Dallas Fort Worth Area Homes and Real Estate

HUD Homes for $100 Down | Dallas Fort Worth Area Home Buyer Information

John Jones (JR Premier Properties) — Mon, 26 Jul 2010 22:02:33 -0400

HUD has continued to promote their HUD $100 down program for home buyers in the Dallas Fort Worth area. The program is a great opportunity for home buyers to get into a HUD Home without having to pay the normal 3.5% down payment that is required for FHA loans.

HOW DOES THE HUD $100 DOWN PROGRAM WORK?

There are some specific guidelines that have to be followed:

The buyer must obtain FHA financing in order to get the HUD $100 Down.
The buyer must intend to occupy the property. HUD does not allow the $100 Down program for investors or for buyers that will not otherwise occupy the home.
The buyer must submit a minimum bid for at least the list price. Offers submitted below the list price do not qualify for the HUD $100 Down Program.
Buyers may bid more than the appraised amount of the property, but must pay the difference between that and the offer price, plus the $100 in cash at closing.
The program follows all of the other general requirements of purchasing a HUD Home.

Home buyers interested in purchasing a HUD home should consider working with professionals that have prior experience with HUD Homes because of the complexity of the transactions. HUD has very specific guidelines regarding their bidding process, the earnest money, home inspections, the closing process and situations where the property may need additional repairs.

Buyers who are interested in bidding on a HUD Home and taking advantage of the HUD $100 Down program can contact me for a list of qualified HUD Homes in their area. I have past experience with this program on the lending side and also as a full time Realtor(R). Although I am no longer a licensed loan officer, I can help you find a lender that is experienced with HUD transactions.

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WHAT IS A HUD HOME?

A HUD HOME is a foreclosure where the previous owner had an FHA loan and the lender negotiated with HUD to take over liquidation of the property. It is essentially no different than any other foreclosure, except HUD allows certain incentives, such as the HUD $100 DOWN PROGRAM, since they are both the seller and the loan guarantor in cases where the buyer is obtaining FHA financing.

HOW MUCH ARE CLOSING COSTS WHEN BUYING A HUD HOME?

The closing costs vary depending on the type of loan the buyer obtains, the total origination charges a buyer chooses to pay relative to their interest rate, as well as other factors determined by how their loan is structured. Other prepaid items, such as insurance and taxes, will affect a buyer's total out of pocket costs at closing. Only a qualified loan officer can answer this question on an individual basis. Contact me and I can put you in touch with a lender that's experienced with HUD homes.

HOW LONG DOES IT TAKE TO CLOSE ON A HUD HOME?

HUD's contract automatically allows for up to 45 days from the time the contract is executed. In my experience, buyers should expect closing to take up to this long in most cases. HUD's closing agent typically requires documents as much as eight business days in advance of the closing date. This alone means that closings will typically take at least two weeks longer than non-foreclosure transactions. With all the new Federal rules in place that require waiting periods on loans, this can add up to several extra days.

In the event a closing is delayed past the normal 45 day closing window, HUD may allow for an extension.

I'VE HEARD THAT ALL HUD HOMES ARE IN POOR CONDITION. IS THIS TRUE?

Not at all, although some are definitely in various states of disrepair. Unfortunately, some foreclosures are in this state because the previous owners could not afford to maintain the home. And in some cases, home owners who knew their home was going to be foreclosed may have vandalized it or stripped the home of appliances and other loose items, such as ceiling fans and light fixtures, before they moved out. The condition of the home, as is the case with most foreclosures, is often factored into the asking price. In some cases, the discount on the sales price over current market value may be more than enough to cover needed repairs, improvements and upgrades and still leave the buyer with some equity. Every situation is different, and the market value of homes in all areas is always a moving target.

DOES HUD ALLOW FOR A HOME INSPECTION?

Yes. HUD has a specific policy regarding home inspections for owner occupant purchasers. In order to obtain an inspection, a buyer must request this in writing and have their agent submit to HUD's asset manager within 15 days of an accepted offer. The buyer is also responsible for turning on all utilities necessary to complete the home inspection.

In general, HUD will either allow items in need of repair to be escrowed into an FHA loan, or they may discount the price of the home in some situations. However, they will not allow buyers to escrow items that have been marked as "deficient" on the property condition report unless an escrow amount for these items was already determined and included as part of the list price. So the bottom line is that buyers should read over the property condition report and make sure they are OK with items marked as "deficient" because there is usually no way to go back and ask for these items to be fixed after the fact.

In many cases, HUD will have already alotted for a repair escrow on certain items that the property condition report has marked as in need of repair. For example, if HUDs property condition report shows a faulty front door, they may have already stated in the bid that they will allow a repair escrow of $500 to cover fixing the door.

CAN I PURCHASE A HUD HOME MYSELF WITHOUT USING A REAL ESTATE AGENT OR BROKER?

There is no way purchase or even bid on a HUD Home without using the services of a licensed real estate agent or broker. Buyers who wish to purchase a HUD home should storngly consider working with an agent that is experienced with HUDs because the transaction is somewhat different from one where the seller is an individual. HUD also has very specific guidelines and deadlines for not only the contract, but certain other addenda, the home inspection process, requesting repairs, receipt of earnest money by the closing agent and also the

WILL I HAVE TO PAY MONEY OUT OF POCKET TO USE THE SERVICES OF A REAL ESTATE AGENT OR BROKER WHEN BUYING A HUD HOME?

NO. The agent commission is paid by HUD directly to the real estate broker. The buyer pays nothing out of pocket for this.

WHAT HAPPENS IF THE HOME INSPECTOR DISCOVERS A PROBLEM THAT WAS NOT DISCLOSED ON HUD'S PROPERTY CONDITION REPORT?

In these cases, a buyer can petition HUD to allow for a repair escrow if they are obtaining FHA financing. The buyer's lender must also agree to this as well and they must also submit a written request to HUD. HUD will then assess the report and decide whether or not to allow the escrow. In cases where the total amount of repairs are less than $5,000, HUD will allow this to be structured as a "203B with escrow" loan. In this case, the work is compelted after closing and both the buyer and the contractor are issued a check. The buyer typically endorses the check and gives it to the contractor to cash as payment for their services.

However, in cases where the total amount of repairs exceed $5,000, the loan must be restructured into a 203K loan. A 203K is an FHA loan with a repair escrow of over $5,000. The 203K loan process is a bit more complex than a simple 203B with a repair escrow. Also, only a handful of lenders in the Dallas Fort Worth area handle 203K loans.

IN EVERY CASE, I recommend buyers conduct a full home inspection. My experience has been that the property condition report sometimes overlooks certain items that may be in need of repair. DO NOT EVER CONSIDER HUD'S PROPERTY CONDITION REPORT TO BE THE SAME THING AS A HOME INSPECTION! HUD CLEARLY STATES ON THESE REPORTS THAT THEY ARE NOT HOME INSPECTIONS AND ARE MERELY MEANT TO SERVE AS A GENERAL GUIDE TO THE OVERALL CONDITION. THEY ARE NOT NEARLY AS THOROUGH AS A HOME INSPECTION.

I have experienced some cases where a property condition report missed items that were defective - the most recent case was a HUD home that had TWO defective HVAC units that the property condition report stated were functioning normally. In this case, we were able to successfully petition HUD and the lender for a repair escrow to pay for a new HVAC, which was escrowed and installed after closing. So in the end, it all worked out. But if the buyer had neglected to perform a home inspection, they would have had to come out of pocket with several thousand dollars in expensive repairs.

Contact me at (972) 978-3553 or email me for more information on HUD homes and the HUD $100 Down Program for Dallas / Fort Worth area home buyers.

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

Dallas, TX neighborhoods and subdivisions of Lake Highlands, White Rock Lake, Lochwood, Eastwood, L Streets, M Streets, Hollywood Heights, Lakewood, Coronado and Gastonwood, Forest Hills, Preston Hollow.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Great 4 Bedroom 2.5 Bath Home in Mesquite, TX with INCREDIBLE UPDATES Including Granite Kitchen Counters and Updated Master Bathroom! | 501 Conger in Mesquite, TX

John Jones (JR Premier Properties) — Mon, 19 Jul 2010 22:38:58 -0400

If you're looking for a great four bedroom home with two and a half bathrooms in the Parkview subdivision of Mesquite, TX, you will be amazed at the updates in the home at 501 Conger Drive.

This home features two stories with the master bedroom located downstairs and all three additional bedrooms upstairs. The home has high ceilings in the master and the entryway, and the floorplan makes for a very efficient use of all 2,359 square feet of space.

The owners have recently completed some amazing interior AND exterior updates, which include a fabulous kitchen remodel with granite countertops, updated HVAC units in the upstairs and downstairs (2010), roof (2010), dishwasher, exterior paint, backyard fence and master bathroom shower and tub!

Both the front yard and back yard have nice landscaping with updated landscaping in the front yard. The large, mature trees in the front yard provide plenty of shade from the summer heat! The backyard is very large and the fence was recently updated by the owners.

The backyard also has a storage buidling to keep lawn equipment and other items out of your way in the garage!

The best feature of this home is a toss-up between the newly-remodeled kitchen with granite countertops and the amazing master bathroom with separate shower and tub. Why settle for less than all of the latest and greatest upgrades? Look at the amazing detail of the granite countertops, cabinets, tile backsplash and updated appliances in the remodeled kitchen!

Here is the kitchen from a couple of other angles as well. The kitchen has a large breakfast area and is also easily accessible from the separate dining area.

The master bathroom has also recently undergone a major transformation with a new shower and separate tub. In addition, the master bathroom has a large, walk-in closet with two separate doors that allows for many ways to arrange clothes and other accessories.

The master bathroom is truly amazing and has more than enough room for two.

With two large living areas, one of which could easily double as a study, you'll have plenty of room for furniture, computers and other accessories.

If a large master bedroom is on your list of "must haves", you need to see this one to believe all the space!

And if a grand entrance is a plus, you'll be amazed when you walk through the front door. Also, the fireplace in the living area is a cozy sight even in the dead of summer!

List of recent updates to the home accoring to the owners:

Roof (2010)
Back yard fence (2010)
HVAC (air conditioning and heating) units in the upstairs and downstairs (2010)
Kitchen remodeled with granite countertops and tile backsplash (2010)
Master bathroom - updated shower and tub with tile and new glass enclosure.
Dishwasher

Home details and specifics:

Four total bedrooms Three upstairs and the master is downstairs.
Two and a half bathrooms. One and a half baths downstairs and one full bath upstairs.
Two car, attached, rear entry garage.
Two living areas. One could be used as a study.
Breakfast area and separate dining area as well.
2,358 square feet per the tax rolls.
NO HOA DUES!
Large back yard with patio area.
Home has laminate wood floors, ceramic tile and carpet throughout.
Mesquite ISD. According to the Mesquite ISD website, the schools are: Shaw Elementary, Kimbrough Middle and Poteet High School.
Don't forget about all of the updates!

This home is currently listed for $165,000.

Buyers, ask yourself if you really want to spend countless hours of your time and thousands of your dollars updating and remodeling a home yourself....or if you'd rather buy a home with all the latest and greatest updates ready and waiting for you to move in and call home!

To schedule a viewing of 501 Conger in Mesquite, TX, call me directly at (972) 978-3553!

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Greenville Avenue Pizza Company Dallas, TX | Fresh Pizza Open LATE - Until 4AM

John Jones (JR Premier Properties) — Thu, 08 Jul 2010 19:27:34 -0400

If you're like these guys, you're probably wondering where to get some fresh pizza late at night in Dallas, TX.

One of the things I love about East Dallas is the fact that I can walk down the street and get fresh pizza at 2 o'clock in the morning....on a Tuesday.

Not that I ever do that (very often)....but it's there if I happen to want some. Where would this place be? On lower Greenville Avenue (1923 Greenville) right next to the Service Bar.

Enter the Greenville Avenue Pizza Company. Going on three years old, the pizza joint was created by brothers Sammy and Chris. These guys take real pride in the quality of their ingredients, service and having a good quality staff that's always friendly. I got to know them in the first couple of months they were open and have come to love the place as I'm sure many others in the Dallas area have as well.

So the pizza is great. That's a given. But what about other items on the menu?

I'd highly recommend just about anything. The italian sub, hand-cut potato chips and mini burgers are all favorites of mine.

They've also got some other italian specialties, such as calzones and meatball subs.

So the next time you're in East Dallas and are hungry for the best pizza, check out Greenville Avenue Pizza Company.

PHONE # - (214) 826-5404

HOURS OF OPERATION:

Tues, Wed, Thurs, Sun:

11:30AM to 2AM

Fri and Sat: Open till 4AM!

And yes, they deliver too!

LINKS:

Greenville Avenue Pizza Co Website

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Fort Worth Home in Crowley ISD with Great Floorplan and Screened in Back Porch | 8112 Sweetwater Lane in Fort Worth

John Jones (JR Premier Properties) — Tue, 29 Jun 2010 20:35:56 -0400

If you're looking for a great 3 bedroom, 2 bath home in Fort Worth and Crowley ISD, 8112 Sweetwater Lane may be the new home you've been looking for.

The home was purchased new by the current owner and the pride of ownership shows throughout as the current owner has metilulously maintained the home.

The home has a very open floorplan that allows lots of natural light to flow into the home. The kitchen opens up to the large living area and has a large pantry and breakfast area as well.

The backyard has a screened in porch that's perfect for escaping the mosquitos on hot summer nights. The porch is large but still leaves the backyard with plenty of room.

The master bedroom is large and sits just off from the family room. The second and third bedrooms are easy to access from the master but are still far enough away to allow for privacy. The home has three bedrooms and two full bathrooms and also has a two car, attached garage.

Both bathrooms are also a nice size and have a great design.

The home is also located very close to a city park and playground, which is within walking distance at the end of the street. And since they are city parks, there are NO HOA DUES to pay!

SUMMARY OF HOME FEATURES FOR 8112 SWEETWATER in FORT WORTH, TX

3 bedrooms / 2 full bathrooms / 2 car garage

List price - $100,000

Year Built - 2002

Square footage per tax rolls - 1,491 s/f

Per owner, new HVAC system installed in August of 2009.

Exclusions - Seller will retain mineral rights.

Crowley ISD

If you would like to see the inside of 8112 Sweetater, call me at (972) 978-3553 today!

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

How Will Peter and Paul Fare With the Home Buyer Tax Credit?

John Jones (JR Premier Properties) — Tue, 29 Jun 2010 19:40:36 -0400

The deadline to close on a home purchase in order to receive the home buyer tax credit is looming. Home buyers who executed a purchase contract by April 30, 2010 have until tomorrow to close on their transaction in order to qualify for the tax credit. Buyers taking advantage of the "move up" tax credit get an extra day.

And quite a few buyers did take advantage of this program. I was lucky to close a few myself this month. Fortunately, all of my buyers were able to close by the deadline. They are all happy to be homeowners and also happy to be $8,000 "richer".

Which got me to thinking. Why did these people buy a home? They all wanted to own their own home for different reasons. The real question was why they chose to buy the home THIS MONTH. Was it just because the government was giving them $8,000? Or would they have bought a home anyway and just chose to buy sooner because, all things considered, $8,000 IS a LOT OF MONEY!

Not surprisingly, all of them would have bought a home anyway. In fact, one of them thought he didn't even qualify for the tax credit. As it turned out, he did, which resulted in him moving up his original plan to close later in the year.

Another buyer I closed last week is a teacher. He would have likely waited until the summer to even start looking at homes since he would have been on summer vacation, plus his lease wasn't up until the fall. Ideally, he would have closed sometime in August, taken a month or so to make a few improvements on the home and taken his time moving. Instead, he started looking in late February, found a home in mid April and then chose to wait until almost the end of this month to close. He had to pay a penalty to get out of his lease, but that penalty was a fraction of the $8,000.

I would have done exactly the same thing had I been in his position.

A couple of other buyers closed on new homes. One of them passed on a builder that was unable to guarantee completion by the June 30 deadline in favor of another builder that had an inventory home that lacked a couple of minor features she really wanted. Instead, she's going to have a contractor install those upgrades once she gets the $8,000 check in the mail.

So that begs the question. How did Peter and Paul fare with the homebuyer tax credit?

Forgive the arcane analogy. Paul is the second quarter of 2010. I see him as the main benefactor of the tax credit because this guy named Sam "robbed" a guy named Peter to pay him. Who is Peter? He's the third and fourth quarters of 2010. He's the guy who would have likely ended up with these transactions if the $8,000 had not been a factor.

And who is Sam? He's your favorite uncle.

My point here is not to make an argument in favor of or against the tax credit. I'll reserve that for another time. My point is that many buyers who took advantage of the tax credit would have bought a home regardless; they just chose to buy a little sooner to get the $8,000.

So how might this affect home sales and prices for the rest of 2010? Or longer? How many transactions that would have closed in the latter part of the year got moved up to the second quarter?

We're already hearing news that home sales are starting to plunge.

How long will the "hangover" from the home buyer tax credit last?

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Great 3 Bedroom 2 Bath Home on Almost Half an Acre in Springtown, TX | 304 Sage Trail

John Jones (JR Premier Properties) — Fri, 25 Jun 2010 21:11:54 -0400

If you're looking for a newer home in the Springtown, TX area but also want a large lot, 304 Sage Trail in Springtown may be your next home!

304 Sage Trail is my newest listing in Springtown, TX. The home sits on .421 acres and the home is conveniently located just off of Jacksboro highway on Sage Trail.

The first thing you will notice about this home is the front porch area that's perfect for entertaining, grilling or just enjoying a quiet afternoon. There are many possibilities with this front porch area so have some creative ideas ready!

The home has plenty of yard room on all sides. There are two large trees in the front of the yard that provide a lot of shade in the hot summers. The current owner has taken very good care of the yard and the landscaping.

Here is a view from the left side of the lot looking across the back of the home. There's even quite a bit of yard room behind the home. The yard space on the right side of the lot (looking towards the home) is the largest area. There are also two large storage buildings that will stay with the home. They have more than enough room for lots of lawn equipment and some extra storage as well.

You might be wondering how that huge truck got through the fence? There's an additional gate on the right side of the lot that allows for vehicle access into the property. (The red truck doesn't come with the home unfortunately, but the storage sheds do!)

Ok so you have a pretty good idea about the OUTSIDE of the home...what about the INSIDE? The home has some great interior features that you'll love. Here's a summary of the most notable features of the home interior:

Three full bedrooms. The master bedroom is quite roomy and the home has a split floorplan.

(Left) is the master bedroom. (Right) is the second bedroom in the left rear of the home.

Two full bathrooms. The master bathroom has a separate shower and tub as well as TWO walk-in closets! These types of features are hard to find in a home priced this low!
The second bathroom has a tub/shower combo and is located in between the second and third bedrooms.

Both bathrooms are quite larger than one might expect.

The kitchen opens up to the family room and makes for a very nice feel. There are many possibilities for configuring living room furniture in this home, especially since there is also a large breakfast area next to the kitchen.

If you would like to view the home at 304 Sage Trail in Springtown, call me at (972) 978-3553 or email me at johnjonesrealtor@gmail.com

The home is currently listed for $105,000.

Other details:

3 bedroom / 2 full baths / 2 car attached garage.
Per tax rolls, the lot is a total of .421 acres.
Total square footage per tax rolls is 1,535.
Built in 1999.
Buyer can take possession upon closing and funding.
Proposed financing: USDA, FHA, VA, Conventional or Cash.

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Dallas Main Post Office Window Open Until Midnight For Last Minute Delivery of Notices

John Jones (JR Premier Properties) — Tue, 01 Jun 2010 21:55:25 -0400

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

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

BEWARE - Dallas Criagslist Rental Property Scam

John Jones (JR Premier Properties) — Sun, 21 Feb 2010 21:22:12 -0500

Over the last few months, a new scam involving bogus rental listings has surfaced on Craigslist in the Dallas / Fort Worth area. Recently, I had a client who forwarded me an ad she found on Craigslist that seemed a little too good to be true. The ad featured a very nice home in the Park Cities area, walking distance to Bradfield elementary, complete with three bedrooms and two baths and well over 2000 square feet.

According to the ad, the owner was only asking a mere $900 per month for rent! Anyone who knows the Park Cities area will tell you that would be the deal of the century!

Well, you know the saying. If it sounds too good to be true, than it probably isn't true.

Luckily I had already heard about this scam while attending a class at Keller Williams Elite in Park Cities. There had been a recent incident involving an agent with another broker that had received an angry phone call from a person who had fallen victim to a scammer via a fake Craigslist ad. The scammer had stolen pics of one of her listings and had used them to post a bogus rental ad on Craigslist.

Unfortunately, the renter had wired money to the scammer's overseas account to secure the property and learned the hard way that she should have had a Realtor® looking out for her interests. She was trying to take her frustrations out on the listing agent, but should have consulted with a Realtor® long before wiring money overseas. A Realtor® would have easily been able to figure out that it was a scam by checking MLS, verifying tax records and market rental comparables in the area.

Here's how it works: The scammer scans various real estate listings on the internet for homes that are listed for sale or rent in the Dallas area. They will often find a really nice home and then place a fake ad on Craigslist for a ridiculously low price.

In this case, the market rent for this home advertised at $900 per month should have been in the range of $3,500 to $4,000 per month. That's not to say that there are not occasionally some great deals on rentals available below market, but this was desperately low.

So I instructed my client to not call or email on this ad and then I proceeded to do a little research. After checking with varous sources, I quickly concluded that this was definitely a scam.

But I went ahead and emailed the scammer just to see what kind of response I would get. Here's the reply I received to my email inquiry: (Scammer's reply is in italics. My notes are in parenthesis. Bold and underline emphasis added by me.)

Good day Applicant,

Thanks for your email and interest in renting my house. I am Brian XXXXXX, the owner of the house you are making enquiry of. Actually I did reside in the house with my family, my wife and my only daughter before and presently we have moved out due to my official job transfer or posting, whatever you may call it, which has now found me in Warsaw, Poland. Presently my house is still available for rent for $900 USD per month (which includes utilities), though i intended selling it off but on a later thought changed my mind and have decided putting it on rent. More so now, I’m currently in Lagos, Nigeria for an international Christian follower's crusade taking place at the Nigeria national stadium, by one Pastor Chris of the Christ Embassy Ministry.

(Hmmmm.)

I want you to understand that I spent a lot on my property that you have requested to rent, so I will solicit for your absolute maintenance of this house and would want you to treat it as your own because cleanliness they say is next to Godliness. It is not all about the money to be paid on rent or spent; it is all about a good maintenance culture which I want you to adopt on the property. I want you to keep it tidy all the time so that I would be full of smiles whenever I come and above all, a good, strong and tight relationship between us when I come for a check up. Please one more thing, I wouldn’t like to have any benefit of trust in you because I want to stand in your words that the property would be well taken care of all the time.

(He's playing the trust card like the ace of spades...)

I believe you have see how lovely it is if from only the pictures you saw in my posting compare to the 100% comfort to be derived from it as an occupant. Please note than you will only be able to drive by the house for now but can't have a look at the interior until i have sent the keys and documents of the house to you. Reason because, i couldnt find someone trust worthy to drop the keys with as my call down here was so sudden. I do hope you understand.

(If the terrible grammar and spelling hasn't already sounded off an alarm, the fact that he's not allowing anyone to view the home prior to sending money should have the alarm bells rattling your eardrums.)

It has a dramatic entry foyer with ceramic floor. Extremely spacious rooms throughout with lots of big windows...nice and light! New neutral paint and some newer carpet. Very quiet, low traffic area. New fridge (7/07)...I believe it’s absolutely a perfect home for you and your family. Utilities include Water, Trash, Sewer, Gas etc. Please note that, a deposit payment would be required if accepted to have the property rented.

SO IF YOU ARE REALLY INTERESTED I WILL WANT YOU TO FILL THE RENT APPLICATION FORM BELOW.
RENT APPLICATION FORM.
FIRST NAME:__________
MIDDLE NAME:__________
LAST NAME:__________
PROFESSION:__________
PHONE: _______________
(CELL)PHONE__________
(WORK)PHONE__________
(HOME)PHONE__________
ARE YOU MARRIED: __________
KIDS _____ (YES/NO), HOW MANY ________
PRESENT ADDRESS: _____________________
CITY: _______________
STATE:______________
ZIP CODE: ____________
HOW LONG ___________IF RENTING
WHY ARE YOU LEAVING__________
IF THIS HOUSE IS BEING GIVEN TO YOU,HOW LONG DO YOU INTEND STAYING ____________
WHEN DO YOU INTEND MOVING IN ______________
IF YOU HAVE A PET: _________
NAME OF PET: _____________
KIND OF PETS: _____________
HABITS: ___________
DO YOU SMOKE ______________
DO YOU DRINK ______________
DO YOU WORK LATE NIGHT ____
HOW SOON CAN YOU MAKE THE MOVE IN DEPOSIT ($900) REQUIRED: ____________
WHEN AND WHERE DO YOU WISH TO RECEIVE THE KEYS AND DOCUMENTS OF THE HOUSE: _______________

(I really contemplated filling this out with fake info just to mess with the guy, but figured my time would be better spent informing the public about this scam.)

Looking forward to hearing from you with all this details so that I can present it to my family, pray over it (because I consult the Almighty God before making any decision) and if accepted, and then have them stored in my file in case of issuing the receipt for you and contacting you. Await your urgent reply so that we can discuss on how to get the document and the keys to you, please we are giving you all this based on trust and again I will want you to stick to your words, you know that we are very far apart now and only putting everything into God's hands and hope that you will not let us down.

(Again, he's playing the trust and religion cards like pocket rockets in a poker tourney. Gotta love it...)

The house will be available for rent for a period of five and a half years so you have a choice of deciding how long you intend staying there.. Here is my number 011-234-XXXX-XXXX or 011-234-XXXX-XXXX, I will be expecting to hear from you.

Feel free to call me for more information and arrangements.

God Bless,
Brian.

Ok folks, there you have it. There are several dead giveaways that this is a scam:

The name shown as the owner of record on the Dallas county tax rolls is a different name than the person in this email. I deleted the address to protect the owner's identity, but it was listed in the Craigslist ad.
The rent of $900 that he is asking for this home is thousands of dollars below market for the area. Since I have full access to the MLS system, it was easy to look at market rent for this area. Plus the price supposedly included all utilities. The utilities alone could actually top what he's asking for rent. Again, if it sounds too good to be true.....
He's not allowing anyone to see the home prior to wiring him $900. Big, BIG problem. Don't walk. RUN!
The home was listed FOR SALE in MLS, but was not also listed for rent. The scammer obviously stole the pictures and description from the listing on another website and then published this fake rental ad on Craigslist.

Luckily for my client, she had me to check all of this out for her ahead of time. And since the Realtor® commission is generally paid by the landlord, my services did not cost her one penny.

So the moral of the story is...Use common sense when dealing with people on Craigslist (Craigslist even had a prominent warning about wiring money overseas and/or dealing with landlords that cannot meet in person), and it's well worth it to have a licensed Realtor® working for you when searching for rental properties! Watch out for scammers on Craigslist!!!

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

"Free" Credit Report Scores Can Be Misleading To Homebuyers | Dallas Homebuyer Information

John Jones (JR Premier Properties) — Fri, 07 May 2010 15:41:56 -0400

Many buyers in the early stages of either looking for a home or researching their mortgage options often choose to obtain their credit report and credit scores from one of the various "free" credit report offers available online. I've noticed this trend over the last few years with new clients. Many of them already have their credit report and credit scores before they ever speak with a lender or Realtor.

I say "free" because these services typically require enrollment in a membership which must be cancelled or they will be charged a monthly fee. The monthly service fee typically includes a service or services that can be useful, such as regular updates of their credit report, identity theft protection or credit monitoring. Credit monitoring is a service that notifies consumers via email whenever new activity occurs on their credit report, which can help detect fraud and errors quickly before they become a serious problem.

So despite the fact that some of these "free" credit report offers may be marketed in a somewhat misleading manner, the services they provide with the monthly membership can certainly be helpful to consumers, especially those getting ready to purchase a home and want to keep a handle on what's happening on their credit report.

In addition to these services, the membership usually provides consumers with instant access to both their credit report and credit scores, which is often the main motivation for signing up for the service in the first place.

Which brings me to my main point - THE CREDIT SCORES THAT MANY OF THESE SERVICES PROVIDE ARE NOT THE SAME CREDIT SCORES THAT LENDERS USE TO QUALIFY BORROWERS.

In other words, the credit score they see on their "free" credit report is often not the same score a mortgage lender sees on the report they obtain from the three credit bureaus. Mortgage lenders must pull their own report; they cannot use a copy of a consumer report from a "free" credit report service to issue a formal loan approval.

Anyone can create a mathematical model or algorithm and market it as a "free" credit score. But the "official" credit score that mortgage lenders use is called a FICO® Score. Mortgage lenders usually qualify borrowers based on the median FICO® score acquired from the three credit repositories: Equifax, Experian and Trans Union.

And yes, it gets a little more confusing. Each credit repository has slightly different versions of the FICO® Scoring model and each bureau can have different info on a single consumer that causes the scores to vary from one repository to the next.

How to sift through all of the confusion and find out where you stand? If you're in the market for a mortgage, the easiest way is to simply contact a lender and get pre-qualified. Most mortgage lenders will provide borrowers with a copy of their credit report either at their cost (which is usually less than $20) or for free.

There are some credit report offers on the internet that do provide a FICO® Score, but usually only from one credit bureau. To obtain all three without going through enormous hassle, it's usually easiest to just talk to a lender.

But won't credit inquiries destroy your credit score? Not at all. That's one of the biggest myths I hear from consumers and even some mortgage lenders as well. The truth is that special rules apply to mortgage credit inquiries. In fact, according to MyFico.com, it's OK to have your credit pulled by multiple mortgage lenders as long as the inquiries occur within a certain period of time.

So if you're in the market to purchase a home, it pays to have a mortgage lender obtain your credit report as quickly as possible. Credit monitoring can certainly provide consumers with a good way to quickly identify any activity that might potentially affect a loan approval or their ability to qualify for the best interest rates.

And to obtain a copy of your credit report completely free, visit www.annualcreditreport.com

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Freddie Mac Weekly Mortgage Rate Survey | April 22, 2010

John Jones (JR Premier Properties) — Thu, 22 Apr 2010 14:47:51 -0400

Each week, Freddie Mac releases the results of their mortgage rate survey they conduct to sample mortgage rates offered by lenders and brokers around the country. Although some interpret this survey as the "rate that Freddie Mac sets" for mortgages, it is not; rates are not set by Freddie Mac directly, but rather by individual lenders and brokers based on mortgage bond pricing. Other factors can also affect these rates, such as the borrower's credit score, down payment, the property type and the total origination charge (points) that the lender is charging in order to obtain a certain rate.

In other words, the rates published in this survey are AVERAGES; they are not the exact rate that every single borrower can expect to receive. Some borrowers may be able to secure a lower rate if they are making a large down payment and have excellent credit, whereas borrowers with lower credit scores and who may be purchasing properties with higher risk factors may not be able to lock in rates this low.

The results of this survey are published by Freddie Mac every Thursday. They show average rates for four types of loan terms: 30 year fixed rate, 15 year fixed rate, 5/1 adjustable rate and One year adjustable rate mortgages.

The average mortgage rates reported by Freddie Mac as of today (April 22, 2010) were:

30 Year Fixed Rate Mortgage - 5.07%

15 Year Fixed Rate Mortgage - 4.39%

5/1 ARM - 4.03%

One Year ARM - 4.22%

And here's a chart that shows the trend of these four rate categories since the first of the year:

While rates have climbed some since the 2010 low set back in February, they are still near historic lows. The end of the Federal Reserve program to purchase mortgage-backed securities has not had as much impact on interest rates as some expected, but the market has not had much time to adjust to this new reality as of yet.

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

FHA Loans | Dallas Home Buyer Information

John Jones (JR Premier Properties) — Wed, 31 Mar 2010 15:01:28 -0400

FHA loans are definitely the loan of choice for many home buyers in today's market. FHA has flexible underwriting requirements, competitive interest rates and offers a low minimum down payment of just 3.5%.

WHAT IS AN FHA LOAN?

An FHA loan is a loan guaranteed by the Federal Housing Administration. The money itself does not come from FHA, but they do charge a fee to the borrower to insure the loan for the lender. Without this insurance, the interest rate would be significantly higher because of added risk to the lender.

WHAT IS COMMONLY REQUIRED TO QUALIFY FOR AN FHA LOAN?

In general, the following are the minimum requirements to obtain an FHA loan:

A STABLE CREDIT HISTORY WITH AT LEAST THREE CREDIT REFERENCES THAT HAVE BEEN OPEN FOR TWELVE MONTHS AND ACTIVE WITHIN THE LAST SIX MONTHS. Credit score requirements vary from one lender to the next, but FHA specifically requires borrowers to have at least this minimum of three credit references. Some lenders may allow these references to come from non-traditional sources, such as a letter from a utility provider, insurance company, etc.
TWO YEARS OF INCOME AND EMPLOYMENT HISTORY that show the borrower's income is likely to continue for at least 2-3 years. (NOTE - The two year income history may be waived in certain situations, such as for college graduates who just started a job in a field related to their degree).
BORROWER MUST HAVE A SATISFACTORY INCOME AND DEBT-TO-INCOME RATIO. FHA looks at these two specific ratios to determine an acceptable payment for a borrower.
PROOF OF FUNDS FOR DOWN PAYMENT AND CLOSING COSTS. Funds typically must be sourced and/or seasoned for 60 days. "Sourced" means the borrower must prove those funds came from an acceptable source, such as income from employment, gift from a relative or other type of source acceptable to FHA. "Seasoned" means money that the borrower has shown in their account for a period of 60 days. Borrowers who can prove funds have been in their account for at least 60 days typically do not have to show the source of the funds.
GOOD RENTAL AND/OR MORTGAGE HISTORY is often required as well. Again, the requirements for this vary depending on the overall circumstances.
OTHER REQUIREMENTS MAY APPLY.
PAST CREDIT ISSUES - FHA has certain specific requirements as far as how long a borrower must be out of both a foreclosure and a chapter 7 bankruptcy. FHA allows buyers currently in a chapter 13 bankruptcy to obtain a loan if they can show at least 12 months of satisfactory payment history and meet the other loan requirements. Borrowers currently in a chapter 13 bankruptcy must also obtain written permission from the bankrutpcy trustee to obtain a new loan. FHA has similar requirements for borrowers in CCCS. Borrowers with past credit issues, such as late payments, collections, charge offs, reposessions may qualify for FHA financing if an underwriter deems them to be past issues that aren't likely to recur.

While FHA has their own set of requirements, lenders may also impose overlay guidelines, which are requirements that may be over and above the minimum standards that FHA requires. For example, FHA does not have a specific minimum credit score at the moment, but virtually all lenders have some kind of minimum credit score requirement for borrowers seeking FHA financing. FHA will begin requiring borrowers with a credit score of less than 580 to put down at least 10% beginning sometime in the summer of 2010.

WHAT IS INCLUDED IN THE MONTHLY PAYMENT FOR AN FHA LOAN?

FHA is a budget loan, which means the property taxes and home owner's insurance must be included as part of the monthly payment. Also, FHA charges both an upfront and monthly mortgage insurance premium that insures the loan for the lender in case of default.

FHA does not require this monthly MIP to be paid on 15 year loans that are less than or equal to 90% LTV. Buyers who make a larger down payment may also receive a discount on the monthly MIP. Also, FHA allows the monthly MIP to be removed once the borrower pays down at least 22% of their loan balance, but not before at least five years.

FHA is changing their requirements for MIP effective on all case numbers issued after April 5, 2010.

WHAT IS THE MAXIMUM LOAN AMOUNT FOR AN FHA LOAN IN DALLAS?

The FHA loan limit for most counties in the Dallas Fort Worth area is currently $271,050. This loan limit applies to the loan amount calculated BEFORE the upfront MIP is added to the loan. FHA does not have a maximum sales price, only a maximum loan amount.

WHAT IS THE MINIMUM DOWN PAYMENT FOR AN FHA LOAN?

For home purchases, FHA requires a buyer to put down a minimum down payment of 3.5% of the purchase price of a home. The closing costs and prepaid items are over and above the 3.5% down payment. However, at this time, FHA allows up to 6% of the closing costs and prepaid items to be paid by the seller. FHA did recently announce that the maximum seller contribution will be reduced to 3% beginning sometime in the summer of 2010.

The closing costs and prepaids vary from one lender to the next and also vary depending on other factors, such as property tax rates and the insurance rate the borrower is able to secure on the home.

DOES FHA REQUIRE THE CONDITION OF HOMES TO BE UP TO A CERTAIN STANDARD?

Yes. An FHA appraiser will inspect the property to make sure the home meets certain property condition standards required by FHA. These standards were changed in 2005 and are not as strict as they used to be, but the do still require certain items to be repaired before closing can occur.

HOW CAN I SEE IF I QUALIFY FOR AN FHA LOAN?

Call John Rasor at Homewood Mortgage at (214) 507-1480 or apply online.

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Dallas Fort Worth Area Property Tax Rates By City Lowest To Highest | 2009 Tax Rates

John Jones (JR Premier Properties) — Thu, 17 Dec 2009 14:55:58 -0500

Below is a list of property tax rates for cities in the Dallas Fort Worth metroplex listed in order from lowest to highest tax rate. These tax rates are for tax year 2009 and will apply to taxes due at the end of 2009. Tax rates may change every year, so it is important to compare rates for the current year.

This list covers six counties in the Dallas Fort Worth area: Dallas County, Tarrant County, Collin County, Denton County, Rockwall County and Kaufman County.

Since many of these cities lie in different counties and school districts, the tax rates may vary slightly from what is shown here. Cities marked with an asterisk (*) are known to lie within multiple counties and school districts. Some other cities may also lie in multiple districts as well. Some cities are listed more than once if they lie in multiple counties.

There are several factors that determine the final amount of taxes that a home owner may have to pay besides just these tax rates. The exemptions offered for each city, school and county taxing entity vary significantly. For more information about how property taxes work in the State of Texas, please check out my article about how property taxes are determined.

The information on this list was obtained by third parties. While I have made an effort to ensure it is accurate, I do not make any claims or warranties as to the accuracy of the data presented.

COUNTY CITY CITY RATE SCHOOL RATE COUNTY RATE TOTAL RATE Denton Copper Canyon 0.201713 1.408700 0.249800 1.860213 Denton Double Oak 0.224810 1.408700 0.249800 1.883310 Denton Ponder 0.360640 1.309028 0.249800 1.919468 Dallas Highland Park 0.220000 1.110000 0.602212 1.932212 Dallas University Park 0.265480 1.110000 0.602212 1.977692 Denton Roanoke 0.375120 1.355000 0.249800 1.979920 Collin Nevada 0.161008 1.495000 0.328800 1.984808 Denton Krugerville 0.269620 1.490000 0.249800 2.009420 Collin Parker 0.377080 1.328400 0.328800 2.034280 Denton Lakewood Village 0.250000 1.540000 0.249800 2.039800 Denton Argyle 0.385000 1.410050 0.249800 2.044850 Denton Shady Shores 0.310700 1.490000 0.249800 2.050500 Rockwall Fate 0.214400 1.470000 0.375000 2.059400 Denton Trophy Club 0.470000 1.355000 0.249800 2.074800 Collin New Hope 0.210000 1.540000 0.328800 2.078800 Collin Lowry Crossing 0.229777 1.540000 0.328800 2.098577 Denton Lewisville 0.440210 1.408700 0.249800 2.098710 Denton Flower Mound 0.449700 1.408700 0.249800 2.108200 Collin Weston 0.250000 1.540000 0.328800 2.118800 Denton * Frisco - LISD 0.465000 1.408700 0.249800 2.123500 Tarrant Lakeside 0.323516 1.190000 0.629567 2.143083 Collin Plano 0.488600 1.328400 0.328800 2.145800 Tarrant Dalworthington Gardens 0.262739 1.272000 0.629567 2.164306 Collin Frisco 0.465000 1.390000 0.328800 2.183800 Rockwall Heath 0.343300 1.470000 0.375000 2.188300 Collin Murphy 0.538405 1.328400 0.328800 2.195605 Denton Justin 0.549210 1.410050 0.249800 2.209060 Denton * Carrollton 0.617875 1.342200 0.249800 2.209875 Denton Hickory Creek 0.424287 1.540000 0.249800 2.214087 Collin Farmersville 0.586109 1.310000 0.328800 2.224909 Denton Highland Village 0.569630 1.408700 0.249800 2.228130 Collin Fairview - LISD 0.365000 1.535000 0.328800 2.228800 Denton Sanger 0.620000 1.360000 0.249800 2.229800 Collin Fairview - MISD 0.365000 1.540000 0.328800 2.233800 Collin Lucas 0.374177 1.535000 0.328800 2.237977 Collin Lavon 0.414500 1.495000 0.328800 2.238300 Collin *Richardson 0.575160 1.340050 0.328800 2.244010 Tarrant Edgecliff Village / FWISD 0.294112 1.322000 0.629567 2.245679 Tarrant Haslet 0.267197 1.355000 0.629567 2.251764 Denton Pilot Point 0.640000 1.370000 0.249800 2.259800 Tarrant Grapevine 0.350000 1.290000 0.629567 2.269567 Tarrant Pantego 0.373270 1.272000 0.629567 2.274837 Tarrant Colleyville 0.355900 1.290000 0.629567 2.275467 Collin *Garland 0.704600 1.253300 0.328800 2.286700 Collin *Sachse - GISD 0.705819 1.253300 0.328800 2.287919 Collin *Carrollton 0.617875 1.342200 0.328800 2.288875 Collin Saint Paul 0.421279 1.540000 0.328800 2.290079 Dallas Wilmer 0.435990 1.271343 0.602212 2.309545 Collin Josephine 0.485834 1.495000 0.328800 2.309634 Denton Corinth - DISD 0.576980 1.490000 0.249800 2.316780 Tarrant Westover Hills 0.366739 1.322000 0.629567 2.318306 Denton Krum 0.633855 1.440000 0.249800 2.323655 Rockwall * Garland 0.704600 1.253300 0.375000 2.332900 Denton Aubrey 0.546590 1.540000 0.249800 2.336390 Denton The Colony 0.688000 1.408700 0.249800 2.346500 Collin *Dallas 0.747900 1.271343 0.328800 2.348043 Rockwall Rockwall 0.503100 1.470000 0.375000 2.348100 Dallas Addison/DISD 0.496000 1.271343 0.602212 2.369555 Dallas Sunnyvale 0.407962 1.360000 0.602212 2.370174 Rockwall * Rowlett 0.747173 1.253300 0.375000 2.375473 Collin Blue Ridge 0.580868 1.476500 0.328800 2.386168 Tarrant Bedford 0.463348 1.295453 0.629567 2.388368 Tarrant Euless 0.470000 1.295453 0.629567 2.395020 Kaufman Mabank 0.460000 1.380000 0.556500 2.396500 Denton Denton 0.666520 1.490000 0.249800 2.406320 Denton Prosper 0.520000 1.640000 0.249800 2.409800 Tarrant Sansom Park 0.571627 1.213300 0.629567 2.414494 Collin *Royce City 0.657600 1.430000 0.328800 2.416400 Denton Little Elm 0.634490 1.540000 0.249800 2.424290 Collin Allen 0.556000 1.540000 0.328800 2.424800 Denton Celina 0.645000 1.540000 0.249800 2.434800 Dallas Hutchins 0.563000 1.271343 0.602212 2.436555 Dallas Addison/CFBISD 0.496000 1.342200 0.602212 2.440412 Tarrant Azle 0.631000 1.190000 0.629567 2.450567 Collin McKinney 0.585500 1.540000 0.328800 2.454300 Tarrant Edgecliff Village / CISD 0.294112 1.535000 0.629567 2.458679 Tarrant Hurst 0.535000 1.295453 0.629567 2.460020 Rockwall Royse City 0.657600 1.430000 0.375000 2.462600 Dallas Farmers Branch
0.519500 1.342200 0.602212 2.463912 Denton Corinth -LD ISD 0.576980 1.650000 0.249800 2.476780 Collin Melissa 0.610010 1.540000 0.328800 2.478810 Collin Prosper 0.520000 1.640000 0.328800 2.488800 Collin Anna 0.622733 1.540050 0.328800 2.491583 Kaufman Kaufman 0.637100 1.300000 0.556500 2.493600 Tarrant Southlake 0.462000 1.415000 0.629567 2.506567 Tarrant Richland Hills 0.473042 1.405000 0.629567 2.507609 Kaufman Terrell 0.645600 1.310000 0.556500 2.512100 Collin Celina 0.645000 1.540000 0.328800 2.513800 Dallas Richardson 0.575160 1.340050 0.602212 2.517422 Dallas Seagoville 0.650000 1.271343 0.602212 2.523555 Dallas Coppell 0.641460 1.283400 0.602212 2.527072 Tarrant Saginaw 0.449115 1.465800 0.629567 2.544482 Collin Princeton 0.728394 1.490000 0.328800 2.547194 Tarrant Arlington 0.648000 1.272000 0.629567 2.549567 Tarrant Keller 0.442190 1.486300 0.629567 2.558057 Dallas Garland 0.704600 1.253300 0.602212 2.560112 Dallas Sachse 0.705819 1.253300 0.602212 2.561331 Dallas Carrollton 0.617875 1.342200 0.602212 2.562287 Dallas Irving 0.540600 1.425000 0.602212 2.567812 Dallas Rowlett 0.747173 1.253300 0.602212 2.602685 Tarrant North Richland Hills 0.570000 1.405000 0.629567 2.604567 Denton Castle Hills 0.950000 1.408700 0.249800 2.608500 Tarrant Benbrook 0.657500 1.322000 0.629567 2.609067 Denton Lake Dallas 0.710000 1.650000 0.249800 2.609800 Dallas Dallas 0.747900 1.271343 0.602212 2.621455 Collin *Sachse - WISD 0.705819 1.590000 0.328800 2.624619 Tarrant Haltom City 0.598300 1.405000 0.629567 2.632867 Dallas Balch Springs/DISD 0.760000 1.271343 0.602212 2.633555 Dallas Cedar 0.641400 1.400000 0.602212 2.643612 Dallas Cockrell 0.788113 1.271343 0.602212 2.661668 Dallas Mesquite 0.640000 1.420000 0.602212 2.662212 Tarrant River Oaks 0.820000 1.213300 0.629567 2.662867 Tarrant Watauga 0.580763 1.486300 0.629567 2.696630 Dallas Duncanville 0.696000 1.418000 0.602212 2.716212 Tarrant Lake Worth 0.428590 1.670000 0.629567 2.728157 Tarrant Blue Mound 0.638000 1.465800 0.629567 2.733367 Kaufman Forney 0.680540 1.500000 0.556500 2.737040 Dallas Grand Prairie
0.669998 1.465000 0.602212 2.737210 Tarrant Crowley 0.575500 1.535000 0.629567 2.740067 Kaufman Crandall 0.741000 1.478600 0.556500 2.776100 Dallas Balch Springs/MISD 0.760000 1.420000 0.602212 2.782212 Tarrant Mansfield 0.710000 1.450000 0.629567 2.789567 Kaufman Kemp 0.799990 1.435050 0.556500 2.791540 Dallas DeSoto 0.699730 1.490000 0.602212 2.791942 Dallas Lancaster 0.777500 1.412700 0.602212 2.792412 Tarrant Fort Worth 0.855000 1.322000 0.629567 2.806567 Collin Wylie 0.898900 1.590000 0.328800 2.817700 Tarrant Kennedale 0.722500 1.488610 0.629567 2.840677 Tarrant White Settlement 0.686037 1.540000 0.629567 2.855604 Tarrant Burleson 0.694000 1.540000 0.629567 2.863567 Tarrant Everman 0.904127 1.360000 0.629567 2.893694 Dallas Glenn Heights 0.739322 1.590000 0.602212 2.931534 Tarrant Forest Hill 1.090000 1.322000 0.629567 3.041567

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Tips About Heating Your Home From Tim Bob | Plano TX Air Conditioning and Heating Sales And Service

John Jones (JR Premier Properties) — Mon, 29 Mar 2010 16:49:53 -0400

I sometimes invite affiliates and vendors that have done good work with me and my clients in the past to send me some information about their products and services to publish on my blog. Tim Bob owns a local a local air conditioning and heating service in the Dallas and Plano area and has worked with several of my clients in the past and also services the HVAC at my home as well.

If you need the services of a good HVAC tech in the Dallas and Plano area, call Tim Bob at 214-762-2598.

His article this week is about the three options that Dallas home owners typically have to heat their home. It is a bit technical, but explains the reasons why some methods are more efficient than others.

Enjoy reading!

Typically, three methods are used to heat homes in Texas.

Natural gas - Uses a flame to heat the air. Flame is safely contained within the furnace. This method is very efficient.
Electric resistance.This is the method used in "all-electric" homes. The initial cost of electric units is typically less expensive, but can be three to four times the cost to operate as gas or heat-pump. Obeys the “Thermal law of physics” and cannot be changed. Anything electric must follow “The law”. Electric resistance furnaces cannot be made more or less efficient. They heat at the exact efficiency as a hair dryer, light bulb or toaster or even a poorly maintained furnace. The same “law” states that a burning pound of coal at the generating plant will produce the same amount of heat as if you were to burn it in your home!
Heat pump- generally used as an option when you want the efficiency of natural gas, but do not have gas. But does this violate “the Thermal law of physics?”

It doesn’t. The heat isn’t produced from electricity or gas. It is taken from the air outside. Very tricky. There is heat outside when it is twenty degrees. One must agree 20 degrees is warmer than 5 degrees. This is the heat available from outside. Just don’t slide that thermostat switch to emergency heat; you just turned on the expensive electric resistance heat function.

One more note. Magazines and television commercials have advertised an “Amish made” heater that plugs in and is supposedly very efficient. Not so. They cannot violate the law of physics. Here is the rationale they use: You will be heating the one room you are in. You then turn the heat down in the rest of the house, thus saving money. If you heat three rooms with these heaters, it may be as cheap to use your heat pump or gas furnace and heat the entire house.

Contact Tim Bob for Air Conditioning and Heating Sales and Service in Plano, TX (214) 762-2598

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Buying A Short Sale Or A Foreclosure | Buyers Should Consider The Advantages and Disadvantages

John Jones (JR Premier Properties) — Tue, 05 Jan 2010 18:36:00 -0500

In today's market, almost half of the homes listed for sale are distressed sales - meaning they are either short sales or foreclosures. The percentage varies depending on the city and region, but foreclosures and short sales generally make up a large part of the home inventory in many metropolitan areas in the United States, including the Dallas - Fort Worth area. This will likely remain the case for at least the next couple of years.

And while it is true that many foreclosures and short sales are great homes, buyers should know the possible advantages and disadvantages of entering into these types of transactions.

Foreclosures and short sales are not the same thing. A foreclosure occurs when a home owner is unable to make their mortgage payments to the point that they default per the terms of their note. At that point, the trustee forces the property to be sold at auction on the courthouse steps and the lender places a minimum bid equal to the amount of the delinquent mortgage. If the lender happens to be the highest bidder, then they end up owning the property (called an REO or "Real Estate Owned" property). Sometimes the lender will negotiate with the guarantor, such as Fannie Mae or FHA, to take over the task of selling the asset. Other times, they will keep it on their books and sell it themselves. A HUD home is a property where the previous owner had an FHA loan, the property was foreclosed and the lender negotiated with HUD to take over and sell the home. And likewise, a Fannie Mae, Freddie Mac or VA foreclosure is essentially the same situation.

A short sale occurs when when a home is still owned by the home owner, but the amount of money they owe on their mortgage plus the costs to sell the home exceed the total market value. When this happens, the home owner usually either has to come up with the deficiency balance in cash or they must negotiate with their lender to accept a payoff that's "short" of the amount they owe. So a short sale is exactly what it sounds like-a home owner is selling the property short of the total cost to liquidate the home.

In a non-distressed sale, a home buyer usually just has to deal with negotiating the offer with an individual seller. For example, if I wanted to sell my house right now, I would hire an agent to market my home and obtain an offer. Once a buyer came along with an offer, I would instruct my agent to negotiate per the terms I was willing to accept. I do not have an asset manager or a department of people in my living room tasked with making this decision - it's a somewhat simple decision that I would make quickly and efficiently because it's the only home I have to sell.

In the case of a foreclosure, the seller is usually a bank or asset manager, so the process is often somewhat different. Some foreclosures do not take much longer, sometimes no longer, to close than a transaction with an individual seller. It ultimately depends on several factors, mainly the bidding and paperwork process required by the lender. Often times, the bidding process is very straightforward and efficient (as in the case of HUD Homes). Other times, it can be a complete beaurocatic nightmare.

In the the case of a short sale, the seller is still the individual who owns the home, but they must negotiate with the lender to allow a portion of their loan balance to be forgiven (written off). This is the main drawback to short sales - they can take an extraordinary amount of time to close in some cases because it may take the lender weeks or even months to perform all of the internal steps they must complete in order to make their decision. I've heard stories of extreme cases, some here on Active Rain, about short sales taking upwards of six to nine months to close. In my experience this is not typical, but they almost always take significantly longer than sales involving individual sellers and even most foreclosures.

For home buyers looking to take advantage of the tax credits and the low interest rates, time is of the essence and this may not be the route they should choose if trying to close as quickly as possible. Having said that, there are instances where short sales may only take 30-60 days to close. It all depends on the lender and also whether or not the process of negotiating the reduction in payoff was started prior to the buyer entering into the transaction.

BUYING A FORECLOSURE - ADVANTAGES AND DISADVANTAGES

Possible Advantages:

Some lenders offer incentives to home buyers purchasing their foreclosures, such as the HUD $100 Down program. Fannie Mae and Freddie Mac also offer incentives to owner-occupant purchasers, such as reduced down payments and extended home warranties.
In the case of a HUD Home, HUD may allow certain repairs to be escrowed (rolled into the loan).
Homes are sometimes sold below market value. In some cases, they may require few, if any, repairs or upgrades. This is not typical but it does happen in some cases. It is a myth that all foreclosures are in an advanced state of disrepair.

Possible Disadvantages:

Depending on the lender, the transaction may take longer to close. Lenders often require loan documents to be at the title company far in advance of closing. Furthermore, inspections may take longer becuase utilities must be turned on in many cases. Other circumstances may arise that can cause delays.
Lenders are not required to complete a seller's disclosure on foreclosures, so the buyer must rely on their home inspection, agent advice and intuition to assess the condition of the property.
Lenders may require the buyer to sign certain addenda which may supercede some of a buyer's rights contained within the state promulgated real estate contract.
Buyers who close late may have to pay per diem penalties, or worse yet, may lose their earnest money and forfeit the contract if they do not close on time. Of course, this may be the case in any transaction but per diem fines seem to be very common on foreclosures. Buyers purchasing foreclosures should make sure their lender has the capability to close their transaction in the time required by the seller.
The lender will often refuse to make any repairs to the property. In some cases, such as in the case of FHA loans, the buyer's lender may refuse to complete the loan if certain deficiancies exist, such as foundation problems or other issues that may jeopardize the home owner's safety.
In cases where a home is in a severe state of disrepair, it may be hard or impossible to obtain traditional financing.

BUYING A SHORT SALE - ADVANTAGES AND DISADVANTAGES

Possible Advantages:

As is the case with some foreclosures, short sales may also be priced below market. This depends on a bank's final judgment as to whether or not a short sale would be more of an advantage to them over proceeding with a foreclosure. Banks do not negotiate short sales for the benefit of home buyers or home sellers - it is strictly a business decision from their standpoint.
Buyers who are willing to tolerate a long approval process may find they have less competition since many buyers do not have the stomach nor the time to deal with a short sale transaction.

Possible Disadvantages:

The seller may not be able to make any repairs, especially since they may already be in a distressed financial state. The lender will usually not agree to make any repairs either, and may also refuse to pay a portion of the buyer's closing costs.
Not only do many short sales take a long time to close, many lenders also take a long time to physically accept or reject a buyer's offer. So in the above cases where I mentioned some short sales may take months to close, most buyers do not know whether the bank has accepted their offer until the last minute. And furthermore, many banks will demand a quick closing after they have let the buyer and seller languish in limbo for months.
Buyers stuck in limbo waiting for an answer may miss out on low interest rates and/or the home buyer tax credit. Banks will typically not lock loans for longer than 60-90 days, and even ones that do will require a premium to lock in a rate for this long. Add that to the risk of missing out on the tax credit and it may not be worth it to some home buyers.
Banks may refuse to honor an agreement if the buyer fails to close within the time required by the agreement.
Imagine waiting 30, 60 or even 90 days for an answer....and the answer is "NO". Buyers in this position must now start from square one and they've lost all of that valuable time.
In some rare cases, banks have foreclosed on properties while in the middle of negotiating a short sale. Sounds crazy, but some banks' left hands don't know what their right hands are doing if you can believe that....

As with anything else in real estate, every transaction is different. This is not meant to discourage home buyers from attempting to purchase foreclosures or short sales, it is merely meant to show the possible advantages and disadvantages. I have worked with foreclosure and short sale transactions on both the loan and real estate side, and each one had its ups and downs. In every case where the buyer was prepared, they were typically pleased with the outcome. But buyers should be aware of the drawbacks, especially the long waiting periods associated with some of these transactions, mainly short sales. Buyers who need to close within a certain time frame should always evaluate the risks before beginning negotiations.

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *

Find The Cheapest Rates On Electricity in North Texas | Dallas Home Buyer Information

John Jones (JR Premier Properties) — Fri, 19 Mar 2010 14:00:58 -0400

Texas is one of only a handful of states in the US that has successfully deregulated electricity providers in a manner that has arguably promoted consumer choice and savings. There are many electricity providers that service various areas of the state that have been fully deregulated. Many consumers are still not aware that they are now able to choose their electricity provider.

Some areas of Texas have still not been fully deregualted because the state feels those areas still need a significant investment in infastructure. These areas are typically still under the control of electricity co-ops or providers that are owned by municipalities, so home owners in those areas are still not able to choose their electric provider. Many of those providers shop for the best wholesale electricity rates on the open market and may pass some of that savings on to consumers, but still have a de facto monopoly.

Companies that provide electricity in deregulated areas are called Retail Electric Providers. Despite the fact that some areas may offer service from several REPs, maintenance and service of the equipment and infastructure are still the responsibility of the company that owns the equipment and not necessarily the company who bills the consumer for their electricity.

Consumers who want to compare prices of electricity providers can now compare rates and programs online. This search feature is provided at no cost to consumers by Powertochoose.org.

The website allows users to search for electric providers by zip code and sorts the results based on many variables such as rate, contract term, cancellation penalty and also has links to the terms and conditions of each offer.

Here are some other links that might be helpful to consumers looking for information on electricity choices in Texas:

LIST OF CITIES IN TEXAS THAT ARE DEREGULATED

REASONS TO CONSIDER SWITCHING PROVIDERS

GUIDE TO UNDERSTANDING YOUR CHOICES

QUESTIONS TO ASK ELECTRIC PROVIDERS WHEN SHOPPING AND COMPARING RATES

John Jones, Realtor(R)

JR Premier Properties

www.dfwhomefinder.info

18170 Dallas Parkway, Suite 303

Dallas, TX 75287

Dallas, TX Real Estate and surrounding areas of Richardson, Plano, Addison, Frisco, Carrollton, Farmers Branch, Garland, Allen and Irving.

* THIS ARTICLE WAS ORIGINALLY PUBLISHED AT http://dfwhomefinder.info *