Thinking About Buying or Selling A Home In 2016?

Here’s What You Need To Know…

Who could forget the nightmare of the foreclosure crisis? Borrowers didn’t understand the terms of their loans, many were blindsided by last minute changes in fees and rates at the closing table—essentially, home buyers were most upset about the lack of disclosure in the mortgage process.

Since then, the Consumer Financial Protection Bureau has been working on making the loan process more transparent than it had been leading up to this, and as of October 3, 2015, there are two new forms that have replaced the previous (four) more misleading and confusing ones.

Both the Loan Estimate and Closing Disclosure are intended to streamline the loan application process and make it easier for borrowers to understand their contract by clearly spelling out the most relevant details all on one page—including the interest rate of the mortgage loan, the amount of the monthly payments and a listing of all the closing costs. Even if you apply for an adjustable rate mortgage, your documents will explain how the interest rate and future monthly payments could change based on certain factors.

The good news is that the “Know Before You Owe” forms have built in many protections for borrowers. Although making that big step into your new home should be (financially) more clear and sound—Purchasers not paying cash could be waiting up to 45 days for their contract to close, along with other set-backs.

The NAR is recommending you have everything ready seven days prior to closing, so before you start house shopping, here are the things you need to know:

Rather than waiting until the day of the closing to see the final figures, Borrowers now receive the Closing Disclosure three days in advance. To prevent any unwanted closing delays, a good rule of thumb is to have all the paperwork in order a week before your scheduled closing date. When you go into the three-day period, you’ll want to avoid any unnecessary changes. Making changes as the clock winds down can come with a cumbersome set of hurdles.

So this means that you and your settlement providers, including your Lender and Agent are really under the gun to get everything squared away—more so than ever before. Buyers and Sellers have to be cooperative as well, because if last-minute negotiations are made, a new three-day waiting period kicks in.

With zero tolerance for error throughout most of the disclosures, it’s vital everyone is working with a Real Estate Broker and Lender who understands the multiple new systems that have been introduced with these forms.

For those of you thinking about buying or selling a home in 2016, there’s a lot to do, and now is the time to get started!

We invite you to connect with us at Red Team Real Estate. Our Realtors are skilled in handling all types of real estate, and our comprehensive knowledge concerning the latest laws and market trends, along with the ability to network with other Agents and Lenders will truly benefit you. Contact us today and find out how we enhance both the buying and selling experience for each and every Red Team client.

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News: The 7 Rules of Selecting a Property Manager sneak peek

Are you a current property owner who wants to ensure you’re getting the best return on your investment?

Red Team Real Estate is proud to announce that our very own Michael Mayes is publishing his first book, The 7 Guides When Selecting a Property Management Company. Set to debut in 2016, this book goes far beyond simply selecting a property manager. Inside you will find a wealth of information, tips and secrets that all current and would-be investors should know. Ready for more? Here’s a sneak peek of one of the topics Michael will cover:

Owners Technology

In today’s market it only makes sense to have technology working for you. Any Property Management Company worth their weight in salt will be giving your properties the leverage they deserve by using technological tools that will nourish a successful investment.

Show me the money!
Collecting rent shouldn’t be a hassle. If you’re still going door-to-door, or only accepting cash and check payments, you’re doing too much work. Every Property Manager needs to invest in technology that will allow tenants to pay in whatever manner is convenient for them. And remember, the rent you receive must be reported on your taxes, and the right software will keep detailed records of all payments. This includes monthly owner statements, cash flow reports and other information that owners need to confirm your “Rental Business” is working.

Welcome to the Inter-Web…
One of the latest and most effective tools for potential tenants and property managers to showcase their properties is online and through social media outlets. 87% of electronic device sales will be tablets and smartphones…which means property owners (or their managers) will need to accommodate this new generation of prospects and applicants with mobile online leasing tools. Investing in mobile online leasing tools allows potential tenants to do the whole application process online and saves you a heap of a paper mess!

There are only 168 hours in a week and your Property Manager should be working smart and using them wisely! Owning real estate is a business and should be treated as such. Just because someone agrees to collect the renter’s check, does not ensure they are looking out for you best interest…

The 7 Guides When Selecting a Property Management Company, coming soon in 2016!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Where did my HUD-I Settlement Statement go?…The money is there, so why am I waiting 3 days to close on my house?!?!

Hey there folks!

Well, there’s a lot going on in our corner of the real estate world right now. Although fall is usually a time when things slow down enough for us to catch our breath, there are new “rules” that may be keeping some of you pretty busy. Fortunately, I know someone who has these changes all figured out, and she was kind enough to share her knowledge with us! Please enjoy the following article, by Ms. Jenni Jones, from Legacy Mutual Mortgage. — Michael Mayes

Where did my HUD-I Settlement Statement go?…The money is there, so why am I waiting 3 days to close on my house?!?!

These are just two of the questions many homebuyers, sellers, and real estate professionals are asking right now. And, no Chicken Little, the sky is not falling! But…buying or selling a home may just take a few more days…

The mortgage industry is changing again, and this time it’s affecting the day you’re actually closing on your home. These recent developments are a result of the Consumer Financial Protection Bureau’s new TILA/RESPA Integrated Disclosures (TRID) Rule, and it’s taking effect for mortgage applications signed on or after October 3rd, 2015.

Let’s simplify…

  • The existing HUD-1 Settlement Statement and final Truth in Lending Statement will be combined into a single Closing Disclosure form (CD for short)
  • The new Loan Estimate (LE) form replaces the current Good Faith Estimate of Settlement Costs (GFE) and initial Truth in Lending Disclosure (TIL)

The intention of both document changes is to provide a more consolidated document to the consumer—in an attempt to simplify the process. In addition, it is required that the CD be provided to the consumer a minimum of 3 full business days PRIOR to consummation, allowing them ample time to review the terms and fees of the loan.

Good to know…

These changes should be POSITIVE for the consumer IF the correct expectations are set up front!

The Texas Association of Realtors is recommending real estate contracts to have closing dates set a minimum of 45 days from contract execution. As we all know, closings can occur “on or before” the date listed, and there is rarely a situation where both parties won’t agree to close earlier if possible.

Here’s what we can do for you…

All real estate professionals (including realtors, escrow officers, and lenders alike) need to set realistic expectations for the buyers and sellers, allowing both parties sufficient time to meet the deadlines while still creating the smooth buying/selling experience everyone desires.

As with all the new things, there is sure to be a little chaos and a few mishaps at the start, but hopefully there won’t be too many consumers feeling like these changes are of the “end of the world” proportion. Of course, you can save yourself the headache… Working with experienced professionals like Red Team Real Estate and Legacy Mutual Mortgage when buying or selling your next home is the key to a painless process…contact us today, and learn how we can help!

Regional Operations Manager and Loan Originator
Legacy Mutual Mortgage

Being in the same marketplace has awarded me the pleasure of working with Jenni on several occasions. Each time, I have been impressed by her communication with the client, her focus on closing the deal and most importantly, making sure it’s done right. Ms. Jones was the featured speaker at our local association of NARPM last month and she did such a fantastic job of laying out the CFPB’s changes for us. Thanks again Jenni, all of your information was such a big help!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News

Ever found yourself having the will, but not the means? Right now DFW’s Real Estate market is paying out big for those who already own properties, but for those wanting to get in—well, it seems like you have to pay in big if you want to play. But hey, you know the saying…Where there’s a will, there’s a way—and this is definitely true of the current market. If you’re determined, if you’re ready, but you think that buying in isn’t a realistic option, you might be pretty surprised to hear that money isn’t everything! There are other factors that can change the odds in your favor, and it really comes down to how well positioned you are coming into an offer. If you’re hoping to get into our booming market, check out our latest article, A Well Positioned Offer: A Real Estate Investor’s Ace In The Hole

Winning Clients,

If you’re ready to start making money in this hot market, it really comes down to how well positioned you are coming into an offer. Red Team Real Estate has a proven track record of giving their clients the leverage needed to make the deal and make the money. If you’re considering a new purchase, we invite you to give us a call and speak with one of our experienced agents today.

Client Spotlight: Justin Wiggains, Goosehead Insurance


“My personal experience with Red Team Real Estate has been helpful, constructive and honest. Michael Mayes provides excellent seminars to the public by presenting priceless information on how to become and stay successful with investment properties. Red Team Real Estate brings a wealth of knowledge to each client, gives them top notch service and continues to keep their best interest a priority. When you’re searching for a straightforward, knowledgeable, professional team…the answer is Red Team Real Estate!”

The Justin Wiggains Agency-Goosehead Insurance

The Power Of Choice

We represent virtually every top rated insurance carrier in Texas to bring you the best product, at the best price for you and your family. Our insurance partner portfolio is robust due to our dedication to quality control and service, and we have unique appointments with certain insurance carriers that other agencies do not have.

Save Time. Save Money. We will shop over 20 “A” rated companies to find the best fit for your needs and budget.

We Keep It Simple. With our cutting edge technology, we take the complex process of buying insurance, and make the entire experience – from running quotes to signing documents – extremely simple.

We Shop. You Save. That’s The Power of Choice.


JUSTIN WIGGAINS  Agency Owner
direct   972.861.2001
mobile 214.914.1385
service 800.474.1377
fax        866.877.6250
5605 N. MACARTHUR BLVD STE 1007
IRVING, TX 75038

justin.wiggains@goosehead.com  www.gooseheadagent.com

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Red Team News

A strong demand for more moderately priced homes has set the North Texas rental market on FIRE!

Are you looking for more freedom? Are you ready for your investment to start working for you? Are your properties costing you more than their worth? Then it’s time to call Red Team Property Management. Just one phone call can save you time and money. Let Red Team handle the headaches for you. Red Team will take care of all your property management pains, including:

  • Taking care of all tenant issues.
  • Thoroughly screening all prospective tenants.
  • 24 hour marketing of your vacant property.
  • Making sure all required maintenance is done in a timely manner.
  • Providing 24-hour emergency service, so you don’t have to.
  • The use of Advanced Technology to manage your properties efficiently and effectively.
  • Monthly statements accounting for all income and disbursements, so you know what we are doing.
  • Conducting regular surveys of the property, while keeping the owner aware.

Red Team Property Management works hard to ensure you’re getting the best rent as our market continues to change, as well as fostering the right tenant fit – protecting your investment. Contact us today and start seeing results!

Educating for REAL Greatness,

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Ask the Expert: How can I best utilize my rental income for better, long term investing?

Answer: 

This month I told you about the 3 Simple Rules for a Profitable Purchase. {Click Here to View}. To supplement these simple steps, for a long and profitable investment, you should plan on setting aside a portion of your gross rental income for a “rainy day”. 

Every situation is different, seek advice on what number might be best for you. This includes regular maintenance, repairs and the downtime of vacancies. 



Have a question?  Let us help!  Click here to submit your question.

Educating for REAL Greatness,
Red Team Real Estate and Property Management

Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.