The Finish Line with Another Short Sale Closing in Grand Prairie 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.

Another Short Sale Closing in Grand Prairie 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.

CB JENI Homes to Build Chase Oaks Village Townhomes

Chase Oaks Village Townhomes

CB JENI Homes has broken ground and will build 40 2-story townhomes in Chase Oaks Village in Plano, TX.

The builder is offering three floor plans between 1400 and 1804 square feet in size. The Bridgeport is 1400 square foot, 2 bedroom, 2.1 bathroom townhome with a base price of $148,990. The Callaway is a 1629 square foot 2 bedroom, 2.1 bathroom, loft and game room townhome with a base price of $160,990. The Sutherland is a 1804 square foot, 2 bedroom, 2.1 bathroom, loft, and study townhome with base price of $173,990.

CB JENI Homes are very energy efficient with R38 insulation in the ceilings, R13 in the walls, and R22 in the vaults; low E double pane vinyl windows, and 16 SEER HVAC.

The builder offers a one-year warranty, and a two-year system warranty.  A ten-year foundation and structural is provided through StrucSure Home Warranty for peace of mind.

CB JENI Homes Chase Oaks Village Map

Click for Larger View

Chase Oaks Village is located in Plano on Legacy just west of US 75. Presales will begin in mid-April.

New Home Rebate

Purchase a new home through us and we'll help you with your closing costs! We'll give you a credit of 1.5% of the price of the home at closing to use towards your closing costs.

Click here for our New Home Rebates page.

Stumped at Olive Garden Frisco TX

My daughters and I stopped into the Olive Garden in Frisco last night. I don’t care what day of the week it is, there’s a wait to get a table. Olive Garden must be doing something right! 

Olive Garden Frisco TX

When the server delivered dinner, she asked us if we wanted some grated cheese on our meals. As she put it on, she asked us if we knew what kind of cheese was used. Parmesan was my guess…wrong! We tossed out a couple of quick follow-up guesses to no avail. My daughters even went online with their phones hoping Google would provide the answer. Nothing! 

We eventually gave in and told her that she won. What was the correct answer? Romano cheese is used. Apparently Parmesan cheese is a bit too spicy for most people so Romano is used unless otherwise requested.

We had a good meal and some fun as well. Next time we’ll be ready!

Tom Branch, Broker, CDPE, SFR

Garland TX Broker Open 2622 Princewood

The Branch Team will take part in a multi-home Broker Open on March 30th from 11:00 AM until 1:30 PM. Lunch will be provided at 2625 Kimberly Dr and Dessert will be offered at 2622 Princewood.

Come out and take a look at these wonderfully updated homes ready for your buyers.

Tom Branch, Broker, CDPE, SFR

February Pending Home Sales Rise

Pending home sales increased in February but with notable regional variations, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Read the entire story

Open House Schedule March 27 2011

The Branch Team will be holding four listings open on Sunday, March 27 2011.

10:00 AM – 11:00 AM – Power Hour – 2617 Cedar Falls, Little Elm, TX

2617 Cedar Falls, Little Elm, TX

4 Bedrooms | 2.1 Bathrooms | 2-Car Garage | 2810 SF/Tax | $174,900

11:30 AM to 12:30 PM – Power Hour – 3525 Monmouth, Richardson, TX

3525 Monmouth, Richardson, TX

3 Bedrooms | 2 Bathrooms | 2-Car Garage | 2086 SF/Tax | $238,990

1:00 PM – 3:00 PM – 5605 Southampton, Richardson, TX

5605 Southampton, Richardson, TX

4 Bedrooms | 3 Bathrooms | 2-Car Garage | 2743 SF/Tax | $234,900

 3:00 PM – 5:00 PM – 2622 Princewood, Garland, TX

2622 Princewood, Garland, TX

3 Bedrooms | 2.1 Bathrooms | 2-Car Garage | 2351 SF/Tax | $159,900

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