• 

  Survey

• T-47 if you are using an existing survey in the transaction
• Mortgage payoff authorization (consists of your lender’s information, mortgage account information, and last 4-digits of your social security number)

Survey

The survey details the property boundaries, building setback lines and easements. The survey must have a clear and legible surveyor’s stamp also. Existing surveys are allowed to be used a new real estate transaction.

T-47: Texas Residential Real Property Affidavit

The T-47 affidavit goes alongside the survey used for the real estate transaction. With using the T-47, it states that the current owners have no made improvements or changes to the property that could affect the use of the existing survey. Changes that would include:

• adding new structures such as swimming pool, room additions or extensions, or other permanent structures.
• change the location of fences
• construction projects on immediate adjoining property that encroach the property

By stating “NONE” – it states that the owner (to the best of the knowledge) does not know of any changes made (listed above).

The T-47 affidavit should be signed in front of the notary.Then, delivered to the title company along with the survey when the transaction is executed.

Upon closing, the T-47 affidavit will be requested to be signed again.

Best practice should include signing the T-47 even before the property comes on the market. When an offer is presented, concentrate on negotiating the offer, instead of running around trying to get the T-47 notarized.

Mortgage Payoff Authorization

The mortgage payoff authorization can be a simple request letter (with the mortgage information listed) that the owners authorize the title company to request a mortgage payoff authorization.

When you hire 3:16 team REALTY to sell your Frisco TX home, you can be assured that the important paperwork needed will be requested upfront. It is how we operate as a company. We do not like to chase after paperwork. We are planners and we gather all the necessary paperwork needed upfront, so when you do have an offer on the property, we will concentrate on negotiating the contract, instead of chasing needed paperwork.

Call Loreena and Michael Yeo
(214) 783-2210
to discuss the sale of your home.

Other related Frisco TX home selling articles:

The Frisco Farmers Market started in 2007 by the Frisco Noon Lion Club benefiting the community. It has continue to grow in popularity. Local growers offer fruits such as juicy melons, peaches, tomatoes, fresh corn a lot more.Also offered are baked breads, meat from local ranchers, honey, arts and crafts, and various other products.

The market allows consumers to have access to locally grown, farm fresh produce, enables farmers the opportunity to develop a personal relationship with their customers, and cultivate consumer loyalty with the farmers who grow the produce.

Frisco Farmers Market vendors

Frisco Farmers Market more vendors

The Frisco Farmers Market is located within the Frisco Square near the Frisco City Hall.

6101 Frisco Square Boulevard,
Frisco, TX‎ 75035

View Map

We are planning to do our own research before hiring a Realtor. We want to drive by some neighborhoods that look interesting to us. We came across THIS and THAT neighborhoods. But what I noticed is that they have been depressed the past few years. What are your thoughts about them? Is $xxx per square feet reasonable or too high?

I receive similar emails such as this pretty often.

This email has very general questions – even if it was about THIS and THAT neighborhoods. It also depends on the finish-out home, which builder and such. In my personal opinion, it is better to find an expert/ resourceful Frisco TX Realtor® who knows the area to help digest this information. Even if you are not ready to purchase the following weekend.

Establish a trust relationship with your Frisco TX Realtor® is a good business practice. It is when you know you can pick up the phone or email and ask, “Hey – What do you think about this?”

When you build the relationship, you automatically create trust. For something as expensive as your personal home (most likely one of your most expensive financial asset), why wouldn’t you want to find the person who will give you the RIGHT ADVICE?

Once you build the relationship, your Frisco TX Realtor® can understand how you are, what your thoughts are about finances as well as understanding how your lifestyle is. One home may be more suited for a family who enjoys rolling in the backyard while another home may be more suited for a family who constantly travels and do not need alot of home maintenance.

If you are unsure of how an Exclusive Buyer Agency works with your Frisco TX Realtor®, contact 3:16 team REALTY for more information. We will be happy to discuss this with you.

Call Loreena & Michael Yeo
(214) 783-2210

The lowest priced home sold during the 1st Quarter 2012 was $119,000 – a 3-bedroom, 2-bath 1,800 square foot home in Preston Glen, a Bank of America foreclosure. It sold 34 days.

The highest priced home in Frisco TX sold in the 1st Quarter 2012 was $ 2.15 million – a 9,000 square foot luxury estate in Village of Stonebriar Park. It sold in 13 days.

Here is the breakdown of the Frisco TX Home Sales by Price Range:

61 of these transactions were cash, 329 were conventional, 100 were FHA, 20 were VA and 2 of them were owner financing.

Frisco TX definitely experienced a much more robust 1st Quarter in 2012 than the same time last year (2011) – an increase of 12.3% in number of transactions and a higher increase of 20.3% in real estate value. Frisco TX home buyers also bought more expensive homes in 2012 than 2011 (an increase of 9.1% of average home sales price and increase of 7.4% of median home sales price). At the same time, it took Frisco TX home sellers 20.8% less time to sell their homes during the 1st Quarter.

All factors indicate Frisco TX should continue this positive momentum into the 2nd Quarter as well as into the first parts of 3rd Quarter.

Low interest rates was one of the factors contributing to these robust sales. Rates as low as 3.75% for 30-year conforming loans and 3% for 15-year mortgage were some we have seen.

Residents in Frisco TX will be celebrating this day by volunteering to clean up and chunk it events all over town. Frisco TX neighborhoods will gather its residents to clean up the areas they live in.

Besides that, there will be a Chunk Your Junk event at the IKEA Parking Lot from 8am – 12pm. You can bring the following items for safe disposal:

• Documents for shredding (4-box limit per household, box not to exceed 12″ W x 15.5″ L x 10.5″ H)
• Bundled cardboard
• Plastic bags and styrofoam
• Batteries, household chemicals, paint, gasoline, oil and pesticides
• Prescription and over-the-counter medications
• Metal, refrigerators, appliances
• Computers, printers, cell phones, televisions
• Fence panels
• Yard waste, limbs
• Old clothing, furniture, books for donation

IKEA at 7171 Ikea Drive, Frisco TX 75034.

The line will close at 11:30am to ensure everyone in line by that time will have the opportunity to participate.

Residents of Frisco TX must bring a valid driver’s license with Frisco TX address on it and City of Frisco Water bill to dispose hazardous materials, computer monitors, televisions, refrigerators, electronic waste, household chemicals and paint.

There is a $40 Freon extraction fee for all appliances not tagged as “Freon-free”, $10 to dispose computer monitor and $15 for televisions. These fees will be bill directly to your water bill next month.

Be environmentally friendly. Help Frisco turn GREEN!

• Budget (playing with mortgage calculators)
• Location (home search online)
• Type of house
• Features of the house
• Mortgage interests, closing costs

Finding an Experienced Frisco TX Realtor®

Working with an experience realtor® who understands the area you want to purchase in will ensure you have the best expertise working for you.

The selected Frisco TX Realtor® can assist you in providing you choices of:

• Neighborhoods that fit your lifestyle, budget and locations
• School districts important to your family
• Must-haves and wish lists

More often than not, a seasoned realtor® work alongside many reputable real estate professionals that support the business. One of them are names of experienced lenders.

Getting Prequalified/ Pre-approved

Approximately 70% of America finance a property when purchasing a home. One very crucial part to home buying success is understanding the Loan approval process and understanding the difference between a pre-qualification and pre-approval process. This is the 2nd part of the Frisco TX First Time Home Buying series.

Most Sellers want to know that the buyers for their homes have gone through a financing screening process to ensure that the time that they are under a contract for the sale of their home will result in a SALE! Hence, the Sellers require a pre-qualification letter from a lender with an initial offer.

A Pre-Qualification process is where a lender asks a borrower some important financial information such as annual income, job employment, plans about the home purchase and down payment towards the purchase. It involves the permission of reviewing credit report. With the review, a pre-qualification letter is usually produced subject to verification of financial assets, employment, satisfaction home appraisal of the purchase and final underwriting approval.

A Pre-Approval process includes everything of a Pre-Qualification process. However, this Pre-Approval is verified by reviewing financial documents as provided by the borrower.

These are the important first two steps  when considering buying a home in Frisco TX.

Call Loreena & Michael Yeo to begin the home buying process in Frisco TX and surrounding cities.
(214) 783-2210

Search Frisco TX homes for sale now

When you call for an appointment, you will be directed to Mike Barth – the only City of Frisco employee responsible for meeting you at your Frisco TX home to evaluate your sprinkler system. As temperatures get hotter, so is Mike’s appointments. Be prepared to wait at least 2 weeks for an appointment.

During the 1-hour appointment, Mike:

• Checks the sprinkler system, heads and parts to ensure your yard receives an adequate watering program
• Evaluates if the flow is sufficient in your sprinkler system or if there is a leak in the system
• Educates you in the optimum watering schedule for your yard
• Talks about water conversation and how to do better
• Recommends other important parts of a healthy lawn (such as vegetation and mulch at each zone)

If you are a new homeowner in Frisco TX and do not know how to water  your yard efficiently or you do not know how to manage your sprinkler system, Mike Barth – from the City of Frisco is the go-to person.

Call Frisco Water Wise to schedule an appointment
(972) 292-5800 Option 5

This is a committed effort on the City of Frisco’s part to keep Frisco TX green living initiatives on the forefront of Frisco TX homeowners.

]]> http://www.frisco-tx-homes-for-sale.com/frisco-tx-offers-free-irrigation-audit-to-homeowners/feed/ 0 http://www.frisco-tx-homes-for-sale.com/how-to-protest-your-frisco-tx-home-values/ http://www.frisco-tx-homes-for-sale.com/how-to-protest-your-frisco-tx-home-values/#comments Wed, 11 Apr 2012 04:23:20 +0000 Loreena Yeo http://www.frisco-tx-homes-for-sale.com/?p=6852 [Read more]]]> Every January, the county tax appraiser begin assessing home property values for tax assessment purposes. By end of April, the County (depending on which county your home is located in) will mail tax assessment values to all homeowners.

If you feel your home value is fair, no action is necessary.

However, if you feel your property for tax assessment purposes is too high, you can protest your home value.

How to protest your Frisco TX home value

If you have received your estimated assessment this year and you do not believe it is an accurate assessment, you can file to protest the assessed value. You can go through an informal appraisal review process with a member of the District’s staff first. If the informal process is not successful, then you can request for a formal review process in front of a panel.

To request an Informal Review, you may:

• Do it in person at 250 W. Eldorado Parkway, McKinney TX, Monday through Friday from 8 am to 5pm and on Thursday from 8 am to 7pm in May.
• 3911 Morse Street Denton, TX 76208. Denton, TX 76209 for Denton County, Monday – Friday from 8 am to 4:30 pm and until 6:30 pm on Tuesdays.

  This is a first-come, first-serve basis so go just as soon as you are able.

It is always advisable to go there earlier in the process, rather than later (closer towards the dateline Thursday May 31st 2012, or 30 days after the notice is mailed to you – whichever is later).

The best way is to go in person and meet with a District Staff member. They will typically set up an informal review with you. During the meeting, unless more documentation is needed, you will usually be successful if you go geared with accurate information. What do you need for your Frisco TX home appraisal protest? You may provide the following relevant documents:

• Contract (Signed and certified HUD-Settlement statement at the title company)
• Comparable Sales Data (Your Realtor® in Frisco TX can assist you here)
• Appraisals (If you have a recent appraisal, you may use this information also)
• Repair estimates
• Photographs (Nothing speaks louder than photographs)

The reviewer will evaluate your case and may change the appraised value based on the review or may not. If you are not satisfied if you were not successful, then you may file a written protest for a formal hearing with the Appraisal Review Board.

There is a deadline to protest. The dateline for both Collin and Denton counties are Tuesday May 31 2011, or 30 days after you receive the notice – whichever is later. If you decide to protest, make sure you start early. The longer you wait the long the process will be. So act NOW!

All 3:16 team REALTY clients will receive an annual property home evaluation during this time. All 3:16 team REALTY clients will and can expect top priority for getting this information to you – whether or not a protest of home assessment is necessary. It is just our way of saying Thank You for trusting us when you chose us to be your Real Estate company to take you through the home buying/ selling process.

All other home property assessments will be completed only after 3:16 clients are served. Non-3:16 team REALTY clients may be subjected to a fee for this home assessment property evaluation. Please call to discuss.

Buyer Financial Approval

In obtaining a Buyer Financing Approval, a buyer is checked for credit worthiness. A full mortgage application is completed and credit is checked. Then, the mortgage lender receives supporting documentations such as W-2 Tax returns, 1099-statements (if applicable), and other other asset statements such as 401K, retirement accounts, banking accounts, etc. to ensure that the information as mentioned on the application are true, correct and verified.

Here in Texas, a sales contract MAY include a Third-Party Financing Addendum. What this addendum tells the Seller is the type of loan the buyer intends to acquire, for up to a maximum interest rate and for how long. The most important section of this addendum is the DATELINE for Buyer Financing approval. This dateline is subjected only for Buyer’s portion of financing approval. It does not include property approval (see below).

When this dateline is elapsed, it would be assumed that the Buyer have received his/ her portion of the financing approval.

See excerpt from the contract below:

Property Approval

In this section, the property has to be approved by the lender to complete the full approval. The lender reviews the property appraisal, insurability and property conditions.
Property appraisal - The lender needs to ensure that the property appraises for at least the amount borrowed. However, with the market conditions these days, lenders also makes sure that the appraisal meets sales prices – for a just-in-case situation. As an example, if a buyer puts 20% down on a $100,000 property, the bank needs to ensure that the property is valued at least $80,000. But recently, banks have also made sure that the house is truly indeed valued at $100,000 to protect their future issues that may arise.

Insurability – The property must meet the minimum insurability requirements of the buyer.

Property Conditions – Different types of loans have different property condition criteria. FHA loans are more stringent than conventional loans. If there are structural damages or serious maintenance issues to the property that may cause the condition of the property to deteriorate further, lenders usually request for these issues to be repaired before a full approval is granted.

Here in Texas, the property approval request arise in the original sales contract under Section 4 A (1) that states the property must meet the lenders’ underwriting requirements for loan approval. There is no dateline for property approval.

See excerpt from contract below:

It is important for a buyer to understand the full loan approval process. As always, in real estate – It is important to act and respect dates given on the contract. Time is of an essence in real estate.

The information may be confusing for some buyers – including real estate agents. If you need any clarification on any of the items above, or the loan approval process, please contact us.

Here’s what I learned about Probates and Affidavit of Heirship in the 1-hour of MCE:

1. Don’t die.
2. Don’t get old.
3. Don’t be disabled or incapacitated.
4. Don’t have children outside marriage.
5. September 1 1993 (before or after) and pie charts.

It’s certainly not an easy topic to understand in an hour. But as listing agents, it is important to understand the basic understanding and differences between Affidavit of Heirship and Probate to know where to point sellers to.

Here in Frisco TX, we are a bunch of lucky Realtors® who get great support and resource for education. I’m glad I attended this short 1-hour MCE. By no means am I claiming I’m an expert but I would certainly be more aware of the complexities of sellers when one passes on with real property in their ownership.