From the street, 6319 Velasco Avenue looks like another great Lakewood home.

Lakewood is hot. But, dearest Dirt-o-phile, you already knew that. Homes are under contract before they hit MLS in some cases, and in others, they’re sold within weeks of listing.

But sometimes you can find a deal where no one else is looking. That’s the case with 6319 Velasco from our fine friends at Rogers Healy and Associates. Maybe, on the other hand, it’s a deal because the bathrooms are problem areas. I wouldn’t be able to tell, though, because the listing for this home doesn’t have a photo of either of the two baths in this quaint, 2,056-square-foot home with three bedrooms. It’s kind of a pet peeve of mine.

The listing does boast “original details,” such as a telephone nook and stained glass. Methinks the cupboards inside the “country kitchen” might need a little sprucing up, though. Unless you’re into wood paneling. The apron sink is a keeper, though!

Otherwise, it’s exactly what you’d expect from a Lakewood traditional: archways, trees, and tons of charm. And the price just went down, too, to the tune of $5,100. Sounds like a steal to me!

 

Like Alan, I also called and emailed Zaffar Tabani, president and CEO of the company, but he has not yet returned my communication. Yoo hoo Zaffar, I am still waiting!

However, I have MORE NEWS for you. Word is they will not live at Champ D’Or but run it as a private club, a very exclusive private club, which is probably why the new name on the deed is the T Chateau Event Center, LLC.  (I always said Champ would make a great plastic surgery center or wellness/diet center a la Canyon Ranch.) Anyhew, I spoke with the designer who will be doing most of the work up at Champ and will have more details for you in the next few day! Stay tuned!

Want to get a taste of opulent living? Tour 4835 Lindhurst in Preston Hollow today at 2 p.m.

If you are dying to see what Preston Hollow luxury looks like, today’s your day. Two gorgeous Preston Hollow estates are open for tours today, and they are not to be missed!

The two homes — 4835 Lindhurst and 4346 Park Lane — will be open from 2 to 4 p.m. today thanks to Dave Perry-Miller, Christine McKenny, and Molly Malone.

With four bedrooms and eight magnificent bathrooms, 4835 Lindhurst is top-tier at $5.75 million. However, 4346 Park Lane is nothing to scoff at. Priced at $5 million, this four-bedroom, six-bath mansion has 11,076 square feet full of all the bells and whistles you could want (and a 9-foot television!).

Seriously, folks. Get in your car and head to Preston Hollow as these are two gawk-worthy homes!

Of course, if you’re looking to score scrips, I’m sure they have the medicine cabinets locked down!

This is yet another reason why FSBO’s are getting harder to pull off, and why agents tell homeowners to clear everything out of the house prior to showings: jewelry, knicknacks, and even your medicine! Just take a zip-lock to the medicine cabinet, throw everything in there,  and take it with you wherever you are hiding out the open house.

It’s also another reason why some agents representing the very high end market are pre-screening lookers and buyers — asking not just for a Texas drivers licenses, but their financial statements!

Have you ever had personal items stolen from an open house?

Will Bank of America's Principal Forgiveness Program bring borrowers back from the brink of foreclosure?

Thousands of homeowners underwater on their Bank of America mortgages could receive one of the 200,000 letters the bank is sending out offering partial loan forgiveness. According to Bankrate.com, BofA borrowers have to clear a pretty significant series of hurdles in order to qualify for the “principal reduction program”:

To be eligible for this principal reduction program, a borrower must:

• Owe more on the mortgage than the home is worth.
• Have been at least 60 days behind on the mortgage payments, as of Jan. 31. (I don’t get it either but that’s the rule.)
• Have monthly housing expenses of more than 25 percent of gross household income. The expenses include mortgage principal payments, interest, property taxes, homeowners insurance and homeowner association fees.
• Have a loan that is owned and serviced by Bank of America, or serviced for an investor who has given the bank the authority to do this type of modification.

We already know that major lenders are being pretty tight-fisted when it comes to new mortgages, so this program probably won’t have any real impact on the bank’s bottom line. It’s likely just a way for Bank of America to improve its tarnished image.

Still, what kind of message does the “principal forgiveness program” send out to borrowers? And do you think it’ll keep people at risk of foreclosure in their home?

Lochwood Love Snapped Up Fast

Not only am I hearing of multiple offers on choice listings in Dallas and as far north as Frisco, but now I know of several homes selling that never even made it into MLS. I am starting to become concerned that with so many homes by-passing MLS, we will not be getting a clear handle on true sales figures. According to the experts, there are pockets of healthy markets around the country: Orange County, D.C. and Dallas/Houston/Austin.  But Calculated Risk blog, which I became obsessed with during the housing meltdown, says today’s dynamics are very different.

“This is only happening in a few parts of the country, the buyers are usually making substantial down payments, and I suspect any clear increase in prices would be met with more supply (“sellers waiting for a better market”).”

When you buy a home, consider it a voyage. There is real joy in the journey as much as the destination. In real estate, that couldn’t be more true! But as with any trip, you’d better be prepared before you hit the road. Just as you wouldn’t set off on any important trip without a map and itinerary and some hard cold cash, it’s best to make absolutely certain that you make the trip to a new residence as smooth as possible, by setting up a similar game plan.

This is a quasi-guest post by Lee B. “Doc” Compton, also known as the Credit Doctor. From personal experience, I know how hard it is to get a loan when you are self employed even if you have wads of equity. And if your credit isn’t ship shape, its going to be a tough road. I compare it to preparing to get pregnant, when you shape up, eat healthy, and make sure your body is ready for the stress of pregnancy, or so another Doc tells me. Getting a mortgage is actually similar. I asked Doc Compton for some tips:

With the recent sizzle in the DFW real estate market, and summer just around the corner, people are beginning to peruse the internet, and take Sunday drives through their desired neighborhoods in search of the perfect home. And whether they’re wide eyed first-timers, seasoned vets looking to upgrade or downsize, or investors capitalizing on current inventories and rate environment, they each need the same thing: good credit.

Dang good credit.

The first step is to ascertain exactly where you are. That’s as simple as looking at your own  map, your credit report. Tons of websites offer consumer credit reports that are relatively inexpensive, and many offer a host of additional benefits, like credit monitoring and identity theft protection. The most important thing is the report itself, and that almighty credit score. These days, the minimum score necessary to qualify for the best loan products available is about a 640 (out 0f a MORTGAGE top tier of 850), but as is always the case, the higher the better.

Even if your scores are above that minimum threshold, you need to inspect your report for mistakes, and anything you don’t recognize. Studies show that millions of consumers have inaccuracies on their credit reports, many bad enough to prevent them from getting home loans. Candy, for example, tells me she had other people’s accounts on her near-perfect credit report. Inaccuracies can keep you from the best possible rates and terms. The good news is, there are federal laws in place designed to protect consumers from this type of misinformation. It can take four to six weeks to clear a credit report, so start early.Whether you take the necessary steps to correct your reports on your own, or hire a credit repair company to do it for you, you’ll see a long-term benefit when it comes to that final monthly payment.

Effective management of your credit is vital, too. Keep revolving (credit card) balances low, as the ratio of balances to available credit limits significantly impacts your score. Try to pay off in full each month, if possible. It’s also important to remember that most credit scoring models reward a good mix of credit use. For example, many loans actually require that you have some revolving history to be approved.

Taking a few steps to adequately prepare beforehand will make the journey to your next home mortgage clean and easy. If you have any credit repair questions, we are here to help: email questions to  Candace@CandysDirt.com. and all credit repair questions will be forwarded for me to answer.

Along with Lakewood, Oak Cliff, and Lochwood, I am in love with Lake Highlands. It is such a quiet, tight-knit neighborhood with tons of cute homes with great details. And the prices can’t be beat.

This week’s Tuesday $200K comes in $20K under at $179,900, and it’s worth every penny (and then some)!

What’s great about this home, besides being neat and tidy inside and out, is the Lake Highlands address. That means that, with this home you’ll get a Dallas address and Richardson ISD schools.

Homes in this area, the L Streets of Lake Highlands, have an outstanding resale value and are highly sought after. And this cute three-bedroom, two-bath at 9053 Longmire from Micah Weeks of Dallas City Center Realtors is bright and freshly remodeled, with granite and stainless steel in the kitchen and refinished hardwoods thoughout.

The backyard is a blank slate for an ambitious landscaper!

And the adorable front porch will be perfect for waving at your new neighbors.

Update: OK, can you believe that Jo and I BOTH picked this charmer for our Tuesday Two Hundred? I think that is hilarious! Guess we were just overcome with Mother’s Day…