Plano Texas Real Estate Blog - Local Plano Real Estate.

Tens Questions to Ask Your Lender

Reviewing all the financial options available with your lender can become a complicated task.  Just ask anyone who applies for a loan or refi. It can make your eyes cross and your head swim trying to decipher all the red tape. Especially now with all the new requirements being added by lenders and loan packages changing daily.  Finding a home is hard enough!  Right?

So add these 10 questions to ask a lender while shopping for a loan.  Better to be in the know and shift the responsibility to the lender in reviewing your options.  This financial consideration should be your most important factor in securing a home and take the guess work out of it. Some of these will sound simple but it's good to keep things in order.

1. What is the interest rate that you are offering on the loan?
2. What are the discount points and loan origination fees on this loan?
3. What are the anticipated closing costs on this loan?
4. What is your lock-in period on rates and points and how long do you make this commitment?
5. Does this loan have any prepayment penalties and how much are they?
6. How much will the total monthly payment be on this loan and what will it include?
7. What do you consider to be the most important factors in evaluating my credit worthiness?
8. What are the documents you will require me to sign to apply and to close this loan?
9. What is your estimated time for processing this loan?
10. What are some of the typical delays that we could encounter and how can we avoid them?

A good Realtor can also help with general information and pitfalls of the financing process.  They can also run a net sheet for you on a specific property.  These questions will ensure a smoother transaction, a more expedient loan process and most important - closing on time.  We like to say "No Surprises". And mean it.

[where:75093,75025,75024,Plano real estate, loan process, lender]

Dallas Wine and Food Festival today at The Shops

What a great way to spend a Saturday!  The Dallas wine and food festival has set up a wine and food tasting at The Shops at Legacy to show you how to entertain in style at home.  Registration is $35. and is from 10:00 AM to 5:00PM today.  Food and wine tasting from all your favorite restaurants on Bishop, including, Jaspers, Cru, Coast, Naan and much more.  Most of the restaurants also have special pricing on menus and drinks this afternoon.  Then music tonite with Legacy Live!  Registration is at Angelika Film Center.  See you there...
Another great reason to live in West Plano.

[where:75093,75025,75024,Plano real estate,Shops at Legacy, Dallas Wind and Food Festival]

Friday's and Foreclosures



Well it's Friday and this post is about foreclosures.  I started writing about foreclosures two years ago and then added the search to the right.  So now as foreclosures continue to be a big part of the market I think some clarification might help would be buyers of these properties.

First of all the foreclosures on the MLS are REO (Real Estate Owned) bank properties.  What that means is the property has already gone to foreclosure and the bank received a trustees deed from the sheriff at the court house steps. Then the property gets listed by an REO listing agent and is marketed as a "foreclosure", seller type on the MLS.

Most buyers I speak with think they will get 50 cents on the dollar which is not true with properties that appear on the MLS.  You would have to go to the auction every month to find this kind of pricing.  Some properties are priced correctly and some are steals.  Many of the properties that have been sitting need a lot of work - including costly foundations.  It's safe to say you will get anywhere from 10% to 30% off the list price on REO owned properties. 

In my opinion, all foreclosures are harder to deal with and the banks are better than trying to negotiate with  the government (Fannie or Freddie).  The longer the home has been on the market, say 90 days the better chances of you scoring a better price, however with this comes multiple offers and we see the prices get bid up.  In this case, sometimes a foreclosure may not be your best value...

Shopping foreclosures are sad and you can feel the emotions in the home when you preview.  Sometimes there are holes in the walls, appliances and fixtures are taken.  On the high end foreclosures many are new homes that have never been lived in and are just way over leveraged.  It's so nice when these properties are bought and new life is given to a once neglected or vacant home. It makes all seem right again.

If your a data freak like me - you can download the Q1 foreclosure report that includes the metro area - last link under monthly real estate indicators to the right. And if you'd like North Dallas, Park Cities and Uptown foreclosures check out Dallas Homes Center.  Tons of open houses this weekend too..

[where:75093,75025,75024,Plano real estate,foreclsoures, foreclosure report Q1]

Building A Home?  "Caveat emptor"....now more then ever...

Let the buyer beware! I found this home builders check list for home buyers on the Texas Residential Construction Commission site.  A nice 7 page form with all things you need to go over before you close on your dream home.  You can find it under Real Estate Forms and consumer info on the right. Beside the form it's a good idea to have an inspection too, just because a home is new doesn't mean it was done right!

Also, monthly real estate indicators have been updated and be sure and check the foreclosure data for first quarter 2009.  A  positive sign is Collin county foreclosure listings were down almost 12% from a year earlier. Sales are brisk in this category and you know that if you've been trying to buy one.  Anyway, whether your buying a new home, foreclosure or resale, do your homework and due diligence on any property....Let the Buyer Beware...and you won't have any surprises or at least less.

[where:75093,75025,75024,Plano home builder check list, foreclosure report Q1]

35 Open Houses this weekend!

Now that taxes are out of the way, the official spring selling market begins. Take a look at the open house portal to the right and then download the details from the open house report link.  How's the market, It's ripe for buying...plenty of great opportunities out there, go ahead and take a peek - you know you want to...and for disclosure sake - this is all the brokers (brand listings) that are on the MLS.  Happy Hunting!

[where:75093,75025,75024,Plano open houses]

1st Time Home Buyer Tax Credit Explained
[where:75093,75025,75024,Plano,first time home buyer tax credit]

Let Your Home Find You

I know there are a ton of online search engines out there and you use what you like. It's just a sea of never ending home listings, which I think has really made the home searching process more complicated because there are more choices and much of the information online is out of date.

For instance - a home that is under contract will still show active on national sites.  On this site you will find an IDX (internet data exchange) interface which feeds directly from the MLS, so the information is local and more up to date.  You can do detailed search by zip codes, schools and even sub divisions on this site. And you dont' have to register  unless you want to save searches, it's called the "no hassle search."

I get many requests for extra information like more photos.  The home listings on this site are from all the brokers and agents that belong to the North Texas Information Systems (MLS) so you are getting all of a properties. However, if an agent did not enter more photos or tours when they put it on the MLS, then there probably won't be anymore. It's beyond me why 10 photos can't be uploaded to showcase a home properly.  If I've been in a home, I will certainly tell you what it's like...good and bad.

The other search portal I have is directly from the MLS, which is the pretty open house photo on the upper right side bar.  What's cool about it, it tells you status changes daily - price decreases, increases, back on market, off market, new listings, foreclosures and status change which means pending.  You can really watch the real estate market in West Plano and be the first one to know about a specific property.  It also will include seller's disclosure, websites, virtual  tours or any additional info that you need  about a property.  I like to say "Let your home find you".  The more detailed you get on your search criteria the easier it is for your perfect home to pop up.  This is the search portal that I set up specially for clients with very detailed criteria, unique to each buyer.  Heck, you'll probably know of a deal before I do if you watch specific areas and get there first.  This has happened on more than one occasion.

It is one step closer than the traditional IDX sites because it changes as listings are entered or changed on the MLS.  There is at least a 24 hr delay on IDX sites and even more from national sites because they do not download directly from the MLS because they are not members.  They rely on feeds from brokers and agents and are far from having all the listings available.  That would be sites like Trulia and Zillow, but other information they have to find out about an area are great!  Not even Realtor.com has all the listings because not all MLS's participate in it.  The other thing about the MLS is that it is much more than home listing information, it is a system for brokers to share their listings with each other so other Realtors can show and sell their properties, it also discloses how a Realtor is paid since it's a 100% commission job and we are self employed.  That's why it's such a secret...and proprietary.   More than likely a Realtor will sell your home because they work with qualified buyers and sellers. That's probably more than you want to know but there it is.

The point is the best place to search for homes are on local sites - I really can't figure out why someone would use a national site to find a home in a specific area when they don't have all the inventory.

[where:75093,75025,75024,Plano,real estate home search, mls]

   HAPPY EASTER!

This is one of our close neighbors that roam around the executive campuses at Legacy.
He's looking for a lil' bite to eat - you can find him and his herd around Tennyson and
the Dallas Parkway...
[where:75093,75025,75024,Plano,Legacy campuses]

Keep informed by easy widget stats...

If you want to keep tabs on the real estate market these stats will keep you "in the know." You might want to bookmark this page because the info is real time and updates each week.  Stats are for West Plano zip codes: 75093, 75024 and 75025.  Please note this information is for active listings only and is not representative of properties sold but will give you a good idea of what the market is doing currently and answers that question.  "How's the Market?"



[where:75093,75025,75024,Plano,real estate market update]

Plano Market Update - March 2009

Plano numbers for March are not so hot!  Although, I can say prices are still holding and inventory and days on market has decreased for sold properties.  Take a look at March results:

Total sales units were 214 - down 35% from a year ago.  Median price of $220,750 is only down 3%.  Price per sq ft is $92. - down 4%. And here's the big thing - Days on market is now only 67 days, down 13% from last year.  Pending sales are also down 16%, we do see demand picking up and more activity all around.

New listing units are 447 -  down 22%, active listings are 1251 units - down 18%.  Inventory is a 4.7 month supply which is 3% higher than last year.  You have to remember the lag time in real estate that happened last month doesn't represent what's going on today, pending sales are a barometer but activity - buyer demand is key.

Prices are holding because inventory is low and days on market have decreased, now only if demand would pick up considerably than we would have a more balanced market.  Total Dallas sales were off 20%.

Foreclosures in Plano represented 15% of the sales units in March, as of today there are only 39 active foreclosure listings on the MLS, 6 are under active option status, 45 are pending (waiting to close) and 32 units sold last month, so looks like a feeding frenzy on foreclosures in Plano, expect multiple offers and try to be patience with the banks, they don't know how to sell real estate.  Pricing has come down overall and the  houses that are priced right and in the best condition do sell first, even in a down market.

[where:75093,75025,75024,Plano,real estate market update]

The free concert series starts again this month at the Shops at Legacy. And this time there are two concert locations.  The north stage will be across Legacy Books on Lone Star Drive.  The south stage will still be on Bishop Street across from Taco Diner.  During April the concerts will be on Friday and Saturday nights from 7-11 PM.  In May, Thursday nights will be added to the north stage from 7-10 PM.  Now if you haven't been you definitely need to go now through October. Musical variety from Caribbean, Latin to Salsa and Lounge.  This is a great community event that can't be missed and it's free...can't beat that!
[where:75093,75025,75024, West Plano, Shops at legacy, Legacy Live, concert series]

Know Your Pricing

The above photo is one of the many vacant luxury homes on the market. This one is a foreclosure in Frisco. I'm running into more and more buyers that are making their offers so low, that well, they are missing buying the home.  It's good to know the pricing of a neighborhood before you go see a property.  Many homes have taken substantial price reductions already and are priced to sell or close.  Guess it's just human nature to try and go lower...but don't miss a home over a few thousand dollars - some homes are the buy of a lifetime.  Be sure and check out the portal to the right for the latest listings and open houses for the weekend.
Enjoy!
[where:75093,75025,75024, West Plano, real estate, open houses, foreclosures]

Banks don't know how to sell real estate

It seems these days that banks or lenders really don't want to sell their REO (real estate owned) properties. You might find that odd since everyone knows they need to dispose of these foreclosed homes.  Well, things just seem to take longer and more complicated.  Why? Because they are so inundated with listings, offers and don't understand the process plus don't have the man power to complete a time is of the essence transaction. Doesn't seem right, does it? Like I've said before banks can't sell real estate.  Out of 4 contracts we are working now - we have yet to get any signed paperwork back after 2 weeks, a short sale scenario just got a negotiator to work the contracts after being submitted March 3rd.  That's right!  So if you are involved in a foreclosure or per foreclosure, please know you are not alone.  One recommendation I would make is even if you have a solid closing date be prepared to extend your moving as the lender or bank might not sign on the day you close.  You need patience, along with stamina to complete the purchase of your new home.  Just keep looking for that light at the end of the tunnel - It will be worth it because you got such a sweet buy!

[where:75093,75025,75024, West Plano, real estate, REO, foreclosures]