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.

The majority of the city of Southlake is in the Carroll School District. In recent Texas Education Agency ratings, all of the Carroll schools received exemplary ratings. Carroll is the only school district in Tarrant County in which every school in the district received exemplary ratings. Along with its academic excellence, Carroll schools are known for their athletic programs as well. The Carroll school district has state of the art resources for their students and athletic facilities that are comparable to some professional facilities. Parental involvement with their children is the norm, which helps contribute to the academic and athletic excellence which is prevalent throughout the community. There is a strong sense of unity among the residents of Southlake.

The majority of homes in Southlake are single family residences, with a few townhouse neighborhood and limited two family units. There are currently no apartment complexes within the city limits, and just a few mobile homes. The median home price is slightly over $400,000. Although there are other areas that may be more affordable, many home buyers may settle for a less expensive home to have their children attend Carroll schools. In spite of recent declines in property values in many areas, Southlake has not experienced the significant losses that other cities in Tarrant County and surrounding areas have had. Property values have remained relatively stable throughout this economic crisis. The number of foreclosures is significantly less than in neighboring cities as well.

Southlake Town Center in the heart of the city has many upscale boutiques and shops, great dining and entertainment, and is the location for the annual arts festival and other holiday festivities. City hall and the public library are also located in the town center. It is a great place to spend the afternoon window shopping or catching a nice dinner or movie. Located about 10 minutes from DFW International airport, it is a great place to spend a long layover between flights.

Part of the city of Southlake borders on Grapevine Lake. Camping, water sports and a marina are all just a short distance from many of the residents. City parks such as Bob Jones Park have trails, playgrounds, fishing areas, soccer and baseball fields, and a nature center, all frequented by many of the residents. Family, school, and sports are all the cornerstone of what makes Southlake such a great place to live.

For more information about life in Southlake Texas or about Southlake Texas homes, please contact Dave or Betty Warden at 817-706-3291.

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.

If you are currently a homeowner and you’ve decided that now is the time to sell your house, you will need to decide where you are planning to move after your home sells. If you do decide you want to purchase another home, and you will be using financing for the purchase, you may want to get a copy of your credit report to check for errors that may be affecting your credit score. If you’ve been in a home for a long period of time and have not recently applied for a loan, the importance of a good credit score has never been more important since all the recent loan defaults in the real estate market. This is a great time to request a copy of your credit report from one of the three credit bureaus and verify that your credit information is correct.

If you are a first time homebuyer you may not be familiar with the fact that the better your credit score, the better interest rate you will receive from your lender. If your credit needs some improvement, you may be able to obtain a loan for a home, but you can expect to pay a higher interest rate. This will affect the sales price of the home you can qualify for. Your credit score is a numerical score based on your credit history. If you have late payments or delinquencies on your credit report and you believe them to be incorrect, you can dispute these with the credit bureau. It does require a bit of time to make corrections to your credit report and if you want to take advantage of the government tax credit, time is running out to meet the December 1, 2009 deadline.

At present, the lowest credit score that buyers can qualify for a mortgage is 620. Although your credit report does not give your actual credit score, if you find reporting errors, your credit score may be lower than it should be. Even if you aren’t planning to buy a home for another year or more, it’s a good time to check out your credit report and see if there are areas where you can improve your creditworthiness for the future. Most lenders require a higher down payment for those buyers with credit scores under 700, sometimes as high as a 20 percent down payment.
Since the real estate market is showing signs of recovery and the availability and affordability of homes is better than in recent years, take some time to review your credit report to make sure you are in the position to buy when the time is right for you.

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.

Current plans average about two homes per 1.8 acres, with plans for about 70 zero-lot line homes, which are a rare find in the city of Southlake. With the growing number of baby boomers retiring in the Southlake, Colleyville, Westlake, Trophy Club, and Keller TX real estate area, the demand for higher end, lower maintenance properties will continue to increase. These homes may be attractive to some of the long time residents of Southlake and the surrounding areas that want to remain in the area, but no longer have a need for their larger homes and lots.

Along with the addition of various types of homes, there are about 68 acres of parks and open spaces planned throughout the complex, with walking trails available for use by residents and the general public. Residents of Carillon will have access to an Amenity Center, which will have a swimming pool and pavilions, all in a spa like setting.

Retail, office space, a hotel, and a proposed performing arts center will all be in walking distance to residents in the community. There are plans for a large fountain, outdoor dining areas, and space for entertainment and art venues. The entire experience will be enjoyable for both residents and visitors to the area.

There are four phases of this project, with the first estimated to begin next year. The location of the Carillon development offers easy access to main highways and DFW airport. Southlake TX also has some of the best schools and shopping in the DFW metroplex. Carillon has so much to offer the current residents of Southlake and may be a perfect place for those relocating to the Dallas/Fort Worth area.

For more information about Southlake TX real estate, or any of the surrounding areas, please contact Dave or Betty Warden at 817-706-3291.

When purchasing a home in the Southlake Texas real estate market, there are many things that a homebuyer will consider before making their decision on which home is right for them. Finding a home in the right location is probably the most important variable that a buyer considers when making their choice. Many Southlake Texas homebuyers choose locations that are convenient to schools, work, and shopping. These buyers sometimes have to forego some other amenities that they would be able to find at a less desirable location in order to find a home in a particular area. Southlake real estate, Grapevine real estate, and Colleyville real estate are centrally located in the Dallas Fort Worth area and are often found more desirable to homebuyers. Excellent shopping and award winning school districts also bring many homebuyers to these areas.

Not only is a good location important to a homebuyer, but when it comes time to resell your home, the potential resale value of your property has a greater probability of increasing in value. The average homebuyer lives in their home for approximately five years. With this in mind, buying a home in just the right location can make selling your home in the future easier and may prove to be a better investment in the long run. In most areas, property values generally have a tendency to increase. Although finding the right location to buy your next home is important, be sure to consult with a Realtor for information the market in the area of interest. A Realtor has access to sales information over the past five years and will be able to inform you of the pricing trends that have occurred in the neighborhood. This information will help you to determine if this is the right area for you and your future needs.

If you are a homebuyer with school age children, finding an excellent school district is usually of great importance to you. For information on Texas public schools and their accountability ratings, you may visit the website www.tea.state.tx.us/perfreport/account/ . Buying a home in a school district that has exemplary ratings may bring a larger price tag not only on the sales price, but also on the property and school taxes. A buyer must keep these things in mind when it comes time to purchase a home. Although property taxes maybe higher than some other areas, the educational advantages may outweigh the cost of sending your children to private school and living in another area.

If you are a homebuyer without school age children or with no intention of having children, you may want to consider buying in an area that has lower school taxes versus an area with higher school and property taxes. Although this may make resale of your home less desirable to someone interested in better schools, it may save you money in the long run and still may appeal to those homebuyers that have children that will attend private school.

Homes near industry or other large business districts may be more appealing to many homebuyers. With the rising cost of gasoline and the time involved in one’s daily commute to and from work, living close to your work may be the most important factor in finding the right home. In the Dallas real estate market and Fort Worth real estate market, more housing is available in downtown areas than in recent years. The desire to live downtown, near work and entertainment districts, is very appealing to many executives relocating to the DFW metroplex. Many suburban areas close to downtown areas are now being updated and restored to attract more homebuyers back into the city. Call Betty Warden for more information on Southlake TX real estate.