First, get your credit in order.  Although financing options exist for individuals with lower credit, a low score will make it difficult to secure favorable terms on a loan.  If you are considering buying one of the Dallas homes for sale, make sure to avoid late payments, overdrawing an account, and taking out other loans.

Second, decide what amount of money you are willing to spend.  Although most individuals can generally afford two to three times their gross income, many will choose to spend less than that to save money.  You should remember that in addition to the basic cost, you will also have other expenses, including taxes, home inspections, attorney’s fees, and utilities.  If you offer a down payment of less than 20% of the purchase price, you will be required to obtain private mortgage insurance, which will be an additional monthly cost.  Purchasing a lower costing house will also allow you to renovate it to make it your dream house.

Third, start saving your money.  In reality, you should always be saving your money.  However, this is the time to focus on what amount of money you will need for your down payment and to qualify for a mortgage.  A larger down payment will make your mortgage application more appealing to lenders and allow you to have lower monthly payments.  Conversely, a smaller down payment will allow you to retain more of your savings but force you to have higher monthly payments.  Generally, most lenders require 5% of the purchase price as the minimum down payment, although many will require a larger amount.

Fourth, get prequalified for a mortgage before you start searching.  This will save you the heartbreak of not receiving financing after you fall in love with a house.  If you have a credit score under 620 it is likely you may not be able to secure financing, showing the importance of keeping your credit score in mind at all times.

Fifth, determine features in a house that you are looking for.  Most basically, figure out how many bedrooms and bathrooms you are looking for.  Also, create a list of features, such as a pool or backyard, that you consider ‘must-haves,’ and also a list of other features that are positives, but not required.

Sixth, determine what area you would like to live in.  Many people determine this based on school districts, proximity to attractions, and commute time.  Identify several school districts, and within these, pick a few specific neighborhoods that you would like to look at.  This will focus the house search, hopefully making it seem less overwhelming.

Although purchasing a home after foreclosure is an arduous task, the real difficulty involves selling one’s home.  Especially on the Dallas real estate market, houses face challenges after being listed.  The prevalence of Dallas homes for sale, and the low prices offered, present many hurdles to individuals looking to list their house. 

Given that the Accredited Seller Agency lists the average time to sell a house at over 10 months, Dallas home sellers may need some advice.  You can follow a few simple steps to make your house stand out.

That essentially is the key to selling a house—making your house stand out.  This can be done in two ways: staging and pricing.

Gone are the days when you could list your house at a high asking price and still hope to sell the house.  The absolute size of the Dallas real estate market forces sellers to accept lower offers than they would have years ago.  Look at similar houses in the area and price yours either similarly or slightly lower.  This will ensure you are not asking a ridiculous price.

If after two weeks you have not received an offer, it is probably time to lower the price.  You can generally expect to receive offers within the first few weeks, so your house is likely not priced correctly if you have not.  Also, you should be okay with accepting lower offers than your asking price.  Although there is no need to accept a much lower offer, up to 10% of your asking price should be considered reasonable.

Staging and basic upkeeps will greatly contribute to your house’s success amongst other Dallas homes for sale.  Aside from basic staging, such as organizing your house and altering some of the décor, other steps can be taken.  Although sometimes costly, ensuring all roofing and fencing is in good condition is considered a basic.  Nobody wants to buy a house that requires several immediate repairs.  If basics such as these are not in good condition, this will likely lower a potential homebuyer’s offer.

Another basic expectation is the general curb appeal of your house.  No homebuyer wants to walk up to an uninviting house.  Bad landscaping may deter individuals from looking at your house, or give them a bad first impression that will likely affect their general opinion of the house. 

However, good landscaping can be seen as a positive, and has the potential to greatly increase the desirability of your house.  Essentially, you want to have one aspect of the house that makes it stand out amongst other Dallas real estate.  This could be your landscaping, or an impressive kitchen.  Regardless, this will cause homebuyers to remember your property after a long day of house touring, and likely increase a potential offer on your house.

Short sales have become increasingly popular.  Originally, the ‘Cash for Keys’ program was offered to homeowners in financial trouble, but this program has evolved in the past few years.  The newest trend in short sales is to offer money to homeowners that are forced to sell their house to pay their debt.  This is a preferable solution for many lenders because short sales, even with incentive programs, tend to save money and avoid the time of a long foreclosure process.

There are many short sale incentive programs offered for homeowners, ranging in the amount of the incentive offered.  Although a homeowner may need the money immediately, the incentive is generally not given until the completion of the short sale.  Many incentive programs benefit all parties involved: the investor, the borrower, and the servicer.

A few of the programs offered include:

• Bank of America Cooperative Program—This program offers $2,500 at closing to borrowers that qualify.

• Chase Bank—Offers large incentives of up to $40,000 to certain qualified homeowners to encourage short sales.  Chase offers this through mailing out incentive letters.

• Home Affordable Foreclosure Alternative Program (HAFA)—Offers this program to homeowners that qualify for short sales and deed-in-lieu of foreclosure options.  Both Fannie Mae and Freddie Mac participate in this program.  Through HAFA, homeowners will receive $3,000 at the closing.  Additionally, the lender will receive $1,500 and the investor may receive up to $2,000.

• Litton Loan Servicing—Similar to Chase Bank, Litton sends letters to qualified homeowners offering the option of a short sale incentive.  The incentive is typically around $3,000-$5,000.  However, the individual must save the letter in order to receive the incentive.

• Transition Assistance Program (TAP)—Similar to HAFA, this program offers incentives of up to $5,000 for short sales and deed-in-lieu of foreclosures.  This is specifically offered to qualified borrowers in California.  Although this does not specifically help Dallas homeowners, similar programs exist nationwide.

• Wachovia Bank—This program is also offered to qualified homeowners through a letter that gives the homeowner the option of participating in a short sale.  The incentive may range from $3,000 to $5,000.

Homeowners struggling to make payments on their mortgages should seriously consider using a short sale with an incentive.  Although Dallas homeowners would prefer to keep their homes, this is not a realistic option for many individuals. 

Individuals considering this option may want to contact a Dallas Short Sale Specialist, however this is not necessary.  Short sale incentives prove to be an effective way for homeowners to get a little extra money to pay off their other debts.  If you read the agreements thoroughly and take care to fulfill all of the specified conditions, you will receive the incentive in no time.

However, many of these individuals have worked for several years to try to improve their financial situation and may be ready to look into buying one of the current Dallas Homes for Sale.  If you are worried about your credit stopping you from being able to buy a house, you may not have as much to worry about as you think.

Although your credit score may not be as high as before the short sale, if you have made a solid effort to improve your credit, banks may still lend money to you.  You may not obtain a loan with optimal terms, but a loan is still within your reach. 

A private lender is an option for your loan.  Although you may think these individuals and companies are committing high way robbery with the interest rates and down payments they offer, the Nationwide Mortgage Licensing System and Registry’s Code of Conduct ensures that all lenders follow several processes for granting loans.  Similar to what will be asked of you, these lenders are required to submit to a credit and criminal background check.

Given the state of Dallas Real Estate, and other markets, several companies are making an effort to help future homebuyers acquire the loan they need.  No one wants to see homes remain on the market for months, prompting all parties to make compromises.  For instance, home sellers may be more inclined to accept a lower offer, or even help with your mortgage.

You should consider visiting the Dallas offices of Fannie Mae and Freddie Mac.  Since the Federal Housing Finance Agency put Fannie Mae and Freddie Mac under conservatorship in 2008, every effort has been made to increase the public’s trust in these companies.

Additionally, if an extenuating circumstance prompted your short sale, such as the loss of a job, you may be able to obtain a loan with more favorable terms.  Specifically, at Fannie Mae and Freddie Mac, you can obtain loans sooner and with lower down payments.  Without an extenuating circumstance, homebuyers may have to wait anywhere between two to seven years, depending on the size of the down payment.  With extenuating circumstances, the wait time may be reduced by two or more years and the down payment may be reduced by up to 10%.

You may also be able to acquire a loan through the Federal Housing Administration.  As long as you maintained your mortgage payments through the closing of the short sale, this organization does not require a wait time.  If you did default, you only will have to wait three years, which may be lowered in cases of extenuating circumstances or an improvement in credit.

If you are currently in the market for Dallas Real Estate and sold your home through a short sale, there is no need to worry.  Just keep up with your bill payments now and you can be a homeowner once again.

Home sellers should note the priority homebuyers place on kitchens.  For many families, this is the room that brings them together.  In addition to the obvious function of cooking, many families eat in their kitchen, one of the few opportunities for true family time.  Cooking can also be viewed as a fun family activity.  Many mothers bake sweet treats with their children, creating memories that last a lifetime. 

Kitchens also are essential to entertaining.  Regardless of whether the company enters the kitchen, you cannot host guests without some sort of food and beverage.  More often than not, the design of the house will allow guests to view the kitchen and pass through it.  Given this, homebuyers looking at Dallas Real Estate place a heightened emphasis on a good kitchen, something home sellers need to keep in mind.

The extent of upgrades your kitchen needs depends on the houses yours is competing against.  However, you can never upgrade a kitchen too much—although you don’t want to have the most outdated kitchen, having the best kitchen will likely attract buyers looking at Dallas Homes for Sale to make an offer on your house (stagedhomes.com).

Most families don’t have the means to entirely renovate their kitchens for thousands of dollars.  This is where staging comes in.  Calculated low cost changes have the potential to make a huge difference in the appeal of your kitchen. 

Primarily, clean your kitchen.  Just like any room of the house, your kitchen needs to look so clean it could be brand new.  Cleaning the kitchen also includes the aroma.  An air freshener can make a huge difference in making your kitchen smell pleasant and clean.  Fresh flowers or leaving the windows open can also help with this.

When cleaning the kitchen, home sellers should remember this includes the interior and exterior.  Do not just clean the outside of the cabinets and dishwasher.  Given that homebuyers may open the pantry, refrigerator, and other objects, you should make sure the insides of these are clean as well.  Treat these spaces like your bedroom closet—you wouldn’t want a homebuyer to look at a messy closet.

After basic cleaning, home sellers should consider how to optimize the space in their kitchen.  If the kitchen has an eating area, you should ensure the table is not too big that it detracts from the room.  Additionally, placing a rug under the table can give it a homier feeling. 

Allowing as much natural light into the room as possible will ensure it seems more spacious.  The walls should be painted using an earth tone color, allowing the focus to be on the appliances.  Also, home sellers can easily change faucets and drawer handles, creating a newer and fresher look to the kitchen.

You may have spent years perfecting the decoration in each room of your house, and to you, it most likely is your ideal room set up.  However, everyone has different taste, and you are no exception.  As a future home seller, you should plan on staging your home to ensure it stands out amongst the many Dallas Homes for Sale. 

The Dallas Real Estate market is extremely competitive, with many similar homes competing against yours.  Staging your home is an inexpensive way to give your beloved house a competitive edge.  One can stage a house on any budget, with inexpensive and simple tricks, such as removing personal items, to more elaborate techniques, including buying new furniture.

Although you can hire a professional stager to help you with this task, people interested in selling their house in the Dallas Real Estate market can just as easily stage it themselves.  The first, and easiest step to staging a home is cleaning and organizing.  No one wants to tour a messy space.  The nicest house will seem neglected and in bad condition if there is clutter and dust everywhere.

On the most basic level, this means making sure there is not a dust ball in sight, a generally pleasant aroma in the air, and no clothes on the ground.  Clean the windows and vacuum the floors.  However, home sellers should not stop at this—knickknacks may seem like decorations to some, but to many, are akin to clutter, including those on your counters.  Many home sellers may need to rent a storage facility for many of their possessions to avoid overcrowding the house with their objects.

After a basic cleaning, home sellers need to make sure the exterior of their house is up to par.  The paint should look fresh and be a neutral color.  Additionally, home sellers should take the time to work on basic landscaping—getting rid of weeds and planting flowers to make the front of your house inviting.  This can also be achieved by repairing fencing and replacing your mailbox.

The next step is to finally finish the minor repairs that you most likely have been putting off for months.  This is the time to make sure the faucets aren’t leaky, the dead light bulbs are replaced, the loose doorknobs are tightened, and the walls are repainted.  Although these might seem like small or inconsequential tasks, small annoyances will cause a different house to stand out over yours amongst Dallas Homes for Sale.

Finally, when showing the house to potential homebuyers, the presentation is key.  Quiet, inoffensive background music can be played in many rooms.  All lights should be left on and air fresheners and fresh flowers can be placed in many rooms.  Although many of these are basic tips, staging may make the difference of getting your asking price and selling your home quickly.

As of Tuesday, Feb. 7, there were 4,672 homes, condos and townhouses scheduled for sale at monthly foreclosure auctions in Dallas, Tarrant, Collin and Denton counties. That number is a slight increase from the Dallas homes for sale at January’s foreclosure auction, but is still much lower than the number of foreclosures seen in 2011, which is a good sign for the Dallas real estate market. 

George Roddy, the chief executive of Foreclosure Listing Service, predicts than foreclosure numbers will continue to creep upward as 2012 carries on, but after that, the numbers should settle down.

“I think we have probably another year at least of high foreclosure rates in the Dallas-Fort Worth area,” Roddy told the Dallas Morning News. “There are just so many.”

Still, the foreclosure numbers over the last few months have not been nearly as high as in recent years. According to Steve Brown of the Dallas morning news, lenders filed for 56,358 total foreclosures in the Dallas-Fort Worth area in 2011, the lowest level in three years. In addition, foreclosures have been down from the prior year in each of the last 12 months.

With mortgage rates at an all-time low, the foreclosure problem that has swept the nation and the Dallas-Fort Worth area over the last few years should be close to subsiding, as potential home buyers regain confidence in their ability to afford Dallas homes for sale.

If you are looking to buy Dallas real estate, there has never been a better time to do so. While previous buyers have succumbed to foreclosure, things are turning around. Interest rates on 30-year mortgages are currently averaging at just 3.87 percent, meaning even those with a modest income can afford Dallas homes for sale without the worry of a foreclosure.

According to HUD.gov, eligible participants are determined as follows:

Law Enforcement

You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.

Teachers

You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.

Firefighter/Emergency Medical Technicians

You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.

            For those who qualify, you may be eligible for up to a 50% discount on the list price of DFW homes that are in revitalization areas. For example, if the list price is $100,000, you can buy it for $50,000. Of course, there is a catch! You must live in the house for three years before you can sell it. When you buy the home at the discounted price, you must agree to and sign a “silent” second mortgage for the discounted portion. In our example above, you would have a primary mortgage of $50,000. This mortgage would operate normally, i.e., it will accrue interest. The discounted 50% or $50,000 would be secured by the “silent” second mortgage. No interest accrues on this mortgage and you do not have to make payments on it. The “silent” second mortgage only becomes active if you move out of or sell the house prior to fulfilling the 3-year occupancy requirement. At the end of this 3-year period, assuming you have fulfilled all of the requirements set forth by HUD, the “silent” second mortgage will be released. At that point you are free to do as you please with the house. You could sell it, rent it, stay in it, and you do not have to pay the second mortgage. You are however, still liable for the primary mortgage.

Back in January, low mortgage rates made national headlines when the Freddie Mac mortgage survey showed 30-year interest rates at 3.89 percent, with 15-year mortgage rates at 3.16 percent. At the time of the next mortgage report, 30-year numbers fell again, but then in the following weeks mortgage rates started to climb, reaching nearly 4 percent by the end of the month.

Prospective home buyers looking at Dallas homes for sale may have thought they missed their chance to cash in on low mortgage rates when they saw the rates rise last month, but fortunately for buyers, both 30-year and 15-year mortgages are once again at all-time lows, making headlines once more. While the 30-year rates are averaging at 3.87 percent, 15-year rates currently carry an even more attractive 3.14 percent interest rate.

There’s simply no way to tell whether mortgage rates will remain this low, so if you are considering investing in Dallas real estate, now is the time to do it. Contact DFW Realties today to browse a wide selection of Dallas homes for sale. If you find one you like – and we’re confident that you will – not only will you get a great home, but a great mortgage rate, too.

Plano ISD serves the city of Plano, located in Collin County.  This proves to be an ideal location for many individuals due to its proximity to downtown Dallas.  Parents can commute 20 miles to take advantage of the many opportunities offered in Dallas.

The ideal location is not the only appeal of Plano—the quality of life greatly contributes to its frequent rating as one of the top locations to live.  CNN Money rated Plano as the top location with over 100,000 residents to live in the Western US in January 2004 and Forbes rated Collin County at 14^th on its 2008 list of the best locations to raise a family.  Plano is included on numerous other lists rating safety levels, citizen approval levels, and quality of life.

Plano should especially appeal to first time homebuyers looking at Dallas Real Estate.  The city implemented a “First Time Homebuyer’s Program” that provides financial assistance for costs associated with down payments and closing costs.  This is aimed to help individuals just starting out who have a low-to-moderate income.  This is reflected in the 2009-10 Plano ISD demographics, with 23.5% of its students qualifying as economically disadvantaged.

According to the 2010 Plano Census, there are 99,131 households that consist of 259,841 residents.  Of these households, 35.8% have school-aged children, ensuring that a future homebuyer’s children would have friends in their neighborhood.  Additionally, the median 2009 household income was $101,381, demonstrating the appeal of Plano to middle class families.

The school district itself should also highly appeal to families interested in Dallas Homes for Sale.  Although Plano ISD received the second best District Accountability Rating of Recognized, 50% of the 70 schools were rated as Exemplary.  This district is far larger than most in the DFW Metroplex, accounting for its slightly lower rating. The 70 schools serve 54,939 students.

Despite the slightly lower District Accountability Rating, the class of 2011 greatly outperformed the national and state averages in standardized testing, an indicator that Plano ISD exceptionally prepares its students for college (pisd.edu):

Parents should also look at Plano ISD’s unique offering of AP and IB Programs, one of the few school districts to offer both.  Motivated students can take advantage of these, setting themselves up for success with college acceptances and college performance.  In 2011, 3,209 students took AP tests for college credit, making Plano’s AP program one of the largest in the US.  Of these tests taken, 76% received a score of 3 or above, generally enough to quality for credit at most colleges.  Plano’s IB students attend Plano East High School, with 109 students completing the rigorous full diploma program in 2011.