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

Seller Tip: Spend Some Time in Your Kitchen | The kitchen could be the most important room in a house. - 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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    Seller Tip: Spend Some Time in Your Kitchen


    The kitchen could be the most important room in a house. Maybe it’s the warmth and pleasant smells, maybe it’s because there’s always activity, or maybe it’s something else—whatever the case, many of our memories from our homes originate in the kitchen. Buyers are not ignorant to this fact. The kitchen can be of key importance in not only the amount of an offer, but maybe even getting an offer.

    It should go without saying, but before you put your home on the market but you really should make sure your kitchen is properly cleaned and de-cluttered. If you’ve lived in the house for more than a couple of years, you’ll probably find forgotten items in the depths of the cabinets. If so, donate, pack, store, or throw them away. Kitchen storage is precious and important to many buyers—you’ll hardly ever hear “there was just too much storage in that kitchen” from a house hunter. By getting rid of or storing all the stuff you don’t use, you’re clearing space and making the kitchen appear orderly and more capacious.

    Aside from clearing away all your old stuff, you should defrost and clean the refrigerator, take care of the stovetop and oven, and make sure your cabinets and the front of all appliances are sparkling.

    If you have an older home, sometimes elbow grease and industrial strength cleaners are not enough. Deterioration of the various parts of your kitchen is an immediate turnoff to buyers—they imagine themselves spending money on remodeling. Furthermore, if the house for sale down the street has a newly remodeled kitchen, you may have to keep up with those Joneses. The reality is that many buyers’ expectations have been raised in these days of ubiquitous fixer-upper, home improvement shows.

    The good news is that buyers will typically overestimate the cost of remodeling, especially in the kitchen. Your return on investment for kitchen remodels can be substantial, sometimes approaching or surpassing 100%. If you’re handy, or have some handy friends, you can recuperate more of your money by doing the job yourself. Be careful, though … sometimes it really does pay to hire a professional. Also, remember that while quality is important, you should not out-build your neighborhood—you’ll see less of a return on investment if you go too high-scale.

    Even a modest kitchen remodel can make your house stick out to a potential buyer, and many times is a big difference in the number of days your home is on the market. You may need to buy new appliances, fix the grout and tile, paint the cabinets, or replace the sink basin. Because of your emotional involvement, it may be difficult to assess your needs, so ask your Texas REALTOR® if you have any questions.

    A little work in the kitchen can make a significant impression on a prospective buyer. If it shines and appear well-cared for or, better yet, has been remodeled, your house will stand out.

    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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