Rich Patterson, Realtor, RE/MAX Urban, Downtown Dallas, Uptown Dallas, Oak Lawn, Oak Cliff

Seller Tip: A Fresh Coat of Paint Can Make a Difference - Contact Rich Patterson, Downtown / Uptown Dallas Realtor.

Saturday, 05/19/2012


Real Estate News
Dallas & National


Market Update

March 2012

176 New Listings
17 Active Foreclosures
80 Sold

  • 94.76% of List Price
  • 111 Average Days on the Market
  • 23 Median Days on the Market
  • Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.

    Read more about current Dallas Real Estate Market Activity.


    2011
    Annual School Report

    This Annual School Report is provided by my friends at Republic Title


    WR Starkey Mortgage News

    HUD has come out with more major changes that will have an impact on files with case number ordered on or after April 1, 2012 (April 9. 2012 for UFMIP and MIP). Case numbers stay with the property, not the client. Case numbers may not be ordered until there is a fully executed contract in place.

    #1- Increase in Upfront and Monthly MIP

    The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. Again, this change is effective for case numbers assigned on or after April 9, 2012. In addition, the monthly MIP will increase by .10.

    #2- Dispute Accounts OR Collection Accounts Must be Paid if over Cumulative $1000

    If the borrower has individual or multiple disputed credit accounts or collections with singular or cumulative balances equal to or greater than $1,000, the accounts must be resolved (e.g. payment arrangements with a minimum three months of verified payments made as agreed) or paid in full, prior to, or at the time of closing. The lender must obtain documentation supporting the payment arrangements or that the debt has been paid off. The payments arranged for the accounts must be included in the calculation of the borrower's debt-to-income ratios.

    Disputed credit accounts or collections resulting from identity theft, credit card theft, or unauthorized use, etc., will be excluded from the $1,000 limit under the terms shown below.

    The mortgagee must provide in the case binder, a credit report or letter from the creditor, or other appropriate documentation, to support that the borrower filed an identity theft or police report to dispute the fraudulent charges. Mortgagees must provide documentation in the case binder to show all disputed or collection accounts are resolved, verified as not a debt to the borrower, arrangements made for payment, or paid in full.

    This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.


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    Rich Patterson

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    Dave Perry-Miller & Associates
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    Seller Tip: Fresh Paint Can Make a Difference


    There are many factors that can affect the sale of your home. Many of these, like interest rates, number of buyers, and amount of competing inventory, are simply out of your control. There are, however, things that you can do to improve the chances your home will sell quickly—one of them is to give the place a fresh coat of paint.

    A new interior paint job makes the house look both well-maintained and clean. A general rule is to stick with neutral or light colors—those seem to have the most appeal to buyers. If someone has smoked in the house, you should use a quality primer to cover smoke stains before painting.

    If parts of your house have wallpaper, you should consider removing it—wallpaper is usually a matter of personal taste. Removal is usually fairly simple work, but can be tedious and incredibly hard, depending on how it was applied. Perhaps the easiest, most effective way is to use a wallpaper remover/steamer, a sponge, and a bucket of warm water, but there are other effective methods, as well.

    You should consider painting the ceiling, as well, as buyers will be looking at it rather closely to search for signs of leaks and cracks. If you do have cracks, you can use fiberglass tape to cover them, then spread joint compound and sand well before painting.

    If you have ceilings textured with asbestos-free material, you may want to scrape the popcorn off. It’s fairly sloppy work, and you’ll need to repaint when it’s done, but it will make a big difference. If you’re not sure if the popcorn on your ceiling has asbestos, you absolutely should get a sample and have it tested before attempting to remove it—you can find labs on the Internet.

    It’s not just about the inside, either. Curb appeal is so important and the paint job plays a huge part in that. Even if the buyer has seen your home on the Internet and is familiar with some of the specifics, when she sees the house in person, the exterior will give her a first impression—one way or another.

    If the house really needs a thorough exterior paint job, you may consider hiring professional help, particularly if you’re in a two-story home. If the house generally looks good, but could use a few touch-ups on the trim and gutters, spending a little cash to buy a couple cans of paint is a quick and inexpensive way to sharpen the appearance of the property.

    It’s amazing what a difference a little paint can make—it can really freshen up the house and make it more pleasant and appealing to buyers.

    Copyright 2009 TEXAS ASSOCIATION OF REALTORS®


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    Dave Perry-Miller & Associates
    2828 Routh Street, Suite 100
    Dallas, Texas 75201
    Texas License #0578882
    (214) 563-1667 mobile
    (214) 853-9497 fax
    (214) 303-1133 office

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