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: Are you thinking about purchasing a rental property?

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 Rules of Selecting a Property Manager. 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:

Real Estate Agent vs. Property Manager

Did you know that in Texas (and many other states) you must be a licensed real estate agent in order to be a property manager? While this law makes sense and has its benefits, there are some big downfalls that can arise from it as well.

Are you aware that something as small as a missing peep-hole could end up costing you up to $500 in rental code violations? Most of these “sign in the yard” type agents don’t really have the time or motivation to stay on top of the latest laws, or even the most basic ones for that matter.

There’s just no way that a part-time agent can manage and protect your investment as it should be, and most likely, they won’t be readily accessible or available when a crisis does occur. More times than not, the part-time “manager” usually views the property owner as a short-term revenue stream, not a long-term partner, which ends up costing investors more than they bargained for.

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 Rules of Selecting a Property Manager, 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.

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.

A Well Positioned Offer

A Real Estate Investor’s Ace In The Hole

I recently talked about the continued population growth in the Dallas/Fort Worth area (click here to read the full article). Well, guess what…we’re still on fire, and with an expectation of continued growth, DFW is a rental property owner’s dream come true. Nowadays I’ve been hearing that most potential purchasers are finding it close to impossible to pick up properties at a reasonable price—between such high competition and record low inventory, sellers definitely seem to have the upper hand…so, is there any hope for investors to pick up a property and still make a profit?

I have great news for all of our wonderful Red Team clients, the answer is YES! And we’re not holding anything back…we’re showing you all four Aces!

Aside from your offer price, there are several other factors that can make or break your next purchase. Even if you don’t come in with the highest dollar offer, there are a few other things that can land you the deal. Here are 4 ways that will give you, the purchaser an upper-hand, ensuring your offer makes a real impact:

  1. Option period: A shorter option period tells the seller that you are serious about the purchase and are ready to move quickly and efficiently throughout the process. Sellers can be hesitant about longer option periods in this market because if your offer falls through, they’ll be stuck waiting much longer to move on to the next.
  2. Financing:Having your Pre-Approval in advance, from a lender who understands this business makes a huge difference–it shows a seller that you are organized and you will follow through with what you say.
  3. Option Dollars:As a serious buyer, offering option dollars could also be a way for a seller to see your offer as more appealing, even if you aren’t one of the highest offerers. Sellers tend to see you as more serious if your Option Money is on the higher end, as you must believe, as well as the seller, that you are more likely to close the deal.
  4. Cash:The old saying that Cash is King has not gone away. A cash offer sometimes will make the difference on a deal even when it is significantly lower than the asking price. Cash deals usually mean a quicker close and that the seller will have the money sooner. Note: Even if you are a buyer that is financing, the amount of cash you put down (% of purchase) can impress a seller on how serious and how strong of a buyer you are.

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.

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.

Knowing the REAL Numbers

3 Easy Steps for Buying Profitable Properties

Just like buying a home for themselves, there is a full spectrum of reasons investors may have for buying a specific rental property. Some will buy strictly for the rental income, some will strategically buy into a neighborhood because of an expectation of appreciation, some need the tax savings and others are simply buying for the long term equity gains.

If you are interested in real estate investing, the following three steps are going to be fundamental in choosing a profitable property, as well as making it a heck of a lot easier!

  • You’re not ready to start moving forward until you’ve established where you want to end. Know where you are going in advance. Set clear goals and expectations of what you want to gain from your properties.
  • Finding an agent who knows your area and understands property investments is crucial! In addition, regardless of your reason(s), it is essential that the agent buying for you understands your specific short and long-term goals. Only then can they help you discern the pros and cons of individual properties.
  • Do the research and project ahead. In the ever changing world of real estate there may not be any guarantees but there are many ways to ensure you’re making the right decision. If real estate investing is new to you, don’t just jump into the deep end—find someone who can help educate and guide you into the right investment.

Are you ready to take the next step?

Over the years we have worked with many clients that were ready to jump into a property that, at face value, looked like a profitable investment. But even a peach of a property can turn to a lemon without drilling out the real numbers based on your individual reasons. Red Team Real Estate has created a 12-month worksheet that will measure your goals against your purchase. This unique and valuable tool will help you visualize what a property purchase is going to look like so you can ensure you’re making the most of your investments. Call us today @ 817-921-3545 for more information and a FREE 12-month investment worksheet!

Winning. Clients.