Dallas Fort Worth Area Homes and Real Estate

Often times, real estate contract negotiations come down to the wire.  There may be times where a last minute change occurs or the other party fails to respond by the date required on the contract.   And sometimes, this happens at the last minute, which is always the worst time.

The "notices" section of the TREC real estate contract is very specific when it comes to how notices must be delivered to the other party.  There may be times when either the client does not have a fax or email address or that information was omitted from the notices section.   The notice can be hand-delivered, but what if that isn't a realistic option either?

If you find yourself in this situation and it's past five o'clock, the best option may be to pay a late night visit to The Dallas Main Post Office at 401 DFW Turnpike (I30).  While there is no "24 Hour" post office in Dallas, the window at this office stays open until midnight on weeknights and Saturdays, so they will post mark any piece of mail up until 11:59PM. 

Of course, with budget and service cuts expected to be announced any day now, you may want to call them to verify these hours.  Their toll-free number is 800-275-8777.  

 

View Dallas Main Post Office in a larger map

Most renters that want to buy a new home will often wonder when the right time is for them to start looking for a home.  Ultimately it's their decision, but I certainly have some recommendations that might be helpful. 

Here are a few key points that I feel all renters should understand about buying a home:

• Their first mortgage payment is usually not due until 30-60 days after closing.
• Renters should consider giving themselves some time to move out and make any desired repairs or updates to the home prior to moving out of their rental home.  Also, delays sometimes occur with the home purchase process that might be outside of everyone's control, so I strongly urge buyers to consider giving themselves a "buffer zone" of time in case a delay occurs.  Furthermore, all renters should consult with their landlord to find out what options they may have to extend their stay in case of unexpected delays.
• Some types of transactions, such as foreclosures and especially short sales, can take longer to close than purchasing directly from an owner that isn't in distress.  Renters should consider the potential time it will take to close a transaction to avoid becoming "homeless" for a period of time or consider eliminating these seller types from their home search if a closing delay would cause significant problems. 
• Despite the weak economy, homes that are in good condition are selling very quickly in many parts of D/FW, so spending a lot of time touring homes before a buyer is within a reasonable time of being able to sign a contract doesn't make much sense. Many of the best homes will quickly be gone and the best homes on the market usually require quick action on the part of a motivated buyer to compete with other buyers that may be bidding on the same home.
• Getting pre-approved for a mortgage should always be the first step before looking at homes.  Mortgage guidelines have changed significantly over the last few years, and a good credit score does not always guarantee a buyer will be approved for a mortgage.  Furthermore, it makes much more sense to know your options, including the expected cost of down payment and the monthly payment, before falling in love with a home that won't fit the budget. 

Aside from these points to ponder, there may be other factors to consider depending on a person's individual situation. 

The fact that most lenders will not require the first mortgage payment to be paid for 30-60 days after closing is often a surprise to many renters.  Rent is typically paid in advance, whereas mortgage payments are typically paid one month in arrears.  For example, a renter who pays their rent on March 1st is paying for their rent for the month of March, whereas a homeowner who pays their mortgage payment on March 1st is actually paying interest for the month of February.  The interest for the days of the month in which a buyer closes is typically collected at closing and is part of the closing costs that are included on a lender's good faith estimate.  Sometimes we can negotiate this cost to be paid by the seller, as well as some of the other closing costs.  Each mortgage has its own specific set of guidelines regarding the amount of closing costs that can be paid by the seller. 

Because of this 30-60 day delay from the time of closing until the first mortgage payment is due, many renters may sometimes discover they have overbudgeted for expenses.  This will often allow them take some extra time to move without having to be out of their rental home on the same day as closing.  Unfortunately there are sometimes delays in closings that may be completely outside the control of everyone involved, so having an extra week or two might save a renter from being temporarily "homeless" in case this happens.  And regardless of that, many renters would love to enjoy a stress free move and have some time to update and make repairs to their new home before they move in.  Remodeling a vacant home is much less stressful than remodeling a home full of furniture, pets and children!

Everyone's individual situation is different, so contact me today so we can design a strategy for you that will give you the best chance of making your home purchase experience a good one! 

 

Since the beginning of the financial crisis, several significant changes have occured with mortgage guidelines.  A summary of these mortgage guideline changes is imperative to helping consumers understand what changes that have taken place over the last few years may affect their ability to obtain a new mortgage loan. 

Contrary to popular belief, the guideline changes have involved a lot more than just higher credit score requirements.  In fact, one could argue that credit scores have perhaps been the least significant factor that has changed.   This assumption is perhaps my biggest reason for writing this article.  Many buyers I encounter today, especially those who monitor their credit score and know they have good credit, are under the false impression that mortgage guidelines are essentially the same as they were a few years ago with the exception of higher credit score requirements.  This leads them to assume that they will automatically be approved for a loan. 

Perhaps they were able to obtain a mortgage quite easily a few years ago, or perhaps they simply do not understand that credit score is only one of a long list of factors that mortgage lenders consider.  The main reason for their misunderstanding is because the media has oversimplified the complexity of the mortgage crisis and constantly portrays it as being caused by "banks giving loans to people with bad credit".   So it's logical to most people to conclude that credit score requirements have been the only factors that have changed. 

Unfortunately this is far from the case.  That doesn't mean that it's impossible to get a loan nowadays, but buyers need to be aware of the other changes that have taken place with mortgage guidelines.  Simply having a good credit score no longer guarantees a loan approval like it did a few years ago. 

The subprime mortgage market at one point made up more than half of the mortgage market in the US.  Today, it accounts for just a small percentage.  Fannie Mae, Freddie Mac and Ginnie Mae now account for over 90% of the mortgage market, with the remaining share consisting largely of jumbo loans held in bank portfolio and hard money loans, which are private mortgage loans made by a variety of different entities. 

In other words, FHA, VA, USDA and Fannie/Freddie Conventional loans are about the only game in town, aside from jumbo loans and the small share of hard money lenders that make loans on their own terms.  Of course, hard money lenders usually demand much higher fees and interest rates than the government agencies since they are able to provide a loan when nobody else will. 

The government agencies guarantee loans made by banks, they do not loan the money themselves directly to consumers.  But they purchase the loans from the banks once the loan has been made to the consumer.  So banks will typically not lend outside of these guidelines since they do not wish to hold these loans on their books.  They would rather transfer the risk and make loans to new customers by sellling them to Fannie Mae or Freddie Mac.   

Here's a summary of changes that have taken place in mortgage guidelines over the last few years:

MOST SIGNIFICANT CHANGES:

ELIMINATION OF VIRTUALLY ALL STATED INCOME AND NO DOC LOANS

Stated income loans were originally designed as a way to simplify the mortgage approval process for self-employed borrowers who had to provide a significant amount of paperwork (tax returns, etc).  Over the last several years, many lenders dropped the down payment requirement for stated income loans from 20% all the way down to 0% while at the same time eliminating the requirement to actually verify the borrower had a business in the first place. 

Then came "no doc" loans, where the borrower simply had to provide their name and a social security number.  At one point, a buyer with a 680 credit score could purchase a $750,000 home with no money down with no verification of employment, income or assets.  Needless to say, these loans mostly resulted in foreclosure and massive losses to the investors. 

WHAT'S DIFFERENT NOW?

Most states have passed laws that completely outlaw stated income loans.  Furthermore, banks realize that loans made to individuals that can't document their income through traditional means (W-2's, tax returns, etc) have a much higher instance of foreclosure.  Fannie Mae no longer purchases stated income loans.  The only option most homebuyers have who can't document their income is to seek financing from a hard money lender who is willing to take the higher risk.  The rates and fees are typically much higher than government insured loans. 

MANY 100% FINANCING PROGRAMS HAVE BEEN ELIMINATED

A few years ago, subprime loans allowed buyers with credit scores as low as 560 (in some cases 500) to obtain a 100% loan.  Also, there was a loophole in the FHA guidelines that allowed buyers to obtain a "gift" from the seller to circumvent the 3% down requirement.  Fannie Mae also had a variety of 100% loan programs. 

WHAT'S DIFFERENT NOW?

Fannie Mae now requires a minimum of 3% down.  FHA down payment requirements have been increased to 3.5% and the loophole allowing sellers to pay their down payment has been eliminated.  100% subprime loans have been gone for several years now, and 100% stated income loans have been retired to the graveyard of history. 

PROGRAMS THAT STILL ALLOW 100% FINANCING include the USDA loan program and the VA loan program.  Some government grants also may be used for down payment, but these usually have very strict income requirements.  The USDA loan has some specific loan guidelines and, more importantly, geographic restrictions.  100% VA loans are still available to qualified veterans.  And surprisingly, the guidelines for VA loans have changed very little.  This is likely due to the fact that VA analyzes income more closely than other types of loans, which has led to fewer losses compared to subprime and conventional loans.   

GUIDELINES FOR BUYERS WHO WANT TO KEEP THEIR CURRENT HOME AS AN INVESTMENT PROPERTY, SECOND HOME OR SELL THE HOME AFTER CLOSING ON THE NEW ONE

A few years ago, most buyers who wanted to purchase a different home (move-up) or even downsize to a smaller home would simply lease their current home and provide a copy of this lease to their lender to offset their mortgage payment.  Then once the foreclosure crisis picked up steam, lenders began to notice that a significant amount of foreclosures were occuring on homes where buyers had purchased another home and simply let the first home go into foreclosure.  This was even happening on many buyers who had perfect credit.  This tactic, known as "buy and bail", began causing a massive amount of losses to mortgage companies.  Even many buyers who intended on keeping their home as an investment property or who were planning to sell the home shortly after closing on the new one began falling behind because of a slowdown in the market. 

WHAT'S DIFFERENT NOW?

Homebuyers who want to keep their current home may not be able to simply show a lease to offset the payment.  Fannie Mae, in most cases, requires the buyer to prove they have at least 30% equity in their current home in order to offset the current payment with a lease.  They also may be required to show at least six months payment reserves for both the current and new home.  FHA also requires 25% equity, unless certain conditions exist (such as moving to an area that's not within reasonable commuting distance).  Proof that the first month's rent and/or security deposit has been obtained is often required as well.  Homebuyers that are upside down on their current home or who do not meet these equity requirements may still be able to obtain a new loan provided they qualify with both mortgage payments. 

RESERVE REQUIREMENTS

During the subprime boom, many lenders relaxed or completely eliminated requirements that borrowers have reserves in the bank after closing.  Statistically, buyers are much more likely to have problems paying their mortgage without at least some cushion to fall back on in case of a financial hardship, such as job loss, etc. 

WHAT'S DIFFERENT NOW?

While most loans do not have specific requirements for reserves, some lenders now require reserves for buyers with lower credit scores, as well as in certain situations where the overall risk of default may be higher.  A good example is buyers that are keeping their current residence, as described above.  In general, buyers who have little or no reserves will find it harder to obtain a mortgage. 

DEBT TO INCOME RATIO LIMITS

The debt-to-income ratio is defined as the ratio of total monthly obligations compared to total gross monthly income.  So a homebuyer who makes $5000 per month but has $2500 per month in debts, including the proposed new house payment, would have a debt ratio of 50%.  Debt ratio requirements during the subprime boom were often allowed to exceed 60 or 70% and were completely ignored in many cases. 

WHAT'S DIFFERENT NOW?

Fannie Mae recently changed their maximum debt-to-income ratio to 45% from 50%.  Many lenders may also have an arbitrary requirement regardless of whether or not the loan program guidelines do or not.  The automated underwriting systems have tightened the maximum debt-to-income requirements in many situations.  While credit score may help to increase a buyer's allowable debt ratios, having a high credit score alone does not guarantee an approval. 

OVERLAY (ARBITRARY) GUIDELINES

This is perhaps becoming the most significant change that is affecting many loan applicants.  An overlay guideline is essentially a guideline imposed by a lender that is over and above the loan guidelines themselves.  For example, FHA does not have a minimum credit score requirement per se.  However, I'm not aware of any lenders that do not have some kind of minimum credit score for FHA buyers.  Why do lenders do this?  Because even though an agency such as FHA or Fannie Mae may guarantee a loan, that doesn't mean the lender will not incur a loss if the buyer fails to make their payments.  Therefore, lenders will often analyze the loans they've originated in the past and impose certain requirements that may be over and above the requirements set by the federal agency that insures or guarantees the loans. 

WHAT'S DIFFERENT NOW?

Most lenders have a minimum credit score requirement of 600-620 for FHA loans.  Also, some lenders may either require a second-level signature from upper management on loans that are deemed to carry a higher risk of default, such as for buyers with high debt ratios, low reserves, a spotty employment or income history or buyers that are purchasing a home that's in an area where real estate values have declined significantly.   

OTHER CHANGES:

HIGHER INTEREST RATES FOR BUYERS WITH LOWER CREDIT SCORES AND LESS MONEY DOWN

Fannie Mae began this trend a couple of years ago by instituting "loan level price adjustments" for buyers with less than 740 credit scores and who were putting down less than 40% down (yes, 40%).  Although the adjustments to the rate are very minor at this level, buyers with less than a 680 credit score and less than 20% down may see a significant adjustment to either their rate or to their closing costs.  And since many buyers assume the rate they see advertised is the rate everyone gets, they may budget the cost for their new home based on a rate that is not obtainable based on their situation.  Furthermore, many companies are now imposing rate adjustments to buyers seeking government loans (FHA, VA and USDA). 

MORTGAGE COMPANIES THAT ADVERTISE RATES ON THE INTERNET, TV AND RADIO DO NOT TAKE THESE PRICING ADJUSTMENTS INTO ACCOUNT.  Most advertisements disclose somewhere in their fine print that the rates they advertise assume a credit score of 740 and a 20% down payment.  So don't assume the rate you see is the rate you're going to get until a loan officer has a chance to fully qualify you by obtaining a full credit report and also an analysis of your current situation and income. 

TOUGHER APPRAISAL REQUIREMENTS

Lenders require an appraisal to be conducted on virtually all home purchase transactions to ensure that the price a homebuyer is paying for a home can be justified with recent sales data.  This protects lenders collateral position in case of foreclosure.  In past years, loan officers would simply call their favorite appraiser and request an appraisal. 

Because of perceived conflicts of interest with this process, a new process was created called the Home Valuation Code of Contact, which restricts loan officers and production staff from communicating directly with an appraiser.  The result has led to longer waiting periods to obtain appraisals and sometimes inaccurate appraisals since the management companies often select appraisers that are unfamiliar with an area.  Since the appraisals are now ordered through appraisal management companies, this extra step means extra time (and money in many cases) for home buyers. 

LONGER WAITING PERIODS

The Federal Reserve recently amended the Truth In Lending laws.  Buyers now must wait at least seven days to close after the full terms of their proposed loan have been delivered and disclosed to them.  Furthermore, if the terms of the loan change (which is sometimes not the fault of the lender and may be the result of a change outside of everyone's control), the buyer must wait another three days to close. 

While this may seem like nothing to worry about, keep in mind that the sales contract in Texas calls for a certain specific closing date.  If the buyer fails to close by this date, even as the result of a federally mandated waiting period, the seller has the option of terminating the contract at their sole discretion in the State of Texas.  These waiting periods can often become an issue and put buyers at risk of potentially losing the contract on their home if they wait too long to select a lender.  The days of five day closings are a thing of the past, and the process of the new appraisal requirements can also cause additional delays as well.   The bottom line is that homebuyers need to shop for their loan well in advance of shopping for a home to avoid any potential delays. 

So in conclusion, the changes that have taken place in mortgage guidelines over the last few years have been a lot more than just higher credit score requirements.  In fact, the minimum credit score of 620 that most lenders require to obtain an FHA loan is not much higher than it was a few years ago.  The most significant changes have occured in the more detailed guidelines that most buyers may not even realize exist.  And while it's certainly safe to say that many changes have taken place, it's certainly not impossible to obtain a loan if these situations can be overcome.

But waiting until the last minute to consult with a lender is a mistake that will cost many homebuyers the opportunity to qualify for a home loan.  If you are considering purchasing a home, please contact me today so I can evaluate your situation and put you in touch with a lender that can consult with you at no charge to evaluate your options. 

 

 

Everyone has probably heard the news that mortgage rates recently set all time lows.  Of course, every mortgage company in town has been advertising this on the radio and the internet for the last five years, but this time it's actually true.   Mortgage rates recently hit 52 year lows.  In other words, rates are not only the lowest they've ever been in my lifetime, they're the lowest they've ever been in my parent's lifetime as well. 

Take a look at these charts of historical mortgage rates:

SOURCE - Freddie Mac

And here's a chart of rates since the year 2000 which shows a better picture of the recent trend:

SOURCE: Freddie Mac

** It's important to note that buyers with less than perfect credit and/or buyers that don't want to pay points or lender closing costs can expect to pay higher rates than these averages. 

So what has kept mortgage rates so low recently?  Is there some designated person in the Treasury or the Federal Reserve that just logs onto a computer system and changes "the rate" whenever they decide they need to be lower?  Is there some government institution that votes on what mortgage rates should be on any given day?

Actually the process is a little more complicated than that.  In reality, no single person or entity directly controls mortgage rates.  Rates are ultimately determined by the supply and demand of mortgage-backed securities, also called mortgage bonds.  Supply and demand, as it does in any kind of economics, is affected by a variety of different factors.      

When the demand is lower for mortgage bonds, the yields increase which, in turn, causes mortgage rates to rise.  And likewise, when the demand is high for mortgage bonds (as has been the case lately), the yields decrease, which causes mortgage rates to stay low.

So based on these rules, one would conclude that the demand for mortgage bonds would be very high right now.  And that is true, but there is one fundamental difference this time: A large part of the demand is the result of a government program to purchase mortgage bonds with the goal of keeping rates artifically low to stimulate the housing market.  In other words, the government has effectively lowered mortgage rates by directly intervening in the mortgage market by purchasing mortgage bonds, which is not something that happens in a "normal" economy. 

This program began shortly after the start of the credit crisis in late 2008.  On November 25, 2008, the Federal Reserve announced their intention to begin purchasing up to $600 billion in mortgage-backed securities.  An expansion of this program was announced on March 18, 2009 which outlined the Fed's intentions to purchase a total of up to 1.25 trillion dollars of mortgage-backed securites until the end of 2009.  And in late 2009, they also announced that the purchases of securities would extend until the end of the first quarter in 2010. 

So as it stands now, the effects of this program will likely cease to have any effect on mortgage rates once the program winds down in spring of 2010.  However, many economists question whether demand for these securities will be strong enough to keep mortgage rates from spiking to levels that might slam the brakes on the housing market.  Even some officials within the Fed are apparently concerned about the effect that ending this program will have on the market. 

At this point, the fundamental problem seems to be a lack of trust by investors.  After all, Wall Street was unable to accurately price the risk of mortgage backed securities, which is a fear that certainly still exists in the minds of some institutional investors. 

Whether or not this program will be extended yet again is unknown at this point.  At some point, the Fed will likely have to discontinue socializing the mortgage market and either find a way to restore investor confidence or fundamentally change how the secondary mortgage market functions.  Until then, mortgage rates will likely be very dependent on direct intervention by the Fed.  Since there's no guarantee that this program will be extended past the first quarter of 2010, home buyers and current homeowners that will benefit from refinancing to lower rates should consider the impact that ending this program will have on their cost of home ownership.  Waiting for rates to come down even lower may be a very risky proposition. 

 

 

Here's a list of the Dallas County property tax rates ranked in order of lowest to highest for 2009.  The 2009 tax rates were just released by the appraisal district. 

Property tax rates in Dallas county consist of three main taxing entities: City taxes, county taxes and school taxes.  It's important to note that I don't recommend selecting a city in which to live based solely on the property tax rates because there are other factors to consider.  Simply having a lower tax rate might in some ways equate to a lower cost of home ownership, but city and county services, as well as the quality of the schools, should also be considered. 

Also, the Dallas area has some rather long commute times in some areas and some toll roads that can add up to a significant expense each month.   Furthermore, the values by which homes are taxed at can often be quite different from their actual market value since home sales prices are not reported directly to the central appraisal district.  It is not uncommon to see homes in some areas taxed below market value and homes in other areas to be taxed above fair market value. 

The market value of a home may also fluctuate regularly, whereas tax appraised values are only set once per year.  It's always a good idea to look up the individual tax value of a property before making a decision to purchase a home.  The central appraisal district allows homeowners to protest the tax value of their home once per year, but not prior to actually becoming the owner of record. 

Parts of some of the cities listed below also lie in adjacent counties.  For example. part of the City of Richardson and the City of Dallas itself lie in Collin County.  So the total tax rate for those areas may be different than what is shown below.

City                                     City Rate       ISD Rate     County Rate  TOTAL RATE

Highland Park	0.220000	1.110000	0.602212	1.932212
University Park	0.265480	1.110000	0.602212	1.977692
Wilmer	0.435990	1.271343	0.602212	2.309545
Addison/ DISD	0.496000	1.271343	0.602212	2.369555
Sunnyvale	0.407962	1.360000	0.602212	2.370174
Hutchins	0.563000	1.271343	0.602212	2.436555
Addison/ CFBISD	0.496000	1.342200	0.602212	2.440412
Farmers Branch	0.519500	1.342200	0.602212	2.463912
Richardson	0.575160	1.340050	0.602212	2.517422
Seagoville	0.650000	1.271343	0.602212	2.523555
Coppell	0.641460	1.283400	0.602212	2.527072
Garland	0.704600	1.253300	0.602212	2.560112
Sachse	0.705819	1.253300	0.602212	2.561331
Carrollton	0.617875	1.342200	0.602212	2.562287
Irving	0.540600	1.425000	0.602212	2.567812
Rowlett	0.747173	1.253300	0.602212	2.602685
Dallas	0.747900	1.271343	0.602212	2.621455
Balch Springs/ DISD	0.760000	1.271343	0.602212	2.633555
Cedar Hill	0.641400	1.400000	0.602212	2.643612
Cockrell Hill	0.788113	1.271343	0.602212	2.661668
Mesquite	0.640000	1.420000	0.602212	2.662212
Duncanville	0.696000	1.418000	0.602212	2.716212
Grand Prairie	0.669998	1.465000	0.602212	2.737210
Balch Springs/ MISD	0.760000	1.420000	0.602212	2.782212
DeSoto	0.699730	1.490000	0.602212	2.791942
Lancaster	0.777500	1.412700	0.602212	2.792412
Glenn Heights	0.739322	1.590000	0.602212	2.931534

This information was obtained by third parties.  While I believe it to be accurate, I make no claim or warranty as to their accuracy.

The Collin County Property Tax Rates for 2009 have been released by the Collin County Central Appraisal District.  Below is a list of the cities and their respective tax rates for tax year 2009. 

These tax rates will apply to property taxes that are due by December 31 of 2009 for tax year 2009.  Property taxes are paid in arrears, and property taxes for 2010 will not be available until this time next year.

Collin County has a total of 23 cities that are incorporated within Collin county, but there are also several cities that lie partially within Collin county.  The cities of Dallas, Carrollton, Richardson, Garland  and Royce City lie primarily in other counties, but parts of those cities extend into Collin county.  The tax rates for properties in those cities which extend into Collin county are listed below.

Furthermore, many cities in Collin county are served by more than one school district.  Those cities are indicated with a (*).  The property tax rates for some properties in those cities may differ from what is shown in this table.

CITY                           City Rate         ISD Rate   County Rate      TOTAL

Allen	0.556000	1.540000	0.328800	2.424800
Anna	0.622733	1.540050	0.328800	2.491583
Blue Ridge	0.580868	1.476500	0.328800	2.386168
*Carrollton	0.617875	1.342200	0.328800	2.288875
Celina	0.645000	1.540000	0.328800	2.513800
*Dallas	0.747900	1.271343	0.328800	2.348043
Fairview - LISD	0.617875	1.342200	0.328800	2.288875
Fairview - MISD	0.617875	1.535000	0.328800	2.481675
Farmersville	0.645000	1.540000	0.328800	2.513800
Frisco	0.747900	1.271343	0.328800	2.348043
*Garland	0.704600	1.253300	0.328800	2.286700
Josephine	0.485834	1.495000	0.328800	2.309634
Lavon	0.414500	1.495000	0.328800	2.238300
Lowry Crossing	0.229777	1.540000	0.328800	2.098577
Lucas	0.374177	1.535000	0.328800	2.237977
McKinney	0.585500	1.540000	0.328800	2.454300
Melissa	0.610010	1.540000	0.328800	2.478810
Murphy	0.538405	1.328400	0.328800	2.195605
Nevada	0.161008	1.495000	0.328800	1.984808
New Hope	0.210000	1.540000	0.328800	2.078800
Parker	0.377080	1.328400	0.328800	2.034280
Plano	0.488600	1.328400	0.328800	2.145800
Princeton	0.728394	1.490000	0.328800	2.547194
Prosper	0.520000	1.640000	0.328800	2.488800
*Richardson	0.575160	1.340050	0.328800	2.244010
*Royce City	0.657600	1.430000	0.328800	2.416400
*Sachse - GISD	0.705819	1.253300	0.328800	2.287919
*Sachse - WISD	0.705819	1.590000	0.328800	2.624619
Saint Paul	0.421279	1.540000	0.328800	2.290079
Weston	0.250000	1.540000	0.328800	2.118800
Wylie	0.898900	1.590000	0.328800	2.817700

Annual property taxes (without exemptions) are calculated by dividing the assessed value of the property by 100 and then multiplying the result by the number in bold (total tax rate).

Information was provided by third parties and I believe it to be accurate but can make no guarantees.

 

HOME SEARCH GATEWAY - THE EASY WAY TO SEARCH FOR HOMES ONLINE IN DALLAS - FORT WORTH

Thanks to the internet, it is now easier than ever to search for homes online.  It is estimated that as many as 94% of homebuyers begin the search for their new home via the internet.  And while there's little doubt left that the internet has simplified the home search process for many consumers, there can be some pitfalls to searching for a home online. 

For starters, many websites only allow a very narrow set of search criteria.  For example, a buyer searching for a three bedroom, two bath home in Dallas will quickly find that they have an overwhelming number of choices.  How can buyers narrow down their search to the more specific criteria that's relevant to their individual needs and wants?  And how can they eliminate the homes that don't fit their criteria so they don't have to keep sorting and resorting their favorites from the rejects?

Is there a better way to search for a home online?  YES!  It's called a Gateway search, and it can only be set up by a local Realtor®.

WHAT IS A GATEWAY SEARCH?

A Gateway is a customized home search linked directly with the MLS system, which is the computer and home search system used by all Realtors®.  Only Realtors® have direct access to the full MLS system and the ability to create a custom Gateway search for a consumer. 

The Gateway is essentially a custom website prepared by a Realtor® for a potential buyer.  Instead of receiving an email with dozens or even hundreds of home listings to sort through, the Gateway sends an email once a day with a link to all homes that fit a buyer's specific requirements.  And the search is updated every 24 hours with new listings, price and status changes and other updates.  So once the criteria is entered by the Realtor®, the search process becomes much easier and more focused for buyers that have a specific idea of their wants and needs. 

The criteria can be changed at any time, and multiple searches can also be added to a Gateway.  For example, a buyer looking for a home either in the Frisco or Plano School District could have seperate search links for homes in each district. 

But aside from the simplicity, the Gateway also offers many other features that make the process of finding a home even more efficient and enjoyable.  Here are some other features the Gateway allows:

SAVE FAVORITES, POSSIBILITIES AND REJECTS TO SPECIFIC FOLDERS

The Gateway offers users the ability to save favorites, possibilities and rejects to folders for easy sorting and reference.  They can also write and save notes on each home listing, and the Realtor® can make notes as well.   This cuts down on multiple emails and phone calls once a buyer narrows down their selections and helps to keep all of the information and correspondence in one place. 

SEARCH CRITERIA CAN BE CUSTOMIZED VERY SPECIFICALLY.

The MLS system allows for very specific search criteria to be entered on a Gateway search, whereas most online search engines only allow very general criteria, such as price range, bedrooms and city. 

An example of some of the search criteria the Gateway allows:

• SCHOOL DISTRICT AND EVEN SPECIFIC SCHOOLS.  Many cities in D/FW lie in multiple school zone boundaries.  Furthermore, most school districts have specific boundaries for each school.  So if you have specific needs as far as school or district, a Gateway search is the best way to find the home you're looking for!
• HOME FEATURES.  Looking for a home with gas utilities?  Or a pier and beam foundation with a backyard at least half an acre?  The Gateway will find it.  What about a two-story home with wood floors and energy-efficient windows?  They are out there, but you'll be looking through a bunch of lemons to find that lemonade if you're only searching by price and bedrooms. 
• SPECIFIC GEOGRAPHIC LOCATION - Say you want a home within a five mile radius of your office.  Or perhaps you want to be within the borders of specific roadways, such as "North of LBJ Freeway, West of the Tollway, South of Campbell Road and East of Central Expressway".  Or perhaps you want to search multiple areas that aren't connected to each other and would like more than one custom search.  The Gateway Search can do that!
• ROOM DIMENSIONS AND LOCATION.  Have a need for a garage at least 22 feet wide?  Or want a two-story house with the master bedroom downstairs?  A Gateway search will find it. 

And in addition to these features, the Gateway allows all listings to be mapped as well. 

It goes without saying that there is currently an oversupply of homes in most markets.  With all the choices, why waste your time searching multiple websites, making phone calls and spending hours of your time viewing homes that might catch your eye online but don't meet the specific criteria that you're looking for? 

It's your time, and you deserve a better way to search for your new home. 

Contact me today to customize a Gateway search to fit your specific needs and criteria.  The setup process is short, the service is free and it can easily be expanded to include multiple searches. 

If you are a business owner looking for a great office location in the North Dallas area, the Tollway Park Office Condo development, located on the southeast corner of the Dallas Parkway and Frankford Road, is a great location to consider. 

The development is centrally located close to the Tollway and George Bush (190), and just a few minutes drive to Plano, Addison, Carrollton and LBJ Freeway (635).

Our newest listing in the Tollway Park Office Condos is located at 18170 Dallas Parkway, Suite 303 Dallas, TX 75287.  This listing is somewhat unique because the seller is offering unit 303 for sale as a single unit for $300,000 or both units 303 and 304 for sale as a package for $600,000.  

 

 

The front of the building has a very nice drive up appeal for an office building.  The Tollway Park Office Condos have been the home of many businesses, including an optometrist, a laser hair removal clinic, a financial planner and a law firm.

 

 

 

The seller is the original owner and did not spare any expense on custom upgrades in the finish out, including granite in the restrooms and granite countertops in both kitchen/utility areas. 

 

 

Each unit has its own restroom with space for storage over the commode, handrails for handicapped access. 

The restrooms also have good lighting and are in close proximity to all offices in the building.

 

 

 

 

Both units also have ample storage space, including seperate, firewalled attics that have been decked for extra storage.  

Here's a view of the utility area of unit 303 looking into the utility areas of both units. 

The two units currently connect together via this passage that connects each kitchen/utility area, which could easily be closed off for a buyer who only wanted to purchase unit 303.  

 

There are enough options with this work space to mix business with some ammenities that you would find at home.

 

 

 

The lobby area/front office has a wood grain door with a ceiling fan, good lighting and also has small windows on both sides of the door.  There is also a doorbell outside both entrances (Suite 303 and 304), as well as a security system throughout both units. 

 

This front lobby area could also be used as an office.  

 

The current owner uses the front entrance as a lobby (suite 303) and the other front entrance (suite 304) as an office.   

 

Most clients won't mind a short wait in a room like this.

 

 

OFFICES IN UNIT 303

Both units combined have a total of eight offices and two lobby areas.   The floorplan is laid out very efficiently with maximum space in the offices and work areas. 

 

 

This is the front office in Suite 303.  It is one of the larger offices in the building and has three windows that face east towards the adjacent building and parking lot. 

 

 

 

 

 

 

 

This is the middle office in Suite 303.  It is large enough to fit more than one person comfortably.  The furniture is also negotiable with the sale of this unit. 

 

 

 

The two back offices in unit 303 both have windows that face West.  However, the adjacent building blocks much of the direct sunlight in the afternoon.

 

This office is where the current owner has officed for the last two years.  It has more than enough room for a large desk and additional furniture. 

 

These offices are large enough to hold meetings with several people and without feeling cramped. 

 

 

 

 

The fifth office area in unit 303 faces west as well and is only slightly smaller than the owner's office next door. 

 

 

Although this is the smallest office in Unit 303, it still has more than enough room for a desk, filiing cabinet, extra chairs and plenty of room to spare.

 

 

 

 

OFFICES IN UNIT 304

Unit 304 is essentially a mirror image of unit 303 with the exception of a few office dimensions.  Some of the offices also have additional windows since this unit is not connected to another on the north side. 

 

 

This is the front office/lobby of Unit 304. 

The tile, crown moulding and other finish out items are exactly the same on both sides.

 

 

 

 

 

 

The middle office in Suite 304 is the smallest in the unit but still has more than enough room for a large desk, multiple chairs and other small office furniture, such as a filing cabinet.  The large window faces to the north. 

 

 

 

 

 

 

 

The second front office in suite 304 is currently used as a conference room and also has three large windows that overlook the parking lot and adjacent buildings. 

 

 

 

 

 

 

 

This office is perhaps the best seat in the house!  This corner office in the rear of Unit 304 has wondows that face both north and west with a view of the middle courtyard of the Tollway Park Office Condos. 

 

 

 

 

 

 

 

 

 

 

 

A RECAP OF THE OFFICES AT 18170 Dallas Parkway Suite 303 and 304

Unit 303 is listed for sale for $300,000

•·     1175 square feet total.

•·     4 offices and a lobby that can be used as a fifth office.

•·     Restroom with granite vanity.

•·     Attic decked for additional storage.

•·     Plumbed for kitchen connections.

•·     Storage closet.

•·     Custom finish out includes custom tile in kitchen/utility area, corwn moulding, granite in work area and six panel doors.

•·     Fully wired with CAT5 and telephone connections.

•·     Security system.

•·     Ample parking spaces.

•·     HOA dues of $200 per month

Units 303 and 304 are available as a package deal together for $600,000

•·     2350 square feet total.

•·     kitchen area in 304 has dishwasher, sink and connections for a refrigerator.

•·     Additional HOA dues of $200 per month.

•·     Additional attic that is decked for storage.

•·     More windows in the offices since this unit is not connected to another on the north end.

 

Unit 303 is also available for lease, fully furnished.  Please contact me for additional details.

The Tarrant County property tax rates for 2009 have finally been released.  These tax rates will apply to tax year 2009, which are due at the end of 2009.  Current Tarrant County homeowners that have specific questions about their property taxes should contact the Tarrant County Central Appraisal District at (817) 284-0024. 

Tarrant county property taxes have several different taxing authorities and jurisdictions.  In general, homeowners will pay a combination of County, City and School taxes.  Additionally, some homeowners in Tarrant county will also pay an additional fee of $.02 per $100 for areas contained in the Tarrant County Regional Water District and .064% per $100 for the Tarrant County Emergency Services District.  Contact the Tarrant County Appraisal District or visit their website at www.tad.org to verify if a particular property lies in one of these additional districts. 

The total 2009 Tarrant County property tax rates are as follows:

CITY                            City Rate     ISD Rate   County Rate   TOTAL TAX RATE

Arlington	0.648	1.272	0.629567	2.549567
Azle	0.631	1.19	0.629567	2.450567
Bedford	0.463348	1.295453	0.629567	2.388368
Benbrook	0.6575	1.322	0.629567	2.609067
Blue Mound	0.638	1.4658	0.629567	2.733367
Burleson	0.694	1.54	0.629567	2.863567
Colleyville	0.3559	1.29	0.629567	2.275467
Crowley	0.5755	1.535	0.629567	2.740067
Dalworthington Gardens	0.262739	1.272	0.629567	2.164306
Edgecliff Village / CISD	0.294112	1.535	0.629567	2.458679
Edgecliff Village / FWISD	0.294112	1.322	0.629567	2.245679
Euless	0.47	1.295453	0.629567	2.39502
Everman	0.904127	1.36	0.629567	2.893694
Forest Hill	1.09	1.322	0.629567	3.041567
Fort Worth	0.855	1.322	0.629567	2.806567
Grapevine	0.35	1.29	0.629567	2.269567
Haltom City	0.5983	1.405	0.629567	2.632867
Haslet	0.267197	1.355	0.629567	2.251764
Hurst	0.535	1.295453	0.629567	2.46002
Keller	0.44219	1.4863	0.629567	2.558057
Kennedale	0.7225	1.48861	0.629567	2.840677
Lake Worth	0.42859	1.67	0.629567	2.728157
Lakeside	0.323516	1.19	0.629567	2.143083
Mansfield	0.71	1.45	0.629567	2.789567
North Richland Hills	0.57	1.405	0.629567	2.604567
Pantego	0.37327	1.272	0.629567	2.274837
Richland Hills	0.473042	1.405	0.629567	2.507609
River Oaks	0.82	1.2133	0.629567	2.662867
Saginaw	0.449115	1.4658	0.629567	2.544482
Sansom Park	0.571627	1.2133	0.629567	2.414494
Southlake	0.462	1.415	0.629567	2.506567
Watauga	0.580763	1.4863	0.629567	2.69663
Westover Hills	0.366739	1.322	0.629567	2.318306
White Settlement	0.686037	1.54	0.629567	2.855604

** Some cities may lie in overlapping school district and county boundaries and some properties may have different final tax rates than the ones shown here.  This information was obtained from Republic Title and other third party agencies and I make no guarantee that these are accurate.

 

  

The Dallas County property tax rates for 2009 have been released. These tax rates will apply to taxes due in December for tax year 2009. All current homeowners should have received a property tax statement in the mail recently that shows the amount of taxes due.

The county mails a copy of the invoice to the homeowner regardless of whether or not the taxes are escrowed by their mortgage company.

The total amount of property taxes for Dallas county homeowners consist of three different taxing jurisdictions: County, City and School taxes.  In some cases, homeowners who live in overlapping areas may receive two separate statements from different taxing authorities. For example, a homeowner who lives in the portion of the city of Dallas that lies in Collin county will receive a tax statement from the City of Dallas for ISD and city taxes, but will receive a statement from Collin county for county taxes. 

Each taxing entity has their own rules for exemptions, such as homestead, over 65 years old and disability exemptions.  The actual amount of taxes owed will be less if the property owner qualifies for any of those exemptions.

The total 2009 property tax rates for each city in Dallas county are as follows:

 

 

CITY                                      CITY RATE       ISD RATE   COUNTY RATE      TOTAL

Addison/DISD	0.496000	1.271343	0.602212	2.369555
Addison/CFBISD	0.496000	1.342200	0.602212	2.440412
Balch Springs/DISD	0.760000	1.271343	0.602212	2.633555
Balch Springs/MISD	0.760000	1.420000	0.602212	2.782212
Carrollton	0.617875	1.342200	0.602212	2.562287
Cedar Hill	0.641400	1.400000	0.602212	2.643612
Cockrell Hill	0.788113	1.271343	0.602212	2.661668
Coppell	0.641460	1.283400	0.602212	2.527072
Dallas	0.747900	1.271343	0.602212	2.621455
DeSoto	0.699730	1.490000	0.602212	2.791942
Duncanville	0.696000	1.418000	0.602212	2.716212
Farmers Branch	0.519500	1.342200	0.602212	2.463912
Garland	0.704600	1.253300	0.602212	2.560112
Glenn Heights	0.739322	1.590000	0.602212	2.931534
Grand Prairie	0.669998	1.465000	0.602212	2.737210
Highland Park	0.220000	1.110000	0.602212	1.932212
Hutchins	0.563000	1.271343	0.602212	2.436555
Irving	0.540600	1.425000	0.602212	2.567812
Lancaster	0.777500	1.412700	0.602212	2.792412
Mesquite	0.640000	1.420000	0.602212	2.662212
Richardson	0.575160	1.340050	0.602212	2.517422
Rowlett	0.747173	1.253300	0.602212	2.602685
Sachse	0.705819	1.253300	0.602212	2.561331
Seagoville	0.650000	1.271343	0.602212	2.523555
Sunnyvale	0.407962	1.360000	0.602212	2.370174
University Park	0.265480	1.110000	0.602212	1.977692
Wilmer	0.435990	1.271343	0.602212	2.309545

 

For more detailed infrormatoin on property tax rates in Dallas county, as well as to search by property address or owner name, visit the Dallas Central Appraisal District online.

This information was provided by Christina Annoboli at Republic Title.