801 Cold Stream Drive in McKinney is a great 4 bedroom home with covered front porch and an island kitchen,  that is open to family room.  Great floor plan for entertaining with ceramic tile floors.  This McKinney home also features a large corner lot with a patio.  Lots of square feet with a great layout.   Since this is a Bank owned Foreclosure in McKinney it will not last long.  The Bank are agressively trying to get rid of these properties.

The McKinney ISD schools for this home areMalvern Elementary, Evans Middle, and McKinney High School.

If you are interested in homes for sale in Frisco, homes for sale in Plano, homes for sale in Allen and homes for sale in the McKinney area TEAMDECELL is who you need to call.  We have extensive experience with Foreclosures and Short Sales.  TEAMDECELL sells homes in the Frisco, Plano, Allen, and McKinney area primarily.  They are your home town experts and offer excellent customer service.  214-975-3210.

Should I buy a Foreclosure, Short Sale or Wait for a good deal?

Frisco currently has 948 homes for sale in Frisco in both the Denton County and Collin County.  There are 31 homes for sale in Frisco that came on the market for sale yesterday, some of which are a great deal.  These Frisco Homes are Foreclosures, Short Sales and Privately owned homes.  Some are good deals and some are not. 

If you are a buyer looking for a good deal then you should be patient but be able to act quickly.  For example 12235 Red Hawk DR in Grayhawk is priced at $161K and is 2100 square feet and 10465 Hay Meadow DR in Meadow Hill Estates is 3390 square feet and is prices at $241K both are good deals for Frisco.  But because they are good deals they won’t last long.  Another example of a good deal is 11857 Stephenville in Panther Creek of Frisco this home is a Short Sale.

Buyers should use a website to search for properties that updates daily and also don’t have homes that have already sold on them; www.teamdecell.com is a great site for that.  You need a website that updates daily because as I mentioned on good deals the buyer will need to act quickly, and if a website doesn’t update daily then when you finally see the home it may be a week old and have multiple contracts on it.

In shopping for Foreclosures Homes, also know as Bank Owned properties, Short Sales and the other homes in Frisco that are good deals, something else to consider is your real estate agent.  Does your agent have a strategy when it comes to submitting an offer on Foreclosures, Short Sale or a good deal?  There are a number of things your agent can do to help insure that your offer is the accepted offer. Talk with them and find out what and how they plan on ensuring your offer doesn’t get beat out by another offer.

Short Sale properties are in a class of their own.  They are not short in regards to duration but they are short because the sale price will be short of the payoff or loan amount.  Here again make sure your agent has a lot of experience in selling and listing short sales.  If your agent has list numerous short sales then he will know what goes on behind the scenes with the bank approval process and will be able to guide you properly.  Many real estate agents that only represent buyers don’t fully understand the process and how it works; this lack of knowledge will be to your detriment and a large waste of time.  As I mentioned 11857 Stephenville in Panther Creek of Frisco is a short sale that just came on the market.  The Listing agents’ goal is to get an offer as quick as possible to stop any Foreclosure preceding that might have started.  But many agents don’t realize that the offer submitted is a fully executed offer to purchase the property and that the listing agent can only accept one fully executed contract on the property.  You can have a back up contract but your agent will let you know that and you will sign a form saying that you acknowledge that this is a back up contract.  So all that to say if your not the execute contract you may be just another contract in a pile of other contracts that the listing agent has on his desk.  TEAM DECELL has a great deal of experience in short sales both on the listing side and the buyer’s side. 

This article is not meant to say that TEAM DECELL are the only capable realtors in the market place, because that is not true.  We have worked a lot of great agents over the years.  This article is meant to give you knowledge so that you can make a qualified decision regarding the realtor that you do use.  Make sure they are experienced in all aspects of the real estate industry, make sure they are full time agents, you don’t want to work with someone that only works the business for play money or because they are bored.  Full time agents are dedicated to their business because it’s their livelihood.  They want to earn your future business and the business of your friends and family, so they will want to do a great job for you.

If you would like additional information about what we have talked about in this article contact TEAM DECELL at our website or call 214-975-3210.  We are a team of 5 agents with an assistant.  We will make your next buying or selling experience a pleasant one. 

In the Real Estate market that we have today Home Owners, that foresee trouble making their mortgage need to exercise their choices quickly. 

The first thing to do is contact your Mortgage Company and explain your situation.  With the Bills that have been in Congress past many Homeowners have the right to renegotiate their mortgages. 

Secondly, if you foresee that the Mortgage Company is not going to renegotiate your mortgage then you need to immediately place your home on the market for sale.  Be honest with your Real Estate Agent.  If you hide the truth, about your situation from them, then they will not be able to help you to the best of their abilities.  Pick a Real Estate Agent that has had experience selling homes for individuals in distress.  Let your agent know how much you owe on the mortgage and let him give you an honest assessment of the value of your home.  If the value is below what you owe then you will need to pursue a Short Sale for the home.  Also, since your Third option might be to Short Sale your home, make sure that your Real Estate Agent has experience Selling Homes through the Short Sale Process.

Third, if you are unable to sell you home for what you owe on the home then you will need to apply for a Short Sale.  In the Short Sale process your Realtor will need to do a lot of work.  It is the Realtors job to make the connection with the Mortgage Company.  The communication with the mortgage company will be crucial in successfully selling your home with the Mortgage Companies approval.  The goal in the short sale process is for your for Realtor to get an offer to purchase your home as soon as possible.  Once and offer is obtained then the work with the bank begins.

Team Decell has assisted many homeowners in selling their homes through the Short Sale process and preventing the Foreclosure process.  We assist buyers and sellers in Frisco, Plano, McKinney, Allen and the Surrounding Area.  We are your neighborhood experts.  Call us 214-975-3210.

Investor who bought homes, with the intention of reselling them would have to wait 90 days.  Now HUD has announced a temporary waiver of the 90 Day Flipping Rule.  The waiver is effective for FHA purchase transaction loans with purchase contracts signed on or after February 1, 2010.

The waiver is limited to the following conditions

1. All transactions must be arms-length, with no identity of interest between the buyer and the seller, including:
   1. Seller must hold title
   2. LLC’s, Corporations and trusts must be established in accordance with state and federal law.
   3. No evidence of previous flipping within 12 months
   4. The property was marketed openly; via MLS, auction, FSBO

1. If the sales price of the home is 20% or more above the seller’s purchase price, the waiver will only apply if the lender meets the following conditions:
   1. Major work has been done to the home (documented by a second appraisal verifying the work has been done to support an increase more than the 20%)
   2. Where no work was done on the home, the appraiser must provide explanation to support the increase.
   3. A property inspection must be provided to the buyer prior to closing. At a minimum, the inspection MUST include:

·         Property structure, foundation, floor, ceiling, walls and roof;

·         Exterior, siding, doors, windows, any decks, balconies, walkways and driveways;

·         Roofing, plumbing, all electrical, heating and A/C systems;

·         All interiors;

·         All insulation/ventilation systems as well as fire places and fuel burning appliances.

1. The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

The waiver is scheduled to be effective for one year, unless otherwise extended or withdrawn by HUD.  If HUD discovers that there is a significant increase in mortgage defaults and claims attributable to the waiver, HUD may withdraw the waiver immediately.   

The complete text of the Waiver is available on the HUD website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

If you have questions regarding purchasing Homes in Frisco, Plano, McKinney, Allen and the Surrounding Area, TEAM DECELL is your home town experts.  We have extensive experience in working with Home Investors, Foreclosures, Short Sales, New Construction and every type of Real Estate transaction you can imagine.  Call now 214-975-3210

6344 Clarkson St in Frisco Square of Frisco is LOW MAINTENANCE LIVING AT IT’S BEST!  Large four bedroom and three bath townhome located in the heart of Frisco.  This Frisco home for sale has 1 bedroom down and 3 bedrooms upstairs. Luxury granite counters in kitchen with stainless steel appliances opens to family room all of which have beautiful tile floors, covered patio, & small grassy area. Huge game room upstairs and excellent storage & closet space. 3464 square foot townhome is price at $244,000, but believe me when I tell you that the bank will go lower.  The bank does not want to hold these Frisco foreclosure properties long.  Make an offer and let’s see how low the bank really will go.  Lawn maintained & watered by the HOA.  This Frisco townhome is conveniently located across from Pizza Hut Park and near all the newest hot spots in Frisco. 

The Frisco ISD Schools for this home for sale are Bright Elementary, Staley Middle and Frisco High School.

If you are interested in talking to someone about your options please call us or if you are interested in Homes for Sale in Allen, Frisco, McKinney, Plano and the surrounding area TEAMDECELL is who you need to call.  We also assist with New Construction, Pre-Owned homes, Foreclosures and Short Sales.  We are your home town experts and offer excellent customer service.  214-975-3210

WASHINGTON (Reuters) reported that  – Sales of previously owned U.S. homes rose in October at a faster-than-expected pace to the highest in more than 2-1/2 years as home buyers rushed to take advantage of a popular tax credit, a survey showed on Monday.

The National Association of Realtors said sales surged a record 10.1 percent month-over-month to an annual rate of 6.10 million units, the highest since February 2007, from a downwardly revised 5.54 million-unit pace in September.

Analysts polled by Reuters had expected October home sales to jump to a 5.70 million-unit pace from the previously reported 5.57 million units in September. Compared to October last year, home sales were up by a record 23.5 percent.

U.S. stock indexes extended gains on the data, while Treasury debt prices were little changed.

“Many first time home buyers have been rushing to beat the deadline for first-time buyer credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” said Lawrence Yun, NAR’s chief economist.

Distressed transactions accounted for 30 percent of sales last month and continued to weigh on house prices. First-time buyers made up a third of home sales in October.

The national median home price fell 7.1 percent from October last year, the smallest decline in over a year, to $173,100. Homes in foreclosure typically sell for 15 to 20 percent less than traditional homes for sale.

“Existing home sales have already bottomed. Home prices are almost there. We are seeing a less of a decline in house values,” said Yun.

The housing market is slowly mending after a three-year decline, which contributed to tipping the U.S. economy into its worst recession in seven decades. Housing construction contributed to economic growth in the third quarter for the first time since 2005.

Recovery is being supported by the $8,000 tax credit for first-time buyers, low mortgage rates and falling house prices. The government this month extended the incentive into next year and added a $6,500 credit for home owners buying a new residence. It had been due to expire on November 30.

“The tax benefits going into the housing market are working, and that’s a relief,” said William Larkin, portfolio manager at Cabot Money Management in Boston. “Everything is about housing and jobs right now.”

The improvement in October sales was broad-based, with sales of single-family homes, the biggest segment of the market, rising 9.7 percent to an annual rate of 5.33 million units, while condominium and co-ops increased 13.2 percent to a 770,000-unit rate.

Sales were up in all four regions of the country. Prices rose 1.1 percent in the Midwest, which didn’t see the same boom as the rest of the country, while declining in the other three. The rise in the Midwest was the first price increase in any region since November 2008.

Analysts are cautiously hoping a sustained housing market recovery will help to improve the psychology of households, which has been shaken by rising unemployment.

The inventory of existing homes for sale in October fell 3.7 percent to 3.57 million units from the previous month, NAR said. At October’s sales pace, that represented a supply of 7.0 months, the lowest in 2-1/2 years, from September’s revised 8.0 months.

However, the government offers a tax break to help homeowners who lost their home to foreclosure. Under the law, a taxpayer whose principal residence was foreclosed on does not have to claim the amount of debt canceled as income.

Debt reduced through a loan modification also is exempt. A loan modification makes mortgage payments more affordable by reducing the interest rate or lengthening the term of a mortgage.

Up to $2 million of forgiven debt is eligible for this exclusion; the limit is $1 million for married couples filing separate tax returns. The provision applies to debt forgiven in 2007 through 2012.

“You can claim the credit on your 2009 tax return as long as you have a binding contract by the end of April and you close by the end of June,” said Neil Allen, spokesman for CCH, which provides tax and accounting software and services for tax professionals.

If you file your return before you close on the purchase, you can file an amended return to claim the credit.

The program was expanded to include up to a $6,500 tax credit for existing homeowners wanting to move up to a new home, as long as they have lived in their current residence for five consecutive years out of the last eight.

The new portion of the bill that gives $6500 for existing Homeowners who will upgrade their home will be a definite boast in the Frisco Real Estate Market.  Many people who were going to sit and wait will now jump in.  Even if the home that your purchasing is a foreclosure, as long asa it is a move up, it qualifies.

To find out your options contact TEAM DECELL your local real estate experts.  We seek to help our buyers and sellers make good informed decisions.  Buying, Selling, Foreclosures or Short Sales we can help you.

13008 Hermitage Ln in Plantations of Frisco is a Bank Owned Foreclosure.  Located in the subdivision of Plantation Resort this home has it all.  This Plantation Resort property backs to fairway and is front entry, two-car garage with pool and spa as well as balcony and covered patio. Stone tile flooring greets you in kitchen and breakfast nook, granite countertops, double oven, backsplash and gas cook top are just a few more amenities in kitchen area. Corner brick fireplace with mantle and laminate flooring await you in the family room. 2760 square feet with 5 bedrooms, wow.

Banks are not in the business of owning property, call now and let’s see how low they will go.  With the end of the year approaching I think LOW.  Interest rates have remained low so now is the time to move.  If you move quick and your financing is in place you will be able to qualify for the $8000 tax credit.

Frisco ISD’s award winning Curtsinger Elementary, Wester Middle and Centennial High School are the schools for this Frisco Foreclosure.  If you are interested in talking to someone about your options please call us.  If you are interested in homes for sale in Frisco, Plano, Allen and the McKinney area TEAMDECELL is who you need to call.  TEAMDECELL sells homes in the Frisco, Plano, Allen and McKinney Area primarily.  They are your home town experts and offer excellent customer service.  214-975-3210

13522 Chittamwood Ln in The Villages at Willow Bay is a Foreclosure.  You get a lot of bang for your buck in this 5 bedroom 3.1 bath home that is 4326 square feet for only $275,000.  That is a steal of a deal in Frisco.  This home features stone/brick front elevation, granite counter tops, large eat in kitchen.  This home has multiple living area down stairs and upstairs.  The only thing this Frisco Foreclosure needs is you to buy it and move in.

Banks are not in the business of owning property, call now and let’s see how low they will go.  With the end of the year approaching I think LOW.  Interest rates have remained low so now is the time to move.  If you quick and your financing is already in place you will be able to qualify for the $8000 tax credit.

Frisco ISD’s award winning Mooneyham Elementary, Roach Middle and Liberty High School are the schools for this Frisco Foreclosure.  If you are interested in talking to someone about your options please call us.  If you are interested in homes for sale in Frisco, Plano, Allen and McKinney  or surrounding area TEAMDECELL is who you need to call.  TEAMDECELL sells homes in the Frisco, Plano, Allen and McKinney Area primarily.  They are your home town experts and offer excellent customer service.  214-975-3210