North Texas Real Estate Blog » Homeower Info

Keeping Cool in the Sizzling Southlake TX Summer

Editor — Tue, 06 Jul 2010 03:52:53 +0000

When you think of Texas summers most people automatically think of one thing – HOT! Keeping your Southlake home cool is not only a necessity to beat the heat, making energy efficient improvements can add significant value to your home. Since many homes in the Southlake area are larger than average and many are two story homes, the cost of cooling and maintain them can be costly. By either following some simple tips to help save on energy costs or making improvements to your existing systems that pay off in the short and long term, Southlake home owners would do well to make these changes. These improvements will not only save money now, but add value to their home when they are ready to sell it.
Upgrading your heating and cooling system to a newer and more efficient unit is costly in the short term, but the money savings on heating and cooling bills can be significant. Newer air conditioning units are operate more efficiently, are better at controlling air temperature, and are better at removing humidity from your home. You may hear of 13 SEER or 15 SEER units. SEER stands for seasonal energy efficiency rating. The higher the rating, the more efficient the unit operates. This does not necessarily mean that it will cool your home faster, but it will cost less to operate than a lower number SEER. Many home buyers are looking for homes that have at least a 13 SEER air conditioning unit. The savings on utility bills is significant compared to older units.
Another popular less costly way to save money on your cooling bills is by having a radiant barrier installed in your attic. While adding conventional insulation is important, radiant barriers help reflect the sun from the roof deck of your home. Keeping your attic temperature cooler will help keep the inside of your home cooler.
Replacing old single pane windows is a costly but great way to add value to your home and to save on heating and cooling bills. New double pane thermal windows are popular on newer homes and help to keep more air inside rather that out. Many homes have air leaks around windows, which lets hot or cold air into the house. Not only does this air get into the home, but also the cool air that your air conditioning unit is working so hard at producing is escaping. Considering window replacement can help you save money in the long run.
If you don’t want to spend a great deal of money but still want to keep your home cool and save money on your utility bills, here are a few tips you can use.
If you have ceiling fans in your home – use them. Keeping the air circulating throughout the house may keep you from setting your thermostat lower. Even with your fans on a low setting, your home will feel cooler and you won’t have to set your thermostat so low, which will help on your electric bill.
Keeping blinds or drapes closed, especially during the hottest parts of the day, can help you keep cool. Solar screens are also common and are especially good for homes that face either east or west. The evening Texas sun is brutal and any way to shade your living areas from it can help you to save on your cooling costs.
Not only are external factors costing you, but there are many internal sources of heat in all of our homes. Appliances, electronic devices and lighting are the most common sources of heat. If you are not using these devices, turn them off or unplug them. The heat emitted from them can cause your air conditioning unit to run more, especially if any of them are positioned near your thermostat. If they are, move them.
Whether you decide to make significant upgrades to your home or just make a few small changes in your home, saving money and keeping cool are important to surviving the Texas heat!

The Selling Process – Steps to Selling Your Southlake TX Home

Editor — Tue, 08 Jun 2010 03:32:41 +0000

With summer time comes an increasing number of homes for sale. Many Southlake TX homeowners or homeowners in other parts of Tarrant County are preparing their homes for sale. For those that have lived in their homes for many years, or those that have never sold a home before, we have prepared a step by step guide to the home selling process. For more detailed information, please contact Dave or Betty Warden at 817-706-3291.

1. Choosing a Realtor. If you don’t know a Realtor or haven’t used one in the past, ask friends or family for a referral. If you hire a Realtor to sell your property, they represent you, the seller, and their duty is to market and sell your home for the best possible price in the least amount of time. By utilizing various means of marketing, from advertisements to local MLS to real estate websites, your Realtor must use these and any other methods to help expedite the sale of your home. Your Realtor will provide you with a written contract that stipulates their obligations to you and the terms and length of their representation of you the seller.
2. Setting a Price. After you’ve chosen a Realtor to represent you, the most important decision will be determining the sales price of your home. Using current real estate data of comparable homes in your immediate area, your Realtor will recommend a sales price for your home. If at all possible, your Realtor will find homes within 1 to 2 miles of your home that are similar in size, age, square footage and design that have sold in the last six months to use as comparison. When there are not comparable home sales available within a 2 mile radius of the seller’s home, the Realtor will find the closest and most similar homes for comparison. In many areas, home values are not necessarily what they were 2 or 3 years previous. Your Realtor can assist you at arriving at a sales price that is in line with current market prices. Your home must be able to appraise for the sales price if a buyer is obtaining financing to purchase the home. Real estate appraisers use current sales data to base their appraisal. Overpricing your home from the start can be counterproductive and can have a negative effect on the sales price of your home.
3. Signing a listing agreement. Most Realtors will ask you to sign an Exclusive Right to Sell listing. This means that as a seller, you will be obligated to pay a commission upon the sale of your home regardless of who brings the buyer during the specified listing period. In many instances, another brokerage or real estate company will represent the buyer of your home. In this case, it is common that your agent and the buyer’s agent will split the commission of the sale unless other arrangements have been stipulated in the listing agreement. The listing agreement will have the agreed upon sales price and the length of the listing period.
4. Marketing your property. Prepare your home for showings by cleaning, making repairs, removing clutter and most personal items and effects. Complete a seller’s disclosure that will be provided by your Realtor that indicates, to the best of your knowledge, the condition of appliances and other systems and any other pertinent information related to your home that may affect the buyer’s decision to buy your home. Your Realtor will list your home on the local multiple listing service (MLS) to advertise your home for sale. Many Realtors will use a showing service to schedule appointments for your home to be shown to prospective buyers. Other real estate agents will set up appointments via the showing service to see your home. Most showing services have websites where the home seller can see who is showing their property and at what times. Many times the agent showing the property will be asked to provide feedback to the seller’s real estate agent, which will often provide valuable information on what prospective buyers think of your home.
5. When a buyer makes an offer. When your Realtor receives an offer on your home, they will contact you as soon as possible to discuss it and answer any questions. The contract will provide the sales price offered, the terms of the sale, such as financing approval or possible sale of another home, closing date and possession of the property, and who will pay any additional closing costs or repairs. After reviewing the offer, you have three options of how to proceed: accept the offer as written, reject it, or make a counteroffer to the buyer. You may want to review the contract with your attorney or tax advisor as well.
6. Acceptance of an offer. After both the buyer and seller of a home come to agreement with the terms of the sale of a home, the contract is signed by both parties and a copy will be forwarded to the title company of their choice. The title company will research the title on the subject property to make sure there are no liens on it and make sure the title is clear for transfer to the new owner. The buyer will usually have a home inspection performed shortly after they sign the contract. The option period is an agreed upon time frame that the buyer has to perform inspections and to make any changes or amendments to the original contract. The buyer also can walk away during the option period and only forfeit their option fee. If after the inspection the buyer wishes to proceed with the purchase of the home, their lender will prepare the loan documents and order a survey of the property, if necessary, to send to the title company.
7. After all title work is completed and all loan documents have been prepared by the buyer’s lender, the title company will handle the closing transaction and the transfer of title to the new buyer. At the time, the proceeds from the sale of the home will be used to pay off the seller’s existing mortgage. If the sales price is less than the amount owed on the mortgage, the seller will be responsible for paying the difference before the transaction can be completed. The buyer will usually obtain possession of their new home after their lender has funded their loan and the seller’s mortgage is paid off.

Buying or selling a home can be a stressful, but very exciting time in your life. Understanding the process from start to finish can help alleviate some of the anxiety of the transaction. Having a licensed real estate professional in your corner is the key to a smooth transaction.

Maximizing Curb Appeal on you Southlake home

Editor — Tue, 25 May 2010 03:46:30 +0000

With the school year ending soon, many Southlake TX homes are for sale on the local MLS. An area known for its exemplary schools, many Southlake families postpone their moving plans until the end of school. With the current increase of homes available for sale in the Southlake, home seller’s need to make their home stand out above the rest of the competition in order to accomplish a quick and profitable sale. Not only does good curb appeal enhance your first impression of a home, it can also add value to your Southlake home. Below are just a few ideas of how to help your Southlake home stand out and potentially add value to your home.
Fresh exterior paint is one of the most common suggestions that your real estate professional will suggest to improve the overall appearance of your home. Many home sellers may paint the interior of their home and neglect to paint its exterior. Giving your home a fresh coat of paint shows pride in ownership of your home and can have a positive effect on your home appraisal. Make sure, however, to keep your choice of paint colors consistent with your neighborhood. It is best to stick with neutral colors that are complimentary to your brick or roof color.
If you already have newer paint on your home, you may want to consider pressure washing your house. This helps to clean away and mold or mildew that may be on the brick or trim of your house. It also helps to clean away cobwebs and other dirt and grime that come from the elements. Keeping the exterior of your home neat and clean is just as important and keeping the inside clean and in showing condition. It’s just another sign that you have pride in your home and prospective home buyers will take notice!
Another area that is noticeable and may affect a buyer’s impression of your home is your roof. Many homes in Southlake TX have large mature trees, which may cause damage to your roof if they are not trimmed properly. Excessive leaves and tree limbs can build up on your roof if not frequently cleaned off or kept trimmed. Tree limbs can cause damage to shingles or gutters and may cause roof leaks which lead to other potential problems. Keeping your roof free of limbs and debris can help enhance your curb appeal and may prevent damage. Adding small amounts of color, whether it’s a bed of annuals or a bright colored chair or bench to your front porch or yard can attract the eyes of a prospective buyer. While this won’t add value to your home, it may attract attention to your home, which may help it to sell faster than the next home. Many people consider painting their front door a bold color, such as red or black. This bold color choice draws the eye to the entry of the home. Accentuating the entry to a home with color, whether it is paint, flowers or other architectural design makes a home more welcoming, adding to its appeal.
With the increasing competition with home sellers in the Southlake area, making your home shine and stand out above the others should be a priority. Taking the time and making the effort to enhance your curb appeal will ultimately result in a quicker sale and potentially a higher sales price!

Getting the Biggest Bang for your Buck when selling your Southlake home

Editor — Tue, 11 May 2010 20:52:31 +0000

Summer’s right around the corner and many Southlake TX home owners are preparing their homes for sale. Home to some of the best public schools in the area, Southlake is home to many families with high school aged children that are preparing to leave home for college. The need for large homes and yards may not be necessary for these future empty nesters, which has prompted an increase in homes for sale in the Southlake area.
Whether you are moving due to a job change or relocation, or if you are looking to downsize to a home more suited to a smaller family, there are changes you can make to your home that will make it stand out among the rest and also add value. Making the right choice on what updates or projects to do can affect the potential sale of your property. With most remodeling projects, the cost of the project is usually not completely recovered on the sale of your home, but some projects in particular add more value to the home than others. Being aware of what you do to your house and what potential effect it has on the future sale of your home should be factored into your remodeling decisions.
If you plan to live in your home for a long period of time, making smart choices now will pay off in the long run. Make sure to take in consideration a future potential buyer of your home when making costly improvements or investments into your home. What may be of value to you may not be typical to your neighborhood and may not add value to your home.
Remodeling dated kitchens and baths are a good place to start. The kitchen in most homes is a gathering place for the family and friends. Having a kitchen that is both aesthetically pleasing and functional is appealing to potential buyers. High end and energy efficient appliances are a must. Solid surface countertops like granite, marble, Corian or Silestone are typical in many Southlake homes. Custom cabinets made of cherry or maple with black or stainless steel appliances are also popular with many buyers. As for bathroom updates, steam showers and jetted tubs are popular. The bathroom is more like a spa, a haven for relaxation after a hard day at the office. Updated bathrooms and kitchens can add a considerable amount of value to your home.
If you are limited on a budget, a fresh coat of paint can do wonders for your home. Try to stick to neutral colors, but not necessarily all white and beige tones. Some color is okay and can be pleasing to buyers. Wood or laminate flooring is popular in living areas and adds a clean, natural touch to a home. It is also a good alternative to carpet, especially for allergy sufferers.
You hear the importance of “curb appeal”, which applies not only to the structural design and exterior of your home, but the lawn and landscaping. A well manicured lawn with a variety of shrubs, flowers and other landscaping features can help to attract buyers to your home. Planting native flowers and shrubs can help can be less costly and lower maintenance.
If you don’t have the budget to do major renovations or updates, it is most important that you fix anything that is broken in your home. A potential buyer will find these problems during their home inspection and this can cause you to lose money on the sale of your home. A small problem can become a major one if not tended to in a timely manner.

Making your move to Southlake TX more affordable

Editor — Mon, 11 Jan 2010 04:56:23 +0000

Recent changes and the extension of the federal tax credit for first time home buyers and current homeowners are providing some advantages to people interested in moving to Southlake and the surrounding areas. Based on recent sales data in the last six months, the average sales price of a house in Southlake TX was 582,000 dollars, well above the surrounding areas. With the income requirements necessary for the purchase of a home at this price, many prospective buyers were unable to take advantage of the federal tax credit.
In order to qualify for the tax credit, the closing of the home must be completed by June 30, 2010. The property must be under contract no later than April 30, 2010, which allows the necessary time period for loan and title work to be completed. The income requirements have also been increased to $125,000 for single tax filers and $225,000 for joint tax filers. Single tax filers with income above $125,000 but below $145,000 and joint filers with income above $225,000 but below $245,000 are eligible for partial credit. First time home buyers that meet these income requirements and that have not owned a home in the past 3 years are eligible for up to $8000 tax credit on the purchase of their home.
Besides income caps being increased, there are new credits available to current homeowners that have owned and occupied a primary residence for a period of 5 consecutive years during the last 8 years. The tax credit available to these qualified buyers is up to $6500. The maximum purchase price of the home may not exceed $800,000, which may help with the cost of their new home. The home buyer must live in the newly purchase home at least 3 years to avoid repayment of the credit. Members of the military, however, do not have to repay the credit if they are unable to use it due to extended duty. Active duty military stationed overseas have an additional year, up until April 30, 2011, to have a signed contract of purchase.
With the increase in income requirements and availability to current home owners, the federal tax credit makes buying your new Southlake home more affordable and provides more opportunities for current homeowners looking to move.

My Keller TX home has a contract. What can go wrong?

Editor — Tue, 10 Nov 2009 03:22:09 +0000

Tarrant County home sellers are beginning to see signs of life in the current North Texas real estate market. Although the state of Texas has not been affected quite like many other states, many home sellers are seeing some movement in existing homes sales. Keller is a growing area in Tarrant County, where affordable new and existing homes are available for sale. Keller TX has homes in just about any price range. Although the housing market is showing signs of recovery, individuals that are selling their homes need to be prepared for possible problems that may arise after receiving a signed contract.

You, the seller, have listed your home, made all the necessary preparations and repairs to expedite the sale of your home. You receive an offer from an interested party to purchase your home. Within the language of the sales contract, the buyer has options to be released from the agreement. The buyer can negotiate an option period, which is an agreed upon time in exchange for a nominal fee, where the buyer can back out of the contract for any reason. This is usually the time a buyer will have home inspections performed and negotiate repairs. The buyer may also find another home or just change their mind and only forfeit their option money as long as the termination of contract occurs during the option period. The buyer may request that the seller make repairs to the home and that the contract is subject to the completion of these repairs. This may be too costly for the seller, and then the buyer may move on to another home.

Unless a buyer is paying for the purchase of a home with cash, the buyer must have the ability to obtain financing for your home. Home sellers should always request a letter of prequalification from a lending institution before accepting any offer on their home. Your Realtor will usually request this from the agent representing the buyer when the contract is submitted. Although a buyer may be prequalified, this does not guarantee that the buyer will actually be able to obtain financing. Employment changes, changes in monthly obligations, and increases in interest rates can all affect a buyer’s ability to obtain financing. Even if the buyer is able to qualify for a loan, the property being purchased must appraise for at least the sales price. The appraisal is for the bank’s protection against default and if the property appraises for less than the sales price, the seller may have to adjust the sales price or the buyer would have to pay cash for the difference, if permitted by the lender.

Occasionally, problems with the title of a property can cause delays or bring an entire transaction to a stop. Liens on the property for any number of reasons can be discovered and must be cleared before the transfer of ownership can occur. There may be easements or encroachments on the property that could affect the value or quality of life of the owners. Title issues must be resolved before a loan can close.

Being familiar with what can prevent a home sale is very important to home sellers. It pays to be flexible in today’s market and be prepared on how to proceed if faced with any of these situations.

How much can I afford?

Editor — Thu, 24 Sep 2009 06:12:59 +0000

You’re a buyer, and you’re interested in homes in Southlake TX, Grapevine TX, or Keller TX because of their central location and great schools. You’ve reviewed your credit score and are ready to begin searching for your home. Before you even look at any homes, buyers should first consult a mortgage company to make sure what they can afford to buy. You look at that beautiful Southlake estate or charming home in Grapevine and you’re heart is set on a particular home. Although most people have a general idea of what they can afford, understanding the process of how a lender determines what you can qualify for may be less than you believe you can afford.

All lenders analyze two different ratios when reviewing a loan application. The first is called the front ratio and it is the principal, interest, taxes and insurance on a property. For a conventional loan, the maximum limit is approximately 28% of the borrower’s gross monthly income. FHA loans have a slightly higher front end ratio of about 31%. The other ratio, the back ratio, is the borrower’s other monthly obligations, like child support, car payments, credit card payments, or any other loan payments are added to the principal, interest, taxes and insurance. On a conventional loan, the back ratio is limited to about 36% of the borrower’s gross income. FHA has a higher back ratio of about 43%. FHA has a minimum 3.5% down payment, which will require the borrower to pay for mortgage insurance. Conventional loans require at least 5% down payment, and require mortgage insurance if the down payment is less than 20% of the loan.

Even if you have sufficient income to qualify for a home, you’re debts and monthly obligations may prevent you from doing so. For those people that are paying off credit card debt, it is best to payoff small balances first, then, work on paying off larger balances. Make sure you make your payments before their due date. Late payments will affect your credit score, which will also limit the type and amount of loan you will qualify for. Keeping your debts to a minimum will help buyers to maximize their buying potential. Lower credit scores may require a higher down payment than those with credit scores over 700.

Even though a lender will tell you that you are financially capable of qualifying for a loan, please make sure to consider that after you move into your home, you may need to buy things like appliances, furniture, or maybe even a new car. You may be able to barely qualify for a particular amount with no debts, but if you anticipate future monthly payments in addition to your new home, be sure to consider these when you make your decision on which home to buy. Also, take into consideration that property taxes may raise in the future, especially if you are purchasing a new home. The first year in a new home, your property taxes are based on unimproved land. The next year, you will have to pay the taxes for improved property, which may result in an increase in your monthly payment. Be sure to consult your Realtor about the possibility of this occurring.

Home ownership is a great experience. For more information about buying or selling a home, please contact Dave or Betty Warden at 817-706-3291.

Getting Ready to Sell

Editor — Fri, 18 Sep 2009 07:05:21 +0000

The time has come to sell your Keller TX home. There is a lot of competition in Keller, with new construction in most price ranges still available for buyers. Making sure your home is in top shape is critical for a successful sale. To make your home more appealing to the competition, there are several things that home seller’s can do to attract as many prospective buyers as possible.

Make sure your home has good curb appeal. The first impression of your home is the one that is formed when a potential buyer arrives in front of your home. Keep your grass watered and mowed, your shrubs trimmed, and it’s best to have plants and trees that are native to your area. Native shrubs and plants are easier to maintain and may be a good selling point to a prospective buyer that is looking for a nice but low maintenance yard. If possible, make sure the exterior paint on your home is in good condition. If the paint on your home is showing signs of age, it might be a good idea to invest in a new paint job. Replace any rotting wood trim on your house, as it will be noticed during a home inspection. Many buyers will not even look inside your home if the exterior is not in acceptable condition.

Becoming familiar with your competition is also important to a successful sale. If other homes in your neighborhood are for sale, ask your Realtor to either take you to preview the properties or to preview them for you and report their condition, updates, and other selling points that they have. Knowing what other homes in your neighborhood have to offer will provide you with important information that will be used in pricing and marketing your home. If you live in an area where all the comparable homes have granite countertops and updated appliances and your house does not, you may have to decide to price your home less than the comparables or make the updates. The reverse situation is also true where you may have put granite countertops or high end appliances in your home, but the comparable properties in you neighborhood are more basic. You may not be able to recoup the cost of your updates, but it may help your home to sell faster than the competition. Be careful that any updates or additions you make to your home are appropriate with the market value in your area.

Besides making sure your home is clean and clutter free, it may be a good time to fix those items like broken light fixtures and leaky or dripping faucets that are sure to be addressed during the buyer’s home inspection. If you know that something in your home is not working properly, if possible, try to make repairs that may affect the sale of your home. Even little problems can become big problems, and most buyers want homes that are ready for move in and essential repair free.

If a home seller makes the proper preparations, the time their home is on the market will be greatly reduced than one that reacts to comments from prospective buyers and their agents. In today’s market, home seller’s need every possible advantage over their competition in order to procure a successful sale in the shortest possible time.

Ready…Set…Buy

Editor — Wed, 09 Sep 2009 14:35:23 +0000

It’s never been a better time than now to buy a home. You hear this statement on the news or read it in your local newspaper. Prices of Southlake TX homes, Grapevine TX homes, Keller TX homes, and other cities in northeast Tarrant County are more affordable than in recent years. The opportunities for first time homebuyers are bringing an increasing number of prospective buyers into the market place. This is great news for home seller’s that have been anxious to see an end to the slump in the real estate market. Although areas like Southlake TX, Grapevine TX and Keller TX have not experienced the extreme declines in sales and foreclosures as other parts of the country, they still have felt some of the effects of the national real estate crisis.

If you are one of the many first time homebuyers in the market for a new home, there are many complex issues that are involved in the process of buying a home. Finding a real estate professional that is both familiar with the area you are looking and one that is willing to help you to understand the different steps of the process of buying a home is vital. Understanding about the types of available financing, property values in your area of interest, neighborhood and school information; all of these are important to a homebuyer and your real estate professional should be able to provide this information to you.

Before you start your search for a home, take time to evaluate your financial status. How much money do you have available for a down payment? What’s my credit score? What is my gross income and how much are my monthly obligations? These are all questions that homebuyers must ask and information they should obtain before talking to a mortgage lender or a real estate professional. In order to be prequalified for a loan, the borrower will need banks statements, W2 forms, current paycheck stubs, 401K and other savings account balances for the lender to review to determine how much a buyer can borrow. The amount of money for the down payment on a home is also important in order to determine which type of financing is best.

Once you have determined how much you have available to spend on your home, now is the time to start your search. Since the average homeowner lives in their home less than 6 years, it is important to consider the possible resale value of their next home. In areas such as Southlake, Grapevine and Keller, home values seem to be more stable than other parts of Tarrant County. This is mainly a result of their central location, their historically excellent performing schools, and their other commercial amenities that are available to the residents.

Wherever you do choose to by your home, be sure to have a licensed home inspector perform a comprehensive inspection of the home to identify existing problems or point out potential problems or concerns. Home inspectors will provide you with a report of the general overall condition of the home. With the information in the report, the buyer has the opportunity to negotiate repairs, proceed with the purchase, or walk away from the deal.

Finally, all new homebuyers should be aware of property taxes and homeowner’s associations in the prospective areas. Property taxes and homeowner association dues are typically added to the principal, interest and home owner’s insurance to equal your total mortgage payment. Property taxes may be significantly higher in some areas, causing your mortgage payment to be higher than a comparably priced home in another area. Make sure you are informed of the average tax base for the area in which you are looking.

For more information about Southlake homes, Grapevine homes, or Keller homes, please contact Dave and Betty Warden at 817-706-3291.

New Federal Rules to Help Protect Home Buyers

Editor — Sun, 30 Aug 2009 04:00:08 +0000

Buying your new Southlake TX home can be a very exciting time in your life for you. With higher than average property values in Southlake TX versus other cities in Tarrant County, the financial responsibility and obligation for a buyer are considerably high. Making sure that buyers are aware of the cost of owning a particular home is essential to help prevent future delinquent mortgage payments or possible default. Since buying a home is one of the largest investments most individuals will make in their life time, determining whether or not the loan you are getting fits with your personal financial situation is essential.

Effective July 30, 2009, new rules were implemented that are designed to help borrowers determine whether or not the loan they are applying for best suits the borrower’s current financial position. The changes are an attempt to keep the borrower better informed on the cost and payments of their loan and hopefully eliminate surprises at closing time.

One important change requires the lender to disclose to the borrower the cost of their mortgage within three days of their loan application. No fees, with the exception of a fee to perform a credit check, are to be charged until all loan cost disclosures have been made.

The days of quick closing loans are now a thing of the past. After their initial disclosure is provided to the borrower from the lender, there is a seven day waiting period. This gives the borrower the opportunity to consider the costs of purchasing their home, and provides them the chance to reconsider and terminate the application. The final disclosures which had been provided at closing, which disclose the annual percentage rate of their loan, are now provided to the borrower three days before business days before closing. This gives the borrower an additional chance to review the costs and their obligations and either proceed with the purchase or terminate the contract.

While all this legislation designed to protect the buyer is beneficial to the borrower, home sellers need to be aware of these new rules, as they may contribute to delays in the closing and funding of their homes. It is important that all real estate professionals that represent buyers and sellers be aware of these changes and team up with proven lenders that are on top of these new federal rules. Making sure that all disclosures are provided on time and good communication between both sides of the sales transaction is essential to the successful sale of homes.

Please contact Dave or Betty Warden at 817-706-3291 for more information about buying or selling a home. We are teamed up with experienced lenders that will do their very best to close your home in a timely manner.