Showing posts with label dallas foreclosure search dallas foreclosures. Show all posts

Sunday, October 16, 2011

Waller Group Investment Coordination

The Waller Group is not only a full service brokerage but offers turn key services for residential property investors. Our services include the following:

Residential Investor Business Platform available to Investors who purchase and execute a management agreement with 5 or more properties from the Waller Group.

Logan Waller provides a consultation with our investors to review a business plan to achieve the investors long term goals. This includes:

1. Long Term goals and strategic plan. Logan and the investor complete a phone interview to adjust and review the investor’s long term goals, property characteristics, management theory, financial capacity, and scope of services. Proof of funds or documentation to support financial capacity is required to move forward to the acquisition strategy.

2. Acquisition Strategy and associate placement. Logan reviews your monthly acquisition expectations with sample properties to indicate the availability, time, and expectations between the investor and the Waller Group sales associate.

3. Virtual introduction or personal introduction with the Waller Group Associate and investor including the investor’s criteria is completed within a scope of services and a buyer representation agreement is executed between the Waller Group and the Investor.

4. Business Plan is followed by the Waller Group and investor. Logan Waller reviews with investor on quarterly basis to ensure expectations are met between the Associate, Property management division, and marketing team.

Waller Group Turn Key Services Include

1. Seamless Acquisition and Property placement that does not require a time commitment or due diligence coordination for the investor. The acquisition and property placement services are completed AT NO CHARGE to the investor. A nominal $500 transaction fee is charged for the first purchase at closing.

a. Property Sourcing eliminates investor tiresome property searches

b. ROI analysis with repair estimates eliminates investors obtaining repair bids and viewing properties

c. BPO (Broker Price Opinion) including as is and ARV, After Repaired Value for streamlined decision analysis is submitted to investor with investment summary for each property after purchase contract is executed to streamline investor decision analysis

i. BPO includes: pricing trend for neighborhood, demographic information, local economic data, as is value, repaired value, repair estimates, rental analysis, highest and best use analysis.

d. Investor is required to sign purchase documents to execute contract and wire earnest money to title company

e. Waller Group coordinates due diligence on the investor’s behalf and Waller Group vendor coordinator sends scope of estimated repairs for contractor to bid and provide timeline. If any variances arise from the BPO repair estimates then investor is consulted before repairs are authorized.

f. Investor executes closing documents, notarizes, overnights to title company and wires funds to close transaction.

2. Seamless Lease up and Vendor Coordination for Make ready. These services range from $500 to $1,500, depending on the scope of repairs coordinated and managed. $1,000 is placed in reserve account for utility coordination and payment

a. Utilities are initiated by Waller Group, paid by Waller Group and billed back to investor monthly or quarterly.

b. Property insurance is authorized by the investor placed on the property by Waller Group on the investor’s behalf.

c. Waller Group repair coordinator authorizes contractors to complete scope of recommended work. Work is completed within pre-designated timelines, QC is completed by the Waller Group. Upon scheduling of repairs marketing team pre-markets property to Waller Group Property Management and tenant base.

d. Signs, lockbox is placed, property is cross marketed with other managed homes. Home is offered simultaneously for sale or for rent to achieve highest return for investor. Home is cross marketed to Waller Group credit repair database, Waller Group sales team, AND First Time home buyer database. If home is sold through these methods before listed in the mls sales commission is reduced.

3. Waller Group Marketing Services Sales commissions range from 4.5%-7%, Listing Lease Marketing services are 1 month’s rent

a. Upon completion of repairs if property is not leased or contracted Waller Group marketing team lists property. Property is scheduled for photography when final clean is scheduled. Listing detail is completed by associate, syndicated to multiple websites, listed on mls for sale and for lease.

b. Waller Group Marketing Plan is executed by sales associate. (inquire within for sample marketing plans)

c. Lease application screening includes, background check, credit report, rental history report, rental history verification, work and income verification.

d. Lease applicants are screened by management division, purchase offers are qualified and reviewed by investor.

e. Upon approval of qualified rental applicant or acceptable purchaser offer contract is executed or referred to Waller Group Property Management

4. Waller Group Property Management fees vary from 5%-10% depending on monthly management revenue and number of properties for landlord managed by Waller Group

a. Property Management agreement is executed by Waller Group and investor. Waller Group is pre-authorized for nominal repair authorizations, rent collection, maintenance service coordination.

b. Taxing authority is contacted and tax statements are mailed to the Waller Group to provide seamless coordination and monitoring of tax assessment and market value. (County Tax Assessment Protest services also provided by Waller Group)

c. Lease between tenant and landlord is coordinated and executed by all parties

d. Rental move-in form is completed by tenant

e. Deposit and first month’s rent is collected by tenant

f. Utilities are transferred by Waller Group and final billing is requested

g. Yard maintenance Is discontinued by Waller Group contractors

h. Locks changes and rekey is coordinated by Waller Group and completed before tenant move-in

i. Ongoing monthly recurring services

i. Rental proceeds are direct drafted to landlord’s account

ii. Third party mortgage information is received from landlord and payments are drafted to mortgage company monthly.

iii. Maintenance repairs are documents, photographed and e-mailed to landlord with monthly billing statement

iv. 24 hour repair hotline to ensure property preservation items and emergency repairs are coordinated without hefty upcharges and are timely attended to without a hassle to the landlord.

v. Quarterly property inspections are documented with photos and sent to landlord to ensure proper property maintenance and tenant monitoring

vi. Annual tax protest services. No up front charge to the landlord. Only charge if taxes are reduced. Fee is ½ the reduction of the annual tax.

j. Eviction and collection coordination is completed if tenant falls behind on rent. Hourly rates apply for court ordered representation and or coordination.

Dallas ranked 3rd best market for residential real estate investments

It's Time to Buy That House

By JACK HOUGH

Real Estate Tools at SmartMoney

As a result, house payments are more affordable than they have been in decades. The National Association of Realtors Housing Affordability Index hit 183.7 in August, near its record high in data going back to 1970. The index's historic average is roughly 120. A reading of 100 would mean that a median-income family with a 20% down payment can afford a mortgage on a median-price home. So today's buyers can afford handsome houses—but prudent ones might opt for moderate houses with skimpy payments.
For example, the median home in the greater Phoenix market, including houses, condos and co-ops, costs $121,700, according to Zillow.com. With a 20% down payment and a 4.12% mortgage rate, a buyer's monthly payment would be about $470. Rent for a comparable house would be more than $1,100 a month, according to data provided by Zillow.com.
Of course, all of this assumes mortgages are available—no given now that lending standards have tightened. But long-term data on down payments and credit scores suggest conditions are more normal than many buyers think, according to Stan Humphries, chief economist at Zillow. "If you have good credit, a job and a down payment, you can get a mortgage," Mr. Humphries says. "There's more paperwork and scrutiny than five years ago, but things are pretty much like they were in the '80s and '90s."
Not all housing markets are bargains. Mr. Humphries says Zillow has developed a new price/rent ratio that uses estimates for each individual property rather than city medians, to better reflect the choices facing typical buyers. A fresh look at the numbers suggests Detroit and Miami are plenty cheap for buyers, with price/rent ratios of 5.6 and 7.7, respectively. New York and San Francisco are more expensive, with ratios of 17.6 and 17.2, respectively. The median ratio for 169 markets is 10.7.
For investors seeking income, one back-of-the-envelope way of seeing how these numbers stack up against yields for other assets is to divide 1 by the price/rent ratio, resulting in a rent "yield." The median market's rent yield is 9.3% and Detroit's is 17.9%.
Investors would then subtract for taxes, insurance, upkeep and other expenses—costs that vary widely. But suppose total costs were 4% of the purchase price. That would still leave a 5.3% rent yield in the typical market. With the 10-year Treasury yield at 2.2% and the Standard & Poor's 500-stock index carrying a dividend yield of 2.1%, rents for residential housing in many markets look attractive.
A few caveats are in order. First, not all transactions are average ones. Even in low-priced markets, buyers should shop carefully. Second, prices could fall further. Celia Chen, a senior director at Moody's Analytics, expects prices to drop 3% before bottoming early next year and rising slowly thereafter. "If the economy slips back into recession, however, we could easily see a 10% drop," Ms. Chen says.
And property "flipping" can be dangerous even when prices are rising. That is because, absent a real-estate boom, house price gains simply aren't that exciting. Research by Yale economist Robert Shiller suggests houses more or less track the rate of inflation over long time periods.
Houses aren't the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.
—Jack Hough is a columnist at SmartMoney.com. Email: jack.hough@dowjones.com

Friday, July 22, 2011

Texas Foreclosure law and adverse possession situation..interesting story from fox news

A Texas man who reportedly claimed a $300,000 home for $16 through an obscure legal maneuver known as "adverse possession" is drawing attention to a practice that isn't new and isn't limited to the Lone Star State, but could become more popular with a housing market still flat on its back.

Adverse possession, which allows individuals to take property considered "abandoned," has been around since the 1800s with its origins in British common law and to this day, all 50 states have statutory provisions on their books covering the concept.

It was originally used as a way to deal with the boundaries of farmlands that weren't always clear. For example, if a homeowner put up a fence that encroached on a neighbor's property, the homeowner could claim the territory after a period of time if there was no objection.

"It's kind of a quirky doctrine -- a common-law doctrine designed to acknowledge that if you got possession of a property and no one's been challenging it, you should have some type of title to it," said Larry Morandi, director of state policy research for the National Conference of State Legislatures.

But the concept has evolved, leading to abuses and extraordinary cases.

In Texas, Kenneth Robinson moved last month into a foreclosed home worth $330,000 after he paid a $16 filing fee at the local courthouse, WFAA-TV in Dallas reported. If Robinson stays in the house for three years, he can obtain the title and become the legal owner. In other states, it can take as long as 20 years to become eligible for legal ownership.

Robinson told the local news outlet that the original owner would have to pay off a massive mortgage debt and the bank would have to file a complex lawsuit to get him out the house -- a scenario he said he views as unlikely.

After outraged neighbors asked police to arrest him for breaking and entering, Robinson posted "no trespassing" signs, the station reported, adding that officers said he can't be removed from the house because it's a civil matter, not a criminal one.

Real estate attorneys told FoxNews.com that the practice will become more widespread as foreclosures continue to flood the housing market amid a sluggish economic recovery.

"It's going to be a trend that going to grow more and more," real estate attorney Gennady Litvin said. "We haven't seen the bottom of the real estate market yet."

Real estate attorney Stephen Meister noted that in Florida, some people began forming companies to seize properties on a large-scale basis through adverse possession and rent out the houses. Some were arrested on felony charges.