Plano added a few foreclosures homes in the last couple of days to the list. 2 Westlane Place in the Ridgewood Subdivision.  This could be perfect for an investor or first time home buyer home.  This Plano Foreclosure has 4 bedrooms, 2 bathrooms and almost 1500 square feet for only $64,900.  Now that sounds like a deal.

3940 Los Robles Dr in the Los Rios Subdivision is a 3 bedroom 2 bath foreclosed home with 2119 square feet and priced at $158,900. This Plano home has had some recent updates including Interior and exterior paint and the carpet replaced.  This bank owned property is priced at $74.99 per foot, I believe the bank will come way down on that price.

4016 18^th Street in Hidden Meadows of Los Rios is also a new Plano Foreclosure.  The Plano home has 3 bedrooms, 2.1 bathrooms, with 2152 square feet and is priced at $173.040.  The Foreclosed home also features vaulted ceilings and granite counters in the kitchen. Master bedroom and 1 living area are downstairs, with the other 2 bedroom and other living area up. Master bath has double vanities, garden tub and walk in closet. Open patio with relaxing pool.

6732 Myrtle Beach Dr in the Hills at Prestonwood is the last Plano Foreclosure for the day.  This good looking home is located in an upscale neighborhood! Freshly painted and updated carpet is in this 4 bedroom, 3.5 bath home.  This foreclosed Plano home is priced at $289,900 with 3059 square feet. 

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. 

2432 Marble Canyon Dr of Eldorado Estates in Little Elm is a Bank Owned foreclosure Home.   This two story brick home in Eldorado Estates has spacious bedrooms, all up with master suite downstairs. Kitchen has island, maple cabinets, ceramic tile flooring and backsplash. Master bath has his and her vanities, with separate shower and garden tub. Other features include High ceilings, a large backyard and a 3 car garage. Nice sized living area with fireplace. This home is Close to shopping, schools, and entertainment that Frisco and Little Elm have to offer.  Not to mention it is priced to riced to sell fast.  This Little Elm Home is 3176 square feet and priced at $189,900.  Don’t wait call now.

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

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

NEW YORK (Reuters)  reports that the U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury’s website.

Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.

The incentives, first announced in May, expand on the government’s Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started.

“While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve” or offer a modification, the Treasury said in its announcement.

Financial incentives for completing short sales or similar deed-in-lieu transactions — in which the deed is simply transferred to the lender — include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would receive $1,500 in relocation expenses.

Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower’s credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.

But short sales have been frustrating for borrowers and real estate agents, often hung up by negotiations with multiple lien holders and mortgage insurance companies. Real estate agents have complained that sales fall through as lenders bicker over the sales price, what they should receive from the proceeds, and whether the borrower will be held accountable for the debt in the future.

Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt.

It also prohibits mortgage servicing companies from reducing real estate commissions on the sale, a practice that has dissuaded many agents from taking short sale listings.

In one of the most contentious issues gumming up negotiations between lenders, the guidance caps the aggregate proceeds to subordinate lien holders at $3,000.

Second lien holders in recent months have begun demanding more money from the first lender, seller, buyer or agent in exchange for releasing their claim, agents have said. Because primary lenders would face larger losses in a foreclosure, some subordinate lenders have felt empowered, the agents said.

The largest second-lien holders are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc.

Second lien holders may proceed with a short sale outside of the Treasury program, if they felt the cap was too low, a Treasury official said in October.

“If there was a short sale program that didn’t recognize the second lien holder position, it could have pretty damaging consequences for the industry,” Sanjiv Das, chief executive officer of CitiMortgage, said in an interview last week.

Contact TEAM DECELL for assistance with selling your home.  We have assisted many home owners facing difficult times.  We have completed many short sales and pre-foreclosures transactions.  Call us if you have any questions 214-975-3210.  Don’t wait until the last minute we can help you take an informed strategy that helps you the most. 

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.

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