Jun 22, 2011 | Leasing, Real Estate, The Marr Team
The Marr Team is available to help anyone buying, selling, investing, building or even leasing in the Collin County area.
The leasing market is moving fast this summer so make sure you have all the information you need to secure the house you want! The Marr Team can help you find the right house and help you present a great application packet for landlords.
If you are considering, leasing contact us for our helpful Guide to Leasing to answer your questions about the leasing process including searching, applications and required fee.
Jun 20, 2011 | Real Estate, Short Sales
In a declining market, short sales are common when homeowners owe more on their mortgage than their property is worth. Because of this deficit, owners suffering financial hardships cannot sell to avoid foreclosure. A short sale, also referred to as pre-foreclosure sales, are becoming an increasing part of the real estate market. In a short sale, the mortgage lender agrees to accept less than the mortgage balance due to an economic or financial hardship of the mortgagor. A short sale typically occurs to prevent a home foreclosure which also costs the mortgage lender a substantial amount of money. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
A short sale does adversely affect a person’s credit report, though the negative impact is typically less than a foreclosure. Normally when a lender decides to forgive all or a portion of a borrower’s debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed. There is also no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. Anyone considering short sales should consult a real estate lawyer and a tax accountant to discuss any ramifications.
The short sale process typically begins by listing your home for sale for less than the balance on the mortgage with the condition that the lender must approve all offers. Once you receive an offer on the property, the negotiations with the lender begin to try and resale the home to the new buyers. If you or someone you know needs a consultation on their options for selling their home whether distressed or not, please feel free to call me. I have been trained for short sales and have the Short Sale and Foreclosure specialist designation.
This is intended to provide basic information. Please consult your real estate, legal and tax professionals for specific questions based on your circumstances.
Jun 17, 2011 | Listings, Real Estate, SOLD
Welcome to 751 Sibyl Lane a 1-1/2 story home in the quiet Trails of Prosper community. The location of this home has great access to Prosper Schools including the 590,000 square foot state-of-the-art Prosper High School. For commuters you can get this ½ acre lot within less than 2 miles from Preston Road or North Dallas Parkway/Tollway access.
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- 4 Bedrooms, All Downstairs
- 2 Baths
- Upstairs Gameroom
- Open Floor Plan
- Kitchen with Island
- Oversized Pool
- Large Backyard Grass
As you enter the home you are greeted by a formal dining room with decorative chair rail and crown molding. Traditional style continues following to the family room that opens to the kitchen. The comfortable living area has a beautiful cast stone fireplace and walls of windows with pool and backyard views.
The kitchen provides a delightful space for the cook in the family. The light and bright area has honey-colored cabinets, expansive counterspace and a work island. Adjacent to the kitchen is the sunny breakfast area and planning desk making the kitchen truly “the heart of the home”.
The split master bedroom and master bath has enough space for everyone on a busy morning with dual vanities, separate shower and jetted tub. The additional three bedrooms downstairs and secondary bath keeps everyone close, but with their own space. Upstairs the large open gameroom is secluded keeping noise away from the main living spaces. A walk-out attic space area gives great storage as well.
From the back door you walk out onto an open patio area to jump into the pool and spa – an oasis in the summer heat. The additional large backyard allows plenty of space for play or pets. The home backs to a wide greenbelt area so there are no neighbors directly behind you allowing for a more peaceful outdoor space.
See more photos at www.751Sibyl.info
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Jun 16, 2011 | Homeowners, Mortgage, Real Estate, Saving Money
Wise consumers are fleeing the insecurity of the adjustable rate mortgage (ARM) loan for fixed-rate loans. According to the latest mortgage application data from the Mortgage Bankers Association (MBA), borrowers are clearly choosing fixed-rate loans over adjustable rate loans – less than 7 percent of the total applications were for adjustable-rate loans. That leaves the vast majority of borrowers, whether refinancing or getting a new loan, choosing a fixed-rate loan for their purchase or refinance. Borrowers choosing fixed-rate loans will typically select a 30-year fixed-rate mortgage, but depending on your situation and needs, it could save you thousands to also “run the numbers” on a 15-year loan.The reasons many consumers choose a 30-year mortgage is because it will give them the highest buying power because it is the lowest monthly payment. These lower payments can free up money that you can pour into savings and other investments. The disadvantages to a 30-year mortgage versus a 15-year is that equity is built at a slower pace because payments during the first several years go largely toward interest rather than principal. This may not be a problem in areas with faster appreciation or when you plan to stay in your home for 7 or more years. Over the life of the loan you will also pay thousands more in interest in a 30-year loan, but the interest you do pay can be deducted at tax time each year, thereby reducing federal income tax liabilities.A 15-year loan has the advantages of saving thousands in interest over the life of the loan and also has a lower interest rate. Traditionally, your home is a safe vehicle for building personal wealth and the quicker you build the equity the faster the wealth can grow. Because payments are qualified as a percentage of monthly income, the drawback of the 15-year loan is that the higher payment can restrict you to a less expensive house than you might be able to afford with a longer term loan with lower monthly payments. The following illustration shows how some loan options could help you whether considering a new mortgage or refinancing.
*30 Year Loan Term on $165,000 at 6.5% interest is a monthly payment of $1,042.91 with a total interest of $210,411 over the life of the loan.
*15 Year Loan Term on $165,000 at 5.99% interest is a monthly payment of $1,391.47 with a total interest of $85,465 over the life of the loan.
Potential Saving from Refinancing
*30 Year Loan Term on $165,000 at 5.0% interest is a monthly payment of $885.76 with a total interest of $153,870 over the life of the loan.
* 15 Year Loan Term on $165,000 at 4.75% interest is a monthly payment of $1,283.42 with a total interest of $66,016 over the life of the loan.
This past month, rates have been hovering around 5. Now is an excellent time to look into refinancing your mortgage with a 30 or 15-year fixed. Depending on your monthly savings at our incredibly low interest rates it is not always true that you need to stay in your home for 2 more years to make a refinance a good idea. A mortgage advisor can analyze the amount of time you need to remain in your house to recoup the refinance charges and determine if it is the best plan for you right now. Let me know if you need the name of a trusted mortgage advisor – I have several.
*Interest rates used in these examples are fictional and for illustration purposes only and do not indicate any advertisement of an interest rate, please contact your lender to further discuss current rate information.
Jun 1, 2011 | Listings, Real Estate, SOLD
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Welcome to 9104 Clearview in the convenient Westridge golf community. This home is light and bright with premium paint throughout. Soaring two-story ceilings greet you at the entry and into the formal living area. Spaciousness continues through to the family room that opens to the kitchen and breakfast area. The breakfast area features windows to greet the morning sun and seating ledges for relaxing. The kitchen features dual ovens with a GE Profile Advantium® oven with microwave capabilities as well. The kitchen layout provides nice counter and cabinet space along with a serving/breakfast bar.
The spacious and luxurious master bedroom features wall alcoves and its own fireplace. The master bath has enough space for everyone on a busy morning with dual vanities, separate shower and garden tub. The master closet has an abundance of hanging space and built-in shelving. Two additional bedrooms and a bath are located upstairs. A 4th bedroom perfect for a guest or in-law bedroom is downstairs adjacent to the 3rd full bath. The additional flex room is available for use as a playroom, exercise room, study or in-law living room – it’s flexible! The large, secluded gameroom is located away from other living areas so not to disturb others when it’s time to play.
The seller has continued to upgrade the property after purchasing this Legacy Home including adding gutters, additional ceramic tile flooring, extending the open patio and even the garage has a painted finish. You must see this one to appreciate the care the owner has taken to maintain and prepare this home for you to move right in. The home is a short walk from the community pool, Westridge Golf Course club house and Hank Haney Golf Academy.
- 4 Bedrooms
- 3 Full Baths
- Guest Bedroom with Bath Downstairs
- Large and Secluded Gameroom
- Bonus Room for Play, Exercise or Study
- Large Master Suite with Fireplace
- 3,297 Square Feet per builder plan
- Frisco ISD means lower taxes
- Great Access to 121 and 380
For Pricing and More Photos Visit : www.9104Clearview.info
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May 27, 2011 | Listings, Real Estate, SOLD
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Fabulous home is back on the market due to buyer’s changed circumstances. It was under contract in only 27 days the first time so don’t delay in seeing it today because it is move-in ready!
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3 Bedrooms
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2 Baths
- Large Family Room
- Formal Dining Area
- Black/Stainless Appliances
- Separate Utility Room
- Corner Lot/Large Backyard
- Cul-de-Sac Street
- Minutes to Schools
- Convenient to 380 and 75
Well-designed floor plan with an abundance of well placed storage describes this 3bedroom, 2 bath single story home. Through the front door you enter into a spacious family room that is truly the heart of this home. This home is ready for the next owners with updated decorator paint colors, ceramic tile flooring and carpet.
The kitchen has light-colored cabinetry, black and stainless appliances and a small workspace. The kitchen adjoins the large dining area with window seat and nice views. The bayed breakfast area overlooks the large backyard.
The master bedroom is secluded and roomy. The light and bright master bath has great space for everyone in the morning with a large walk-in closet, dual vanities and two linen closets. The secondary bedrooms include good storage in the walk-in closets and the secondary bath is nicely updated.
The backyard of this corner lot has an extended covered patio as well as open yard area for pets or play. The serene south view is large trees and the McKinney Christian Academy open areas. In addition to all the backyard space for outdoor living, you can add some color or a small garden in the raised bed area.
This home is located in the subdivision of Glenwood Estates (no HOA) across from McKinney Christian Academy on a cul-de-sac street. Slaughter Elementary and Cockrill Middle school are nearby and you are minutes away from shopping and a wide variety of restaurant selections. You can also be on 75 or 380 within a few minutes of leaving your garage.
www.702LongHill.info
[map id=”map1″ w=”545″ h=”400″ z=”16″ address=”702 Long Hill, McKinney Texas” marker=”yes” infowindow=”<span style=font-size:18px;color:red>702 Long Hill</span>]
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