How to make a buyer’s agent cringe: Ask for a 60 day seller lease back. While lease backs hold appeal for many sellers, it’s enough to make Realtors shudder at the thought of the problems that can accompany them.

A Sellers Temporary Lease allows the seller to continue living in the home after closing for a short time – anywhere from one to 90 days. It is designed to allow for delayed possession of the property by the buyer.

This temporary lease is used when a seller needs additional time after closing to relinquish the property. This may be for any number of reasons. The seller may be waiting for school to finish or need more time to move their possessions. Or they may just want to ensure the transaction actually closes and their funds are in the bank before moving out.

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VRM

Bright Realty announced that the latest addition to the Castle Hills planned community in Lewisville, Crown Centre, had broken ground.

Carrollton-based VRM Mortgage Services earned an industry accolade, Bright Realty announced dirt had been turned on its latest phase of the Castle Hills planned community, and TREC announces changes to brokerage branch office licensure, all in this week’s roundup of real estate news.

VRM Mortgage Services Receives Industry Accolade

Carrollton-based VRM Mortgage Services was named one of the Top 25 Best Places to Work for Women and Minorities by the National Association of Minority Mortgage Bankers of America, the company announced last week.

The company was founded in 2006 by Keith D. Murray, and provides various real estate and mortgage services including asset management, servicing coordination, property preservation, and default management. The recognition from NAMMBA is awarded to companies who consistently show a commitment to diversity through best-practices and company culture and programs. (more…)

realtorWhen Lee Warren found himself in need of someone to manage his rental properties, he turned to a friend — a licensed Realtor who had hung up her shingle to do just that. 

“I have known her for years — we were friends,” Warren said.

He now says that Ashley Williams Creamer betrayed that friendship by never turning over the rent she collected for him. Several other property owners we talked to also tell similar stories, and even more hint at alleged “near misses.”

Creamer told CBS-11 they would “have to talk to my attorney,” when they asked her about the claims, but her last attorney of record wouldn’t comment.

But at least one body found Warren and others had legitimate claims — the Texas Real Estate Commission, who revoked her real estate license in May, citing her with 68 violations, and assessed her a fine of $122,000.

Five Brokerages in Four Years

In a hearing on May 6, TREC called 10 witnesses, including Warren. The commission’s final order says Creamer did not present any evidence on her behalf. (more…)

Imagine finding the perfect home. After weeks, maybe months, of searching, it’s just what you’ve been seeking. You get it under contract and have it inspected. After jumping through all the hoops for the mortgage, hiring movers, packing, and more, you’re ready to close. Then the seller decides they don’t want to sell it to you after all.

Wait, you say. They can’t do that. You would be right.

But what if they do it anyway? What options does a homebuyer have when a seller changes their mind? 

For the seller who changes their mind, there are consequences. For the would-be buyer, there are a couple of options.

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buyer-friendlyHow big of a shift to a more buyer-friendly housing market did DFW make? What locals were appointed to a TREC advisory committee? What is MetroTex up to?

We have all this and more with this week’s roundup of real estate news.

Market Shifts to Buyer-Friendly

As DOM and days of inventory begin to lengthen slightly, the housing market in North Texas has shifted — slightly — to a more buyer-friendly one, research by Trulia revealed.

“Beyond the pricey West Coast, markets including Denver and Dallas – both often destinations for those moving away from the West Coast – have also shifted in favor of buyers over the past year, though less dramatically,” the report said. (more…)

By Lydia Blair
Special Contributor

March is a month for changes — in both the Texas weather and real estate contracts. Haven’t you heard? There are recent contract changes that became mandatory for use by agents on March 1, 2019. 

Don’t worry. You’re not the last to learn about these changes. Seems like very few agents are aware of them. They aren’t life changing, but they’re important when it comes to terminating a contract, getting a mortgage or the appraisal.

The Texas Real Estate Commission (TREC) recently adopted these changes to the addendums that accompany real estate contracts. I think they’re a good thing because they help clarify issues and potential disputes.

Here is the short and simple version of these changes that are now mandatory if you’re using TREC contracts (which would be everyone I know):

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Dallas City Councilman Kevin Felder surrendered Tuesday to felony charges stemming from an alleged scooter accident he is accused of fleeing from — and if convicted, those charges may mean more than a felony record.

Felder, who represents District 7, has been accused of fleeing the scene of an accident where he allegedly hit someone traveling by scooter in South Dallas.

Councilman Felder and his attorney, Pete Schulte, vehemently deny the charges. (more…)

Dallas FedThe Federal Reserve Bank of Dallas issued its report on the Dallas-Fort Worth economy, The Real Estate Council named its new leaders for 2019, and the Zweig Group tapped a new COO, all in this week’s roundup of real estate news.

HOME PRICES UP, HOME SALES DIP IN DFW, DALLAS FED SAYS

The Dallas-Fort Worth economy expanded at a modest pace, while jobs growth was subdued in November, the Federal Reserve Bank of Dallas reported on New Year’s Eve.

“Overall, the DFW economy remains solid, with 2 percent annualized job growth year to date (nearly 68,000 jobs),” the report said. “Home sales fell for the second straight month in November, and inventory ticked up but remains tight. House price appreciation has moderated, particularly in Dallas.” (more…)