Danny's Real Estate Blog

Danny's Real Estate Blog Close
Page Summary

Danny's Real Estate Blog

I can't tell you how often it happens where I have to break the bad news to someone: something they saw on TV or the internet just isn't real. I know, real shocker. But just like the clickbait articles you see online, banks and online home search websites are just misleading and often leave consumers feeling had. I'm going to share with you here a few things to be aware of if you do decide to peruse the internet for your real estate advice, which you shouldn't be doing anyways.

Mortgage Rates

Every time I walk into my bank, I see their mortgage rate advertising on the screens behind the tellers. It looks a little something like this:

While this is all fine and dandy, this doesn't tell the whole story. Banks are quick to show the lowest rates

159 Views, 0 Comments.

We all know storms are as unpredictable here in North Texas as a Cowboys football season. Tornadoes, hail, even the occasional earthquake can happen at a moments notice. So what happens if something happens to the house you're buying before you close on it? Enter the Casualty Loss paragraph of the contract.

What does this mean in layman terms? Basically, if the house you're buying is damaged or destroyed by fire before you close on it, you're not obligated to still buy it if the home is not restored to its previous condition before the closing date. Now if it's not restored due to a situation beyond the sellers control (such as insurance companies falling behind during a tornado outbreak, fire destroying the property, etc.), the buyer has a few

623 Views, 0 Comments.

Each type of mortgage is different. Not only are they different in the down payment amount, but also different in the Mortgage Insurance Premiums, credit score requirements, and how appraisers do their jobs. They also have different maximums you're allowed to borrow. Since these numbers change every year, here's what's allowed in 2017. Keep in mind this is the amount borrowed, not necessarily the contract price.

FHA

Collin County, Dallas County, Denton County, Parker County, Tarrant County - $362,250
Cooke County - $275,665

Conventional and VA

$424,100

Jumbo

Anything over $424,100

Remember, these are the basic loans. There's different standards for rehab loans, USDA (based on income), doctor/lawyer/professional loans, etc. Your

323 Views, 0 Comments.

I hear this on just about every single listing appointment I have: 'I think my house is worth X'. My first question following is always 'Why do you think it's worth that?'. The immediate answer is usually 'I've done my own research, and that's what I think it's worth.' That's when I know how the rest of this appointment is going to play out, and just another reason why Realtors are necessary even in an age of so much information.

Texas is a non-disclosure State. If you don't know what that is, pay attention.

The final amount a home sells for is not disclosed to third party websites in Texas. No matter how much you want to believe the appraisal district, tax rolls, or the dreaded unreliable Zillow, it's something you are unable to find on the

707 Views, 0 Comments.

There are reasons why contingent offers can sometimes be less appealing than offers which may not be as much money. A contingent offer comes with a whole new set of 'outs' for the buyer, and potential headaches for the seller. As I mentioned previously, moving the closing date can come at a cost, so having the sale of a house tied to the sale of another can cause issues.

The Domino Effect isn't some new theory. Everyone knows it. I had a situation in late 2016 where the domino effect came into play, and it wasn't good. My clients were selling a home and purchasing an inventory new construction home. Closing dates were set. This is where it gets hairy, so pay attention. The buyer of my clients home also had a house to sell. Their home was under

443 Views, 0 Comments.

If you've thought about buying a home, but maybe didn't have all the money you'd need to do so, there may be an alternative for you. There are down payment assistance grants available if you meet certain criteria, as well as special programs for Texas Heroes. This is all through the Texas State Affordable Housing Corporation. You do have to be eligible for these programs, and not all will qualify.

Loans and Down Payment Assistance

TSAHC provides low, fixed-rate mortgage loans and home down payment assistance grants to help qualified home buyers purchase a home. These loans and home down payment assistance programs are available anywhere in Texas through a network of lenders and provide the following benefits:

  • A 30-year fixed interest rate
1,641 Views, 0 Comments.

As mentioned in a previous blog entry, the closing date is a deadline. It's the day the ownership of a property is conveyed from one owner to another. Extending the date can have a few financial consequences, however, so here's a few things to be aware of which may change if it happens.

Prepaid Interest

This is the one you buyers may be ok with. The further back in a month the closing date falls, the less prepaid interest one must bring to closing. Here's the kicker: as far as when your first mortgage payment is concerned, you finish out the month in which you close, then skip a month. The first payment isn't due until the following month. So while one may bring hardly any prepaid interest to closing by closing on March 31, the first payment would

515 Views, 1 Comments.

I can't believe i'm even about to write this blog. Hiring help should never have to come with any sort of disclaimer about not getting screwed. Like any other industry, there are some bad apples who seem to give the rest of us a bad name. Like any relationship in life, if there's no trust, it won't work. Alas, I think this needs to be said, and as you've never seen me hold back on anything, here goes.

There seems to be a misunderstanding that we Realtors are just out to make a quick buck off the backs of our clients, take off after closing counting our HUGE COMMISSION CHECKS (Thanks Bravo and HGTV for this nonsense), never talk to them again, and just hit repeat. Far from the case. I don't have enough space to get into the 'what Realtor's do for their

682 Views, 0 Comments.

Everyone wants to get as much money as they can for their home. We're all capitalists when it comes to selling what's most likely our largest investment. Most people are inclined to take the highest sales price without giving two looks to the terms of the deal. Seasoned Realtors, such as yours truly, know the devil is in the details. Remember those whole appraisal things? Let's take a closer look at the finer details of contracts.

It's natural to just look at the sales price. I mean, if someone is offering that much money, i'm going to get more out of it right? Not always. There are numerous things in the contract which add up and cost money. There's the typical seller paid expenses, such as title policy, survey, home warranty, HOA resale certificate,

504 Views, 0 Comments.

Buying a home is a wonderful and exciting time. It's one of the most rewarding parts of my job to tell a buyer they're going to be a homeowner. But as quickly as that joy comes, it can turn into a nightmare if one of any number of simple mistakes occur. There are numerous things you should avoid doing once you put a home under contract to avoid losing out on everything, and here's some of the key items.

Don't Make Any Major Purchases

I know it's tempting to see your dream refrigerator on sale while you're under contract, but making a large purchase is a no-no unless you do it with reserve cash. Any increase in credit card debt can cause your monthly payment to rise, which can throw your Debt To Income Ratio all out of whack. This could cause you to

1,984 Views, 0 Comments.