Dallas Homes Center

I think it goes without saying that many upscale and luxury neighborhoods
have seen there fair share of foreclosures or are starting to. You might ask -
Why are these communities hit too?

The answer is one that may not surprise you. Many of the foreclosures in the
Park Cities are speculators - not true investors but high end risk takers trying
to make a big buck. There are some builders disguised as investors but a lot of
the stories are the same. Sad! Very sad…

I have had requests for foreclosures in the Park Cities and Preston Hollow
areas, so here’s the list.

There are four in University Park and one in Highland Park - all are Highland
Park schools. The rest are in Preston Hollow and vicinities - zip codes are: 75220,75225,75229,75230,75244,75205.

Twenty-five in all that are designated as a foreclosure type on the MLS, but
there are probably more than that. I’ve seen foreclosures that seem to be a
regular seller but when you look more closely all the addendum’s are attached.

Just so you know - all the addendum’s which supercede your contract are
written by the REO (Real Estate Owned) attorney’s and written in favor of the
seller. Don’t sign the docs without careful review. There are many charge back
fees if you don’t follow their guidelines. It would be a good idea to have an
agent and your own lawyer look at the fine print. And remember, all info is
reliable but not guaranteed - On that note, have a great weekend.

I seem to be going crazy with these charts from Altos but
their so fun to do, at least for the geek in me. And if you
want to have “real time” updates on the real estate market;
these snapshots are quick to do, believe or not…

Take a look at condos for 75201- this is a one year time span
and weekly data that is pulled from public sources. Everything
represents a 90 day rolling average…so here you go…

Just as a reminder the market action is listings vs sales
activity and 30 represents a sellers market and below that
is a buyers. Listings absorbed is sales or could be homes
taken off the market. (I wish sellers would cancel listings
that have been on the market for 2 or 3 years!)

These charts combined with MLS data is a very powerful
tool to help with your investment. The URLs are “live” so
the data will always be current. Bookmark if you like.
You can see other basic live charts here for most of your
favorite neighborhoods - or let me know what zip code
you want and I’ll post them here. Fun - Huh!

Both lines look like a roller coaster ride and they are -
but take a closer look at the price per sq ft since last Sept. ,
now you wouldn’t think that’s right being the real estate depression
we’re in! Wrong - this goes to show you that there is perceived value
in Dallas real estate, overall.

Now the market action index went from being a seller’s market to a
buyers market, as a reminder 30 is a seller’s market and 17.5 would
definitely be a buyers….but it is lower in other parts of the country and
some neighborhoods here…Something else to keep in mind - just in
case your thinking of buying…Dallas is the last southwest city to explode
and not because of the heat!

29 properties are open for Sunday - this is for HP schools only.
With this customer report you’ll be able to see data and a photo
of the home so you won’t waste your time driving around in the heat.

There’s a saying in real estate that you should not fall in love with a property until you close. And in today’s market that’s even more so based on the current climate.

Buyer’s want a deal and (REO) lenders are playing hard to get even after you have an executed contract.

Here’s an example from this week. Contract was signed off on by both parties and the escrow check of $10,000 was delivered to the title company in Irving. You have 48 hours from the executed date on the contract to gets monies to title or you don’t have a contract.

This property is also suppose to close on July 29th. It’s a quick one…time is of the essence.

What happened next is strange. The lender decided to change title company and the escrow check was returned to the buyer! Do you have a contract?

Yes, because the new title company showed receipt of the escrow money that they don’t have yet! It’s being delivered as I write this. Expect surprises in dealing with foreclosures.

I’m sure you have your own stories to share - but this is an example of things that just come out of the blue and jumping through hoops is the only way to get it done. Gotta love it.

And on that note here are the foreclosures this week in 75205,75225 and 75230.

14 properties are on this active list from the MLS. There’s a good one on Del Notre.