is really good time to buy, just go online and find great homes with great prices from one of the many websites in the changing real estate market.
Paul is a principal of NewHomesSection.com. Search New Homes Arizona, Arizona Home Builders and Arizona Real Estate today!
Article Source: http://EzineArticles.com/?expert=Paul_Escobedo
Builders are shaving prices to unload inventory. Every time you see an advertisement for a new home or new community opening up, you will see the prices getting lower and lower. What does this mean? Before the market skyrocketed in Arizona 7 years ago, you could find homes for sale as low as $99,000. In today's market you can also find homes that low.
Where are you going to find these homes and builders that are cutting their prices so low? Some still use their local newspaper while most others go to the Internet. With many local newspapers losing the amount of subscribers they have in circulation; advertisers are pulling out. Where are they moving to? I have done some research to find out that most advertising is moving to the Internet. However, Internet advertising is a little different than advertising in the newspaper.
Home builders are advertising with websites that use MLS listings. Many of these websites require you to sign up and then have a Realtor call you about a day later. On these websites you search through homes and communities that meet your needs.
So what about the simple ads that tell you what upgrades builders are offering? Or, what kinds of incentives and deals are these builders willing to offering?
The best time to buy is really anytime. There is always a special offer out in the market every week by one or more home builders. They regularly do seasonal specials such as, Halloween specials or holiday savings.
I have found that you can find these specials at one website that is constantly updating the best deals in the market. There are many online real estate sites but only a select few online really show weekly and monthly specials. On this website I have found newspaper-style ads, showing homes as low as $100,000.
As I said before now is really good time to buy, just go online and find great homes with great prices from one of the many websites in the changing real estate market.
Paul is a principal of NewHomesSection.com. Search New Homes Arizona, Arizona Home Builders and Arizona Real Estate today!
Article Source: http://EzineArticles.com/?expert=Paul_Escobedo
The Anatomy Of A Home Purchase
The following is a helpful outline of steps involved in a home purchase. It is highly recommended that when purchasing a home, a buyer utilize the services of a professional realtor and a real estate attorney.
The Contract
It is perfectly acceptable to sign the realtor's contract of sale before having it reviewed by an attorney. However, after you sign the contract, it is critical that you immediately deliver it to your attorney. From the date you sign the realtor's contract, there is a three day attorney review period in which changes can be made to the contract by your attorney. The attorney review period commences the next business day. So, if you sign a realtor contract on Saturday or Sunday the attorney review period does not commence until Monday.
The Home Inspection
The buyer is responsible for arranging a home inspection. The buyer should order a general structural home inspection, a radon inspection and a wood boring insect inspection. Often, the realtor will assist the buyer with selecting a home inspector. Most contracts provide that a home inspection must be completed within 10-14 days following completion of attorney review. The buyer should forward a copy of the home inspection report to their attorney. The buyer should then contact their attorney to discuss any issues with the home inspection report so that an appropriate letter can be sent to the seller within the allotted time period. I also strongly recommend that the buyer order an underground oil tank sweep inspection to determine if there are any underground oil tanks on the property. Often, in the contract, the sellers represent that there are no underground oil tanks on the property, when in fact there is a tank that the seller is not aware of. These inspections are for the buyer's protection. It is important to remember that once you close, the seller does not have responsibility for the condition of the home.
Septic and Well
If there is a septic system on the property you should have it inspected. The buyer pays for this inspection. In addition, if there is a well on the property, the parties will have to comply with a newly enacted law the Private Well Testing Act, N.J.S.A. 58:12a-26-37. The law requires that certain tests be performed but it does not specify which party is responsible to pay for those tests. This is left for negotiation. The tests take time to complete so they should be ordered as soon as possible. The test results are valid for one year from sampling, except for coliform results which are valid for six months. At closing both parties will sign a certificate saying that they have received and reviewed the well test results.
Title Search and Survey
The buyer's attorney will order a title search and survey as soon as attorney review is complete. It takes one to two weeks for the title search to be completed. When title is received, the buyer's attorney reviews it for defects and forwards a copy to the buyer's lender. Title insurance costs are regulated by law so that the cost of title insurance does not change from company to company. The survey is similar to a map that shows the placement of the dwelling relative to the perimeter property lines.
The Appraisal
The appraisal is often confused with the survey of the property. The appraisal is ordered by the buyer's lender and sets forth the market value of the property. Generally, the buyer is charged a fee by the lender for the appraisal. The appraisal is usually not available at the time of the closing but must be requested from the lender in writing within 90 days after closing.
The Closing
At the closing, the buyer will need to bring a certified check, bank check or cashier's check. Personal checks cannot generally be used at closing. In addition, you should bring proof that you have obtained homeowner's insurance. If you are married or buying the property with a partner, you must both be in attendance at the closing. Usually a representative from the lender does not attend the closing but instead sends all of the documentation to the buyer's attorney in advance. It is not unusual for the seller to not attend the closing and to send their attorney as their legal representative. A closing takes approximately one to two hours. It is the custom and practice in New Jersey that the closing take place at the office of the buyer's attorney.
Best wishes with the purchase of your new home.
Lauren E. Allu, Esq. is North Jersey's premier attorney. She is sought after by both individuals and companies for all of their legal needs. Lauren E. Allu, Esq. is equally adept at both high profile litigation and headline-making business transactions. She offers straightforward, traditional analysis as well as innovative, custom-tailored strategies. She is a consummate business counselor, responsive service provider and dedicated community leader.
Article Source: http://EzineArticles.com/?expert=Lauren_Allu
The Contract
It is perfectly acceptable to sign the realtor's contract of sale before having it reviewed by an attorney. However, after you sign the contract, it is critical that you immediately deliver it to your attorney. From the date you sign the realtor's contract, there is a three day attorney review period in which changes can be made to the contract by your attorney. The attorney review period commences the next business day. So, if you sign a realtor contract on Saturday or Sunday the attorney review period does not commence until Monday.
The Home Inspection
The buyer is responsible for arranging a home inspection. The buyer should order a general structural home inspection, a radon inspection and a wood boring insect inspection. Often, the realtor will assist the buyer with selecting a home inspector. Most contracts provide that a home inspection must be completed within 10-14 days following completion of attorney review. The buyer should forward a copy of the home inspection report to their attorney. The buyer should then contact their attorney to discuss any issues with the home inspection report so that an appropriate letter can be sent to the seller within the allotted time period. I also strongly recommend that the buyer order an underground oil tank sweep inspection to determine if there are any underground oil tanks on the property. Often, in the contract, the sellers represent that there are no underground oil tanks on the property, when in fact there is a tank that the seller is not aware of. These inspections are for the buyer's protection. It is important to remember that once you close, the seller does not have responsibility for the condition of the home.
Septic and Well
If there is a septic system on the property you should have it inspected. The buyer pays for this inspection. In addition, if there is a well on the property, the parties will have to comply with a newly enacted law the Private Well Testing Act, N.J.S.A. 58:12a-26-37. The law requires that certain tests be performed but it does not specify which party is responsible to pay for those tests. This is left for negotiation. The tests take time to complete so they should be ordered as soon as possible. The test results are valid for one year from sampling, except for coliform results which are valid for six months. At closing both parties will sign a certificate saying that they have received and reviewed the well test results.
Title Search and Survey
The buyer's attorney will order a title search and survey as soon as attorney review is complete. It takes one to two weeks for the title search to be completed. When title is received, the buyer's attorney reviews it for defects and forwards a copy to the buyer's lender. Title insurance costs are regulated by law so that the cost of title insurance does not change from company to company. The survey is similar to a map that shows the placement of the dwelling relative to the perimeter property lines.
The Appraisal
The appraisal is often confused with the survey of the property. The appraisal is ordered by the buyer's lender and sets forth the market value of the property. Generally, the buyer is charged a fee by the lender for the appraisal. The appraisal is usually not available at the time of the closing but must be requested from the lender in writing within 90 days after closing.
The Closing
At the closing, the buyer will need to bring a certified check, bank check or cashier's check. Personal checks cannot generally be used at closing. In addition, you should bring proof that you have obtained homeowner's insurance. If you are married or buying the property with a partner, you must both be in attendance at the closing. Usually a representative from the lender does not attend the closing but instead sends all of the documentation to the buyer's attorney in advance. It is not unusual for the seller to not attend the closing and to send their attorney as their legal representative. A closing takes approximately one to two hours. It is the custom and practice in New Jersey that the closing take place at the office of the buyer's attorney.
Best wishes with the purchase of your new home.
Lauren E. Allu, Esq. is North Jersey's premier attorney. She is sought after by both individuals and companies for all of their legal needs. Lauren E. Allu, Esq. is equally adept at both high profile litigation and headline-making business transactions. She offers straightforward, traditional analysis as well as innovative, custom-tailored strategies. She is a consummate business counselor, responsive service provider and dedicated community leader.
Article Source: http://EzineArticles.com/?expert=Lauren_Allu
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