Dallas Buyers and Sellers are excited to know that the Fannie Mae and Freddie Mac will implement a short sale time line.

Starting June 15, Dallas real estate agents working with distress homeowners whose loan is backed up by these two companies should expect to receive a quicker response on offers made on these properties.  Decisions are expected to be made between 30 to 60 days.

You may ask how is this different from what we have seen in the past.   Previous short sale timelines could have taken up to 3 months before we could determine if it was an acceptable price to the bank.  Yes, there’s a process that the lender goes through to determine the price they will sale the home for.  With the new guidelines we anticipate for this to help many homeowners short sale their home and move forward with their life.

The new guidelines fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.   There has been many instances when the seller has been foreclosed on because the bank could not respond quick enough to the offer.  This is what many sellers have been needing to help increase the probability of completing a short sale.   If the homeowner cannot qualify for a loan modification then the seller can complete a short sale instead of getting foreclosed on.  This is a better option then a deed-in-lieu of foreclosure.   This is when you deed the home back to the bank.  A short sale in a way is settling your loan with the bank instead of getting foreclosed on.  Depending on your credit it may be possible to buy another home as soon as 2 years.

Realtors applaud Fannie Mae and Freddie Mac for improving the short sale process and making it possible for homeowners to increase the chance of them completing a short sale.  Short sales will be a big percentage of the real estate market this year.

Feel free to contact us for any questions or concerns when you are in a distress situation.  We are here to educate you on what your options are so you can determine which options works best for you and your family.  Please contact us at 214-469-9990 for assistance.  I hope you have found this article helpful and we look forward in assisting you with any of your real estate needs!

Here are a few questions my clients ask about short sales.

1. Are Dallas short sales great deals right now?
2. Does that mean it is a short process?
3. Can I close on the home in 1 month?
4. Why is it taking so long?
5. Oh my gosh!! Why is it priced so low?
6. Why did the bank counter so high?

1.        A short sale can be a very great deal.  What makes it a great deal you ask?  If there are damages to the property the house can be a great deal.  The majority of the banks want to get rid of their properties and prefer not to go through the foreclosure process.  It cost them more money to go through the legal proceedings, holding fees, legal fees, and then sell the property.  There are numerous reasons financially why they prefer to short sale.

2.       When it comes to short sales it can be a very long process!!  The most import person in this transaction is the listing agent!  If the listing agent does not know how the short sale process works then you should go and look at another property.  Make sure your buyer’s agent knows the process and have him/her ask the listing agent if they have any experience in closing short sales! Have your buyers agent ask the listing agent if an appraisal or broker price opinion has been done on the house.  This will increase the chance of the short sale closing.  When the appraisal is done you should have an idea of what the bank will sell the house for.  If you are interested in a short sale please seek out a Realtor that knows the process.  Ask them how many short sales have the successfully completed.

3.       Can you close a short sale in a month?  A short sale that has an approved price by the bank could safely close within 45 days.   This if there are no additional things missing from the seller.   Always try and give your lender and the bank time to get all the proper documents finalized and delivered to the title company.  This is only when you have a approved price from the bank.  If you don’t then that is the goal you are trying to achieve.  An approved price from the bank.

4.       What the heck is going on?  I’ve been waiting for 4 months?  If a seller has not provided required documents to the bank then the short sale will not be approved.  If a listing agent does not work side by side with the seller to help them retrieve all documents to the bank then you will not be able to buy the house.  In order for the seller to do a short sale they must provide documents such as income tax, bank statements, a hard ship letter, etc.  The bank may require updates on these documents.   If seller do not provide them then the short sale will fall apart.  Most of the time the buyer we find that the buyer is waiting because the seller has not provided a document which results in a long wait.   There has some instances that the listing agent did not know what documents are required.  Very important to know.  Not all agents know how a short sale is processed.

5.     Oh honey!!! This one is priced dirt cheap?  Call our Realtor so we can see the home tonight at 7pm.  A low  listing price does not mean the bank will sell it for that price.  You will only know what the accepted sale price will be when the house has been evaluated by the bank.  Some listing agents list the home low to procure a offer.  Most banks require a offer to start the short sale process.

6.     These banks are crazy!  No one will that price for a house in that condition.  Damages to a home will effect the value of a property.  Get contractor bids so you can have a accurate price on what the repairs will be.  Market conditions can also change that will effect the value of the property.   If this happens ask for a 2nd evaluation.

Jim and Associates will continue to help buyers and sellers with buying or selling short sales.  It is a very lucrative process and you have to pay attention to details.  Please seek out a expert if you interested in searching for a distressed property or a regular home.  The real estate market is always changing so make sure you have a expert on your side!  I hope you a found my article enjoyable and informative!  Make sure you contact us before you buy or sell a short sale!

Allen is enriched with deep abundant heritage of Native Americans to the early European settlers and exciting sporting events; Allen has something to offer everyone young or old.   Allen’s median residential home price is approximately $227,000 with property tax rate of 2.425%. It’s a great time to search for home and own a piece of Allen Texas Real Estate.

There is a little something for everyone here in Allen for those History gurus the City of Allen is filled with ample historical events and notable figures.  Most of those memorable events are preserved around various parks.  If you’re looking to know more about the history and heritage of Allen including the Natives and early settlers that once inhabited this emerging city you could go venture and explore the Allen Heritage Center, the Historical Driving Tour and the Old Stone Dam, this could magically put you back in the 1870’s.  Even find out more about the first train robbery committed by Sam Bass supposedly to be the first Train Robbery in Texas.

Shop until you drop because Allen is where all the perfect retail/outlet shopping occurs.  Reasonably price shopping for all you shopping fanatics out there, spend on a budget at The Allen Premium Outlets but shop at all the major retailers such as Gap, Neiman Marcus Last Call, Coach, Ralph Lauren, Puma, Nike, Juicy Couture and much more.  All you other shopaholics there is also The Shops at Watters Creek where you could spend all day and also indulge yourself in the fine cuisines in the area such as Cheesecake Factory, Mi Cocina, The Londoner, Grimaldi’s Pizzeria, Village Burger, P.F. Chang’s, The Blue Fish and many other exquisite dining for your pallet.

The residents of Allen know how to have a great lifestyle and nightlife as well.  Go out and enjoy the town from attending outdoor events to indoor ballet.  Enjoy a peaceful evening with gracious movements of ballet or splendid music at the Allen Philharmonic Orchestra.  The Greens at Watters Creek also offer an array of celebrations and events, the Allen Event Center similarly host all types of sporting events and concerts.   Living in Allen is enjoyable and eventful, never a dull moment.

How about the outdoor lifestyle?  Allen comprises of indoor and outdoor facilities that will quench your adventure style.  You could enjoy the diversity of Lake Lavon just east of Allen with 11 parks and 100 miles of shoreline.  Great adventure awaits you including water skiing, boating, tubing, wake boarding, fishing and more.  You could also enjoy disc golf, hiking and biking at Bethany Lake Park.  If the weather is too hot out than the Ice Rink at the Allen Community Ice Rink will surely cool you off.

Once you visit Allen you will feel and want to call it home immediately.  So come out today and enjoy the affordable housing and what the entire city has to offer, you won’t regret it.  A great little city in the great State of Texas.

Beck’s Prime

Check out Dallas newest Restaurant in Dallas Texas!

Beck’s Prime is originally from Houston and is now made it’s way to Dallas Texas.

Their first location will be taking over the old Jack in the Box off of Preston and Forest Lane.  They have already started construction on the new food chain.  The owner’s pretty excited to enter into a new market.   They currently have 11 stores in Houston Texas.  Beck’s first venture was a double drive-through on an open air patio off of Kirby’s Drive in 1985.

What’s the chain known for?  They call themselves “The world’s freshest fast food”. Offering chicken sandwiches, burgers and salads starting at $7 bucks all the way up to $30 dollars ribeye steak!  Topping it off with their Angus chuck
roast burgers with options of sweet potatoe fries, grilled viggies, queso, Parmesan crisps or
Toast Crisped Baked  with Parmesan, Olive Oil and Garlic!

This just makes all our mouth drooling  to have a chance to taste this new delicious restaurant!

Welcome to Dallas Beck’s Prime!  Let us know what you think of this new
Restaurant here in Dallas!