Dallas Real Estate Blog

Tax Break for Buying a Home

Nov 5, 2009 Filed in Market Updates | Comments Off

The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The Senate’s bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The Senate bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. Read the rest of this entry »

6 Pointers for Buying Dallas Real Estate at Estate Sales

Oct 1, 2009 Filed in Uncategorized | Comments Off

If you are interested in saving money on the purchase of Dallas real estate, you will want to consider the possibility of making the purchase of real estate through an estate sale.  Through this article, you are provided with six pointers associated with making the purchase of real estate through estate sales.  By following these pointers, you will be able to join the ranks of other people in the Dallas area who have found ideal real estate through estate sales.

1.  Although most courthouses in the United States have worked hard to make it easier for people to access case information — including probate case information — through their computer systems, that is not always the case in all areas.  With that said, it is important for you to understand the manner in which the court indexes and files probate cases in its master computer system.  The clerk of the court will be able to provide you with basic information about how to identify probate cases in that court’s computer filing system.  In most jurisdictions, the clerk of the court maintains a staff that is eager to assist people who are in need of information pertaining to the cases that are pending before the court, including the various probate matters that have been filed with the court. Read the rest of this entry »

Why Invest in Dallas Foreclosures

Sep 5, 2009 Filed in Foreclosures | Comments Off

If you’ve been watching the television or reading the newspaper lately, you’ve heard the word “foreclosure”, as regards to the Dallas real estate market.   And, you likely know that this term has very negative connotations.  But, in the final analysis, you really may not know what is meant by foreclosure.

The technical, legal definition of foreclosure is well established.  “The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.”  This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

When you buy a home and obtain a loan for the purchase, you execute what is known as a mortgage agreement.  In simple terms, in exchange for the money loaned to you to purchase the house, the lending institution — a bank, for example — holds the home itself (the real estate) as collateral for the loan.  If you default on the loan (fail to make payments in a timely and appropriate manner), the bank or lending institution has the ability to “take back” the house and sell it (usually by auction) to satisfy your debt.

If you are interested in expanding your investment portfolio, you might want to consider adding some real estate to the mix.  Most financial planning experts maintain that a good investment strategy always includes real estate as part of the package.  This includes specialists and experts who understand the Dallas real estate market. Read the rest of this entry »

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