Todd Elkins of Watermark Real Estate Group in Dallas, Texas.

Keeping those credit scores up!

2010-11-30T18:33:00.000-06:00

Your credit score is one of the most critical numbers linked with you. Your credit score and significantly affect your ability to obtain items like a new vehicle or even a dwelling. It is vital to manage your credit profile so you can constantly have the ability to buy the products you want.

Your score can improve by managing your credit responsibly over time and by following some simple recommendations:
Ask For a Free Credit Report Yearly
First, make sure the information in your credit report is accurate. You are entitled to one no cost credit report yearly from the three credit bureaus - Equifax, Experian and TransUnion. Visit www.annualcreditreport.com to obtain your free reports. You may also purchase a copy of your credit score report through this website.

Review Your Credit Report for Accuracy

Second, review your credit report for accuracy (last activity, date opened, account balance, account limit) and have incorrect or erroneous information updated.
Reduce Large Credit Card Balances rule of thumb credit card balances should remain at 50% or less of the credit card limit.

Third, reduce excessive credit card and revolving account balances, but do not cancel the account. Do not apply for credit that you do not need as excessive credit report inquiries can lower your score.
Avoid Shifting Credit Balances.

Next, keep away from transferring credit balances from one account to another just to take advantage of low introductory interest rates. The mix of inquiries and brand new accounts can negatively impact your score.

Steer Clear of Finance Company Type Accounts
Finally, if possible, steer clear of finance company type credit accounts including 12 months same as cash and 90-day accounts. Home loan loans, installment loans and revolving credit card accounts impact your score more favorably than finance company accounts.

Starred Photos

2010-11-25T19:11:00.000-06:00

2010-11-18T22:00:00.001-06:00

http://ntreislistings.marketlinx.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?emailGUID=80bf480c-52cd-4378-9f4d-f13689e28ace&AgentId=0468196

Hearings Begin on Inclusion of LGBT People in Fair Housing Act – Tell Your Stories

2010-03-30T13:24:00.000-05:00

Hearings Begin on Inclusion of LGBT People in Fair Housing Act – Tell Your Stories

FHA Loan Requirements Changing

2010-01-20T20:36:00.001-06:00

Today FHA announced that it would make sweeping changes to the current FHA mortgage program in an attempt to shore up it's beleaguered balance sheet. As many existing FHA borrowers default on their home loans the move is necessary to ensure the program stays solvent.
The biggest impact will be the increase in the up front mortgage insurance required. FHA will raise the up-front Mortgage Insurance Premium, paid by borrowers, from 1.75 percent to 2.25 percent as well as request legislative authority to increase the maximum annual MIP that the FHA can charge. This is the second time in two years that it has raised the premium.
In addition, in order for new borrowers to qualify for the 3.5 percent down payment program, they will now be required to have a minimum FICO score of 580. Borrowers with a lower score will be required to put down at least 10 percent.
The FHA will also reduce allowable seller concessions, or how much the seller can help the buyer, from 6 percent to 3 percent. The change will give borrowers a greater financial stake in their home purchases.
Commissioner Stevens, with the FHA, said he wanted borrowers to have more "skin in the game," and this is clearly a means to that end.
As of today, the date that these changes will take place has not been announced. BOTTOM LINE IT WILL TAKE MORE CASH FOR A BUYER TO CLOSE UNDER FHA LONA PROGRAM. If your thinking of jumping into the housing market, sooner than later would be a good idea.

Leasing Property Pitfalls!

2009-10-01T09:26:00.003-05:00

Over the past several months I have been assisting clients lease properties. I have noticed disturbing trends and several issues to make you STOP and rethink what your getting into.

Normally an Agent will submit the prospective tenants rental application and any processing fees to the Listing Agent and or Broker for review and consideration. Typically that application is submitted to the Owner for review and a credit report is obtained and or a criminal background check. Usually this process takes a couple of days. Once that information is obtained and references are checked, the Owner will instruct the listing agent and or broker to offer the following terms and conditions. For instance, Deposit amount, Pet Deposit amount, First Months rent and so on. Typically these items are set and spelled out in MLS as minimum guidelines. Depending on the prospective tenants credit data and application data, the owner may request a higher deposit or a higher pet deposit based on breed and weight.

Lately, I have had Brokers request a Full Months Deposit upfront before considering the application. In addition, when I ask if the deposit is refundable the answer I get is yes within 15 days. WHAT? and NO! There are several Hold and Deposit forms that can be used that are provided by the Texas Association of Realtors and TREC. Why in the world would a prospective tenant scramble to submit a full months rent as deposit and tie them to that property while looking for properties to rent. DO NOT EVER give a deposit to an owner or a Broker without having the Deposit refundable prior to a lease execution.

In addition, I have asked several brokers to have the owner provide a current mortgage statement showing payments on the rental property have been made and the owner is not in jeopardy of foreclosure. Many owners and Brokers refuse. If you get a refusal on this do not proceed. Chances are you will get moved into the lease property only to be evicted from the courts as there is a pending foreclosure and the owner has gotten your rent and deposits and not made the mortgage payments.

Always get everything in writing and contact a Realtor for representation before entering the leasing market.

Syndicated Listings in Dallas.

2009-08-17T13:46:00.000-05:00

My Syndicated Site, www.GayDallashomes.com

Tax Credit Deadline

2009-08-17T13:38:00.002-05:00

The time to take advantage of this program for what we know today is short. To qualify for the credit you must close before 12/1 and considering 11/30 is the Monday after a Holiday Thanksgiving, coupled with the new Truth in Lending disclosure requirements, I’m advising customers to try to close by 11/16. I’d hate to feel the repercussions of not meeting the 11/30 closing date and the buyer not being able to collect the $8,000.00. Best practice is better safe than sorry. With this said, 11/16 is fast approaching. Buyers need to know this if they plan on taking advantage of it. Two misconceptions about this credit are: You do not have to be a first time homebuyer, you just cannot have owned a property in the last 3 years. And, you can make more than the income limits of $75,000 individual and $150,000/jointly, the credit is just less than a full $8,000. Call me for more details.

Add to this that the state of Texas currently has $4.2 million available for down payment assistance loans. I would anticipate a rush for these funds as the credit deadline nears. They are on a first come first serve basis and cannot be reserved until a contract is executed and appraisal completed. (Call me about the details on this program. It’s really easy and not complicated like a bond program.) Borrower can get an advance in the amount of 5% of the sales price or $7,000 which ever is less.

Home Buyers Tax Credit up to $7500

2008-09-08T11:59:00.002-05:00

$7500 First Time Homebuyer Tax Credit
In my quest to continue to provide excellence to you, please find below the key points of the First Time Homebuyer Tax Credit that became law through the H.R. 3221 Housing and Economic Recovery Act of 2008. Please feel free to contact me should you have further questions. If this information is not applicable to you, feel free to pass it on to your friends and family. I appreciate your trust and business.

Housing and Economic Recovery Act of 2008
Amount of Credit
Ten Percent of the cost of home, not to exceed $7500.
Examples:
If a home costs $65,000, the allowable credit would be $6,500.
If a home costs $120,000, then the allowable credit would be $7,500.
Eligible Property
Any single-family residence (including condos) that will be used as a primary residence.
Refundable
Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Individuals should consult a professional tax advisor for exact tax calculations.
Examples:
If an individual’s actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one’s tax liability.
If an individual’s actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.
Income Limit
Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income. Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit. Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
First-time Homebuyer Only
Purchaser (and purchaser’s spouse) may not have owned a principal residence in three years previous to purchase.
Recapture
A portion (6.67% of credit) is to be repaid each year for 15 years. If home is sold before 15 years, then remainder of credit is due in the year of the sale.
If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year.
If the homeowner dies, their heirs do not have to pay back the remaining balance.
If the house is sold before fifteen years have passed and the home’s appreciation is less than the amount needed to be to paid back, the loan is forgiven.
If the home is turned into a rental or investment property, the pay back balance is due in that year.
Effective Date
Purchases on or after April 9, 2008 until July 1, 2009

How to Make your Home Stand Out in a Stale Market

2008-05-22T12:44:00.004-05:00

How to make a seller’s home stand out
The biggest problem sellers face is simply a bigger than normal inventory. That means a seller’s big challenge today is figuring out how to stand out amidst all those other homes buyers can look at. Sellers need to act like they’re in competition with every other home for sale in the area. Because they are. As always, what matters are location, condition and price.

A seller can’t do anything about improving the appeal of a location—it is what it is.
They can, however, put price in their favor. Sellers need to focus on what comparable homes in their area have actually sold for (not listed at). If they’re under pressure from a job transfer or expanding family, they should probably price BELOW the prevailing range. The idea is to price aggressively enough that buyers have to check them out. That brings us to condition.

Improvements it makes sense to do
In today’s competitive market, sellers are not recouping the money they put into upgrades the way they did in the past. But there are still areas where a judicious investment will pay out with a timely sale.
Sellers should start with improving their home’s curb appeal. Today, sellers are finding out that anything they do to make the outside of their property look terrific is money well spent. Ideally, people should fall in love with a home between the car and the front door. New windows, doors and siding will help a home look crisp and well cared for from the street. They also make the home more energy efficient, a big plus in today’s market. Just having freshly painted trim and new hardware go a long way to making a great first impression.
Sprucing up landscaping is also important today—especially for an older home. Well-trimmed trees and shrubs can do a lot help older homes compete against new ones with sparse foliage.
Inside and out, any repairs the seller has begun must be completed. An unfinished repair usually looks worse than the untreated problem. Inside, sellers should freshen up paint, clear out clutter and hire a professional stager. These things give the impression a home is well taken care of. Staging doesn’t really cost a lot—smart sellers look at it like having a car detailed.

Anticipate buyer’s mindset
For repairs or upgrades most buyers will want to make, advise the seller to get contractor estimates for the improvement and present them to interested prospects. You might even suggest the seller hire a home inspector, make the essential repairs and show the receipts to serious buyers.Sellers should also consider projects that can lower insurance premiums. Electrical and plumbing upgrades may cut rates. If a roof needs replacing, have sellers check with their insurer about discounts for wind, hail and fire-resistant roofing. The same may be true for burglar and fire alarm systems.

The Bottom Line

Consult your Realtor today! See what should be done to make your home stand out! In many cases I tell my clients a weekend of clean up and organizing and fresh paint can make all the difference. No need break the bank.

Seller's Only get one Shot

Seller's only get one shot in today's market to make the home stand out and keep the buyer attracted to the property.

Todd Elkins of Master Realtors, Inc.

Dallas, Texas

http://www.themasterrealtor.com/

972-739-5228

New FHA Loan Limits in Dallas, County Texas

2008-05-15T15:07:00.006-05:00

Well with a good portion of the nation suffering with the Real Estate Market, and the mortgage meltdowns tightening up the credit requirements, FHA (Federal Housing Authority) has created new loan limits for most of the nation. This loan limit in Dallas, County as increased to $271,055. This loan program allows borrowers to put 3% down payments and allows for the seller to contribute gift funds or pay for the borrowers closing costs. This is the closest thing we have to 100% financing. Great low fixed interest rates apply. Credit glitches older than two years are forgiven.

Dallas Real Estate prices are holding strong. With new business relocating to the region, sales are remaining steady. Now is the time to purchase a property.

For a consultation please call today, or visit http://www.themasterrealtor.com/