Well let us shed some light on the potential for acquiring a foreclosure property AND the key element is, it a “GOOD DEAL”
If you really get down to dollars and sense a foreclosure property at least in the Frisco, Allen and McKinney, TX areas are assigned to an REO agent that reviews, repairs and lists the property. The fiduciary responsibility of that agent is too sell that property at the highest value possible. Now, this Agent knows that because in the MLS system they have too list it as a “Foreclosure” or “REO” property that in most cases when someone makes an offer they are going to offer them considerably less than list price. SO… when the Agent is listing the property sometimes they take that into consideration and list the property considerably higher then the current “market value”.
So the Buyer comes along and offers to purchase the property at a price considerably below list, the Seller counters the Buyers offer and they come to an agreement in price and the contract goes to Title and eventually a deal is done. Now the Buyers move in and tell all their friends, look we bought this as a foreclosure, WOW. Well they paid over market for it, had to make repairs, have a limited home warranty because it is an REO. They won’t discover until it’s time to sell that this may have overpaid or the market will continue to rise and they will still make money but the amount of money the could have made is substantially different!
We’ll come to find out you really need a Buyer’s Agent to really look at the comparative values and determine that the property is a “good deal” or not. My personal experience in the last few months is; I have had clients want to offer on some foreclosures but in reviewing the comparables these properties are selling above list. WOW, I know are market is really good but to purchase a property in this market above list really does not take advantage of the existing price points in the Allen, Frisco or Mckinney, TX home market at this time.
Summary
So… if you are thinking of purchasing a home let an experienced Agent represent your interests in reviewing values and helping you negotiate a successful purchase on that Frisco, TX Home.
If we can help or answer any questions please email me with our Contact Us form or call me direct at (214) 801-7514 today.
]]>BREAKING NEWS – Interest Rates ……… "Will rates stay where they are for a few hours or a few days? I’m not sure yet. I do know the time is to act now whether it is to purchase or refinance." What effect does the $750 billion to Mortgage Backed Securities mean….. read below and forward on to your clients, friends and family.
If you had asked me what rates are going to do in February, I would have said "rates are great but I don’t know if we’re early in the game with the market heating up or if we’re in the fourth quarter with the clock ticking down." Since that time rates deteriorated some, but overall have remained at/near historic lows. Yesterday the Federal Open Markets Committee (FMOC aka "The Fed") kept rates the same as anticipated – however they increased their commitment to buy mortgage backed securities and will begin buying long-term treasury bonds.
This resulted in a rally in mortgage backed securities (MBS) and in treasury bonds. The historic low mortgage rates we have been enjoying are a result of two things: the rally was sparked by the Fed’s commitment to buy $500 billion in MBS and they have continued to stay low as they are buying $20 billion to $30 billion per week of MBS. Some people would call this market manipulation they call it "Government Support." Yesterday, the Fed committed an additional $750 billion to MBS purchases; bringing the total to a staggering $1.25 trillion*.
The $300 billion commitment to buy long-term treasury bonds is a great move a treasury bonds are considered one of the safest investments in the world. If MBS get pushed lower but treasury bonds stay higher; no one will buy MBS and rates will go up. If the Fed pushes Treasury bond rates lower as well then MBS will remain an attractive investment and mortgage rates will remain low. Now you’re asking, "what is the bottom line? Are we early in the came or are we in the fourth quarter with the clock ticking down?" Rates are back almost to the lows we saw in January.
Will they get there? I’m not sure yet. Will they stay where they are for a few hours or a few days? I’m not sure yet. I do know the time is to act now- whether it is to purchase or refinance. If you or someone you know has been waiting, act now.
Due to strain on the market we can only lock rates for loans that are in process with complete packages. I know the only way to ensure you get today’s rates or are ready for tomorrow’s rates is to start moving forward immediately. The strategies my team has been executing have proven to be the right strategies for this market. Loans are taking longer, underwriters are asking for more documentation, and the process often times feels more painful than going to the dentist.
That said, we are successfully delivering the best rate and fee scenarios available in the market place. As always I would sincerely appreciate it if you would forward this on to your database of clients, friends and family. We continue to be overwhelmed with stories of lenders taking advantage of people, over promising and under delivering, and letting rate locks expire. Please don’t let that happen to some one you know.
We are committed to fulfilling our promises. Side note: The Obama administration admitted yesterday that lenders are not ready for the modification initiative and that people should be patient as they gear up. They are expecting nine million households to qualify and I believe they really are trying to gear up for the volume so rest assured your servicer will address your situation soon. Thank you for your trust.
]]>If you have read all the doom and gloom in the national media you may tend to be drawn to lump North Texas Real Estate and Housing into the mix. We’ll lets not be too quick to judge, in cities like Allen, Frisco, Plano and McKinney, the housing pricings have always produced slow and steady growth. This has allowed these North Texas homes to maintain the values as they did not see the large scale appreciation growth compared to most other areas in the U.S. Now, these areas have also suffered from the mortgage crunch and have seen inventories and foreclosure rates rise, but North Texas cities are holding value.
North Texas region also has a very strong and diverse economy, with cities like Allen, Plano, Frisco and McKinney, TX all bordering the new expansion of Highway 121 into a North Texas Toll way, this will continue to provide the infrastructure for continued growth and stability in both North Texas Houses and overall job growth. Also along with North Texas entrepreneurial attitude, we have many families relocating to the North Texas area due to large corporate relocations. No matter where you want to live in the North Texas area you can find your Dream Home along lakes, creeks, schools and minutes from Dallas Fort Worth Airport or Love Field.
Just remember with interest rates still remaining at all time lows and the current media barrage about all the bad things in the economy, for those of you who are considering buying or selling North Texas houses, this could not be a better time to get off the fence. Remember the current economic slowdown has had little effect on the median home price in our North Texas Real Estate cities such as Frisco and McKinney, TX. Values continue to increase and should continue to do so as new homes and existing home inventories continue to decline. So.. there is no time like the present to visit one of our North Texas call or email us and let us assist you in locating your Dream Home in one of our outstanding North Texas Cities like Allen, Frisco, Plano, Prosper, Fairview or McKinney, TX. We are the North Texas Real Estate experts!
]]>My name is Mark Kale and I am Team Leader at what we are shaping up to become the preeminent North Texas Real Estate Team in the Dallas/Forth Worth metro-plex.
I was relocated to the North Texas Region in early 1980 by a national paint manufacturer and was given responsibility for retail units in the state of Texas along with the bordering states. I also at that time began purchasing both multi family and residential property in Dallas and Richardson, TX areas.
I then did a long stent in the tier one software industry, JD Edwards and PeopleSoft – selling and installing ERP software in mid size manufacturing companies throughout the Unites States. I also continued to be active in purchasing and selling residential and multifamily properties.
Along the mid to late 1990′s the software industry went through a major transition with company acquisitions and uncertainty over year 2000 compliance. This trend allowed me to focus on what I had loved doing which was buying and selling Real Estate in Richardson and then some of our newest growing communities of Frisco and McKinney, TX.
In seeing both the growth at that time and the potential growth that was going to happen after having purchased and sold Richardson and Frisco homes personally, I then moved to join RE/MAX Abrams and share our wealth of experience and knowledge in helping families acquire their Dream Home in one of our fast growing North Texas cities like Plano, Frisco, Allen or McKinney, TX.
I operate my business with an outgoing and optimistic attitude, honesty and integrity, and the ability to leverage my technology background and North Texas Real Estate experience into providing outstanding service in helping my clients acquire their Dream Home.
Summary
If you are planning to relocate in the North Texas region please allow me or one of my professional Agents to assist YOU in locating the home of your Dreams.
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