Flower Mound, Lewisville & Dallas Real Estate

How to evaluate homes in Flower Mound, Tx

2010-03-03T18:47:00.000-08:00

If you are thinking of moving to Texas, you have a lot of land to cover when it comes to finding the right location. Knowing how to evaluate homes in Flower Mound, Tx, and other areas will help narrow your search and find a home that is perfect for you and your family.

Flower Mound has long been considered an upscale neighborhood, with mansions selling upwards of $25 million. This area is sought-after because of its small town feel, but it is only a short distance from the major cities of Dallas and Fort Worth. If your budget isn't within the million dollar mark, no problem; Flower Mound has a number of homes with different styles and varying prices. With so many options, you are sure to find a home to fit your budget.

When searching for homes in Flower Mound, there is one thing that you should be aware of--mold. While it has been a problem for some homeowners, the threat of mold should not deter you from relocating to the area. You should, however, feel free to ask about mold when viewing homes. A mold inspection before you sign on the dotted line will put any worries to rest. Your agent can guide you through the search, the inspection process, and the closing to ensure that your home is problem-free and that you will enjoy living in a warm, friendly environment with a hometown feel while being only a few miles from the big city.

Should I Buy a Foreclosed Home in Lewisville?

2010-03-03T18:38:00.000-08:00

When considering the purchase of a foreclosed home in Lewisville, there are many things to consider. The inexpensive and possibly below-market price may attract you, but before taking the leap into this type of purchase, you should be:

1. Experienced. Purchasing a foreclosed home in Lewisville or elsewhere has different hurdles, and should only be undertaken by an experienced homeowner. If this is your first purchasing experience, you may not understand the issues or be as able to handle obstacles that may arise.

2. Financially prepared. Be sure you have a solid financial base before entering this type of transaction. Purchasing a foreclosed home means that the previous owners may not have had the funds to maintain the property. Lack of consistent care can result in unexpected costs
that can quickly lighten your pocketbook. Make sure you have liquid cash available or existing equity on which to draw.

3. Getting advice. When buying a home in Lewisville, the advice of an experienced professional is invaluable. A real estate agent can assist you with researching the title to make sure you avoid any penalties, late fees or other fines associated with the foreclosure process.

4. Getting an inspection. One should never purchase a home, foreclosed or not, without a thorough inspection. Be proactive in hiring the best inspection services you can find to limit and hopefully eliminate any hidden defects, repairs or damages that exist.

Sell or lease in this market?

2010-02-26T13:43:00.000-08:00

Trying to sell property that isn't moving means you need to start thinking outside the box, especially if you really want to sell. Whether you should sell or lease in this market is a big decision that should be only be made after you have educated yourself on the advantages and disadvantages of both.

Unless you have money to spare, holding onto vacant property is only costing you money, but you do have options. If there are no buyers in sight, you might want to consider leasing the property until it is sold or allowing leasing with the option to buy.

Leasing with the option to buy typically requires the potential buyer to put down a deposit, and a pre-determined amount of the rent will go towards the purchase of the home. In many cases, if the buyer decides not to purchase the home within the designated timeframe, they will forfeit the deposit. This could be considered a cushion for you in case the lessee decides not to buy at the end of the lease term.

The good news is the price of homes in Dallas-Fort Worth is on the rise, at least for the last two months. Holding out for a sale or leasing the property: either choice is a waiting game. This is a matter that should be discussed with your realtor or real estate attorney before you make your final decision.

Current state of the Dallas real estate market

2010-02-26T13:41:00.000-08:00

If you are considering purchasing property in Dallas, your timing could not be better. With the current state of the Dallas real estate market on the rise for the second month in a row, now is definitely the right time to buy or sell a home.

While other areas of the country are still battling the foreclosure crisis, Dallas home prices on are on the rise, which can only mean good things for potential homebuyers, sellers, and investors.

According to Standard & Poor's/Case-Schiller report, which measures the overall residential housing market across the U.S., prices in Dallas increased by 3 percent in December. The report, released on Tuesday, is a breath of fresh air to the real estate market and hopefully a sign of good things to come.

It is still too early to tell if this is the jumpstart the real estate market needed or if it is a coincidence for Dallas real estate. Only time will tell if the market is truly on an upward trend or not. Whatever the reason, if you are considering buying or selling a home in the Dallas area, there is no time like the present.

Write a checklist, contact your real estate agent, and start searching for that perfect home today.

Avoid refinancing pitfalls

2010-02-11T14:10:00.000-08:00

When it comes to refinancing your home, most of the pitfalls regarding real estate appraisals can be easily avoided. You just have to be up front with your lender about any possible issues with the house. Here are a few more things that can derail your loan process.

1. If you have a little bit of mold or mildew and think your appraiser won't notice, think again. Water spots on the ceiling or upper walls, or mildew in either place will get your appraiser thinking about your roof and possible leakage. Goodbye loan. Inform your lender. This is not necessarily a deal breaker. If the appraiser sees it first, it will be a deal breaker.

2. I dropped $10k into that new swimming pool/ bedroom/ bathroom so shouldn't that make my house worth $10k more? Depends upon the comps. If you have a 2 bedroom house and 3 bedroom houses sell for only $5k more, then your house will appreciate $5k, even though you put $10k into it. Same goes for a pool, bathroom, etc. The market sets the value, not the cost of the project.

There are two issues there: one can be fixed with a coat of paint and the other, the borrower needs to change his expectations regarding the housing market in his neighborhood. It is important to keep the lines of communication open between you and your lender. If you do, most appraisal issues can be solved and the loan funded.

Home Appraisal Tips to Streamline Your Refinance

2010-02-01T15:14:00.000-08:00

Following the collapse of the housing market, many people are left wondering what the value of their house is now, and if there is any equity left. Having been in the real estate industry for several years and seeing a variety of marketing conditions, I can tell you that nothing is more frustrating than losing a loan due to an appraisal.

Ready to refinance your mortgage? Here are some tips you to keep in mind when having the house appraised.

1. Don’t have an appraisal done until you find the lender you want to work with. Lenders as a rule do not accept appraisals that were ordered by other lenders. The appraisal has to be done by each lenders approved appraiser.
2. Make sure the comps (comparable sales) are really comps. If the house across the street is in a gated high rent neighborhood, it is not a comp; for your house anyway.
3. Lenders are only concerned with houses that have sold. Listed houses cannot be used for comps.
4. Remodeling your house? Don’t start unless you can finish. Most lenders will not lend if there is a project going on in the home, however small it is.
5. Off the power grid? If your home is heated only with a fireplace you will have troubles finding a lender who will do your loan unless all the homes in your neighborhood have the same heating method.

Those are just a few tips and hopefully it will save you headaches down the road.

Here's a good article on getting your home ready for sale.

2009-12-09T19:14:00.001-08:00