Real Estate and Dallas Short Sales

Real Estate and Dallas Short Sales

By now most of us know what a small sale is; when a homeowner owes more on their home than it is worth.  For example, a Dallas home seller bought a home in 2006 for $ 285,000 with a finance of $ 270,000.  Now that homeowner needs to sell to take a job in Arizona.  When the homeowner contacts a local Dallas Realtor to determine the value of his home he learns that comparable homes are only selling for $ 250,000.  With the value at $ 250,000 and the finance at $ 270,000, the homeowner is considered “upside-down” on the property.  For the owner to be able to sell his home he would have to bring $ 20,000 to the closing desk.  But what if he doesn’t have $ 20,000 to bring to the desk?  The amount he can sell the home for is $ 20,000 “small” or what he owes to the bank on his finance.  Will his home be added to the growing list of Dallas Foreclosures?

If you aren’t in a Dallas small sale situation yourself you probably know a friend, neighbour, family member or co-worker that is.  Small sales are the fastest growing segment in the real estate market today and they will be with us for many being to come.  A small sale is a viable option for many homeowners that either can’t afford the payments on their home or if they are forced to sell to relocate or for any additional reason.  In most cases, a seller will fare better small selling their home than just walking away from it and allowing it to go to foreclosure.

What will all of these small sales do to the values of Dallas real estate?  Certainly, they will add to the home inventory levels putting some downward pressure on real estate values but for the most part, they will not have a major negative impact on values.  How can this be the case, you say.  Many banks that use to accept drive by BOP (broker price opinions) are now ordering a full-fledged appraisal to determine the value of a home previous to agreeing to small sale it. These profession appraisals will help keep Dallas real estate values firm as we work through these challenging times.  If you need to sell your home, take your time and to investigate all of the options that are available to you and point out the best one and get started.

Our Company and our Team of Professional Real Estate Agents specialize in Residential Real Estate.  VIP Realty Platinum’s Agents are among the best in the industry.  They are results-focused, quality-driven professionals serving the real estate needs in the DFW Real Estate & Dallas Real Estate market.

Dallas-Fort worth commercial foreclosures increase by 40% in 2010

Dallas-Fort worth commercial foreclosures increase by 40% in 2010

The last month has seen a rise in money-making foreclosure events filed in the Dallas-Fort Worth metro area by at least 40% compared to the same period last year. Still, even with this increase, analysts do not foresee any jump in property default postings to equal late 1980s level.

Here are 3,029 recorded new foreclosure filings for money-making real properties in Dallas-Fort Worth area this month, considered to be the highest number in about 19 being. But this rate is comparatively lower than the 1988 figures, which saw a total of 8,000 money-making foreclosures in the same year.

According to Foreclosure Listing Service, the lower postings could be attributed to current stricter bank regulations and finance lending practices unlike in the latter part of the 1980s period. The money-making properties sector today is also free from any overbuilding problem that characterized the crash in the later part of the 80s and ahead of schedule 90s.

The effects of recession and credit crunch could be causing much of the problem in finding refinancing terms for money-making buildings and land.

While the money-making market today is considered to be much larger than the previous being, still, the number of foreclosed industrial buildings has increased 51 percent for this year alone and land foreclosure filings have likewise increased by 49 percent, according to Foreclosure Listing Service.

But the largest increase in postings so far this year roofed apartment buildings with 451 filings, up by 21 percent all through the same period in 2009.

Analysts say that these figures could be expected to clear up once the economy and credit situation improves. In fact, some fiscal indicators are beginning to post positive figures with Texas taking the lead. But until the economy clears up, a rise in figures over the next year could be expected for money-making properties as more borrowers become delinquent with their rental payments. But, it is predicted that money-making foreclosures would not go somewhere near the figures of the late 80s crash. The total foreclosures activity this year is still expected to remain 59 percent lower than the levels posted 22 being ago, when the facts hit an all-time record high.

For more information of foreclosure listings, stay foreclosuredatabank.com, your source of fixer upper homes for sale

East Dallas Real Estate

East Dallas Real Estate

Texas Heritage has been selling real estate in East Dallas for over 15 years. When many agents wouldn’t step foot on this side of Central Expressway we were here helping people get the old homes of their dreams. Many of the neighbourhoods in the East Dallas real estate market have gone through a complete renewal and are fabulous places to live. But there are still plenty of deals to be had in neighbourhoods that are just starting to transition from run-down barrios to the next historic neighbourhood. Please call us or email us and we will help you locate these jewels in the rough or find that beautiful property on some of the nicest streets in East Dallas.

Why use Texas Heritage Real Estate?

Why use Texas Heritage Real Estate?

Many times Dallas, Texas real estate buyers avoid using the services of a Realtor under the mistaken belief that it costs them money – or that they will be able to negotiate a better deal directly with the seller or seller’s real estate agent. This can be an expensive mistake when you are buying a home. If you are negotiating directly with the seller or seller’s real estate agent, you may not be taking advantage of the best value available in the market today! You can have your own realtor, with Texas Heritage Real Estate, a buyer broker or buyers agent, who is committed to using the experience gained through hundreds of successful Dallas real estate negotiations for your benefit at no additional charge to you!

Real estate is a unique business, where an agent with almost no experience and no home sales gets paid the same commission as a real estate agent with several years of experience and hundreds of successful sales. But, an experienced Realtor can help you avoid costly mistakes, find the best home value, and make your home buying or relocation experience enjoyable and stress-free! When viewing homes for sale, it is important for homebuyers to know and understand who the seller’s agent is working for, the seller! The agent may be working as a sub-agent or representing the seller’s best interests during negotiations,- or as your agent representing your best interests during negotiations. If you are not sure who your agent is working for ask for clarification. Realtors must fully explain agency. When negotiations begin, wouldn’t you want to know whether the information you divulge will be used for the seller’s benefit – or your’s?

The contract you sign to buy or sell a property in Dallas is a complex and legally binding document. An improperly written contract can allow the buyer or seller to void the sale, or cost you thousands of unnecessary dollars. Having an experienced Dallas Realtor who knows the “ins and outs” and can fully explain the contract you are about to sign can make your purchase a pleasant experience.