Monthly Archives: April 2012

Simplify The Home Closing Process!

Most consumers are likely anxious to complete the home buying process, so the last thing they want is a last-minute surprise while they’re closing on the house. The closing process is the final hurdle buyers face after they have agreed to purchase the home, but it’s important to be prepared to avoid obstacles that may delay the sale.

There are several ways buyers can ensure the closing process goes smoothly.

Understand the closing procedure

Before entering into closing negotiations, it’s crucial to fully understand the process. By knowing what to expect, buyers can ask appropriate questions and clarify aspects that they may not understand. It’s also to ensure that all parties are kept in the loop. Human error is natural, but details that get lost in the cracks can lead to delayed or canceled home sales, according to MSN Real Estate. For this reason, it is important for buyers to get in touch with the professionals who are representing them to ask about what to expect. Another important step is identifying and gathering all documents that should be brought to closing negotiations.

Review documents

Missed details in loan documents can either lead to mistakes in the paperwork or leave buyers with a product or payment scenario they are unhappy with. Reading loan documents may seem time-consuming, but it’s the best way to resolve potential problems or misunderstandings before they occur. Lenders are required to provide buyers with their loan documents, by request, at least 24 hours before the closing, so individuals should re-read the contents to make sure they know what they’re signing.

In addition, buyers should make sure they have all that they need the morning of closing, including their check. The loan documents should spell out the amount that buyers are required to bring to the closing. In addition, buyers may need to certify the check in order for the lender to accept it. Some buyers may have the option to wire transfer the funds, but this can take longer and delay closing, thus having a check ready may be in the buyers best interest. In addition to the check, buyers will likely need a copy of their photo ID, homeowners insurance policy and good faith estimate, on top of their loan documents.

Source:  Coldwell Banker

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Lakeside DFW Destined To Be..

People should not be judged by mistakes made, but rather what they do to correct those mistakes.

The Stewart Family has owned the property now known as Lakeside DFW since 1973. Development of the property has been seriously considered since 1994. Zoning issues, the financial crisis, followed by the worst recession America has seen since 1929 drove Lakeside DFW Land Ltd.’s bank to not renew its loan and threatened to foreclose. Therefore Lakeside filed for bankruptcy protection in October 2010.

Bankruptcy law prevented Lakeside DFW Land Ltd. from paying any creditors until a final settlement with all the creditors was reached. Flower Mound was the only creditor that did not support the Plan to emerge from bankruptcy paying 100 cents on the dollar of all current debts. According to Lakeside DFW’s website, The Town of Flower Mound, which was owed $138,191.33 in January 2011, was repaid with interest in September 2011. The second of 13 payments was made on time in January 2012.

“We are proud to be the only property owners in the Lakeside Business District to have emerged from bankruptcy,” Mr. Stewart stated on the LakesideDFW.com website. “If we had failed, the property may well have been sold off in pieces to the highest bidders. That would have created a mess for the town and wasted a golden opportunity.”

“We stuck it out because we believe in Flower Mound and we want to see this property blossom into something very special.”

“Residents should know the people who are proposing to make such an important investment in Flower Mound,” Stewart insisted, “and we’re proud for them to take a long hard look at us.”

“They also should know,” he added, “that the Town’s mixed use ordinance will ensure quality development at Lakeside DFW, even if everyone at Realty Capital is hit by a truck.”

“From this point forward, Town officials should consider taking their cue from Flower Mound residents,” Stewart suggested. “Residents want Lakeside DFW to help improve their quality of life here in Flower Mound. They are growing impatient with delays.”

Realty Capital, which has done business with literally thousands of entities over its 25-year history, has proposed a stunning $1 billion development along the shores of Lake Grapevine in Flower Mound called Lakeside DFW.

Under the mixed use ordinance, their plan features public trails and parks with lake views, high quality dining and shopping experiences, high quality housing options not found elsewhere in Flower Mound, and office development. It is designed to serve as a magnet for all kinds of activities and for people from all over North Texas.

If that’s not a big enough show of faith, they announced late last month they intend to establish a non-profit organization to benefit the Lewisville Independent School District, the Town of Flower Mound and the Lakeside DFW neighborhood.

At a meeting last week with LISD Superintendent Dr. Stephen F. Waddell and his leadership team, Lakeside DFW officials discussed the possibility of creating the charitable organization, which will be named The Lakeside DFW Foundation.

“The purpose of The Lakeside DFW Foundation is to donate funds to the school district and other causes important to the residents of Flower Mound and Lakeside,” explained Richard Myers, a partner in the Lakeside DFW project and managing director of Realty Capital.

The foundation will collect a small transaction fee on all commercial property sales that occur in the Lakeside DFW project (one-half of one percent). If approved, the project at build-out should generate hundreds of thousands of dollars per year to be donated to worthwhile causes.

Myers, a down-to-earth guy who grew up in a small town in the Midwest, further suggests the foundation’s charter require that at least one-half of all this money be donated to the school district. Increases in property taxes in the district will not currently provide many new revenues to LISD’s maintenance and operations budget so the donations will prove beneficial to schools in the district regardless.

Realty Capital has implemented the same type foundation efforts in other towns and school districts they’ve worked with, such as Argyle and Argyle ISD.

Lakeside currently falls under the Master Plan’s strict “campus-commercial” restriction. “Campus- commercial” does not allow for lake-view restaurants, empty-nester or senior housing; or any kind of pedestrian-friendly retail neighborhoods to be built on the shores of Lake Grapevine.

Lakeside DFW has applied under the Mixed Use ordinance passed in 2008 to amend the Master Plan and zoning to build a mixed-use community. For construction to begin at Lakeside DFW, four out of five Town Council members must approve the zoning application. History has proven it’s extremely difficult to get four out of five votes in agreement on development projects in Flower Mound.

The Stewart family, Realty Capital and Richard Myers have shown great enthusiasm, financial commitment and interest in listening to the people of Flower Mound through a series of open discussion meetings at the Lakeside property. The last occurred April 5 where the topic Multi-Family was brought forward in detail.

Flower Mound residents sharing the same vision as Realty Capital and Lakeside DFW should express their support by contacting their Town Council at the email address below: mayor/towncouncil@flower-mound.com.

Let your Town Council members know you support the zoning change from “campus commercial” to “mixed-use” so the amenities that residents ask for can be built.

Lakeside DFW requires a super-majority approval from the Town Council and it only takes two “NO” votes to completely stop the development. One day a chicken, the next day feathers if only two council members disagree.

You can follow Lakeside DFW by visiting the web site at LakesideDFW.com or “Like” them on Facebook at: Facebook.com/LakesideDFW.

Most importantly, be sure you vote on May 12 for a town council that shares the same vision as you.

Source:

Shane Allen, The News Connection

Published 04/12/2012 – 2:28 p.m. CST

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Buying a Home? The COST Is More Important Than the PRICE…

We have often advised buyers to look at the COST of purchasing a house more than the PRICE of the home. Obviously, price is part of the cost equation. The other piece, assuming you are not an all cash buyer, is the mortgage rate. The mortgage rate to finance a purchase can have a dramatic impact on the overall cost. Recently, there are more people talking about the possibility that mortgage rates could begin to increase.

HSH.com studies trends in mortgage rates. They explain:

“A better economic climate almost always brings higher rates, and a lessening of the troubles in Europe from massive central bank assistance adds to the movement of money from safe havens to more risky assets, driving rates upward.”

Dan Green of The Daily Market Reports recently stated:

“The Fed sees growth coming faster than originally expected. There’s suddenly less chance that the Federal Reserve will intervene to help keep mortgage rates low. Absent Fed intervention, mortgage rates are apt to rise and Wall Street is now betting that the Fed has bowed out. With no stimulus, mortgage rates rise.”

Lawrence Yun, chief economist for the National Assoc of Realtors, recently wrote:

“Mortgage rates will be starting to rise. From the 3.9 to 4.0 percent average rate in the past five months on a 30-year fixed mortgage, the new rates will soon be in the range of 4.3 to 4.6 percent.”

Yun explains his logic here.

We do not attempt to predict future interest rates. We leave that up to the experts in the field. However, we want our readers to understand the potential impact on the cost of purchasing a home if they do rise. Here is a simple table that shows, even if the PRICE of a home softens, the COST of a home could increase.

Bottom Line

Many purchasers think they should wait until they are sure that prices have hit bottom. Deciding whether or not to wait should be determined by where the COST of a home is headed.

Source:  KCG Crew

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Mark your calendars for our Laviana of Lantana Open House!

The time has arrived for the “Laviana of Lantana Open House” today & Sunday from 2:00 – 4:00 pm..Food, prizes & More in the Lantana, Texas Community! Take a look at the image for details!

Source: Uploaded by user via Jim on Pinterest

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Must See Colleyville, Texas Home For Sale!

Come take a look at this Elegant & Grand Home For Sale In Colleyville, Texas From 2:00 – 4:00 pm today!  Our Agent, Allison Goldsmith will be on hand to answer any questions and show you around.

Source: realtor.com via Jim on Pinterest

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