I Received a Full Price Offer!

Sales Contract

We currently have a home listed for sale. The homeowners have been relocated to a different state and the home is vacant. We received an excited phone call from the seller this afternoon. She had received a full-price offer on her property! Since we have an exclusive right to sell listing agreement, I was curious how someone got the offer to her directly, but an offer is an offer.

We had her fax it over to us to review. Rather than a contract to purchase, it truly was just the transmission of an offer. They were offering full price with a $10 earnest money deposit. Out of the norm, but it was a starting point. I was doing okay until I read the conditions:

“Seller agrees to leave the existing financing in-place and/or finance Buyer’s assignee or successor buyer.” This one should be a huge red flag for any seller. Basically, they will deed their property to a new owner but not pay off their mortgage. Wrap mortgages can be done in some states but most modern mortgages include a Due On Sale clause which states that the balance is due when the property is sold. Some of these companies will tell you that they bank will not exercise the Due On Sale clause but I’ve actually seen it happen when a buyer transferred his rental property into a Limited Liability Company.

“Sales price is contingent upon the condition of the property, the actual Fair Market Value, and current market conditions.”  While they’re offering full-price, it can be adjusted later based upon a number of factors.

While I personally classify this as a scam, do yourself a favor and do not become involved in this type of “sale” without consulting with an attorney.

Tom Branch, Broker, CDPE, SFR

February Existing Home Sales Decline following Sustained Gains

WASHINGTON (March 21, 2011) – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®. 

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

Read the entire story.

Source: National Association of REALTORS®

Dallas TX Home For Sale 5026 Wenonah

Dallas TX Home For Sale 5026 Wenonah

3 Bedrooms | 1 Baths | 1644 SF/Appraiser

Dallas TX Home For Sale – 1940s charm with modern updates. Nice single level home has been completely updated including refinished oak floors, marble flooring in wet areas, granite countertops, stainless appliances, attic insulation, Tuff shed, steel entry doors, roof, hot water heater, fresh exterior paint, slate patios, and updated landscaping. Owner has approved plans for extended master suite and 3-car garage. Easy access to Love Field, Dallas Tollway, and downtown. 

Dallas Texas Home For Sale for Current Pricing, Details, Photos, and Virtual Tour.

Photo: Copyright ©2011 – Imaged2Sell | Source: NTREIS

Garland TX Home For Sale 2622 Princewood

Garland TX Homes for Sale 2622 Princewood

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3 Bedrooms | 2.1 Baths | 2-Car Garage | 2351 SF/Tax

Garland TX Home For Sale – Wow! Nicely updated home close to Firewheel Mall and Turnpike. Open floorplan with soaring ceilings, lots of windows and designer colors. Gourmet kitchen with granite counters and backsplash. Formal dining area with built-ins. Updated baths. Updates include 13 SEER HVAC, hot water heater, foundation repair, appliances, carpet, fixtures, ceiling fans, 2-inch wood blinds, and door hardware. Covered patio for entertaining and large storage shed. 

Garland Texas Home For Sale for Current Pricing, Details, Photos, and Virtual Tour.

Source: NTREIS

The Finish Line – Another Short Sale Closing – Prosper TX

Another short sale closed! The sellers avoided foreclosure, the buyers purchased a nice home at a discount, and the lender did not have the losses involved with a foreclosure.

The Finish Line - Another Short Sale Closing - Prosper TX

Many people feel that the nation’s economy rises and falls with the housing market. While this is often true, we believe the current housing crisis is a direct result of the economic downturn and massive job loss across the nation.

In the Short Sale community, the vast majority of homeowners did not get a bad loan or buy more house than they could afford; they’re just good, hardworking Americans who fell on bad times.

All indicators point to Short Sales being on the real estate horizon for the foreseeable future, at least through 2012, and maybe longer. Industry experts see another wave of distressed homeowners surfacing when the once popular Pay Option Adjustable Rate Mortgages (ARMs) begin to adjust in the coming months.

These mortgages allowed the borrower to essentially “pick a payment” that fit their budget in order to get into the house they wanted to purchase. These loans have the potential to negatively amortize and the rate will adjust upward – it’s just a matter of time. Pay Option ARMs were widely used in California and will begin adjusting soon.

We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

Susan L. Johsnon Earns NAR Short Sales and Foreclosure Certification

Short Sales and Foreclosure Resource

Susan L. Johnson with The Branch Team – RE/MAX Dallas Suburbs has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new “traditional” transaction.  REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.

Dallas Business Journal Top 25 Brokerages 2010

DBJ Top 25 by Brand

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RE/MAX Dallas Suburbs is once again in the top 25 real estate brokerages in North Texas based on closed transactions in 2010. 

Our office moved from 20th place in 2009 (1,038 transactions closed) to 14th place in 2010 (1,241 transactions closed).  We noted that 68% of the brokerages on the list had a decrease in the number of transactions closed between 2009 and 2010.

We compiled the data by brand in the chart above. We’re pleased that RE/MAX® brokerages have the highest production per agent at 13.3 transactions per agent than any other brand in the Top 25. RE/MAX Dallas Suburbs agents closed 15.51 transactions per agent–the second highest in the Top 25 (another RE/MAX® brokerage was number 1).




Source: Dallas Business Journal – March 4, 2011