Tag Archives: credit

Becky Frey Team is the 2016 Top Producer at Briggs Freeman Sotheby’s International Realty with over $100million in sales

Click to read at UpdateTheMetroplex.com

Click to read at UpdateTheMetroplex.com

From determined neighborhood kid knocking down doors to make a sale, to powerhouse real estate agent blazing a trail to the top of the Dallas real estate market, Becky Frey takes buying and selling to the next level with an unstoppable formula that’s turning heads.

Her renewed focus on core business functions, teamwork, strategic marketing and digital efficiencies put the Becky Frey Team on the map for the fifth year in a row, recognized for amassing a total annual sales volume of more than $100 million in 2015 – the team’s highest volume to date. Over a quarter of the sales were hip pocket listings, which attests to Becky’s strong networking skills and the power of the Briggs Freeman Sotheby’s International Realty brand.

“There is an essential respect and global recognition of our trusted Sotheby’s International Realty brand which brings worldwide attention and greater value to our clients,” says Frey. “Briggs Freeman Sotheby’s International Realty is committed to enhancing the businesses of great agents and I am fortunate to be one of them.”

With a record 99 homes sold in 2015 and an additional 14 leases – all of varying price points and residential styles – the Becky Frey Team takes every home transaction seriously and delivers nothing short of the extraordinary.

“I am so proud of my team and Briggs Freeman Sotheby’s International Realty for our success,” she says. “Not only this year, but in the last several years. This business is truly about the homeowners and their dreams, and hitting this incredible benchmark has been rewarding for all of us in many ways.”

Some of our current listings: LISTINGS

(left to right) Jordan Dickie, Elizabeth Conroy, Becky Frey, Byran Pacholski, Natalie Hatchett, and Shelle Carrig celebrate the announcement of the Becky Frey Team as the 2015 Top Producing team

(left to right) Jordan Dickie, Elizabeth Conroy, Becky Frey, Bryan Pacholski, Natalie Hatchett, and Shelle Carrig celebrate the announcement of the Becky Frey Team as the 2015 Top Producing team

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Helpful Tips to Protest Your Property Taxes

The right to protest to the Appraisal Review Board is the most important right you have as a taxpayer. Below is an email we received from our client, Joe H., after he successfully protested his property taxes. Thanks for your advice Joe!

Appraisal Report
Becky and Shelle,

The hearing this morning was a success. I was able to get the appraisal board to reduce the market value on the house by $30,000. I am happy for the results considering that we did buy it at the end of the year at a high point of a good sales market. The board members did comment on how surprised they were at the amount of reduction from the appraisal district so that was a good sign and also gave me some pointers for next year.

A few things that I learned in the process that might be valuable for others going through a similar process:

1. Check the building class compared to other houses in the neighborhood. In DCAD they had our house classified as as Class 23 – all of the other houses on our street were classified as a Class 21. When I read the definitions, I noticed that our house did not technically fall into a Class 23 definition and that was a focal point of my case because this affected their value. I may have them come out and review this for next year because they still kept it at 23.

2. Challenge the stated “Condition”. Because of our sale price, the DCAD system automatically adjusted the condition to “Very Good”. I was able to provide evidence that it was in AVG / GOOD Condition. They were able to adjust this.

3. Get sales comps from your Realtor®. The sales comps that you provided were perfect and I used the ones in my immediate neighborhood with similar sq footage. I used total of six: They only used three of the highest values for their appraisal. It was nice that I could show more comps to challenge the avg $/sq ft.

4. Take photos of all problematic areas, including dirt or rust. I took pictures of all things that were problematic around the house, however I wish I still had interior pictures from before we came in and painted and cleaned up. The board did comment that seeing some interior pictures would have helped for better challenging the classification. My advice for new owners is to take pictures before any cleaning, or any updating is preformed.

5. Take photos of existing amenities, appliances, equipment. They also asked about the pool, being that it was almost 30 years old, If I had taken pictures of the pool and equipment condition, I perhaps could have gotten them to reduce the “additional improvements” (pool) a little bit.

6. Create a itemized list of needed repairs and estimated costs. The other thing that they asked for, which I did not have because I wasn’t using as supporting evidence, was an itemized list of needed repairs and vendor estimates. I did have a list of house issues but did not have any official cost estimates. It seems like they might have used that in consideration for value if I could have provided it.

7. Make five (5) color copies of your presentation, including photos. There were three board members and a DCAD appraiser. Even though they scan everything into the system for evidence, it would have helped if I had extra copies of my evidence for all of the board members. I also did not bring in any pictures because they had previously scanned these into the system when I went for the informal meeting last month. They did display them on the projector screen but they were hard to make out. I wish I had known and would have brought extra copies for all to share.

In all, it was a great experience and I am happy with the results and I also saved by not paying a tax group to protest for me.

Thanks again for all of your help!

Joe

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Why Are Mortgage Interest Rates Rising? Video by Wall Street Journal

The cost of buying a home is going up. What’s behind the rise in interest rates? Is now still a good time to buy? WSJ’s Jason Bellini has “The Short Answer.”

MortgageRatesVideo

Click to watch on WSJ.com

Video posted by The Wall Street Journal, U.S.News 6/20/2013 10:00:00 AM

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November 14th-21st – Keep Dallas Warm – Collecting Coats for the Homeless

Donate and get a Gift Card:
St. Bernard Sports will give a $30 gift card and raffle ticket for every gently-worn winter coat that is dropped off at it’s store at Inwood Village. “That means if you bring in 10 coats, we’ll give you $300 to spend and 10 chances at great store prizes”

Keep Dallas Warm Week:
Drop off a gently worn winter coat. Enjoy weeklong warm events including daily Raffles & Giveaways, Demonstrations of Ski gear, Clothing & Equipment and Food Trucks & Beverages. Showcasing all the best ski for 2013, Sotheby’s International Realty ski desk will highlight great properties around the world to buy or rent.

St. Bernard Sports – Inwood Village: 5570 W. Lovers Ln., #388 Dallas, TX 75209 (214.357.9700) Mon. – Sat. 10am – 8pm, Sun. Noon – 6pm

Learn More:
Coinciding with Mayor Mike Rawlings annual Homeless Week, Keep Dallas warm is a community-based initiative aimed at providing gently worn coats and clothing to every homeless and underprivileged person in the city of Dallas.

The idea began two years ago when Dallasite Jim Silcock came up with a plan to donate $10,000 worth of coats to Dallas’ homeless men, women and children. By reaching out to shelter and homeless advocates at Community Crossroads, The Stewpot and The Bridge, silcock calculated  that a mere 1,800 coats would help every homeless person in Dallas to have a warmer winter. An estimated 3,600 coats and clothing items would meet the needs of the underprivileged and impoverished. Silcock has worked closely with Wes Goyer, owner of St. Bernard Sports, who generously donated outerwear items for the effort.

For more information please visit: keepdallaswarm.org/

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5 Reasons You Should Use a Real Estate Professional

by The KCM Crew on November 9, 2010

Should you spend the money on a real estate commission or save that money by selling your home by yourself? That is a question many home sellers ask themselves. Today, we want to discuss why it is crucial to have a true professional guiding you through the minefield of challenges that exist in the current real estate market.

The housing market today is more challenging than it has ever been and seems to be becoming more difficult each day. What impact will foreclosures have on prices? Which loan products that were available just last month are no longer available? How do you convince perspective purchasers to pull the trigger on an offer when everyone is telling them that they should see another 100 houses before they make a decision? These are tough questions for a trained, experienced professional. The lay person would find it almost impossible to keep abreast of this rapidly evolving industry.

Here are five important reasons to use a real estate professional:

1. Pricing Is Difficult

Just a few years ago, you didn’t have to worry about overpricing your home. If it was too high, all you needed to do was wait as historic appreciation was taking place. The situation is quite different today. With experts calling for another drop in home values, overpricing your property will cost you time. In this market, time costs you money. A professional real estate agent will discuss how increasing inventory could dramatically impact the value of your property in the months to come. They will help you set the right price in today’s market.

2. Negotiating Ability Is Crucial

Buyers today have an almost unlimited supply of homes from which to choose. They realize that puts them in a great negotiating position. Most buyers are now being represented by an agent. Sellers need to also be represented by a professional expert trained to negotiate real estate contracts.

3. Mortgaging Is Key to the Deal

The biggest impact of the housing market collapse is that lending standards are much stricter today than they were a few short years ago. Rules are constantly changing. Even FHA has gone through a guidelines overhaul in the last several months. You need a real estate expert who has teamed up with a knowledgeable mortgage professional to make sure that the buyer in the deal is in fact capable of obtaining a mortgage. Losing time with an unqualified buyer costs you money in a market where prices are falling.

4. Your Family’s Safety

We have always found it puzzling that the same person that will lock every door and window and set the alarm today will then allow total strangers into their house tomorrow. The real estate industry trains its practitioners to take steps to protect themselves and their clients. Take advantage of putting a person between you and the person calling on an ad or yard sign.

5. You Probably Have More Important Things to Do

Selling a home could turn into a full time job. Learning the necessary disclosures, coordinating the dates of your closings, dealing with a challenge regarding your appraisal and re-negotiating the offer after an engineer’s report are just a few of the concerns you may face. You would probably be better of spending that time with the items important to you and your family and leaving the challenges to your agent.
Bottom Line

To make sure the sale of your home is handled professionally – hire a trained professional. In the long run, you will wind-up with more money in your pocket and have less challenges with the move.

Thank you, KCM Blog!
– Becky

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Are you eligible for the $8,000 homebuyer tax credit?

Helping home buyers easily understand the home buyer tax credit is the goal of Better Homes and Gardens Rand Realty with the launch of its new home buyer tax credit website, the company has announced. The website (www.homebuyertaxcredit.com) provides buyers with extensive information and analysis of the tax credit, as well as an eligibility test to help buyers determine if they qualify. RISMEDIA, January 14, 2010

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In order to get good rates on loans, everyone should read these guidelines carefully: How Common Credit Mistakes Affect Scores

“With the strict financial guidelines for residential loans it is more important than ever to keep your credit score as high as possible. A good credit score will give you a better rate on your loan.” – Becky

Here is a great article.

From Yahoo! Finance by Jeremy M. Simon
Sunday, November 29, 2009

Disclosed for the 1st time, ‘damage points’ taken off for late payments

Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage.

Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it.

The “damage points” data, unveiled recently by FICO, are part of the most revealing glimpse into the firm’s once-secret — and still mysterious — credit scoring model. The new information discloses how many points borrowers’ scores will drop when they make the most-common mistakes.

‘Help People Understand’ Scores

“I hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble,” says FICO spokesman Craig Watts. “Getting and maintaining a good score isn’t complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly. ”

The greater transparency about FICO scores is important because American consumers’ ability to get credit rises and falls with the number. FICO, the company that pioneered credit scoring, assigns consumers a three-digit number from 300 to 850, depending on how well they handle credit. Other companies also offer scores, but FICO’s version is the most widely used by lenders in determining whether a consumer can borrow, and at what rate.

FICO’s credit score has been around for decades, but only within the past decade have consumers gradually gained access to theirs. Though the raw numbers can be purchased, how they’re figured remains a FICO secret, as closely guarded as the formula for Coca-Cola. Until Thursday, FICO revealed only broad categories of factors influencing the score, but not the number of points at stake for consumers who fail to pay as agreed. The “damage points” information, revealed in a report by personal finance writer Liz Pulliam Weston, will be made available through its myFICO.com Web site starting this weekend.

FICO’s information shows that bankruptcy does the most serious damage to a credit score (up to 240 points), followed by foreclosure (up to 160 points) while maxing out a credit card has the least numerical impact (as few as 10 points).

Those with good or excellent credit — so-called prime borrowers — put more points at risk with each mistake. For example, someone with an average credit score of 680 who pays a bill 30 days late will see a drop of 60 to 80 points. But for someone with an excellent credit score — 780 — that same delinquency can send a FICO score tumbling by 90 to 100 points.

The Cost in Dollars

In order to show just how badly a drop in your FICO score can hurt your wallet, we spoke with members of the home mortgage, auto and credit card lending industries. We presented hypothetical scenarios of a consumer who decided to apply for a $200,000, 30-year mortgage; a $20,000, five-year auto loan and a credit card. While all the industry insiders stressed that a FICO score isn’t the only factor in determining who gets credit and at what cost (other factors they cited include the borrower’s debt-to-income ratio and whether they have already established a relationship with the lender), they were able to provide an idea of what a borrower who had the following credit scores could expect.

For a Consumer Who Started With a FICO Score of 780:

* Following a 30-day late payment, the consumer’s car loan rate would jump nearly 3 percent, costing the borrower $26 more each month.

* Following a debt settlement, the consumer would pay as much as $109 more each month on a home mortgage.

For a Consumer Who Started With a FICO Score of 680:

* Following a 30-day late payment, the consumer would pay $41 more each month for a car loan.

* Following a 30-day late payment, the consumer would pay as much as $95 more each month on a home mortgage.

* Following a debt settlement, the consumer would no longer qualify for a credit card.

Some Surprised By the Details

Consumer advocates say it’s important for borrowers to know what can damage their FICO scores. “If they know it in advance, they won’t go out and step in a pile of doo-doo. They won’t go out and do some of these things,” says Linda Sherry, director of national priorities with advocacy group Consumer Action. Even experts found some surprises in today’s news. “FICO imposes bigger hits than I would have thought for being maxed out or 30-days late just once, reinforcing my view that it is a cruder, blunter instrument than they like to claim. Nevertheless, it is a powerful, widely used crude blunt instrument,” says Ed Mierzwinski, consumer program director for the U.S. PIRG consumer advocacy group.

Of course, knowing the impact on a FICO score and actually avoiding these mistakes are two separate things: Amid rising unemployment and other daily financial struggles, paying bills and staying on-track financially becomes a much bigger challenge for many borrowers.

“Some of these things are out of their control,” Sherry says of consumers.

Additionally, as Weston points out, consumers with identical FICO scores can have different credit histories. That means the same slip-up — such as maxing out a credit card — could have different impacts on consumers who have the same FICO score. In the examples they provided, FICO assumed each borrower had several active major credit cards, a mortgage, car loan and student loans.

Sherry acknowledges the benefit of putting a number to a financial blunder. “I don’t think we necessarily knew the numbers that a bankruptcy could apply to a credit score,” Sherry says.

Helping You Make Better Decisions

While knowing the numbers may not keep you filing for bankruptcy if given no other choice, the information may help you make the best decision when faced with a bad situation.

FICO scores — and the access to credit they provide — are a valuable asset to consumers and supply a safety net when incomes are stretched. It’s an asset that needs to be protected, Sherry says, even if job loss or catastrophic illness makes bill paying problematic.

“In that period of time, paying down debt is the last thing on your mind. Paying the minimum payment may also be the last thing on your mind, but you’ll be doing yourself a big favor if you do,” Sherry says.

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