July 2016

Found 3 blog entries for July 2016.

 

The difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.

A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any auction.

With a bank-owned home, the ‘owned’ is attached by hyphen to a banking institution – a spot not exactly known for excitement. True, banks are eager to sell, since a bank-owned home represents an unprofitable financial and management burden. But banks are by definition cautious, thorough, and usually (unlike

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One of the effects of the steady national rise in home prices is a shift in attitude by previously cautious consumers. It’s only natural to find more people focused on buying homes in the DFW while it is still relatively inexpensive to do so.

Homeowners who are listing their own Dallas properties this summer are well advised to be mindful of those and other considerations bound to be motivating prospective customers. Buying homes – especially homes in a faraway locale – gives rise to many concerns. Positioning the way a home is marketed to anticipate those concerns can mean a sale to an out-of-town buyer on a Dallas home-hunting trip.

Some of the questions out-of-towners are likely to be thinking about:

What are the neighborhoods like?

Why

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When you plan on getting a mortgage in DFW anytime this summer, you’re fairly certain to run into something known as the GFE. It’s the acronym for ‘Good Faith Estimate’-- and despite the reassuring name, the federal government decided they had better make it mandatory (to me, the opposite of having much faith at all).

The GFE has a new format dictated by the federal Real Estate Settlement Procedures Act which requires lenders to provide an estimate of the charges and fees due at closing. Lenders have three days to make it available.

The GFE looks like a bill. It features a list of fees and charges denoted by three-digit codes. It is grouped into sections to make it more readable, and although at first glance the resulting grid looks overly

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