“Buying a bank-owned home gives you the opportunity to enter the market at a very low price level,” says Dorcas Helfant, a past president of the National Association of REALTORS®. “You can find terrific values among foreclosures, especially if they're not in too bad shape. But, remember, these houses are discounted for a reason.”

Today, many folks are considering jumping into the "investor" game for the first time because of all of the news about a glut of foreclosures on the market.  However, it is important to consider the following.

1.  Foreclosures are usually sold as-is.  Most of the time the lender will not be making an upgrades, etc in order to correct any deficiencies.  Ensure you plan for this in your budget. 

2.  A home that has been…

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Effective November 1, the City of Frisco will move to Stage 3 drought restrictions as outlined in its Drought Contingency and Water Emergency Response Plan at the direction of the North Texas Municipal Water District (NTMWD).

The NTMWD reports Lavon Lake could be dry by fall 2012, under worst case conditions. 

During the October 17 Town Hall meeting, North Texas Municipal Water District (NTMWD) representative Mike Rickman cautioned residents to use water wisely. Gary Hartwell, Frisco’s Director of Public Works, reiterated the importance of shutting off sprinklers.     

“Just turn your automatic sprinkler systems off,” said Hartwell. “That’s probably the best thing you can do for your landscapes this time of year.  There’s really no reason to water…

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  • Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?  Be wary of websites that offer information on comparable sales.  As most Realtors will tell you, these have been found to be highly unreliable.   Realtors have access to the latest sales as recorded in the MLS.  They can show you homes similar to your home that have sold recently.  This is your best resource for determining what the current market conditions are. 

  • Consider competition. How many other houses are for sale in your area? Are you competing against new homes?  If so, these may affect your ability to sell.  You may need to price your home more agressively.  
  • Consider your…

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